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Korea is leading this thing again as they did during the entire run up to 19666. That is a good sign. There are no trading games to be had when there is real demand for a finite resource.
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Just find it funny that the American Revolution was sparked in part by a 5% tax. They would be burning everything in sight if they had to deal with today's taxes.
Calculated my effective tax was about 55% at one point. Income Fed/State Tax, SS, Medicare, Property, Sales taxes on everything you buy. It's getting out of control really.
Blame the current income tax situation on the prohibitionists. In order to get alcohol banned, the government needed to come up with an alternate source of revenue. Unfortunately, by the time prohibition got repealed, FDR came into power and the government wanted the extra money for the New Deal. Later they wanted to fund a war. Now the US federal government is bloated in social programs and "defense." Not sure why the US feels it needs to outspend the rest of the nations in defense. It's especially ridiculous since most of the wars the US have been involved in since WWII have resulted in stalemates or a loss. Only victory that I recall was Operation Desert Storm. The US Defense Industrial complex is the biggest social program in the US. Some programs in development are not even wanted by the military itself. It is usually defense contractors lobbying their congressmen to get the contract included in the budget so there are more jobs in the congressman's district. It's all about the jobs. |
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this recent ETH/BTC peg at .1 is eerie...and boring AF
I agree, it needs to get back to 0.01 where it belongs. |
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We have to shed the alts to go up. You will know we are going up for real when the alts don't follow. Otherwise, we will keep going back down each and every time.
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Doesn't matter what I think, and as you said "people who understand the value of bitcoin". Newbies don't understand shit, but, they do understand metrics like market cap, so it will hurt bitcoin. If bitcoin is not number one on the shitty marketcap metric that will hurt bitcoin adoption plain and simple.
What do the advertisers say? "you don't need a good product, just good marketing"
In that case, bitcoin was fucked from day one. 21 million coins for the entire world economy was never going to work. Most world citizens (>99%) have never had $8750 at one time in their lives. They will never buy bitcoin at that price. They will buy Ripple for $1 instead. EDIT: Yes, I know they are divisible but the average idiot can't comprehend that. The real problem though is that the idiots don't understand the importance or decentralization, lack of a central authority, deflationary monetary system, developer talent, trustless, and so on. Bitcoin is the best coin without a doubt in my opinion. But, how in the fuck can we get mass adoption, when most people still think the media, and governments are the good guys. Crypto will get mass adoption, but, I fear that it will be a bullshit coin supported by the banks, media, and governments. I agree, I think the coins that will do the best with the coming mass adoption will be the ones who have the largest number of coins in circulation so they seem cheap to the idiots. Why buy a bitcoin when you can buy 10 ETH or 8000 XRP for the same price? Luckily, big institutional money will still flow into bitcoin. |
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Doesn't matter what I think, and as you said "people who understand the value of bitcoin". Newbies don't understand shit, but, they do understand metrics like market cap, so it will hurt bitcoin. If bitcoin is not number one on the shitty marketcap metric that will hurt bitcoin adoption plain and simple.
What do the advertisers say? "you don't need a good product, just good marketing"
In that case, bitcoin was fucked from day one. 21 million coins for the entire world economy was never going to work. Most world citizens (>99%) have never had $8750 at one time in their lives. They will never buy bitcoin at that price. They will buy Ripple for $1 instead. EDIT: Yes, I know they are divisible but the average idiot can't comprehend that. |
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I think alts are a disease and we won't have another 10x or 100x increase until the alts largely die off. Every time bitcoin pumps and the alts pump even harder, it is like cancer overtaking the body every time it starts getting healthy. This sickness will have to run it's course and when the disease has been cured/eradicated, bitcoin can finally grow to it's true potential. This will probably take a few more years.
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WTF happened to the mempool? This is not the bitcoin i know. (i kid, i still remember 0 fee tx's) Fees are as low as 1-10sat/b right now. I mean. What the fuck? https://bitcoinfees.earn.com/Could it be that those spamming fucktards finally realized if bitcoin goes down they do too? Yep, 5 sats per byte will probably get you into the next block or two. BTC/USD price/100 million = satoshi/USD price * satoshis per byte * bytes = USD transaction cost $11,700 / 100,000,000 = $0.000117 * 5 * 225 = ~$0.13 cents for a standard 225 byte transaction https://dedi.jochen-hoenicke.de/queue/#24h |
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Everyone is piling back in. Alts are going crazy again.
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Silly poll doesn't have any choices over 22k???
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Remember everyone. The end game of all of this fud, shit coin pump and dump, mempool spam, forks, and now empty blocks, is to separate you from your bitcoin. It would take a team of full time employees to keep track of all the shit. If you don't have a team of full time employees, the only move here is to hodl. Don't let them have YOUR bitcoin. Make them pay for it at a premium. Stop thinking so small! Take a year off. This is a long game. 4 years is nothing in the grand scheme of things. Relax, forget about bitcoin, go back to work, come back in a year.
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FACT CHECK
Ok, as of right now, the price to send a transaction in the next block is about 140 satoshis per byte and a typical 1 input/2 output transaction is about 225 bytes. At $14k per bitcoin, a satoshi is worth $0.00014. So, 140 X 225 X $0.00014 = $4.41 per transaction.
Value of a Satoshi = Bitcoin price divided by 100,000,000
Typical Transaction Size = 225 bytes
Current fee in Satoshis per byte for next block = 140
Satoshi Value x Typical Transaction Size x Satoshi fee per byte = Transaction Cost.
Currently:
$0.00014 X 225 X 140 = $4.41
At the peak:
$0.00020 x 225 x 1000 = $45.00
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Yeah, every trade is a taxable event to US persons. Whether that is buying coffee or litecoin. It is property according to the IRS.
Even if you thought you could get away with the like kind exchange rule, you still have to report every trade individually on the exemption form.
If it were classified as a stock, you could just report net gains and losses but not so with property.
They have made compliance nearly impossible so unless someone passes a law to exempt transactions prior to a certain date, a lot of people are going to owe back taxes and penalties if not jail time.
Simple solution: Become an expat. Does not apply to US citizens unless you give up your citizenship. That's right, you still have to pay ! That's really just another reason to renounce citizenship. Does the US not have double taxation treaties though? In some places you can just create an offshore company, tax your profits in a different legislation, and then be exempt from further taxes under your own legislation due to the treaty as you've "already paid them" (even if the taxes are as low as 2% or even 0%). There is really no good loophole. They have locked it all down. What you describe would be a "Controlled Foreign Corporation" which has it's own issues. Giving up citizenship has an exit tax plus they will still come after you years later if they find out you didn't pay what you owed. |
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Yeah, every trade is a taxable event to US persons. Whether that is buying coffee or litecoin. It is property according to the IRS.
Even if you thought you could get away with the like kind exchange rule, you still have to report every trade individually on the exemption form.
If it were classified as a stock, you could just report net gains and losses but not so with property.
They have made compliance nearly impossible so unless someone passes a law to exempt transactions prior to a certain date, a lot of people are going to owe back taxes and penalties if not jail time.
Simple solution: Become an expat. Does not apply to US citizens unless you give up your citizenship. |
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Yeah, every trade is a taxable event to US persons. Whether that is buying coffee or litecoin. It is property according to the IRS.
Even if you thought you could get away with the like kind exchange rule, you still have to report every trade individually on the exemption form.
If it were classified as a stock, you could just report net gains and losses but not so with property.
They have made compliance nearly impossible so unless someone passes a law to exempt transactions prior to a certain date, a lot of people are going to owe back taxes and penalties if not jail time.
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Breaking 24777$ prediction game
09/01/2018 explorer
13/01/2018 undeadbitcoiner
14/01/2018 northypole
15/01/2018 ivomm
25/01/2018 orpington
27/01/2018 LFC_bitcoin
28/01/2018 jojo69
31/01/2018 realsteelboy
12/02/2018 yonton
13/02/2018 Wekkel
19/02/2018 BitCoinBurger
06/03/2018 sa_94
07/03/2018 NUFCrichard
05/11/2018 mikenz
Maybe because its This time of the year we make a small game Just to call 24777$ (CET) the one with the day of breaking This price wins .25 BTC
The list Will be Made after This post So When a date is taking iT cannot been taken again
When the winning date is exactly in the middle of 2 each Will get .25
Oterwhise closest to the winning date wins
LIST MAKING ENDS 25-12-2012 @ 22.00 cet
26/01/2018 rolling |
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Indeed.
Roger Ver has done a huge amount to further Bitcoin adoption. Perhaps more than anyone else besides Satoshi Nakamoto. He truly loves Bitcoin and wants to see all of the world adopt it. That people now abuse him for trying to fix the problem of high fees and unreliable confirmations is heart-breaking for me.
You don't fix bitcoin by cloning it and trying to steal the brand. |
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