BlockTime #10 – Crypto Taxes, Off Exchange Storage & Taking Profits

Mike Casey: I take it you have made some money. I’m assuming that.

Michael Tidwell: I’m assuming that too

Mike Casey: What do you think about the US tax code and treatment of profits in cryptocurrency? Would you care to comment on taxes in general?

Michael Tidwell: Are you keeping track all that?

Tai Zen: We’re not accountants.

Leon Fu: We’re not tax lawyers. I will defer that to CPAs and people in the professional

Mike Casey: Do you employ accountants?

Leon Fu &Tai Zen: I have an accountant

Tai Zen: Every time the IRS sends out a notice about Bitcoin or anything like that, I send it to my CPA and get them updated on it.

If I anything any rumors on the street or anything like that, I do send it to them, so I get educated on it

Michael Tidwell: You’re are trading a lot. I’m sure you have some kind of percent on the actual exchanges. Do you all get worried and try to move coins immediately to cold storage…

Tai Zen: Absolutely. That what investors do.

Michael Tidwell: I also want to ask you about the hacking, but are you comfortable with holding a large amount?

Leon Fu: Absolutely not. Believe it or not, I don’t really trade as often as it may sound that I do. I keep most of my crypto off the exchanges whenever I can.

The only amount I may keep on the exchange are cryptos that I feel they have a higher risk to be held on my computer than just left them on the exchanges

Michael Tidwell: What is the example of that?

Leon Fu: I won’t say, but there are certain projects where I might want to speculate. Plus, I don’t even trust downloading their wallets.

Mike Casey: That’s a very very scary thing. I think the next coin that comes out is like a trojan.

Leon Fu: Exactly. I’d rather say I’ll take the risk of the exchange getting hacked than the risk of downloading their wallet and running it on my computer.

Tai Zen: Keep in mind for your listeners to that. Whenever it’s a risky investment like that, obviously we’re not going to put a lot it into.

Michael Tidwell: Yeah exactly

Tai Zen: However, I invested just a small fraction into it to test the waters. Between Leon and I, I probably have more on the exchanges than he does because I do more active trading than he does. Therefore, the trading volume I do is a lot higher than his

Michael Tidwell: Do you ever buy an altcoin and say “When it hits this amount of satoshi, I’m selling it”?

Leon Fu: Absolutely. Whether you do it on a technical level like Tai likes to do by using charts, supply resistance, and technical analysis. I’m more of a valuation. I actually have a valuation target I set on the projects I follow.

For example, we follow Factom very closely. I was calling $30 million valuations, which was $3.45 on the token based on some fundamental analysis that I do.

We definitely have targets, but that doesn’t mean that we sell everything at those targets. It means that we do take some profits off. I mean that It’s time that we take off some positions because that’s the fair value or more than fair value.


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