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181  Bitcoin / Bitcoin Discussion / Re: On Ordinals: Where do you stand? on: February 12, 2023, 05:49:31 AM
Any blockspace that isn't used to prove how X BTC moved from A to B is a waste of space and thus an attack on Bitcoin by the various iterations of peoples that have tried to turn Bitcoin into some sort of Ethereum clusterfuck.
182  Economy / Speculation / Re: BTC bulls back? on: February 12, 2023, 05:44:41 AM
The golden cross indicator trolled people into buying back on the 2008 crash way too early, only to be dumped again. If it plays out as it did then the SP500 may fall another 30 to 35% which would mean BTC dumps once again to potentially 12k. Im not buying this hopium, still too many moonboys on this train to call a proper capitulation, holding cash for better prices.
183  Bitcoin / Bitcoin Discussion / Re: Why bitcoiners are not friendly physical? on: February 04, 2023, 05:27:36 PM
Probably because they are paranoid they are going to get backstabbed and their networth stolen if they get too close to other people. That is why it's best to just never consider a Bitcoiner and never claim you own anything to anyone.
184  Economy / Speculation / Re: Is Bitcoin Heading Back To $23,000? on: February 04, 2023, 05:20:59 PM
Bitcoin is overbought right now im book. 40% gains since the bottom, has not took a break in a while. Employment data from the US came in good, so I think that caused the SP500 to not correct, which means the BTC price followed and is staying in there. However I think this is the last good US employment data before recession really kicks in, which means SP500 should correct and so will BTC. Not to mention Russia-NATO war is pretty unpredictable and could cause a crash that screws up resistances.
185  Bitcoin / Legal / Re: How does the IRS look at anonymous bitcoin? on: February 04, 2023, 05:10:21 PM
Thanks, yeah how about like 1 entire bitcoin? Lets say someone bought bitcoin every couple weeks over time and has 1 bitcoin. Bought via exchange, and ATMs that don't require ID and just converted to XMR, sent to another address and converted out to bitcoin. So there aren't many records.

And lets say the individual is not going to spend or sell the bitcoin until it reaches 1 million dollars... which could be in the far far future, 20 30 maybe 40 or 50 years from now. Something that makes it possible that records held by the ATM and exchanges could be gone if those exchanges go out of business.



And, if someone had 10 anonymous bitcoins.... I'm thinking they should wait till it goes up past 70k again and move to a more tax forgiving country, or a country that will not be afraid to tell the US to go F-off... And honestly there are few nations that will do that, maybe Russia? Although being prepared to follow all the laws of this new country you have moved to because you've burned your bridges.

What you are asking has been discussed in several threads, for example this one:

https://bitcointalk.org/index.php?topic=5355749.0

The answer to your question depends a lot on where you live, but to summarize.

Showing up with a Bitcoin when it's worth $1M before tax authorites is the same as suddenly showing up with $1M in dollars that you can't justify.

In the best case scenario you will be charged a tax, which could be capital gains tax with 0 purchase cost in the case of Bitcoin and I am not so sure in the case of cash. It could be the same or it could be income tax.

But I am inclined to think that you would be investigated for tax evasion. Think Al Capone was put in jail for tax evasion: they couldn't prove that he murdered, extorted money, etc. The only thing they could prove was that he had more money than he could legally justify.

So, $1M seems to me a considerable amount of money to open such an investigation. If you have $1k in Bitcoin that you can't justify you're not going to have problems but when the amount gets big you risk ending up in jail.



That's crazy they wont take "I bought bitcoin back when it was around 20k and held onto it for years" approach! What are the probably many other people who still have bitcoin from 2013 and so on when it was only a few thousand but they bought from one of the plentiful non KYC exchanges?

So is it if you just show up with 1 mil out of no where? Or is it so long as they can see that the bitcoin has sat in a wallet for a long time but is just not connected to a paper trail, would that matter?

Either way, something tells me the totalitarian states of America is not the place to be when you want to cash out.

It's going to be the same in any developed mainstream country. How do you think authorities will react when you show up with 1 million worth of BTC?
I've seen some people claim if you just claim 0 cost purchase and pay your taxes they will leave you alone but with I think they are lying and just hoping that's how it works.
In practice you are gambling that they start an investigation and once it starts the consequences are unpredictable. You may get a slap in the wrist or you may end up in big trouble. The question is, is it worth doing this gamble?

And as far as exchanging it for cash, this is useless. 1) You cannot do anything with cash other than buy small purchases, 2) They will eventually ban cash, so you will have nothing

As far as I can tell, you are trapped in BTC. Since it's too much too cash out, and it's too little to start some sort of tax haven structure (and there's still risk anyway)
186  Bitcoin / Bitcoin Technical Support / Re: Bitcoin-ready linux distro on: February 04, 2023, 04:58:03 PM
it's all very easy


without the header, there's no way to prove that a disk is encrypted

so:
  • encrypt disk
  • copy header
  • fill the header up (on encrypted disk) with random data

Oompah-loompa - "why doesn't it switch on?"
you - "broken"
Oompah-loompa - "why did you bring a broken phone?"
you - "it broke on the way here"
Oompah-loompa - "why didn't you fix it?"
you - "if I knew what was wrong with it, I would already have fixed it"


...then just copy the header back again when you want to use the disk



This is an interesting option, what do you use for encryption? Could you do this with a GUI? I know about dm-crypt and luks, but Veracrypt has the best and easy to use GUI, which means there's less chance to screw up in the process.

Also, not sure if that would work in certain places. Perhaps in the west, but what about places like China? they may think you are just trying to do plausible deniability. It's one of those things.
187  Economy / Speculation / Re: Do you consider spreading FUD to be unethical? on: February 01, 2023, 02:55:55 AM
When I post some bearish theory I don't expect to move the market in any way and anyone that isn't crazy should think the same, we cannot move market with some bitcointalk post or twitter post. Perhaps if you are Elon Musk you can pump and dump some smaller marketcap altcoins, but even Elon Musk isn't big enough to sustain a market pump in Bitcoin any shape or form.
188  Economy / Speculation / Re: FED seem like the most powerful manipulator overall on: February 01, 2023, 02:42:37 AM
The FED does what the FED does, which in theory is to stop inflation and deflation from going out of hand and achieves this by raising or lowering the interest rates. You cannot blame them for doing their job. The market reacts the way it wants. BTC is not decoupling from the SP500 as far as we can see, so it's just like leveraged SP500.

Now it would be interesting to see how markets would react if there was no FED, some say it would be better and others say without the FED it wouldn't work. In any case, no one is forcing Bitcoin holders react to the FED, and for now it just follows the stock market.
189  Bitcoin / Bitcoin Technical Support / Re: Bitcoin-ready linux distro on: February 01, 2023, 02:00:58 AM
HW's are anti privacy because it already reveals by default you are holding Bitcoin.
This is so wrong....with your logic if you carry a knife or axe with you than you are already a killer right?
On your laptop or phone you can carry much more than bitcoin keys, including bunch of your sensitive information.

Not really. A knife, axe or a phone allows for plausible denniability. "I was carring the knife to cut some bread, the axe to chop some trees, and the phone to make some calls".

However, when you are found with a HW, what are you going to say? Exactly.


If you are not being specifically targeted for a search, then all of this conversation is moot. You could carry across a laptop with a full node installed, every piece of bitcoin software under the sun, and wallets holding thousands of bitcoin, and no one will be any the wiser. But if you want to be protected against an individual search, then you need to think of ways to sanitize your devices and carry a seed phrase unnoticed.

There are random searches:

https://www.reddit.com/r/privacy/comments/w0rxbu/comment/ightvoj/

You don't want to end up in a situation where you are forced to decrypt:
https://www.bleepingcomputer.com/news/legal/man-who-refused-to-decrypt-hard-drives-still-in-prison-after-two-years/
190  Bitcoin / Press / Re: [2023-02-01] Ban on Crypto Mining in Residential Areas Proposed in Russia on: February 01, 2023, 01:58:52 AM
Not surprised since in Russia you can get arrested for protesting holding a blank piece of paper. Russia would be a great place for mining since the temp is ideal and could be reused as heating. However Putin wouldn't like a currency that would lower rubble usage. Wasn't crypto banned in Russia several times already? I remember such headlines from 2014.
191  Economy / Economics / Re: Is renting an inevitable waste of money? on: January 30, 2023, 08:30:58 PM
Renting is better tan owning a home because you can easily switch up between tax residences if needed, or just move around within the same country. Your neighbors may become annoying and if you own the home you are now stuck, if you want to move you'll have to pay big taxes on the sale. Only if you are sure you want to live on the same place for decades I would bother with buying a home. Also if someone occupies your home you may have problems in certain jurisdiction kicking these people out. Overall just not a good investment. If you are mega rich then maybe it would be cool to own a home here and there but not in most cases, even if you have a couple of million, I would just invest elsewhere.
192  Bitcoin / Bitcoin Technical Support / Re: Bitcoin-ready linux distro on: January 30, 2023, 08:25:25 PM
I ask this because if you were to for instance land in another country, and you needed to install everything from scratch, it would take a ton of time.
Why don't you bring your laptop Wink

Quote
you would just get your laptop (which you wiped before crossing any borders)
Why would you do that? I've crossed many borders with my laptop, and nobody cares. It's normal.
Which problem are you trying to solve?

Quote
while you chill on your hotel's swimming pool
Chances are the hotel is going to complain about your 500 GB download.

Laptops are forced to be handled randomly on airport checkups for instance. Never travel with sensitive information. As far as Wifi in hotels, you can always pick an airbnb with internet if needed.

I know Tails has Electrum but it doesn't have Bitcoin Core. It also has a ton of stuff I don't need and Electrum is always outdated.

I'm not sure I understand your point. Installing a new Bitcoin Core is usually not enough. And I'm not sure you'll want to download the whole blockchain via the hotel's network (or WiFi).
And getting and installing Electrum and Kleopatra takes, what, 1-2 minutes?

I'll extrapolate what you said about Tails: any iso you'd have, it's more work than usefulness, since the things will soon get outdated. Plus there will be a trust issue.


Get with yourself a HW, maybe some paper notes spread here and there with the seed backup and you'll be fine. If you need more, just get your laptop with you, with everything already installed.

HW's are anti privacy because it already reveals by default you are holding Bitcoin.
193  Economy / Trading Discussion / Re: Tools for analysis on: January 29, 2023, 08:09:23 PM
I would probably get a premium TradingView account but honestly it's not really needed, I haven't paid mine in a while and I can work just fine with the default features. There are good indicators you can get for free. There are no magic tools anyway, having a job that pays well is the most important part as you can just invest bigger chunks and assume less risks which should make you more money long term than trying to guess what's going to happen next at all times.
194  Bitcoin / Bitcoin Technical Support / Bitcoin-ready linux distro on: January 29, 2023, 08:06:29 PM
Is there such a thing being developed and kept updated? What I mean is a distro that comes with preinstalled software that you would need for any Bitcoin related business (full node software like Core, another lightweight software like Electrum, all libraries pre-installed, Tor, some other useful tools and everything else declutted)

I ask this because if you were to for instance land in another country, and you needed to install everything from scratch, it would take a ton of time. If you could have everything in an .iso more or less ready to run, you would just get your laptop (which you wiped before crossing any borders) and install your linux Bitcoin distro, and leave it there installing everything while you chill on your hotel's swimming pool or something. After a while everything is ready so you just enter your passphrase or recover your wallet.dat which you temporarily left somewhere in the cloud encrypted and get your coins ready.

I know Tails has Electrum but it doesn't have Bitcoin Core. It also has a ton of stuff I don't need and Electrum is always outdated.

The idea would be a minimalist setup, with some sort of system that automatically downloads, verifies and compiles the required software and libraries during the installation process.
195  Economy / Economics / Re: Keeping money and keeping bitcoins? are they similar? on: January 26, 2023, 08:19:13 PM
If we separate Bitcoin from "money" as it's not a traditional form of currency, then yes, since you cannot clone your money and save these backups all over the place. You have many advantages with BTC compared to classic money. With fiat you either save it on a bank or keep the bills somewhere safe, with BTC you can save your private keys in a million forms whether it be physical or digital.
196  Economy / Economics / Re: US Gov. on the brink of defaulting, + National Debt Clock on: January 26, 2023, 08:12:52 PM
Just made a thread about this before I saw your thread: https://bitcointalk.org/index.php?topic=5436930.0

Basically my take is that the debt ceiling debate is not priced in. It's coming and it's coming with massive amounts of drama. Democrats are pushing for a coup d'etat if needed, in order to print the infamous trillion dollar platinum coin. Republicans which got the House are going to push for negotiations. No matter what I think the market is sleeping on this and it's not priced in by any means. Moons are aligning too and this coincides with the dollar bottom, sp500 top as well as btc top. I believe markets will go into the usd, making the price go up, and then the FED raising rates again. BTC will just follow the sp500 which means down. Then later this year recesion and unemployment will hit, forming a bottom, that's were markets will capitulate and BTC will go to all time highs by 2024/2025 as well as the sp500.
197  Economy / Speculation / Re: BTC rise described as false bull on: January 26, 2023, 08:07:13 PM
bulls and bears are declared 6months after the fact... meaning its a retro active term..
much like inflation and recession are only officially announced 6 months after the up or down.

however people dont have patience and so they want to shout bull and bear too quick. thus when they get it wrong they say that it was a false bull..

actual fact is they were too impatient and want to call out things before the defined terminology meets its criteria

thus its the callers, shouters, screamers. with impatience that are the trap/false declaration .. not the market

people shouting bull or bear the day they see a rise or fall are just idiots

And the most money is probably made by taking a position during these 6 months before the market officially shows that we've been in a bull/bear market, so you have to gamble nontheless if you want to maximize your gains (which of course means maximizing risk too, but that's part of the game).
198  Economy / Speculation / Possible fakeout due debt ceiling not priced in on: January 26, 2023, 07:54:27 PM
The debt ceiling clusterfuck will start in the following months. Checks in right at the breakout of the SP500 and the BTC chart, as well as the dollar bouncing off its main trendline, may cause a hawkish move by the FED.

So both the fundamentals and the technicals check in for a fakeout which would wipe contrarians trying to go long on this thesis. We'll see something in the coming weeks.
199  Bitcoin / Bitcoin Discussion / Re: Bitcoin developer @lukedashjr's wallet was hacked on: January 26, 2023, 06:27:50 PM
Apparently Luke said somewhere that he used Bitcoin Knots wallet as his wallet to both store and transact, and that he kept it on the same laptop or in a computer that was connected to the internet during the transaction (he didn't craft the transaction in an offline computer that's airgapped and then broadcasted this into a node). Why? This would explain a point of failure, because I don't see how you can get hacked as long as the private keys were always in an airgapped environment (beside physical intervention but apparently this isn't the case here)
200  Economy / Economics / Re: Iran and Russia want to issue new stablecoin backed by gold on: January 26, 2023, 05:16:34 AM
I would rather have US dollars, included with the inflation, debt ceiling upcoming clusterfuck and so on, rather than trust Russia and Iran issuing IOU's over my so called gold backed stablecoin's ownership. Only someone that is deluded enough would trust these states over the US no matter how much you hate Russia. Same applies for China. I just tend to not trust countries where they make people disappear at Orwellian levels.
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