He used to stalk me, but I've had him on ignore for a few years now. So I won't see replies to this post (if any) should he decide to respond.
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The US is the military arm of the WEF, and as such is one of the greatest enemies of freedom. Bitcoin gives us the chance to resist the banking oligarchs, who are seeking to restrict our freedom.
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Do you have to include all of your addresses in the app?
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Everybody seems to be discussing exchanging Bitcoin for fiat. Isn't that against the original Bitcoin philosophy? I accept Bitcoin for domain name sales and a few other things. That seems to be a far better idea than supporting a dying banking system. It would be interesting to find out the tax implications in selling a classic Volvo car for Bitcoin. Private car sales are gains tax exempt in the UK.
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We need this service in Bitcointalk.
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Bitcoin won't be banned in every country, as some of the major financial players consider it as hard money. Hard money is money that is backed by a hard asset, usually a valuable metal. In the US, I believe it is only gold and silver, but in the UK and many other countries, it is gold, silver and copper. Bitcoin is unique amongst cryptos, as it is the only crypto with a real hard value. Not many people understand how a virtual asset can have a real hard value, but there seems to be an increasing number in the financial world, and this is why they have been accumulating Bitcoin. Because of this, Bitcoin is likely to be treated in the same way that gold has been treated in the past, and will probably receive the same attention in the future. I don't know much about Bangladesh, but I suspect that it doesn't have many representatives in the major financial markets, and therefore there won't be the same pressures to maintain P2P transactions. The Taka has been weakening against the dollar, and I believe that there may be restrictions on taking the currency out of the country. The ban on Bitcoin may be an attempt to avoid weakening the Taka, rather than an attack on Bitcoin itself. Someone should tell them to allow Bitcoin mining to build the wealth of some of its citizens.
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I thought the young were the ones getting scammed. They seem to rush into Bitcoin, and use speculative gearing in the hope of making a fortune. It seems that they are creating fortunes, but for the older scammers, and not the vulnerable young who jump in without understanding the basics.
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Are they really different? You can sell a single car, or a yard full of cars, but I accept the restriction as a result of division. Maybe I should have said Satoshi instead of Bitcoin. Every Bitcoin transaction is recorded permanently ( I don't include transactions inside an exchange), and it has an acquisition and disposal value. Surely, if that is submitted to the blockchain, then the profit or loss should be calculated on that. If the inputs are not specified, then LIFO or FIFO may well be the best options.
I wonder if anyone has put this situation to a revenue department. Bitcoin is unlike any of the other assets that they have had to consider. I suspect if you submitted a return based on transaction IDs, then they would accept it, rather than go down another rabbit hole.
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Exchanges are only relevant when you withdraw or deposit coins. Balances in their ledgers are not Bitcoin, and cannot be tied to specific transactions. Similarly, if you deposit fiat, and trade in Bitcoin on the exchange, and then withdraw fiat, it is not really a Bitcoin transaction imho.
FIFO should only apply if you don't specify transaction IDs when you "spend" your Bitcoin. If you specify the transaction ID, then surely the acquisition cost of those coins is the relevant figure, and not an average cost of your wallet contents.
I own two Volvo cars, if I sell one, the the purchase cost of that car is the relevant figure, and not the average cost of purchasing the two cars.
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Nobody seems to be addressing the fundamental point that I hoped to make. This is that you may be able to optimise your tax liabilities by selected the input for a partial disposal from a suitable wallet.
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No doubt it will give us some green energy.
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I haven't read all of this thread, so apologies if someone else has posted this.
You can't stop volatility. The banking/globalist elite now own large blocks of Bitcoin. They want to preserve extreme volatility to discourage mass adoption by the masses, and they will use their holdings to maintain apparent instablity in Bitcoin. They want the public to use central banking coins. We who understand this are in a fortunate position. We can monitor the long term asset value, and we can exploit the volatility to increase our savings.
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OK, I obviously haven't explained things very well. Let say I bought one Bitcoin for £100, and a few years later, I bought another for £10,100. I then decide to sell one coin at a price of £20,100. The taxable gain on the first coin is £20,000, but on the second coin it is £10,000. With dollar price averaging, the gain is £5,000 (approx.). If my tax free allowance is £5,000 then by relating the sale to specific coins, the taxable liability is £0, £5,000 or £15,000. If I had purchased an additional coin for £30,100, then I could have an allowable loss of £10,000. So what is the purpose of all this? Well I am a long term HODLer. I'm starting to believe that this long term inactivity may not be the best approach. By selectively selling and repurchasing after a required interval, I could take advantage of unused tax allowances, or favourable tax conditions.
It becomes even more interesting if I sell half a Bitcoin.
Figures will vary dependent on market conditions, residency, and tax legislation.
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This thought occurred to me when reading a thread in the beginners forum. Everybody seems to assume that a Bitcoin is a Bitcoin is a Bitcoin, but that isn't strictly true. Every Bitcoin transaction has an acquisition value, and, assuming that you use a wallet that allows you to select transactions to move to another user. If you dollar cost average, then you may be losing some tax advantages. For example, if you show a loss on some coins, then you may want to save those to offset against gains in the future. Alternatively, you may want to dispose of some early, and highly profitable coins, to take advantage of your tax allowances. Does anyone know if the revenue departments will allow you to discriminate?
There is another possibility as well. Suppose you move coins into a different wallet, does that count as a disposal? If it doesn't, then how much will you have to vary the wallet ownership for it to become a disposal? Perhaps you could exchange it for (say) Eth in one tax year, and exchange it back in the next year.
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Maybe you should use a wallet that allows you to select the Bitcoin transactions you are selling. You should be able to optimise your sales and transfers to take advantage of the CGT allowances.
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Even if electric vehicles sucked up all the electricity so that nodes couldn't run, the blockchain would still exist.Once sanity prevailed, and EVs were banned, then the nodes and miners would restart.
Actually that wouldn't happen, because people like me would be mining using solar power.
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Tribalism has been a characteristic of all hunting animals throughout history. Racism is just a form of tribalism, and it will never be eradicated.
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I don't agree with all this clap trap about using euphemisms to save the feeling of some people. A person who is addicted to drugs is a drug addict ( and that includes things like paracetamol). A person who is morbidly obese is obese and not "big boned", you serve them better by trying to wean them off sugar, seed oils and other damaging "foods", and getting them to exercise. If a person loses a leg, then he is handicapped whatever you call him. You will do more good by helping him to lead a full and fulfilling life, than by pretending he has grown another leg by changing the description.
The euphemism that really annoys me is " a person of colour". That is incredibly elitist, and implied that the person is a member of an inferior species. "Black" is a simple description of skin colour, and has no relevance to intelligence of social worth. In fact many "white" people seem to spend hours in the sun trying to become black.
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Corona viruses must be the longest pandemic ever. They started in 1930 ( or earlier), and they will run for at least another 100 years. Thank goodness we managed to develop natural immunity.
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The Knights Templar in the City of London. They need to get rid of all the out of date armaments they conned America into manufacturing, and they need to increase pollution to maintain the climate change scam.
Of course there are other reasons they started it, including the destruction of fiat currencies.
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