From my perspective DAI is a debt and not taxable. But any asset you purchase with it, or any redemption for fiat is a total profit in that your cost basis is $0. I am not an accountant however and have zero training to back this up. Just my take.
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So your opinion is that drawing DAI is not a tax event but trading this drawed DAI for Fiat is taxable as if it's whole value was pure profit?
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Rip.
Great story though. I wonder how much value was lost from the 2018 bear market on his collateral. Imagine a CDP with DGX, wBTC, ETH.
pic.twitter.com/DCZh36Vp53
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This was a major fuckup on my part. I made several errors at once including: 1, I did a page refresh after starting a transaction which reset the denomination from ETH to MKR 2, I ignored an incompatible address pop up and sent the transaction anyway.
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A great misleading use case: using a mark to market short term financing to pay back a long term mortgage which is not mark-to-market and the interest term is fixed not float. This is a dangerous debt swapping practice and leave people more fragile to market volatility.
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I've been thinking about doing something similar myself, but the DAI to USD difficulty has been putting me off
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Just swap Dai for USDC and go through Coinbase, or Dai for GUSD and go through Gemini. Easy money
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I would gladly do the same but I don't want to be the first to explain what a CDP is to the French Tax Office to discover if it's tax exempted or not.
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No, but when there's a WETH to PETH trade implied + DAI, an asset loaned which is not yet legally a currency. You're not in known territories.
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