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krrrh
on May 19, 2021
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Crypto crash deepens, stocks slip
The move to stablecoins instead of cash is a reflection of major exchanges not being able to maintain banking relationships.
coolspot
on May 19, 2021
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Also tax avoidance. My friend exchanged all his ETH to DAI at the top, doesn’t have to report that to IRS.
AlexandrB
on May 19, 2021
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As someone else on here pointed out, the IRS would consider this selling ETH and buying an equivalent value in DAI. Selling the ETH is taxable as capital gains. Whether the IRS catches your friend or not is a different matter.
coolspot
on May 19, 2021
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Point is, if you sell ETH for USD on Coinbase, they will report you to IRS.
But if you convert ETH to DAI, no one will get a report for that.
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