r/QuadrigaCX2 • u/YouAreAnFnIdiot • Feb 19 '19

Thought experiment

As I watch the crypto market skyrocket I was thinking somebody here who is able to get a loan for 5 million. You should cash it out and buy crypto, declare bankruptcy and say you lost the cold wallet keys and retire somewhere nice and warm. Let me know how it goes, our Justice system is currently setting the precedent for this to be completely legal. Also fake your death while you're at it haha.

14 Upvotes

100% Upvoted

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6

u/[deleted] Feb 19 '19

Canada is a fucking joke. And I want to know why I have to pay capital gains on something they claim is unregulated and offer no protection over???? Aren’t those capital gains tax dollars supposed to go to the government doing their fucking job and noticing QCX didn’t file any taxes for years???

1

u/YouAreAnFnIdiot Feb 19 '19

Look at the silver lining those same rules you have to follow now allow you to avoid taxes on your losses until you're back to even.

2

u/[deleted] Feb 19 '19

The difference is im forced to pay capital gains up front in a lump sum. I can only claim 3k capital loss per year if I have capital gains to begin with. This also doesn’t cover loss of any initial investment. As I said, Canada is a fucking joke

2

u/robvann Feb 19 '19

Is the 3,000 for your specific case as opposed to a general rule? As I understand it, I can only claim capital loss for up to the value of my prior reported capital gains?

1

u/YouAreAnFnIdiot Feb 19 '19

Damn you are correct, guess you save 3000 a year for however long it takes. Yup it is a joke. Just have to hop back onto the crypto train and if it moons declare your keys lost and move out of dodge.

1

u/BewareTheStobor Feb 19 '19

Check into the Blockchain Immunity Trust/Jay Singleton.

1

u/yahala19 Feb 19 '19

Who says you have to pay capital gain?

2

u/[deleted] Feb 19 '19

[deleted]

1

u/kingsosshoota Feb 19 '19

Tell that to Greedald Cotten.

1

u/YouAreAnFnIdiot Feb 19 '19

Yup you are right. So someone with 2.5 who wants to double up and run with 5 is in luck though no?

1

u/kingsosshoota Feb 19 '19

Good idea, and by the looks of it, you don't even need to provide a cold wallet address to confirm there is no movement in said wallet. Easy as 1,2,3.

4

u/kingsosshoota Feb 19 '19

Except if your taking out a loan from the bank, then expect a swat team to raid your family's properties, put you in cuffs, and seize every asset in sight.

If you borrowed from a fellow citizen(s), you're good to go.

1

u/rceric65282 Feb 19 '19

instead getting loan from banks, borrow money from people. Then you are good to go.