I bought it in the early days and moved several times due to security reasons. As a result, I’m unable to prove its origin. What would be a viable strategy to cash out?
Plenty of ways to use the Monero to live off of. Then you can save more of your fiat job earnings and buy more Monero!
Going back to fiat you are just empowering dirty bankers.
Places where you can spend Monero and buy anything you need.
Depends on your country. Consult a tax attorney, likely the situation would be that it counts as pure profit since you can’t prove how much you initially spent to acquire it.
He may be able to prove he bought some, but then he traded back and forth and now has 1.27453x more. It’s a tax problem cause he may have skipped declaring gains in 2016, or worse , went into stable coin in 2018 after taking a big hit without any profits to be able to cover the undeclared 2017 capital gains… and so on
Depending on how serious you are about “getting government approved”, you can do a cross chain analysis on yourself and provide necessary view keys. To prove you bought 10K of Monero, just show that your bank account went down 10K and your Monero account went up 10K (at the past exchange rate). To show you exchanged 5K Monero for 5K Bitcoin, show that 5K Monero was transferred from your wallet at the same time 5K was added to your Bitcoin wallet. It’s extremely cumbersome and requires that you have access to all wallets/accounts and is extremely invasive on your privacy, but it can be done if you really want to. Personally, I’d agree about the tax attorney. Often there’s a way of “legitimising” grandfathered funds, but expected to be taxed to the max. Alternately, there may be a way of doing crypto loans so that you get the money without actually cashing out.
Dont cash it out. Use monerica and keep it in the circular economy.
Good advice, but unfortunately, I can’t buy a house in circular economy yet.
send me 10k and i’ll tell you
