When do you think the price of Chia could drop to $0? If it is going to happen, when do we think that could happen? What could happen as a result?
I think it could happen relatively soon. I think that all the small and medium players will get out of Chia farming and all that will be left farming will be either those willing to ride it out or those who have large farms or big data centers full of storage.
I would love it if it got down to $100. I have a large amount of cash ready to buy. I will be buying all the way down.
$0 ? I don’t think so. But time will tell.
I will just be building my XCH reserve no matter what it does.
I read your gate.io experience on another thread. That was what I was trying to avoid, buying USDT or BTC or ETH. If I had to get them, I’d just keep them as the primary investment instead of XCH. BTC would be the better crypto to invest in if I were forced to invest in 1 crypto as a primary crypto in order to gain entry into an exchange platform.
If the price drops either reverse or slow the netspace growth I’m actually fine with it - I’d rather win smaller amounts more regularly than large amounts occasionally. If the netspace growth keeps rocketing and the price drops far enough, I’ll review my original budgeted plan to stay in for about a year.
I was trying to find the most direct route without jumping through another exchange. The was just the first attempt. You just don’t really know the fees until you go for it. So the first thing is to avoid the wire fee. Then get the best purchase (lowest fee) of a viable crypto. I think the fee to buy USDT or BTC at gate.io is ridiculous. I’m going to go look at my account at Gemini and see what it is there (plus the fee, if any, to transfer to gate.io).
Why would you want to avoid buying USDT? If you intend to swap it to XCH you are going to own in for all of 30 seconds.
For my 2 cents, I think it’s going to $10 a pop. it may rally back to $20 but that’s about where I think it will end up. I see no real big buying pressure coming from anywhere in the short term.
I just checked. Gate.io is likely the only place to do XCH transactions for US nationals. You can get your intermediary crypto or USDT anywhere you want though. I don’t even know where to begin on fees. Maybe coinbase or crypto.com?
I want to avoid paying taxes and fees on it. I don’t know where you live but in the US, each transaction is taxed. I want to avoid as many taxable transactions as possible.
I transferred in XCH to sell and that had no fee. I think there is a fee to get tokens out though i’d have to look it up.
the tax is only on a gain surely? if you buy usdt for a dollar and then use it, where is the tax to pay. taxable event maybe, but at 0 gain…
also be aware, you can transfer into gate with no kyc but to transfer out you will have to do kyc.
As far as I know, if you trade, for example, $1 of BTC for $1 of USDT, you have to pay an additional taxable amount on top of that, whatever that may equate to. I do not know what that is because that is filed at the end of the year on our income taxes as stocks/bonds and the like. There is a section for that. And… still with this example, $1 BTC is not equal to $1 USDT because actual value can change and they will not equal $1 all the time.
That is not how taxes work…
If you buy $1 of btc and sell it for $2, you have made a $1 gain. if you sell it for $1 you made nothing and if you sell it for 50cents you lost 50 cents. Tax is worked out on gains and losses. Unless you have some magic tax I’ve never heard of…
In the UK we have to pay stamp duty whenever we buy stocks, but that is done at the time of purchase by the broker. Any future gains or losses are done on your tax return, just like the USA.
You are right. Taxes are paid in the future, and only on the withdrawal or conversion and on the tax return.
In Holland the tax office is a IT mess and they are absolutely unable to track any crypto movement. Only conversion to Euro into my private account may get noticed, if I happen to get a full check on my tax return.
In any case, i can deduct the hardware cost i use to farm.
Making money onntrading is only very lightly taxed.
Guess it pays to live in a taxhaven 
My problem in the US is that it is not just the USA we have to worry about. It is city and state that we also have to worry about as well. They can do whatever they want but they are generally in agreement. As far as income/taxable events goes, where I live, it is only state and US that I deal with.
Should be able to deduct all related expenses (electricity, space/rent)?
Yes, if you can show its related.
Only have to take care not to make it too professional, otherwise it might get considered economic operation, and then it becomes taxable as business