Bad Suspicions

Speaking about N, yesterday his mother, who hasn’t been in touch since 2013, suddenly sent him $8,000 in cryptocurrency. No message, nothing. It’s a small part of his money that she’s been appropriating but why now?

I have bad suspicions but it’s impossible to find anything out because nobody is talking to each other. N doesn’t even know if his sister has children. Weird stuff.

11 thoughts on “Bad Suspicions

  1. Wanted to share those 2 poems about books by different authors:

    Юрий Левитанский

    Жить среди книг –

    хотя б и не читая,

    лишь ощущать присутствие вблизи,


    “У подъездов в Израиле ящики с русскими книжками…” – Марка Шехтмана

    Что морочить вам голову сказками или интрижками,
    Если рядом сюжет очень горестный и настоящий?
    У подъездов в Израиле ящики с русскими книжками,
    Будто траурный знак, появляются чаще и чаще.


  2. I would be very wary about whether it’s some kind of scam. I still get spam sent in the name of someone I last saw over ten years ago.


      1. “sorry, that was mean”

        Not really…. (given everthing else C has written of that….. person).

        I hadn’t thought of that possibility (though it is true to Eastern European form to show up for a stay of several years with no prior warning whatsoever….)

        I was thinking about either trying to get money out of the government before the government can take it (there have been lots of rumors of the government going after savings accounts to fund the war) and/or the first move to trying to get N into russia (the possibility that this would end well…. does not exist).


    1. No, if she were going to move, she’d go to her daughter who’s rich. She has a very intense, symbiotic relationship with the daughter and none with the son.


  3. So it’s legit … I waited to see if this was the case.

    Is it a gift or is it income that’s been withheld by this relative?

    The answer to that has serious tax consequences as the US has global unitary taxation for US citizens.

    One possibility is that this is a deliberate tax trap into which the unwary are meant to step and thus run afoul of the IRS.

    The amount itself is suspicious because it’s above certain reporting limits and under certain others, and so I suggest a considerable amount of care.

    But even if you have to throw money at the IRS and your state’s tax authorities just to get free of the trap, at least some of the money’s coming back.

    In the event that it’s income, my further suggestion is to get it into USD and out of crypto ASAP, pay the taxes on it immediately, and convert it into something that will hold value.

    The amount he has isn’t all that much, and so shifting it into “junk silver” (no numismatic value because of wear) would work.

    If you’re not used to commodities valuations, what the spot market says is the value and what the “physical commodity premium” is are two different things.

    For example: COMEX silver spot is 24.06 USD per troy ounce as I pull up this information.

    APMEX is a bullion dealer that also sells “junk silver” coins such as Mercury dimes, a recognisable form of silver in the US that has never had a mintage in base metals. (Disclaimer: not a recommendation, I’ve bought from them before as well as their biggest US competitor, which is Kitco.)

    Each Mercury silver dime contains 90% silver, 10% copper, with 0.0715 troy ounces of silver (90%). Notionally nobody pays for the copper, but with higher physical commodity premiums, everyone pays for the copper as well.

    Spot price of a Mercury silver dime for just the silver would be 1.72 USD at the spot rate above.

    A $50 face value (500 coin) bag of Mercury dimes sells at APMEX for 1151.15 USD at the moment I’m writing this, which is roughly 2.30 USD per coin.

    This should be enough of a difference between spot prices and the prices at which you can take physical possession that you can see some of the fear of leaving money in fiat currencies or potentially dubious crypto.

    You’re now seeing a situation that’s been in effect since the economic shock treatments that came into effect as part of The Rona Panic.

    But first, get the crypto into USD and figure out whether this is a tax trap situation or not.

    BTW, all of the reputable bullion and coin dealers out there will send the physical metals along via USPS Registered Mail for which there’s a valuation and insurance cap that’s sufficiently high on the valuation of any one package that you’ll never hit it.

    The best part about “junk silver” is that it’s not subject to the Emergency Powers Act 1933 being brought back into effect when it comes to metals confiscations.


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