NEM (XEM) Official Thread - 100% New Code - Easy To Use APIs

[visaco]

Hi guys

I have a legal question.
Suppose a standard hypothetical scenario where NEM rises to 1USD in 1-2 years. I will want to withdraw some of my funds lets say 1 mil USD.
Now 1 mil USD will just arrive to my bank account - I would expect the financial police will be suspicious of how I could gain so much money.

Is someone here able to explain how this works in European legislation? Can I just withdraw money and say that I was a lucky NEM holder and everything will be fine?
Will I need to declare this as an asset gain and pay taxes? Or is this tax-free?

Thanks for your input!

ask the  tax department of your country.
i heard europe will soon ban anonymous coins like dash monero zcash, xem is ok
so i do not advise you to use them within europe at least.
to avoid of being flagged try to not exceed 10K eur when you withdraw to your account.

[jkoil]

keep your job

keep a low profile and be humble

look around, research ways to cash out slowly.

we are given this blessings, so do not mess it up, think long term.

my target is do above and I will be donating some to an orphanage, helping the needy people, I will do this anonymously of course.  :-)

goodluck to everyone.

Who has given the right to read my diary?!




But... yes, that's the way you do and should do it.
I have now moved also to that trade position.
Some sellings must be done by us ("original stakeholders"). Otherwise the XEMs will not spread and there would be only WAIIIITIIING for ...

[visaco]

LOL We didn't finish talking, a new company joined Mijin/Nem
Unbelievable



http://mijin.io/en/
https://asktom.cf/index.php?topic=654845.msg18749324#msg18749324

[fragout]

Hi guys

I have a legal question.
Suppose a standard hypothetical scenario where NEM rises to 1USD in 1-2 years. I will want to withdraw some of my funds lets say 1 mil USD.
Now 1 mil USD will just arrive to my bank account - I would expect the financial police will be suspicious of how I could gain so much money.

Is someone here able to explain how this works in European legislation? Can I just withdraw money and say that I was a lucky NEM holder and everything will be fine?
Will I need to declare this as an asset gain and pay taxes? Or is this tax-free?

Thanks for your input!

You are liable for capital gains tax afaik

[4emily]

i heard europe will soon ban anonymous coins like dash monero zcash, xem is ok

where did you hear that? Could you give the source?

Is the proposed Europe ban similar to this in the UK?
https://cointelegraph.com/news/uk-bans-end-to-end-encryption-mandates-government-authority-over-encrypted-technologies

Seems to me that it would be difficult if not impossible to enforce this legislation iro decentralised cryptocurrencies, there being no 'telecommunications operator'  (or at least, no identifiable telecomm operator) on whom the government can serve a 'technical capability notice'.

[visaco]

How many nem are locked away off market in dev accounts, community funds etc

Rich list shows an awful lot of top accounts with names that suggest they're  locked up, similar to masternodes dash effect.

nothing is "lock up" are community funds used for development and marketing
the other ones are exchanges and big corps
https://nemnodes.org/richlist/

Assuming community funds aren't being traded they're off the market, looks like maybe 25% or so

so ? what is your concern?

Why so defensive?  I have no concern, only investigating reasons why NEM is x10 ARDOR,  when both are quite similar. If you go to market and see apples selling x10 price of oranges, then you look for reason. DASH masternodes locking coins off market is often given as explanation for dash price rise, I'm investigating if something similar is happening with NEM. It's not a criticism, so you can holster that attitude.

ask yourself why did you use the word  "awful " you were trying to fud my friend
if you want really to investigate go to the official nem forum.
i am sure you will get all the docs and  references to satisfy you curiosity.
https://forum.nem.io/

Haha, you must be a young esl kiddy ... you're very sensitive

Richlist shows roughly what's going on, large amount of coins in accounts unlikely to be trading.

https://i.imgur.com/pbXVD2y.jpg

[visaco]

i heard europe will soon ban anonymous coins like dash monero zcash, xem is ok

where did you hear that? Could you give the source?

Is the proposed Europe ban similar to this in the UK?
https://cointelegraph.com/news/uk-bans-end-to-end-encryption-mandates-government-authority-over-encrypted-technologies

Seems to me that it would be difficult if not impossible to enforce this legislation iro decentralised cryptocurrencies, there being no 'telecommunications operator'  (or at least, no identifiable telecomm operator) on whom the government can serve a 'technical capability notice'.

https://www.theregister.co.uk/2016/02/03/ec_virtual_currency_regulation_suggestion/
http://www.newsbtc.com/2016/10/28/italian-mps-aim-ban-zcash-anonymous-cryptocurrencies/
https://bravenewcoin.com/news/eu-parliament-states-virtual-currencies-cannot-be-anonymous/
ofcourse this wont kill dash/monero/zcash completely but will send them straight to the  dark underground
bad investment if you want to make profit
i have zero position on so called privacy coin  too much Risky

[NorrisK]

Hi guys

I have a legal question.
Suppose a standard hypothetical scenario where NEM rises to 1USD in 1-2 years. I will want to withdraw some of my funds lets say 1 mil USD.
Now 1 mil USD will just arrive to my bank account - I would expect the financial police will be suspicious of how I could gain so much money.

Is someone here able to explain how this works in European legislation? Can I just withdraw money and say that I was a lucky NEM holder and everything will be fine?
Will I need to declare this as an asset gain and pay taxes? Or is this tax-free?

Thanks for your input!

You are liable for capital gains tax afaik

You will have to declare the value of your holdings every year in your tax forms.

If you do this every year, you will have a paper trail where you paid taxes if they were due and you can back this up with the historical data if questions are asked.

Most important thing to do is to call your bank before you request the transfer as the bank will immediately suspend your account for investigations. It may also be wise to call your tax agency to let them know you are cashing out on your assets so they know where it came from.

[fragout]

Hi guys

I have a legal question.
Suppose a standard hypothetical scenario where NEM rises to 1USD in 1-2 years. I will want to withdraw some of my funds lets say 1 mil USD.
Now 1 mil USD will just arrive to my bank account - I would expect the financial police will be suspicious of how I could gain so much money.

Is someone here able to explain how this works in European legislation? Can I just withdraw money and say that I was a lucky NEM holder and everything will be fine?
Will I need to declare this as an asset gain and pay taxes? Or is this tax-free?

Thanks for your input!

You are liable for capital gains tax afaik

You will have to declare the value of your holdings every year in your tax forms.

If you do this every year, you will have a paper trail where you paid taxes if they were due and you can back this up with the historical data if questions are asked.

Most important thing to do is to call your bank before you request the transfer as the bank will immediately suspend your account for investigations. It may also be wise to call your tax agency to let them know you are cashing out on your assets so they know where it came from.

What if you cashed out through local bitcoins (cash deal)? . I know $1million would be a big trade and involve suitcases etc but you could do it in stages

[4emily]

@visaco - thanks for the links

[lordoliver]

Hi guys

I have a legal question.
Suppose a standard hypothetical scenario where NEM rises to 1USD in 1-2 years. I will want to withdraw some of my funds lets say 1 mil USD.
Now 1 mil USD will just arrive to my bank account - I would expect the financial police will be suspicious of how I could gain so much money.

Is someone here able to explain how this works in European legislation? Can I just withdraw money and say that I was a lucky NEM holder and everything will be fine?
Will I need to declare this as an asset gain and pay taxes? Or is this tax-free?

Thanks for your input!

As far as I know, you only have to pay tax, if buy and sell within a year. So if you were one of the Nemstake holders its longer than a year already and tax free.
But I suggest to consult a tax advisor. I guess you can afford by then ;-)

[LemonAndFriesOne]

NEM looking good
No more games, NEM very good for everyone even more now

Thank you everybody

[visaco]

@visaco - thanks for the links

my pleasure

[Nortan12rx]

NEM looking good
No more games, NEM very good for everyone even more now

Thank you everybody

it's only beginning.

[NorrisK]

Hi guys

I have a legal question.
Suppose a standard hypothetical scenario where NEM rises to 1USD in 1-2 years. I will want to withdraw some of my funds lets say 1 mil USD.
Now 1 mil USD will just arrive to my bank account - I would expect the financial police will be suspicious of how I could gain so much money.

Is someone here able to explain how this works in European legislation? Can I just withdraw money and say that I was a lucky NEM holder and everything will be fine?
Will I need to declare this as an asset gain and pay taxes? Or is this tax-free?

Thanks for your input!

You are liable for capital gains tax afaik

You will have to declare the value of your holdings every year in your tax forms.

If you do this every year, you will have a paper trail where you paid taxes if they were due and you can back this up with the historical data if questions are asked.

Most important thing to do is to call your bank before you request the transfer as the bank will immediately suspend your account for investigations. It may also be wise to call your tax agency to let them know you are cashing out on your assets so they know where it came from.

What if you cashed out through local bitcoins (cash deal)? . I know $1million would be a big trade and involve suitcases etc but you could do it in stages

You wouldn't be able to spend it on anything big as tax agencies will start asking questions how you bought this car or that house.

Would you really mind paying 10k USD if you made a million profit? I know I wouldn't if it means I made a million in profit.

[lordoliver]

...
Would you really mind paying 10k USD if you made a million profit? I know I wouldn't if it means I made a million in profit.

lol @ 10k...
if you made a million profit in short term it means 25% tax. I guess you would mind that ;-)

[Caladonian]

NEM looking good
No more games, NEM very good for everyone even more now

Thank you everybody

it's only beginning.

looking now inside polo it seems that NEM is really going up and doesn't wants to be interrupted, maybe a good day still for those who
is late comer, there's still a big chance to earn and gain a good profits better to buy more and hold for a while.

[Nortan12rx]

...
Would you really mind paying 10k USD if you made a million profit? I know I wouldn't if it means I made a million in profit.

lol @ 10k...
if you made a million profit in short term it means 25% tax. I guess you would mind that ;-)

rich rich rich

[gentlemand]

You wouldn't be able to spend it on anything big as tax agencies will start asking questions how you bought this car or that house.

Would you really mind paying 10k USD if you made a million profit? I know I wouldn't if it means I made a million in profit.

Anyone who isn't automatically pricing in and planning their tax already is a silly sausage. In this day and age you can't fart without having your account shut down. Good luck winding up with a million dollars in sacks of coins.

You'll never run short of hotdogs and parking. Everything else will be impossible to obtain.

[visaco]

Hi guys

I have a legal question.
Suppose a standard hypothetical scenario where NEM rises to 1USD in 1-2 years. I will want to withdraw some of my funds lets say 1 mil USD.
Now 1 mil USD will just arrive to my bank account - I would expect the financial police will be suspicious of how I could gain so much money.

Is someone here able to explain how this works in European legislation? Can I just withdraw money and say that I was a lucky NEM holder and everything will be fine?
Will I need to declare this as an asset gain and pay taxes? Or is this tax-free?

Thanks for your input!

You are liable for capital gains tax afaik

You will have to declare the value of your holdings every year in your tax forms.

If you do this every year, you will have a paper trail where you paid taxes if they were due and you can back this up with the historical data if questions are asked.

Most important thing to do is to call your bank before you request the transfer as the bank will immediately suspend your account for investigations. It may also be wise to call your tax agency to let them know you are cashing out on your assets so they know where it came from.

What if you cashed out through local bitcoins (cash deal)? . I know $1million would be a big trade and involve suitcases etc but you could do it in stages

You wouldn't be able to spend it on anything big as tax agencies will start asking questions how you bought this car or that house.

Would you really mind paying 10k USD if you made a million profit? I know I wouldn't if it means I made a million in profit.

i agree pay your tax and live... relax