WATA Game Grading Sued For Price Manipulation 6 6

[Jack Linguini]

On 11/8/2023 at 9:00 AM, Dr. Balls said:

So let me spin out a scenario here:

From what I understand in my limited tax knowledge - If you "cash out" crypto and reinvest elsewhere, you still have to pay capital gains on those profits. The only benefit I can see in taking a 90% loss is that you're attempting to offset taxable income the following year for whatever reason by showing a gigantic loss.

...

If you are playing by US tax laws this still does not make sense. After the SBF fail at FTX I dumped all my crypto at a loss.
Unaware that capital gains losses are allowable to only $3000 per year. I now have a capital gains loss that I can carryover for the next decade.
Even tho I am a computer guy by occupation. I didn't really understand these nothing-burgers. It's comics and pulps only for any personal investing from here on out.

[darkstar]

On 11/8/2023 at 10:00 AM, Dr. Balls said:

So let me spin out a scenario here:

Guy buys $100,000 in Crypto in 2019

That crypto skyrockets to $20,000,000

Guy peels off $400k for a video game based on auction house hype.

He's one of few people in the world to pay stupid money for it because he's got tons of stupid money, and while it hurts the hobby by skewing values, it makes me wonder about what the real situation is for buyer or seller or auction house. Is the buyer just a Dudebro who wants to impress his friend by showing them a screencap of his $400K video game locked in a vault? Or is the buyer someone else?

From what I understand in my limited tax knowledge - If you "cash out" crypto and reinvest elsewhere, you still have to pay capital gains on those profits. The only benefit I can see in taking a 90% loss is that you're attempting to offset taxable income the following year for whatever reason by showing a gigantic loss.

Also, Crypto transactions are still viewed as "taxable events" by the IRS, meaning if you pay with Crypto to a business, they still have to claim it as income whether you cashed out or held it in a wallet. So if it was paid with Crypto, the auction house and seller still have to report it.

Is there something going on in the undercurrent of all this? On the surface it seems that:

Buyer who overpaid loses real money (despite how easily it was earned).

Seller makes a stupid amount of money, still taxable - but the insane profit is more than enough to cover the tax liability on $400k

Auction House double-dips and makes Buyer's Premium on both transactions (as well as Vault fees) - part of their normal operation.

It seems that two of the three people in this situation profit mightily at the expense of the third person. It'd sure be interesting to find out who owned these video games when they went up for auction and sold for insane amounts of money the first time around.

Edit: I know this is basically what's being discussed in the article, I was just ruminating on how it worked out.

Apologies, I misremembered - the buyer of the Goldin copy of Sonic the Hedgehog is a sports card bro, not a crypto bro or at least he doesn't advertise it on his Instagram. Same guy that sold Logan Paul a fake case of Pokemon. With how badly sports cards have been doing his losses, although likely largely unrealized as of now, have to be at 7 or 8 figures at this point. 

https://www.instagram.com/p/CVlsCxUMmr1/?hl=en&img_index=1

 

[VintageComics]

On 11/8/2023 at 12:03 PM, Dr. Balls said:

It's nice to see that there are people out in the world that recognize the importance of this philosophy.

I think a lot of people recognize it but Social Media would have you believe that everyone wants another system (like capitalism or socialism). 

The fact that they think they can replace an entire system with a "better one" after the human race has been trying for millenia shows that none of these people have ever read a history book or understand how human nature works. 

No matter WHICH system you have the problem is human greed, so if you don't have better people running a different system you'll still end up with corruption. This is Kindergarten psychology 101.

And how to have better people?

Well, I hate to repeat myself, but the answer to most human problems is the same: Raise better children and have better families. That really is the solution to everything and the fundamental reason things are not going well. Everything else is secondary. 

So who is opposed to better family units? 

The answer is easy to see. Those that try to break it apart and keep it apart. 

Edited November 8, 2023 by VintageComics

[Jimmy Linguini]

On 7/21/2022 at 9:46 AM, Jimmy Linguini said:

This is all fine and good but why has my copy of 50 cent blood on the sand sat in "Grading" for the last two weeks?

Come on and ship that thing WATA! What the heck!

I'm happy to see you guys restarted this thread.