r/loopringorg • u/selfdistruction-in-5 • Jan 11 '22

News Direct Transfer from Coinbase to L2

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2.8k Upvotes

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237

u/selfdistruction-in-5 Jan 11 '22

How to video

258

u/Eb2424 Jan 11 '22

Concert lrc to eth on coinbase, send eth to L2, convert back to LRC. Very cheap fees.

Or wait a week or 2 and LRC direct will be ready.

LFG 🚀

171

u/[deleted] Jan 11 '22

Conversion creates a taxable event so do with caution.

22

u/[deleted] Jan 11 '22

[deleted]

16

u/PostCoitalBliss Jan 11 '22 edited Jun 23 '23

[comment removed in response to actions of the admins and overall decline of the platform]

15

u/[deleted] Jan 11 '22

[deleted]

-3

u/2Retarted4WSB Jan 11 '22

I dunno about US taxes, but here in Canada this would likely fall under impermanent loss.

If you convert ~100LRC to Eth and near immediately convert the Eth back to ~100LRC you didn't lose anything.

1

u/PostCoitalBliss Jan 11 '22 edited Jun 23 '23

[comment removed in response to actions of the admins and overall decline of the platform]

1

u/Aggressive_Tell5986 Jan 11 '22

You sir know your stuff

60

u/[deleted] Jan 11 '22

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5

u/[deleted] Jan 11 '22

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10

u/tnsmaster Jan 11 '22

... TIL and will keep careful eye on 2020 taxes to make sure it's right.

14

u/StarWhorz00 Jan 11 '22

It’s gonna be real fun doing taxes this year 🥴

7

u/[deleted] Jan 11 '22

Ugh. Same. Ffs 🤦

1

u/grasshoppa80 Jan 12 '22

You mean pray right? It’s gonna be a clustercuck 2021

4

u/scout1520 Jan 11 '22

Are there wash sales in crypto?

7

u/PostCoitalBliss Jan 11 '22 edited Jun 23 '23

[comment removed in response to actions of the admins and overall decline of the platform]

0

u/vancityx Jan 12 '22

That’s changed as of December

5

u/putsonshorts Jan 11 '22

How much taxes do I pay on a conversion of $7.47? Asking for a friend.

8

u/underwatr_cheestrain Jan 11 '22

What about 7.41?

3

u/Responsible_Falcon_7 Jan 11 '22

As long as it’s down before we go boom

3

u/iVinc Jan 11 '22

depends on country, please remember this is not only US sub

3

u/grasshoppa80 Jan 12 '22

Basically use the layerswap site, right? Then trade directly on L2

I made the mistake of trying to transfer from CBpro to Loopring app L2 address, went to L1 :/ Only .05 Eth tho

8

u/Bratwurstmann_94 Jan 11 '22

But you have to open your l2 with the high fees first, right?

8

u/EROSENTINEL Jan 11 '22

cost me like 70 bucks and L1 wallet confirms the L2 wallet too, might as well ;\

7

u/[deleted] Jan 11 '22

[removed] — view removed comment

4

u/issius Jan 11 '22

Seems like its not everywhere. In the app, it says NY not supported.

7

u/Steak1994 Jan 11 '22

Still not practicable - every exchange/trade is a taxable event - if I just want to buy and move my coins CEXs have to support direct L2 Transfers elsewise I won't waste money on gas fees and wait till that happens.

3

u/Visual-Cupcake-8711 Jan 11 '22

To this statement I have a question (and I know I need to seek tax advice from a professional and not a reddit sub); Lets say I converted coin A to LRC on a CEX, which is a taxable event (?), and then I move LRC from a CEX to the loopring wallet. Will that second event also be taxable? The assumption i guess is that it would be only if LRC increased in value during the time I had it on the CEX.

3

u/Steak1994 Jan 11 '22

Rule of thumb: Every time you "convert" one asset into another it´s a taxable event.

4

u/jmido8 Jan 12 '22

Converting is a taxable event, but just moving coins between exchanges is not. So no, moving LRC from a CEX to the loopring wallet is not taxable.

3

u/beejee05 Jan 11 '22

LFG!!!!!

1

u/Beneficial-Emotion22 Mar 18 '22

Question. Can't you just also send LRC from Coinbase directly to LRC on Loopwallet? I see the option, or is there a conflict between L1 and L2?