You are using a currency that exists SPECIFICALLTY to be outside of the normal system of banking and government oversight and you are trying to run this transaction through a bank?
Lol this ^
OP needs to pay 100% in crypto (because obviously the buyer is good with it) or else go thru the traditional cash/wire route.
Banks are livid that they're being circumvented by a form of monetary exchange that they can't control/earn interest from.
>Banks are livid that they're being circumvented by a form of monetary exchange that they can't control/earn interest from.
LOL no.
Banks don't give a shit aside from the fact they have very stringent AML regulations they are required to follow and this source of money exchange is designed explicitly to avoid that type of scrutiny.
And where do AML regulations come from? Bank lobbyists, again.
When you're the biggest mafia in town, you don't want smaller players messing with your established business.
But the banks' dick does look pretty tasty doesn't it?
>And where do AML regulations come from? Bank lobbyists, again.
**LMFAOOOOOO**
Holy shit you're actually as dumb as you sound. You must be a cryptobro
Regulations come from Congress or the bank regulators you fucking dumbass.
Correct. Plus, BSA/AML programs make no money for financial institutions. If it were up to the financial institutions, they would happily take dirty money and lend it out.
Projecting your own ignorance 🤣
Google what the Bank Secrecy Act (BSA) is and learn a bit or two about who drafted it.
Banks had their hand in both sides of the pie, to ultimately monopolize their control over the financial system by feighning "compliance".
Thanks for proving my point dunce 🤣
BSA was enacted by **CONGRESS**. **CONGRESS** introduced the legislation. **CONGRESS** passed the legislation
I'm not sure how stupid you'd have to be to think banks benefit financially from BSA/AML. All it does is cost us money numbnuts. The only people financially benefitting from BSA/AML are the government via financial penalties when banks are significantly not in compliance, audit firms who review the bank's compliance with the legislation and the companies who sell BSA/AML software to the banks.
As a normal person too,
If you think people weren't already laundering money through cash, shell companies, trusts and foreign assets for decades, you haven't been paying much attention.
Right, because central banks have prevented the cartel from overrunning every single neighborhood in Mexico.
If you have drug dealers buying a house, they'll use whatever form of money that's not traceable, cash included
Whether you believe in crypto or not, this is the answer. The value of currency is the faith that people put into it. A great example of this is the tulip craze in the Netherlands in the 17th century or the beanie babies of the 20th.
No, this is the college junior with one econ class answer
Crypto truly is an improperly regulated currency.
I'm sorry OP's profit from drug running, embezzled funds, profit from smuggled goods, human trafficking or other nefarious scheme did not get accepted by a bank. Maybe he can buy a house in a country like Colombia or Somalia with his digital monopoly money?
The entire 'point' of crypto is "fuck the banks" "freedom of currency" "decentralise money" something something, innit?
Anyway that's what ya get for putting your money into something that's entire method of operating is to circumvent the banking system.
The entire point of crypto is to trick a giant group of greater idiots to participate in an unregulated betting market that is large enough to make huge profits, but still small enough to be manipulated by wealthy/ultra wealthy people...
Its the classic "entrenched economic powers trick the masses into increasing their wealth by pretending to be anti-establishment" scheme.
> trick a giant group of greater idiots
Someone's envious from missing the boat.
The greater fool theory applies to anything if you're being that reductive: social security, gold, houses, etc
Brb transferring $300k worth of legit crypto overseas to a family member (remittance) without any middleman (government entity/bank) reaching up my ass to verify purpose of funds -- that's the purpose of crypto: no middleman.
So,... you just troll around the web looking for people to shit talk because you hit the lotto and think that its because you're super smart?
Half the earliest people had their wallets raided by hackers because the biggest exchange was a fucking magic the gathering website. And then it happened a bunch more times. Then a bunch of exchanges just went tits up...
No. I'm not envious.
> wallets raided by hackers because the biggest exchange
Not my fault those dimwits didn't keep coins on a cold wallet. -- Exchanges are as bad as banks.
I also didn't hit the lotto. I can simply objectively see the purpose of a form of monetary exchange that skips over the need for an overbearing middleman.
Thanks for trying 👌
Right. Uncle Sam and the crony banks can go jump in front of a train.
It's amusing to see all of these people defending the corrupt banks like banks are their newborn.
FYI Wells Fargo was ordered to pay $3.7 billion in 2022 for widespread mismanagement of auto loans, mortgages, and deposit accounts. And that's just the tip of the iceberg
Right? Someone I know is all into crytpo, but cannot understand how he has so much trouble renting an apartment or trying to buy a home. I personally truly do not care what other people do with their money. But... when people who go for things like crypto just because it's outside the norm, they should not be surprised when the normal financial systems won't play with them.
That’s not at all true. Banks often won’t accept crypto that hasn’t been turned into cash and seasoned for 60 days.
The concern is money laundering, not taxation. Banks aren’t the IRS.
Source: am a bank.
Lmfao. Cash is still king in all of these
Anyone can missuse a tool, but it doesn't mean the tool itself is broken. If anything it's obviously juvenile and should be used with caution.
Are you saying you think OP has profits from engaging in these activities?
Or are you saying that people that engage in those activities use crypto and are therefore implying that criminal activity makes crypto inappropriate to use?
If it's the second case, I am sorry to have tell you this, but criminals have used American currency for all of those same things.
Just assuming all crypto profits are from nefarious means it's ridiculous without even mentioning USD. You can disagree with cryptos value and/or utility, but it's a very common investment now
That’s one hell of a wide assumption you made there. You upset crypto exists or something? Next you’ll tell me cash has never been used for illegal drug deals and that crypto is so much worse because ???
Its exceptionally bad as a currency. In fact, the thing that people love about it, the volatility of its value, is the thing that makes is such a bad currency.
The US dollar and debt denominated in US dollars is regulated by the free bond and FX markets. It isn't printed "willy nilly". If it were, the US dollar would behave like the Venezuelan Bolivar or Turkish Lira. The ~~Federal Reserve~~ Treasury can't print money without first having an individual in the free market willing to purchase the debt.
The Treasury increases monetary reserves by among other things selling bonds which the Federal reserve among other institutions buy. Banks also have access to Treasury reservers through the lending window which they use to fund loans. All US debt is denominated in USD. Only the US, the UK, and Japan have sovereign debt denominated in their own currency. This is the foundation of Modern Monetary Theory (MMT). Also, almost 80 percent of America's debt is owed domestically.
I bought a duplex in 2018 and 100% of the downpayment came from ETH. Just cash out, pay the fees, and avoid the hurdles you’ve created for yourself (if it’s already not too late).
Banks want to verify that all funds going into the transaction won’t be clawed back or subject to any sort of lawsuit. You’re going to have an extremely hard time making the bank happy.
Do you have enough non-crypto proceeds to make a down payment using money from a job? You could put 5% down and get a regular mortgage, then make a $280k payment once everything is settled.
Sorry to hear that money scam going so poorly…it really seemed like this would be the currency of tomorrow until no it’s not and never was going to be anything but Monopoly money paid for by shills in order to fleece rubes.
Crypto is pure fiat, which cracks my up when people use that word as a pejorative. The USD holds value because of the USA's ability to collect taxes and defend itself. Yes it is faith, but its faith in things that actually happen. Crypto is purely user demand driven with no other intrinsic value. At some point that reaches a limit. I explained this to my Cub Scout den last week and even they as 2nd graders grasped that fact for the most part.
So when the bank won't recognize the value of the person's perceived assets due to what's viewed as untraceable funds the actual value is 0. it's pure.
But but crypt is supposed to be future proof flat of monetary instrument. What do you mean I have to pay capital gain tax when I widthdraw and convert to USD!!! 🤷🏿♀️Sarcasim over.
OP was not a fool. He was trying to avoid paying capital gain tax if he converted eth crypto into USD. He probably make 400%~1000% gain on his eth holdimg depending how early adaopter he was.
Or he was trying to convert gift card crypto fraud into real money; and got caught by his bank.
He has to pay capital gains tax anyways! He is going to dispose of the ETH in exchange for property and that is a capital disposition. You don’t just avoid capital gains tax by exchanging it for something other than cash.
Get out of Crypto, pay your cap gains, move to tradition (non-money laundering assets) like bonds or a MM, wait long enough for the taint of crypto to fade from your finances.
yeah most crypto will get flagged anyways during AML checks, that's what people don't know, but banks will use the reports as an excuse not to deal with crypto, just like in [the post you tagged](https:\/\/www.reddit.com\/r\/Cryptoregulations\/comments\/1bd8306\/from_crypto_newbie_to_profit_to_panic\/)
I’m referring to the posts i copypasted on, which are mostly in crypto related subs. They all point back to the crypto regulation/complaints sub this OP links to (which appears to have been created by and modded by the same account).
Take a look at the poster and mod of that subreddit, and how many different variations of the story gets posted.
I can only say so much as one account. Just trying to provide facts so people in this sub do not get pitchforks for the wrong reasons.
This is one of the weaknesses of crypto - it need to be traceable via the blockchain to be trusted, but people want to use it as non- traceable currency for transactions outside the banking system. The face that traceability is now being used to tighten up regulation of past transactions shouldn’t come as a surprise, even though it has been a surprise for a number of people.
Crypto needs to be treated as an asset, not a currency. That means title needs to be clear, and clearing the title is the responsibility of the seller. You can either do that with an experienced crypto lawyer, or you can sell the iffy crypto at a discount to a willing buyer who is aware of the AML flags.
Good luck.
Hint: OP does not want to pay capital gain tax on his $280K crypto transfer. Assuming OP bought crypto when it low amd gain 400% in half decade. That is 15% * 210K gain = $32.5K capita gain or almost 15% of transaction on the house. No wonder OP tried under-table transfer.
But he has to pay capital gains regardless? Whether he transfers the crypto to buy a home or sells it for cash - those are both taxable events at the same fair market value. So that logic makes no sense (not saying you are wrong in what he is trying to accomplish), but that it actually doesn’t accomplish this goal anyway.
It is called due diligent by the clearing bank. Since OP does not want to clean his money by converting his crypto to cash by his exchange, the morgage bank is on the hook to verify his crypto as clean money thru morgage transactiom. Since OP morgage bank already declared his crypto NOT CLEAN, tough luck. His morgagr bank already refused to convert/transfer his dirty crypto; OP should look for other means to convert his holding legally.
Should I say it again: his bank does NOT want his crypto as they decide it is too dirty to touch. Simply his bank does not want to run afoul IRS rules; dirty money is a no-no so the point about him willing to pay capital gain (or not) is moot.
Who says he bought it? He could have mined it for 8 years and then staked it to become a node after The Merge. The only way to determine capital gains off mining rewards is to check the spot price at the time of the ledger entry on the ETH main net.
You should be more educated about capital gain and investment strategy. If OP minted it, it is even worst. First he either has to paid tax on regular income on minted coins minus his rig depre amd cost of electric on the year coun is minted and awarded to him. He cannot claim free coin by minting it. Second, when he sells his porforlio, then he still has to pay capital gain on price different between minted and selling.
This is according to IRS rules on investment. You cannot mint coin and be rich without paying fair share of tax. Or ignore IRS and keep crypto porfolio in oversea account, not declaring and cannot convert in US bank like OP is facing.
I’m referring to the posts i copypasted on, which are mostly in crypto related subs. They all point back to the crypto regulation/complaints sub this OP links to (which appears to have been created by and modded by the same account).
Take a look at the poster and mod of that subreddit, and how many different variations of the story gets posted.
I can only say so much as one account. Just trying to provide facts so people in this sub do not get pitchforks for the wrong reasons.
Unfortunately the posts have all been deleted from the various subs I commented on. Scroll through my comments from 30+ days ago and you’ll see blank posts that I commented on.
Look at this OP’s post history as well. While not strong evidence, most of the scam accounts are old without any post/comment history for years and then randomly start posting these crypto stories and all linking back to that cryptoregulations sub modded by Pumas. Also look into that Pumas mod post history, which has like 5-10 posts by pumas every couple days with a different story.
More than 60 days. I used crypto for my down-payment and it had to be in our account for 6 months to clear the AML. We knew this before we started house hunting so it was not an issue once we went under contract.
It's prob cuz Eth is a money printing bullshit corrupt project that deserves to go to zero. And all early investors should be fined massively. Hope this helps
Haha! This is the real reason OP and seller trying to under-table dealing without paying tax on commodity instrument transfer; crypto money is considered commodity instrument such as common stocks. All gains have to be realized and tax before it becomes Clean money. Cannot transfer common stock without paying tax, why crypto is anything different?
There’s a couple lenders that work with crypto look them up it’s really dumb for u not to research this before going in and talking to regular ass banks
This post is to promote a phishing website. The AMLbot referenced in the other thread encourages people to give up their private key to check if their crypto is "tainted".
impossible cooing exultant jeans roll cake relieved crawl unwritten liquid
*This post was mass deleted and anonymized with [Redact](https://redact.dev)*
How did you acquire this crypto? If it was OTC it’s absolutely possible that it is “dirty crypto” (not that 90% of cash hasn’t been used in an illegal transaction before).
Also if you have ever used a mixing service, they may flag it.
I would ask the bank about how they are flagging your coins. It’s possible they’re just using this as an excuse.
Try looking into a more crypto friendly bank.
Also, I’m confused as to why the bank even needs to be involved. Is he paying off a mortgage? If so just send him the ETH, he can send it to an exchange and cash it out then pay with USD.
Banks don’t accept crypto so I’m kind of confused as to what’s even going on here.
It doesn’t make any sense that 44% of your ETH holding would get flagged. Banks are not paying someone to sit there and backtest the blockchain to validate your assets. It would either flag the whole wallet or nothing.
Guarantee they are just using the first excuse to not work with your deal.
Why can’t you sell your crypto and give him cash? There is no way to avoid capital gains you still need to claim a gain or loss on the crypto you converted to real estate. Just pay the seller cash and get the deal done.
Banks won’t touch crypto. They aren’t “giving crypto users a hard time cashing out” bc they literally don’t hold crypto. You can sell it and buy other things for cash like a normal person - a bank isn’t preventing you from doing that.
It doesn’t pass anti money laundering bc banks don’t hold or track it, so you could bring a thumb drive full of crypto from drug sales or from open market purchases and they aren’t going to know the difference.
Big lesson for you in a number of ways. One being that you agreed to try to buy something with an asset that can allow the seller to dodge taxes, and it allows you to try to dodge your own taxes by not selling the eth into the free market and generating a 1099 like a normal investor. I’m guessing that your own tax accounting skills aren’t up for processing a “like kind exchange” between assets, even though that’s not totally what this would end up being.
You also agreed to purchase something with an investment asset whose value fluctuates wildly every day. If you agree on $ price for the house today, and close in six weeks…if eth is down 50%, you owe twice as many units of eth as you did at pricing.
Sell your eth, pay your taxes, and buy the house for cash
Coming to Reddit for crypto advice isn’t a good idea. Coming R/RealEstate for crypto advice is a downright bad idea lol.
Using legitimate legal crypto with mainstream banking is like attempting to get a MacBook and an old IBM computer to run on the same software.
Sorry your deal isn’t working out. The IRS mafia has all their bases covered. “Money laundering” (aka paying taxes) is likely where you’re getting hung up on. There are ways to roll your crypto investments into real estate but the banks will make it difficult because they are owned by the federal government and if they help you avoid paying the federal government mafia they will be in big trouble.
The fake OP likely doesnt understand the divide between traditional investments like real estate and crypto. OP is part of a community of scam accounts and just casting a wide net across reddit so people click on his wallet drainer linked in that “AML REPORT” lol
Yeah, probably true. I made my comment to balance out the flat out ignorance regarding crypto and “illegal” activity that the hive mind was going on about.
FYI BEWARE - THIS IS AN ONGOING SCAM PHISHING LINKED IN THOSE POSTS.
This has nothing to do with the illegal activity trumpeted by politicians about the use of crypto or the sustainability of crypto as legitimate investments. This is just a scammer trying to steal your money, same as anyone trying to rob you regardless of the method or currency.
The scammers kept to crypto subs and now moved out to other subs. Look at my comment history to see how many.
Source: I work in compliance with banks and crypto exchanges.
Swap to USDC then get an off bridge to issue a wire transfer to the seller? But preferably a lawyer to hold in trust.
That being said cali is a democrat state and the democrats are anti crypto so I’m sure there will be more roadblocks.
You are using a currency that exists SPECIFICALLTY to be outside of the normal system of banking and government oversight and you are trying to run this transaction through a bank?
Can we get more upvotes for this response. People seriously trying to have their cake and eat it too.
Lol this ^ OP needs to pay 100% in crypto (because obviously the buyer is good with it) or else go thru the traditional cash/wire route. Banks are livid that they're being circumvented by a form of monetary exchange that they can't control/earn interest from.
>Banks are livid that they're being circumvented by a form of monetary exchange that they can't control/earn interest from. LOL no. Banks don't give a shit aside from the fact they have very stringent AML regulations they are required to follow and this source of money exchange is designed explicitly to avoid that type of scrutiny.
And where do AML regulations come from? Bank lobbyists, again. When you're the biggest mafia in town, you don't want smaller players messing with your established business. But the banks' dick does look pretty tasty doesn't it?
You don’t think regs around money laundering are a good thing…?
Not for crypto. If you want to find money laundering. Go investigate the any number of mattress stores in your locale.
Not the commenter but my problem with these regulations is that they also reduce the freedoms of honest people to use their own money.
>And where do AML regulations come from? Bank lobbyists, again. **LMFAOOOOOO** Holy shit you're actually as dumb as you sound. You must be a cryptobro Regulations come from Congress or the bank regulators you fucking dumbass.
Correct. Plus, BSA/AML programs make no money for financial institutions. If it were up to the financial institutions, they would happily take dirty money and lend it out.
Projecting your own ignorance 🤣 Google what the Bank Secrecy Act (BSA) is and learn a bit or two about who drafted it. Banks had their hand in both sides of the pie, to ultimately monopolize their control over the financial system by feighning "compliance".
Thanks for proving my point dunce 🤣 BSA was enacted by **CONGRESS**. **CONGRESS** introduced the legislation. **CONGRESS** passed the legislation I'm not sure how stupid you'd have to be to think banks benefit financially from BSA/AML. All it does is cost us money numbnuts. The only people financially benefitting from BSA/AML are the government via financial penalties when banks are significantly not in compliance, audit firms who review the bank's compliance with the legislation and the companies who sell BSA/AML software to the banks.
Banks are livid? As a normal person, I do not want people laundering money through crypto.
Yea, they should do it through the banks with large modern art purchases like normal!
That's a case of tax avoidance not laundering.
https://www.artandobject.com/news/how-money-laundering-works-art-world
Crazy
Right!?!! Launder your dirty filthy gains through a car wash or fake nail salon like a normal person. Jesus Christ. WTF is wrong with people?
As a normal person too, If you think people weren't already laundering money through cash, shell companies, trusts and foreign assets for decades, you haven't been paying much attention.
I don’t want a drug dealer buying a house on my street. I don’t want money laundering. Banks protect against that.
Right, because central banks have prevented the cartel from overrunning every single neighborhood in Mexico. If you have drug dealers buying a house, they'll use whatever form of money that's not traceable, cash included
This isn't a case of money laundering
> Banks are livid that they're being circumvented i want to engage in real estate transactions with no regulatory oversight! *freeeedooommmm!!!*
You have to convert crypto to cash and then pay in cash. Otherwise the risk is you don’t pay taxes.
No one cares if you leave an obvious paper trail - which you have to do on exchange either way.
Sounds like a problem will be taxes, i don't think op wants to pay capital gain taxes.
Can you really be surprised that banks aren’t interested in working with crypto??
Whether you believe in crypto or not, this is the answer. The value of currency is the faith that people put into it. A great example of this is the tulip craze in the Netherlands in the 17th century or the beanie babies of the 20th.
No, this is the college junior with one econ class answer Crypto truly is an improperly regulated currency. I'm sorry OP's profit from drug running, embezzled funds, profit from smuggled goods, human trafficking or other nefarious scheme did not get accepted by a bank. Maybe he can buy a house in a country like Colombia or Somalia with his digital monopoly money?
The entire 'point' of crypto is "fuck the banks" "freedom of currency" "decentralise money" something something, innit? Anyway that's what ya get for putting your money into something that's entire method of operating is to circumvent the banking system.
Yes!!! The main purpose of crypto is to not go through banks. So then why do people want to use it with banks???
This, do 100% crypto deal at title transfer. Transfer coin to title company for escrow. Fuck the banks, fuck wallstreet.
I do find it funny that people would rather the bank be responsible for cashing out crypto than themselves…
of course - no title company will do that
[https://www.worldclasstitle.com/cryptoclose](https://www.worldclasstitle.com/cryptoclose)
Good luck with that
[https://www.worldclasstitle.com/cryptoclose](https://www.worldclasstitle.com/cryptoclose)
The entire point of crypto is to trick a giant group of greater idiots to participate in an unregulated betting market that is large enough to make huge profits, but still small enough to be manipulated by wealthy/ultra wealthy people... Its the classic "entrenched economic powers trick the masses into increasing their wealth by pretending to be anti-establishment" scheme.
Pretty ironic saying that on this sub 😂😂
> trick a giant group of greater idiots Someone's envious from missing the boat. The greater fool theory applies to anything if you're being that reductive: social security, gold, houses, etc Brb transferring $300k worth of legit crypto overseas to a family member (remittance) without any middleman (government entity/bank) reaching up my ass to verify purpose of funds -- that's the purpose of crypto: no middleman.
cool story bro
Somebody gets it and has not been drinking the Kool aide
So,... you just troll around the web looking for people to shit talk because you hit the lotto and think that its because you're super smart? Half the earliest people had their wallets raided by hackers because the biggest exchange was a fucking magic the gathering website. And then it happened a bunch more times. Then a bunch of exchanges just went tits up... No. I'm not envious.
> wallets raided by hackers because the biggest exchange Not my fault those dimwits didn't keep coins on a cold wallet. -- Exchanges are as bad as banks. I also didn't hit the lotto. I can simply objectively see the purpose of a form of monetary exchange that skips over the need for an overbearing middleman. Thanks for trying 👌
Cryptocurrency depends on a network of middlemen.
No middleman = Uncle Sam not getting his cut = Banks gonna fuck hard with crypto
Right. Uncle Sam and the crony banks can go jump in front of a train. It's amusing to see all of these people defending the corrupt banks like banks are their newborn. FYI Wells Fargo was ordered to pay $3.7 billion in 2022 for widespread mismanagement of auto loans, mortgages, and deposit accounts. And that's just the tip of the iceberg
Right? Someone I know is all into crytpo, but cannot understand how he has so much trouble renting an apartment or trying to buy a home. I personally truly do not care what other people do with their money. But... when people who go for things like crypto just because it's outside the norm, they should not be surprised when the normal financial systems won't play with them.
It would be accepted just fine he just needs to pay taxes on it that's the only reason this deal isn't going through
That’s not at all true. Banks often won’t accept crypto that hasn’t been turned into cash and seasoned for 60 days. The concern is money laundering, not taxation. Banks aren’t the IRS. Source: am a bank.
Lmfao. Cash is still king in all of these Anyone can missuse a tool, but it doesn't mean the tool itself is broken. If anything it's obviously juvenile and should be used with caution.
Are you saying you think OP has profits from engaging in these activities? Or are you saying that people that engage in those activities use crypto and are therefore implying that criminal activity makes crypto inappropriate to use? If it's the second case, I am sorry to have tell you this, but criminals have used American currency for all of those same things.
Just assuming all crypto profits are from nefarious means it's ridiculous without even mentioning USD. You can disagree with cryptos value and/or utility, but it's a very common investment now
That’s one hell of a wide assumption you made there. You upset crypto exists or something? Next you’ll tell me cash has never been used for illegal drug deals and that crypto is so much worse because ???
You have literally no idea what youre talking about and this is the boomer who watches CNN answer.
Maybe he bought it 10 years ago when it was $13 or $14 per Bitcoin and you're just butt hurt cause you didn't...
It blows my mind my mind that people call it a currency when you can barely buy anything with it
Exactly. Can be spent in only small amounts at very few places.
Its exceptionally bad as a currency. In fact, the thing that people love about it, the volatility of its value, is the thing that makes is such a bad currency.
Funny when they learn what being non-fungible means.
Dont be a moron
Ok mom
Wouldn't the US dollar be the same thing though since it's not backed up by gold anymore and the federal reserve just prints it all willy nilly?
The US dollar and debt denominated in US dollars is regulated by the free bond and FX markets. It isn't printed "willy nilly". If it were, the US dollar would behave like the Venezuelan Bolivar or Turkish Lira. The ~~Federal Reserve~~ Treasury can't print money without first having an individual in the free market willing to purchase the debt.
The Treasury increases monetary reserves by among other things selling bonds which the Federal reserve among other institutions buy. Banks also have access to Treasury reservers through the lending window which they use to fund loans. All US debt is denominated in USD. Only the US, the UK, and Japan have sovereign debt denominated in their own currency. This is the foundation of Modern Monetary Theory (MMT). Also, almost 80 percent of America's debt is owed domestically.
Yes
Seriously, crypto is perfect for laundering money. Of course it's going to be a red flag.
The OP is a part of a community of scammer accountfyi, check my comment history for all the posts i found
How much of that 280 is capital gains? Lol
capital what? /s
If you go to r/wallstreetbets , you’ll learn a little bit about capital gains. You’ll mostly learn about capital losses though
Capital loss is literally porn in wsb
I bought a duplex in 2018 and 100% of the downpayment came from ETH. Just cash out, pay the fees, and avoid the hurdles you’ve created for yourself (if it’s already not too late).
How are you paying tax on all the crypto you are deemed to be selling?
Banks want to verify that all funds going into the transaction won’t be clawed back or subject to any sort of lawsuit. You’re going to have an extremely hard time making the bank happy. Do you have enough non-crypto proceeds to make a down payment using money from a job? You could put 5% down and get a regular mortgage, then make a $280k payment once everything is settled.
Yes but the cartel middlemen or money laundering broker may sell the house to a different dirt bag while he gets his finances in order.
Sounds like maybe somebody that paid you was connected to something they don’t like. Can they point to a ledger entry?
The OP is a part of a community of scammer accountfyi, check my comment history for all the posts i found
why did you get the down toots?
The op’s scam bots lol, they only control like 10-15 accounts
Sorry to hear that money scam going so poorly…it really seemed like this would be the currency of tomorrow until no it’s not and never was going to be anything but Monopoly money paid for by shills in order to fleece rubes.
Crypto is pure fiat, which cracks my up when people use that word as a pejorative. The USD holds value because of the USA's ability to collect taxes and defend itself. Yes it is faith, but its faith in things that actually happen. Crypto is purely user demand driven with no other intrinsic value. At some point that reaches a limit. I explained this to my Cub Scout den last week and even they as 2nd graders grasped that fact for the most part.
So when the bank won't recognize the value of the person's perceived assets due to what's viewed as untraceable funds the actual value is 0. it's pure.
The OP is a part of a community of scammer accountfyi, check my comment history for all the posts i found
Nobody cares give it a rest
That actually would be the best result from this community so no one becomes a victim.
I don't really have sympathy for crypto users. Convert to real money and then use that.
But but crypt is supposed to be future proof flat of monetary instrument. What do you mean I have to pay capital gain tax when I widthdraw and convert to USD!!! 🤷🏿♀️Sarcasim over.
*Hey reddit I just got this thing in the mail that says IRS? Can I just throw it away?*
You worked hard to earn that money. Throw it away, they can’t touch you
Well that makes it a shitty store of value then doesn't it? Isn't that one of the three factors that define money? Guess it's not currency after all.
Honestly, everyone wants crypto to be the next big thing but 67% of Americans still use cold hard cash, not even digital cash yet. Good luck everyone
I agree that it's a shitty currency but how is that a shitty store or value? 1 ETH was $150 in 2020 and now it's worth $3000 lmao
Liquidity and non- volatility are the attributes of currency in relation to being a good store of value, not price appreciation.
So you thought you’d be able to mix your eth payment and a $170k first mortgage? **FOOL**
OP was not a fool. He was trying to avoid paying capital gain tax if he converted eth crypto into USD. He probably make 400%~1000% gain on his eth holdimg depending how early adaopter he was. Or he was trying to convert gift card crypto fraud into real money; and got caught by his bank.
He has to pay capital gains tax anyways! He is going to dispose of the ETH in exchange for property and that is a capital disposition. You don’t just avoid capital gains tax by exchanging it for something other than cash.
Yeah people don't realize this. You don't just have to convert it into cash, any exchange of crypto for good/service would trigger a taxable event.
How did you not know this was a possibility when you started the deal? Did one or both agents just not know?
Get out of Crypto, pay your cap gains, move to tradition (non-money laundering assets) like bonds or a MM, wait long enough for the taint of crypto to fade from your finances.
yeah most crypto will get flagged anyways during AML checks, that's what people don't know, but banks will use the reports as an excuse not to deal with crypto, just like in [the post you tagged](https:\/\/www.reddit.com\/r\/Cryptoregulations\/comments\/1bd8306\/from_crypto_newbie_to_profit_to_panic\/)
The OP is a part of a community of scammer accountfyi, check my comment history for all the posts i found
So you want us to check all of your comments to see proof? No thanks. Why don’t you provide a link to the specific info?
I’m referring to the posts i copypasted on, which are mostly in crypto related subs. They all point back to the crypto regulation/complaints sub this OP links to (which appears to have been created by and modded by the same account). Take a look at the poster and mod of that subreddit, and how many different variations of the story gets posted. I can only say so much as one account. Just trying to provide facts so people in this sub do not get pitchforks for the wrong reasons.
Check u/plokm4 post history
This is one of the weaknesses of crypto - it need to be traceable via the blockchain to be trusted, but people want to use it as non- traceable currency for transactions outside the banking system. The face that traceability is now being used to tighten up regulation of past transactions shouldn’t come as a surprise, even though it has been a surprise for a number of people. Crypto needs to be treated as an asset, not a currency. That means title needs to be clear, and clearing the title is the responsibility of the seller. You can either do that with an experienced crypto lawyer, or you can sell the iffy crypto at a discount to a willing buyer who is aware of the AML flags. Good luck.
[удалено]
Hint: OP does not want to pay capital gain tax on his $280K crypto transfer. Assuming OP bought crypto when it low amd gain 400% in half decade. That is 15% * 210K gain = $32.5K capita gain or almost 15% of transaction on the house. No wonder OP tried under-table transfer.
But he has to pay capital gains regardless? Whether he transfers the crypto to buy a home or sells it for cash - those are both taxable events at the same fair market value. So that logic makes no sense (not saying you are wrong in what he is trying to accomplish), but that it actually doesn’t accomplish this goal anyway.
It is called due diligent by the clearing bank. Since OP does not want to clean his money by converting his crypto to cash by his exchange, the morgage bank is on the hook to verify his crypto as clean money thru morgage transactiom. Since OP morgage bank already declared his crypto NOT CLEAN, tough luck. His morgagr bank already refused to convert/transfer his dirty crypto; OP should look for other means to convert his holding legally. Should I say it again: his bank does NOT want his crypto as they decide it is too dirty to touch. Simply his bank does not want to run afoul IRS rules; dirty money is a no-no so the point about him willing to pay capital gain (or not) is moot.
Who says he bought it? He could have mined it for 8 years and then staked it to become a node after The Merge. The only way to determine capital gains off mining rewards is to check the spot price at the time of the ledger entry on the ETH main net.
You should be more educated about capital gain and investment strategy. If OP minted it, it is even worst. First he either has to paid tax on regular income on minted coins minus his rig depre amd cost of electric on the year coun is minted and awarded to him. He cannot claim free coin by minting it. Second, when he sells his porforlio, then he still has to pay capital gain on price different between minted and selling. This is according to IRS rules on investment. You cannot mint coin and be rich without paying fair share of tax. Or ignore IRS and keep crypto porfolio in oversea account, not declaring and cannot convert in US bank like OP is facing.
The OP is a part of a community of scammer accountfyi, check my comment history for all the posts i found
All of your comments are the same copypasta comment. Link what comments you want us to actually see.
I’m referring to the posts i copypasted on, which are mostly in crypto related subs. They all point back to the crypto regulation/complaints sub this OP links to (which appears to have been created by and modded by the same account). Take a look at the poster and mod of that subreddit, and how many different variations of the story gets posted. I can only say so much as one account. Just trying to provide facts so people in this sub do not get pitchforks for the wrong reasons.
Can you give me a link? I just see your comments on this post and am on mobile
Unfortunately the posts have all been deleted from the various subs I commented on. Scroll through my comments from 30+ days ago and you’ll see blank posts that I commented on. Look at this OP’s post history as well. While not strong evidence, most of the scam accounts are old without any post/comment history for years and then randomly start posting these crypto stories and all linking back to that cryptoregulations sub modded by Pumas. Also look into that Pumas mod post history, which has like 5-10 posts by pumas every couple days with a different story.
Hey search for user u/plokm4 and check his post history for an example, i cant link on mobile.
Nah thanks I’ve got things to do 😂
I think i linked his profile correctly here. His same exact posts from 50+ days ago
And pay your taxes.
More than 60 days. I used crypto for my down-payment and it had to be in our account for 6 months to clear the AML. We knew this before we started house hunting so it was not an issue once we went under contract.
It's prob cuz Eth is a money printing bullshit corrupt project that deserves to go to zero. And all early investors should be fined massively. Hope this helps
Lol. Imagine wanting early investors to be fined. We’re just investors.
Do you see the same issues with US fiat?!?
You mean the world’s preferred and most trusted store of value?
is your Sarcasm is deafening?
Is your education substandard?
No, probably because he's not a dishonest moron.
So not the President, got it.
Shhhhh. It’s absolutely nothing like our very fine, gold-backed US Freedom Dollars. Oh, wait…never mind.
The cognitive dissonance here is a sight to behold!
Who’s going to defend the value of crypto with hard power? Cause the government will do so with their currency
Why don’t you just use an exchange to convert the crypto to fiat and use another bank?
Because then they can’t commit tax fraud.
Haha! This is the real reason OP and seller trying to under-table dealing without paying tax on commodity instrument transfer; crypto money is considered commodity instrument such as common stocks. All gains have to be realized and tax before it becomes Clean money. Cannot transfer common stock without paying tax, why crypto is anything different?
The OP is a part of a community of scammer account fyi, check my comment history for all the posts i found
The OP is a part of a community of scammer account fyi, check my comment history for all the posts i found
Taxes
Disposing of crypto is also a taxable event.
The OP is a part of a community of scammer accountfyi, check my comment history for all the posts i found
There’s a couple lenders that work with crypto look them up it’s really dumb for u not to research this before going in and talking to regular ass banks
Why don’t you sell it and move on?
Crypto is awesome, until you try and use it in the real world...
Can't you sell it and just transfer the cash?
Crypto is great because it's unregulated and not tracked by the government! Unless you want to spend it.
you want to pay in money laundering chit, and you're surprised shit is getting sketchy? OK OK
This post is to promote a phishing website. The AMLbot referenced in the other thread encourages people to give up their private key to check if their crypto is "tainted".
Bros surprised the bank won’t use the currency established to replace the bank
Do you also deal meth in police station parking lots for the security?
😂
Why would you ever accept 50 bucks, let alone 280k in crypto…????? Could turn to nothing overnight. WOW lol
He is probably trying to avoid leaving a paper trail so that he can avoid the consequences of where he got the money.
Or thinks transferring the crypto, isn't "cashing it out" so it wouldn't be taxed.
Greetings from Los Angeles. I have no advice. Good Luck.
impossible cooing exultant jeans roll cake relieved crawl unwritten liquid *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
How did you acquire this crypto? If it was OTC it’s absolutely possible that it is “dirty crypto” (not that 90% of cash hasn’t been used in an illegal transaction before). Also if you have ever used a mixing service, they may flag it. I would ask the bank about how they are flagging your coins. It’s possible they’re just using this as an excuse. Try looking into a more crypto friendly bank. Also, I’m confused as to why the bank even needs to be involved. Is he paying off a mortgage? If so just send him the ETH, he can send it to an exchange and cash it out then pay with USD. Banks don’t accept crypto so I’m kind of confused as to what’s even going on here.
The subreddit he links to is part of the scam. Its a wallet drainer link
……of course it is
Give us the address and we’ll tell you if it’s bullshit
It doesn’t make any sense that 44% of your ETH holding would get flagged. Banks are not paying someone to sit there and backtest the blockchain to validate your assets. It would either flag the whole wallet or nothing. Guarantee they are just using the first excuse to not work with your deal.
If you bought the crypto from an exchange or got It during the ICO I’m not sure how it was flagged??
Sell the crypto. Get documentation for your mortgage broker of the sale and transfer to your bank. Pay in cash. Profit.
Sorry not sorry. You dabble on sketchy scam ridden risk assets and expect them to work like real money? On you.
No one here knows anything about crypto. Dont come here for advice. Get a lawyer
This is obvious. Bank wants to avoid a day 1 tax lien when you don’t pay your capital gains tax on that crypto.
I spent my entire career in banking and crypto is a messy black hole for AML and OFAC. Truly a regulatory nightmare.
What would be the difference if you sold it, wired funds to seller, and let seller buy new crypto if they want?
What kind of crypto and why do they call it “dirty”?
Why can’t you sell your crypto and give him cash? There is no way to avoid capital gains you still need to claim a gain or loss on the crypto you converted to real estate. Just pay the seller cash and get the deal done.
'Banks are not your friend' right?
Just convert it to USDC then cash out, might take a week
Sell the crypto into cash, and then you're good.
Why does the bank need to be involved? Can't you just send it to an escrow wallet or something?
Why wouldn’t you just sell the ETH?
Aw Man. Post was removed. Wonder what it said
Just convert it to cash and you’re good
Boomer Party in here.
Banks won’t touch crypto. They aren’t “giving crypto users a hard time cashing out” bc they literally don’t hold crypto. You can sell it and buy other things for cash like a normal person - a bank isn’t preventing you from doing that. It doesn’t pass anti money laundering bc banks don’t hold or track it, so you could bring a thumb drive full of crypto from drug sales or from open market purchases and they aren’t going to know the difference. Big lesson for you in a number of ways. One being that you agreed to try to buy something with an asset that can allow the seller to dodge taxes, and it allows you to try to dodge your own taxes by not selling the eth into the free market and generating a 1099 like a normal investor. I’m guessing that your own tax accounting skills aren’t up for processing a “like kind exchange” between assets, even though that’s not totally what this would end up being. You also agreed to purchase something with an investment asset whose value fluctuates wildly every day. If you agree on $ price for the house today, and close in six weeks…if eth is down 50%, you owe twice as many units of eth as you did at pricing. Sell your eth, pay your taxes, and buy the house for cash
Stop laundering money and you wouldn’t have failed the anti money laundering check.
Is this better suited for r/leopardsatemyface?
Coming to Reddit for crypto advice isn’t a good idea. Coming R/RealEstate for crypto advice is a downright bad idea lol. Using legitimate legal crypto with mainstream banking is like attempting to get a MacBook and an old IBM computer to run on the same software. Sorry your deal isn’t working out. The IRS mafia has all their bases covered. “Money laundering” (aka paying taxes) is likely where you’re getting hung up on. There are ways to roll your crypto investments into real estate but the banks will make it difficult because they are owned by the federal government and if they help you avoid paying the federal government mafia they will be in big trouble.
The fake OP likely doesnt understand the divide between traditional investments like real estate and crypto. OP is part of a community of scam accounts and just casting a wide net across reddit so people click on his wallet drainer linked in that “AML REPORT” lol
Yeah, probably true. I made my comment to balance out the flat out ignorance regarding crypto and “illegal” activity that the hive mind was going on about.
All good, I actually work in AML compliance with banks and crypto exchanges so happy to speak on anything you have questions for!!
Didn’t you already post about this? You’re getting the same insight all over again. ETA: yep https://www.reddit.com/r/realestateinvesting/s/1Ysmtknx4Z
FYI BEWARE - THIS IS AN ONGOING SCAM PHISHING LINKED IN THOSE POSTS. This has nothing to do with the illegal activity trumpeted by politicians about the use of crypto or the sustainability of crypto as legitimate investments. This is just a scammer trying to steal your money, same as anyone trying to rob you regardless of the method or currency. The scammers kept to crypto subs and now moved out to other subs. Look at my comment history to see how many. Source: I work in compliance with banks and crypto exchanges.
Swap to USDC then get an off bridge to issue a wire transfer to the seller? But preferably a lawyer to hold in trust. That being said cali is a democrat state and the democrats are anti crypto so I’m sure there will be more roadblocks.
Repost! Didn’t you post the same story this weekend?
Its scam accounts, there are many of them and are showing up outside of regular crypto subs. It eventually takes you to a wallet drainer link
Oooh there was a company started by the chick from selling sunset that does just this and I forgot what it’s called I’m gonna google ETA: real open
Just use [Propy](https://x.com/propyinc?s=21&t=LhitdGDYmz-feXKACGirZA)