My first question is.
Can I create a startup in one of these zones then invest bitcoins into the company which then needs a company boat for me to go travel around the world for the company?
Looking at the article what I understood is that, there is no change in the laws of company formation. So you can form a company in these zones by following the existing state law. However, the tax burden will be slowly diminishing allowing you to have increased profits over a span of few years. The main goal is to revitalize the backward communities and provide oxygen to the existing and potential industry formation. However, I could not find any mention about bitcoin or cryptos here. That essentially means, you need to follow the existing federal guidelines that are there for crypto related investments. Company formation is obviously possible with greater level of tax reduction but for crypto, I don't think any special provisions have been given. No, I wasn't looking at something special for crypto. What most early adopters face is very large capital gains. There was much discussion about this near the peak with many new millionaires not wanting to end up paying hundreds of thousands of dollars to the IRS with the sale of some of their bitcoins. The reason to look at this Opportunity Zone law is that you can defer all of the gains you gain from selling your bitcoins if you invest those gains into a business in one of these zones (potentially). And the reason to open your own business is that you can invest all of your gains into your own business which can be "Jim's Lambo store" which does nothing but sell Lambos (on paper) but has not yet sold any Lambos, but the owner of the store drives the only Lambo available in the store (purchased tax free from bitcoin gains that would have otherwise been a check to the IRS to funnel off to ISIS).
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Just like lending on Bitfinex, it's all about how much risk you want to take that the platform itself doesn't go under. You can make somewhere around 1% or so per year on your BTC lending to shorts. But if Bitfinex goes the way of many of the exchanges, then you lose all of your money.
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My thoughts for the moment (alts not joining this rally so I expect a dud): We have about 12-14 days now to set the "2nd top" which should roughly come out at $8,4xx again. Then, I make my move Even if we see a move downward, if you notice the angle of the downward moves they are leveling out. Either we've reached the bottom of the cup and are moving up or we are about to form the bottom of the cup. Either way, the handle of the cup is followed by moon.
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They stopped all comments on July 11. Likely because they read mine that I submitted that day and they needed no further comments. I said something like: Approve this ETF. Not to make Bitcoin more relevant, but to keep the SEC relevant. I'm sure they read that and decided "approved".
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Current price surge for Bitcoin is mainly based on ETF hype.
Alts are not included in a Bitcoin ETF.
But likely if it's a rules change that allows Bitcoin to get ETF approval, other alts will try to get ETF approval.
The SEC then becomes the gatekeeper of which alts rise with Bitcoin.
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Upon closer inspection it appears that it only defers taxes for 8 years and then reduces them by a paltry 15%. I mean it could be really good if you already had a business idea that would work well in a low income area but purely as a tax avoidance scheme, seems questionable.
Well that sucks. I'll stick to waiting for the inevitable collapse.
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As the village resident leftie I thoroughly approve of welfare for commercial farming operations.
Agricultural subsidies are Making America Great Again.
/s
Without corn subsidies where would we get our deliciously healthy corn syrup? Won't someone please think about Monsanto!
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Quick question to get it out of the way, is this in any way useful to europeans?
Not likely. Europeans can just leave their country and not owe taxes. Not so much for US citizens. As an aside, when the seastead gets up and running, and you decided to locate there permanently, are you going to dump your US citizenship? Will French Polynesia offer citizenship? When you dump your US citizenship you have to pay the exit tax which is a few thousand dollars plus capital gains taxes on everything you own as if you had sold it when you left. Without actually selling it. My thought is that I can just draw out $35k per year to live on until the US implodes and there's no need to dump my citizenship. Or....find the hole in this Opportunity Zone thing and buy a 100 sqft box with an address and open a "business" to funnel more than just $35k through. When I get around to actually reading the law that passed. There are a few deserted lots in the Texas Opportunity Zones that are probably very cheap.
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Did anyone else notice that the price turned around when TERA left?
Hmm...?
Coincidence? I think not.
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Quick question to get it out of the way, is this in any way useful to europeans?
Not likely. Europeans can just leave their country and not owe taxes. Not so much for US citizens.
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My first question is.
Can I create a startup in one of these zones then invest bitcoins into the company which then needs a company boat for me to go travel around the world for the company?
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https://www.forbes.com/sites/forbesdigitalcovers/2018/07/17/an-unlikely-group-of-billionaires-and-politicians-has-created-the-most-unbelievable-tax-break-ever/"The heart of this new law: Opportunity Zones, or "O-zones," low-income areas designated by each state. Investors will soon be able to plow recently realized capital gains into projects or companies based there, slowly erase the tax obligations on a portion of those gains and, more significantly, have those proceeds grow tax-free. There are almost no limits. No limits on how much you can put in, how much tax you can avoid and, for most of the country, the types of taxes you can avoid, whether federal, state or local. No limits on how long those proceeds compound tax-free. And precious few limits on what types of investments you can make." Let's dig into this new tax law and figure out how bitcoiners with high capital gains can take advantage of this legal gift from Washington.
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Although I like it, I feel like this turn around is a bit premature.
Sure, $5775 sucked. But I feel like we never hit that "zOMG THE WORLD IS ENDING!" couple of days that could have shaken out many weak hands.
Was it my awesome acting? Did that help?
Are we past the thought that Bitcoin could end?
I would rather the price rise on fundamentals rather than some stupid ETF.
Although I would consider putting all of my remaining retirement fund into an ETF so I guess there is a reason why people might think it is smart to get in before such a thing.
And if there is no ETF? Bitcoin user not affected?
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Interesting. So essentially, I can sell all of my bitcoins and invest in something in some poor neighborhood. Then if I keep it 10 years I owe no tax. But what could survive in a poor neighborhood that would be worth anything in 10 years? Gold store full of gold? Lambo dealership? I seriously don't see anything in the US being as valuable in 10 years as keeping my bitcoins.
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Also, someone hacked my Purse.io account today.
I had nothing in there as I pulled everything out last week due to someone mentioning having problems getting their money out.
But still...second account this week. I think I have everything of any importance set up with 2FA. Maybe it was due to trying to run a Bitcoin node on my laptop.
The thing keeps crashing on me anyway (database gets corrupted and wants to start over) so I'll give that a rest.
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Wow...the $7,800 resistance has been broken and..!!..!!... the price is still under $10k Should we get started on the next blockchain? Perhaps blockchain on the cloud this time? Should we IPO? Perhaps something in Plastics? With some of that railway technology...
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The question is why would it ever drop to 0. Why would anyone ever let that happen? If they wont, which it is reasonable to assume that they wont, then wont this thing grow forever? What does this mean? Has someone figured out how to create a dooms day device built on game theory and censorship resistant computing? Even if it is not a dooms day device is this hinting at the idea that maybe game theory based dooms day devices could be created on block chains? This seems like a bigger thing than the game it's self. Meh. I see a giant bailout in the making. It is a totally fun idea but it’s also the economic equivalent of trying to break the second law of thermodynamics (ie not going to happen). Your ROI on buying a later key will shrink to close to zero. It then becomes a game of chicken with the pot. People will get sick of not achieving a return on their investment and progressively give up. Others will get DDOSed and attacked. Mistakes will be made. Eventually someone will win. This is somewhat similar to some e-commerce sites that have a very low price for an item "say $1 for a $1000 TV". You "bid" $1 and if nobody else bids in a set amount of time you get the TV. But if someone else bids $2 before the timer runs out then you don't get the TV. Then $3, $4...etc. Eventually someone wins the TV for $50. Then they advertise the fact that someone just bought a fancy TV for "just $50!". The reality being that they made a whole lot more than $1,000 on that TV from the amount of bids.
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That buy wall is as fake as Craig Wright.
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