Selling Strategies For 2022????16243
 No rust here...
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Nearmint67 private msg quote post Address this user | |
Quote:Originally Posted by Nuffsaid111 I spoke to My Comic Shop. You can consign with them, but be ready for that 1099 in Jan. 2023!!!!!! Has anyone considered accepting cryptocurrencies? I was reading an article last week about the government wanting to be able to track sales in crypto over 10K. They said nothing about transactions under 10K. And the earliest they would have to begin reporting sales over 10K isn't until 2024. Something to think about. Any thoughts on this? |
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| Post 51 • IP flag post | ||
 Suck it up, buttercup!!
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KatKomics private msg quote post Address this user | |
| @Nearmint67 not really sure how crypto works. So you say I want $1k for this comic - they buy $1k in crypto - "send" it to you in an electronic wallet (so yo would already need some sort of app with a wallet to receive the crypto???) You send them the book - or not - because there is no way to come back at you for non-delivery or damages or, or, or Then you "sell" your crypto on an exchange for the currency of your choice - potential for exchange gains/losses???? that sale then goes into your bank - do they have to report when mysterious $$ transfers show up??? Use same book to do the process again with another mark...sorry....'customer'? If you are just doing the transfers in person then good old cash is king no? |
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| Post 52 • IP flag post | ||
 Collector
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gcstomp private msg quote post Address this user | |
| Crypto advocates simply believe you should convert "fake" money aka fiat aka dollars to crypto. Mass adoption means you would never change crypto to cash. You can thrive paying all your needs in crypto. | ||
| Post 53 • IP flag post | ||
 Masculinity takes a holiday.
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EbayMafia private msg quote post Address this user | |
Quote:Originally Posted by gcstomp But for one person to convert cash to crypto, doesn't somebody have to be converting crypto to cash? |
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| Post 54 • IP flag post | ||
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Collector
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gcstomp private msg quote post Address this user | |
| So? Vast vast vast percent of people will be buying and selling crypto to cash to make profits. The institutional buying taking place is to a large extent, making profit on balance sheets via short term trades. But there are about 100k people who are, for instance, bitcoin millionaires, and who are envisioning a world without borders and stores of value outside the banking system. I do not know how this will shake out, but there has been a tremendous amount of money put into crypto. The total value of crypto is now on par with the total value of all the gold held for investment by all the governments and private institutions in the world. How can that be? Gold has been the blue chip store of value since the start of earliest civilization, crypto is just a quirky start up that will flame out any day now, right? |
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| Post 55 • IP flag post | ||
 Collector
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doog private msg quote post Address this user | |
| The total value of crypto is now on par with the total value of all the gold held for investment by all the governments and private institutions in the world. How can that be? Gold has been the blue chip store of value since the start of earliest civilization, crypto is just a quirky start up that will flame out any day now, right? Crypto currently consumes about 110 Terawatts of electricity per year, about the same as the entire country of Sweden. There are arguments that that is ok, a good use of energy consumption, but it strikes me that that alone could kill it at some point. Of course I wish I had bought it, the first time I recall hearing about it, it sold for about $100. |
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| Post 56 • IP flag post | ||
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Davethebrave private msg quote post Address this user | |
| The following is not tax advice! Crypto is not useful for transactions unless you are willing to also pay taxes on your conversions. In other words, if you buy something for $10k in crypto you are converting your property to cash (selling it) first and then trading (exchanging) for the other property in the eyes of US tax authorities. IOW - selling it. It is horribly tax inefficient to make purchases with crypto in most cases. Here is the reality. There may be something to crypto and that something may have significant value. In the vast majority of cases, however, it is an elevated ponzi scheme. You can best understand it by looking at stats including concentration and holding periods. Then measure intrinsic value estimates - eg the trxn savings for some cryptos. I have owned a modest portfolio for years and will not sell. Not because I believe it is worth what my account tells me it is (absent converting to hard cash) but because I don’t know how long the mania may last. Finally, the “wealth” in crypto (aside from relying on others to pay in at absurd prices - ala ponzi) can mostly be unlocked through a) leverage and b) conversion to hard (lame!) currencies. If many crypto multi-millionaires / billionaires converted, the ponzi may unravel instantly and then the paper wealth evaporates. Again, there is real wealth being sucked out of the system but overall the wealth creation effect is overstated. There more interrelated effects but… beyond the scope of a comic book forum discussion thread on tax reporting changes… |
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| Post 57 • IP flag post | ||
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Davethebrave private msg quote post Address this user | |
| @doog there is no “it” with respect to crypto… I assume you mean Bitcoin. The price for the majors (Bitcoin/Ethereum) went up roughly 1,000% since their recent lows last year… to give some idea of their volatility or growth. The current approach is everyone piles in hoping to get rich, quick. That usually works out well long-term. |
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| Post 58 • IP flag post | ||
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Masculinity takes a holiday.
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EbayMafia private msg quote post Address this user | |
Quote:Originally Posted by doog @doog I absolutely don't know. When I sold my house 15 months ago I wanted a hedge against inflation until I bought another house. I put pretty much equal amounts into collectible comic books and a combination of gold/silver. The comic books have done just fine in beating inflation. Gold/Silver has gone absolutely nowhere, maybe slightly negative. Bitcoin I believe has doubled in that time. So my best guess is that big money is moving out of national currencies and into crypto as a hedge against currencies devaluing. But I agree with @Davethebrave Crypto is backed by nothing more than the faith and confidence of what amounts to a really large Ponzi scheme. However, in many countries with a long history of devaluing currencies, I could see where the citizens would want an escape route...and crypto offers them that. |
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| Post 59 • IP flag post | ||
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Suck it up, buttercup!!
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KatKomics private msg quote post Address this user | |
Quote:Originally Posted by Davethebrave ^^^ this even paper currency is sort of a ponzi scheme - only it's one we all buy into and is backed by the government. China banned crypto - pretty hard to do that to gold or any countries currency because at the very least that currency would still be worth something in the home country - doesn't take much to ban an electronic currency - all you have to say is it's a threat to domestic fiscal policy, lets make it illegal - and bang!!! it's illegal with the stroke of a pen! |
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| Post 60 • IP flag post | ||
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Davethebrave private msg quote post Address this user | |
| Oh, one more thing. As the market has expanded for crypto so too does both regulation (noted by others) and risk aversion. Then the other angle re: instit buyers. Institutional buyers have no issue admitting an error and taking a loss (and tax offset!) They enter something like this literally playing with other people’s money and get a cut (mgmt plus performance). If it evaporates they are fine - volatility is better for them than stability. |
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| Post 61 • IP flag post | ||
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Masculinity takes a holiday.
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EbayMafia private msg quote post Address this user | |
Quote:Originally Posted by Davethebrave Do Crypto transactions leave a permanent record? Like if a government wanted to, could they dig deep at any time and find the history of transactions for a crypto holder? |
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| Post 62 • IP flag post | ||
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Davethebrave private msg quote post Address this user | |
Quote:Originally Posted by EbayMafia Transactions are permanent to the blockchain (the whole purpose or benefit is non-fungibility for transactions) but anonymous to end-recipient. However it is mostly moot as the exchanges retain records for the end users. So to get around regs someone would need to operate outside of major exchanges, which requires other circumvention that will be both a pain - and ultimately traceable. |
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| Post 63 • IP flag post | ||
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Masculinity takes a holiday.
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EbayMafia private msg quote post Address this user | |
Quote:Originally Posted by Davethebrave I'm starting to wonder if I understand Fungible properly in the current context. I believe fungible means easily exchangeable or convertible...like fungible Credit Card rewards points would be points that you can turn into cash, or airplane tickets or hotels or many other things? So non-fungible in this instance or in NFT's means what? Locked in stasis? Difficult to change? |
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| Post 64 • IP flag post | ||
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Davethebrave private msg quote post Address this user | |
Quote:Originally Posted by EbayMafia It means unique / without equivalent. The idea is every transaction node has permanence and uniqueness. Rather than being over-writable or deletable. Think of most digital things as being indistinguishable in duplicate but block chain allowing for some differentiation in time/space for otherwise indistinguishable data instances. |
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| Post 65 • IP flag post | ||
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Davethebrave private msg quote post Address this user | |
| I wrote some additional stuff on fungibility etc but the internet was all “TL;DR” wrt my own writing. So I will leave it at that. | ||
| Post 66 • IP flag post | ||
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Masculinity takes a holiday.
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EbayMafia private msg quote post Address this user | |
Quote:Originally Posted by Davethebrave I guess it's like the blockchain giving each transaction it's own Pedigree and maintaining that information? The way one comic book might be distinguished from 40,000 other similar copies by having a Pedigree designation? |
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| Post 67 • IP flag post | ||
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Davethebrave private msg quote post Address this user | |
Quote:Originally Posted by EbayMafia Yes. In fact, because comic books are inherently distinguishable by condition, they are not really fungible to begin with. Grading makes them more equivalent but we know that isn’t perfect either. A share in a company (absent special trading rights or voting characteristics) is fungible… as are most tradable products like bonds and options. It is why someone can sell a stock short and why you don’t need to care about which share you acquire. Blockchains retain the entire history of digital transactions and have a verification process that -generally- validates each addition to the ledger. So each digital transaction is preserved. There are many other attributes but for this purpose - yes, it is like granting a unique digital stamp. |
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| Post 68 • IP flag post | ||
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No rust here...
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Nearmint67 private msg quote post Address this user | |
Quote:Originally Posted by Davethebrave With all of that said, what if we had a new crypto currency called "comic coin" to be used mainly for the sales of graded comics, comic art etc.. And say the "comic coin" is listed on crypto.com or coin base etc.. Then sellers could sell their books for the new crypto currency and cash out whenever they wanted. I think the comic community would have a huge participation in something like that. |
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| Post 69 • IP flag post | ||
 I'm good with splotches.
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Nuffsaid111 private msg quote post Address this user | |
Quote:Originally Posted by Nearmint67 If a 1099 after $600 is not issued - I'm in If a 1099 is not issued - I'm out. |
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| Post 70 • IP flag post | ||
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Davethebrave private msg quote post Address this user | |
| Would someone really sell a stable value book for a crypto coin that could drop in value 20% (or more) in a single day? I don’t know if people commenting here have held crypto for long periods or understand the price cycles. But your buying power will go up or down as holders of the physical books will inevitably compare against USD equivalent… For me it would be an odd match. People collecting books because they like books would be subjecting themselves to a speculative quasi-currency, quasi-asset, with no tangible value. Speculative comic traders will likely have the right personality match but would be amplifying risk with more risk… Finally, crypto transactions as per above are indeed taxed. |
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| Post 71 • IP flag post | ||
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Masculinity takes a holiday.
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EbayMafia private msg quote post Address this user | |
| We could all just keep a bunch of pre-paid credit cards that we mail back and forth to each other in exchange for comic books. Or cash that we hand to each other. I have seen were Costco cards and pre-paid credit cards are accepted in scams. So I would not be surprised if the Pre-paid credit card business increases significantly in 2022 for under-the-radar transactions. | ||
| Post 72 • IP flag post | ||
 The apple sauce and pudding were the best part...
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Bronte private msg quote post Address this user | |
| So I was talking to my brother this morning about next year. One thing that crossed our conversation was that paypal does not classify our purchases. For example, a comic is considered a collectible and should be taxed at capital gain tax of a collectible at 28%. So in theory we get a 1099 next year, but we do not get railed for the 28%. Ebay on the other hand, I don't know because they do classify the items you sell by category. They might get you for the 28% since they are already categorized. Any thoughts on that? | ||
| Post 73 • IP flag post | ||
 Collector*
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Towmater private msg quote post Address this user | |
| @Bronte 28% is generally a lower tax rate than some people pay on their income. While it isn't as low as long-term gains on stocks (0%, 15%, and 20%). I'd rather pay that than what some people in the north east or CA end up paying on their incomes. | ||
| Post 74 • IP flag post | ||
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The apple sauce and pudding were the best part...
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Bronte private msg quote post Address this user | |
| @Towmater Forgive my lack of knowledge on the topic. But I thought capital gains was on top of the taxed you normally pay. For example, if you are paying 15% in your bracket you pay an additional 28% for a total of 43%. If you are just nailed for the 28% or just the 15% that is much more palatable.... |
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| Post 75 • IP flag post | ||
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Collector*
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Towmater private msg quote post Address this user | |
| @Bronte What follows isn't tax advice and may not be correct... My understanding, based upon the last couple of years of selling off my collection, is that you deduct the costs associated with the gains/losses and then pay the 28% on that total gain. You get to deduct things like auction fees, listing fees, paypal fees, postage, yada, yada, yada. It is a pain to go back and determine the what you bought books for and the cost associated with the sale of them, but it has to be done. You can offset it with tax strategies but you'd need to talk to a tax professional about then and what is right for you. |
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| Post 76 • IP flag post | ||
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Masculinity takes a holiday.
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EbayMafia private msg quote post Address this user | |
Quote:Originally Posted by Bronte capital gains tax is different from Income Tax, not in addition to. It's typically lower than income tax, intended to encourage investment in the economy. It's taxing the profit that you make from investment of money that you already paid income tax on. |
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| Post 77 • IP flag post | ||
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Davethebrave private msg quote post Address this user | |
| @EbayMafia Good summary. It is also structured in a way to help ensure the wealthy stay wealthy and the poor stay mostly poor. ;-) |
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| Post 78 • IP flag post | ||
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The apple sauce and pudding were the best part...
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Bronte private msg quote post Address this user | |
| Towmaster EbayMafia Thank you for your response. I plan to have a conversation with accountant before selling anything this coming year. |
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| Post 79 • IP flag post | ||
 Have I told you about the time I dropped off 3,000 comics at SDCC?
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Scifinator private msg quote post Address this user | |
| My strategy - Damn the torpedos, Full Speed Ahead! | ||
| Post 80 • IP flag post | ||
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