205

It's a scam. It's called a money mule. Typically the way this will work is that the scammers will make a fraudulent money transfer into your friend's account. Your friend will convert the funds into Bitcoin and send it off to the scammers. After a few days or weeks, the bank will figure out that the original transfer was fraudulent and come after your friend'...


192

I think it is likely that your “friend” is doing something illegal, and that she is putting these payments in your name to avoid getting caught. You may be being used as an unwitting money mule. I recommend steering clear of this. Tell her that you will no longer pick up any of these payments for her, whether or not your name is on them. Giving your ...


170

Anybody that guarantees a monthly (for example 5%,11%,16%, 20%) return that would be great if that was a annual return, is running a scam. If they guarantee they could take your 20K euros and make enough money to pay you a guaranteed 24K euros 30 days later and keep the rest for themselves, then they are running a scam. If they are legitimate then they ...


166

Apologies for the brevity and avoidance of in-depth discussion in this answer, for simplicity's sake. To understand Bitcoin and its failures, we must understand what a 'currency' is, and why it is important. Prior to currency, people bartered for goods - I give you 4 chickens, you give me a goat. What if you don't want my chickens? How do I get my goat? ...


165

The existing IRS guidance in the US related to bitcoin indicates it will be taxed as property. You'll sell your coins then when you file your taxes for that year you will indicate the dollar value that you sold as a capital gain with a $0 cost basis since you can't prove your initial cost. You can use a block chain explorer to get an idea of when the ...


141

Absolutely a scam 100% chance. This is one of the most common scams out there. Here's how you will get ripped off. They send you a check which will deposit in your account Seeing the deposit went through everything looks peachy, you buy and transmit bitcoins. The check bounces in a few weeks and you are out the money or owe the bank if that gives you a ...


141

Legal? Maybe. Legitimate? Absolutely Not. I'm not qualified to guess whether documenting the make, model and location of ATMs is technically legal in your jurisdiction. A list like that isn't something I would want found in my possession during a police search though. However, I can say without a doubt: This information is not being gathered for legitimate ...


120

Question: if I could guarantee 20% monthly, why would I let you in on it? I wouldn’t. I’d mortgage my home, take out the biggest loan I can, and keep the 20% myself. And that’s how you know it’s a scam. If it was true, it would not be offered to you.


107

What were my mistakes? Buying individual stocks. Over 80% of all professional fund managers are doing worse than a simple S&P 500. These are people who get 100s of 1000s of dollars per year for their "expertise." As a personal investor you have no real chance of beating the market. The best you can do is to invest in low-fee ETFs that either ...


105

Yes, it’s a scam. After you have irrevocably paid him the Bitcoin, the check will turn out to be invalid and you’ll have to pay the money back to your bank. You might also come under investigation for money laundering.


98

When you decide to accept multiple currencies as payment, you need to decide what the price will be for each currency. That price really needs to stay fixed between the invoice date and the due date. You have decided that you will set the Bitcoin price by using the exchange rate at the time of invoice creation and then knocking 10% off, and that is fine. ...


91

Barter is a taxable event. You would owe taxes on the full fair market value of the Bitcoin the moment that you trade housing for it. Things would work the same way if you bartered baseball cards or a car for rent. Later, if it appreciated, the appreciation would be taxed as capital gains. But the original receipt is regular income.


87

It’s a money-laundering scam, and your friend is likely to get into serious trouble, and possibly lose a lot of money, if he takes part.


84

It was a scam because they need you, and only you, to buy bitcoin (or any other cryptocurrency). Cryptocurrencies can be purchased almost anywhere in the world. There is no need to wire you money across international borders, so that you can turn it into something that is supposed to be hard to trace by authorities. Run away. Don't contact them again. If you ...


73

Here's the question, what I don't understand and I haven't been able to find the answer to, is if I own some bitcoin, how does that help me buy groceries at the market, or gas for my car? The market I go to doesn't accept bitcoin and neither do the gas stations. If I can't do that, how is bitcoin worth anything to me? The market you go to probably doesn't ...


68

Stocks, bonds, and real estate all have the advantage that they are investments in underlying assets that are expected to become more valuable over time. Economies grow over time which means that, broadly, companies become more valuable over time and, broadly, land becomes more valuable over time. Sure, there is volatility. And there will be winners and ...


65

Yes it is. You might want to check out some of the other questions on this site tagged scams or sugar-daddy. Cut off contact with this person and do not have anything further to do with them. Almost certainly the prepaid card was not his own money but stolen from another victim. He is trying to use you to launder the money.


64

In addition to skimmers, another reason to have photos like this is that some ATMs are poorly secured. A surprisingly common type of theft is to steal the whole ATM. Banks are poor targets as their external ATMs are typically big and bulky. ATMs in stores, however, are often small and only bolted down. Stealing the whole machine can net you thousands of ...


63

Yes, it’s a scam. There are red flags all over it. Ask yourself whether you really think a huge multinational like Nissan would work in this way.


63

I would like to know in retrospect what I and other Coinbase stock buyers did wrong. What are the lessons learned for my future? What were my mistakes? You bought a meme stock during the manic phase right after its IPO, hoping that you would benefit from the greater fool theory, an economic theory that states that it's possible make money by buying ...


61

Document how you came to have the stuff in the first place. First to defend against potential government inquiry; and second to establish that you held the asset more than one year, so you qualify for long-term capital gains rate. I wouldn't sell it privately all at once, if you can avoid it. If you can prove you held it more than a year, you should ...


57

It's dead simple. You made a $705 capital gain in 2020. You just enter "705" in the "long term capital gains" column in 2020 return. The waffle/etc. is unrelated to anything, is irrelevant, and has no connection to your tax return in any year. The "Investopedia" article is nonsensical/irrelevant. Fortunately it's that easy!


56

So just to be clear, she gets so many of these ~$500 transactions she can't even make the time to show up and collect them all? Yet, she still holds down a day job cutting hair? You are on here asking if this is strange because well, it seems very strange. "Bitcoin" something something is a convenient way to explain away strange income sources. It's ...


54

Yes, you'll be taxed. If no exchange can calculate your basis, they'll simply report to the IRS that you sold crypto and received $2000. The IRS will assume that your basis was $0 and that the whole $2000 was taxable. When you file taxes, you'll document that your basis was $1000 and that only the $1000 gain was taxable.


53

How is Bitcoin useful as a currency if so few services accept it? That's the point. It's not useful as a currency because so few services accept it. So far, it has some other uses - international transfers, storage of value, speculation object. Just because it was intended to be a currency doesn't mean it's useful as one. Like gold. Gold is not useful as ...


52

Market cap doesn't mean that much money went into the system. Money in equals money out over time, and is not directly tied to market cap, which can actually be lower if price drops far enough. These concepts are the same for all traded assets, such as stocks, bonds, and commodities. "Market cap" is simply the current price times the number of ...


51

The first important principle to remember when it comes to taxes is this: Taxable events are taxable whether or not anything is reported to the IRS by someone else. You are legally required to report and pay tax on your taxable activities, even if the IRS doesn’t yet know about them. Taxes are sort of on the “honor system,” until you get audited. So let’s ...


50

An NFT has no fundamental value. Its selling price is only worth what someone is willing to pay for it. It reminds me of Tulipmania where something worth next to nothing suddenly sells for a fortune. AFAIC, this is just a new version of pump and dump and I wouldn't be surprised if the bubble pops. That is, assuming the Greater Fool Theory doesn't prevail ...


49

I contacted a lawyer, told to talk to Dept of Labor, DOL said they will not get involved that this is between my and my employer. Advise? What employer? You are 100% not employed by Nissan Motors....


48

You are just starting to learn about investing, so it helps to go over the fundamentals. Typically when an individual has a small amount of spare cash they will put it into a savings account at a bank. As they are effectively lending that cash to the bank, the bank will pay them an agreed amount of interest, maybe 1% of the amount held for each year that it ...


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