Dude. 16th Amendment, followed by the Revenue Act of 1913? I googled that in less than 10 seconds. Edit: here is the text of the 16th Amendment The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration. I agree with you on income, but that law/amendment does not say anything about capital gains. |
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I wonder: Would a Trezor survive liquid nitrogen?
Reason I'm asking is I think I might get my head frozen after all when I die. Tattoo "I have bitcoins", include a couple of Trezors in my mouth with a good PIN, and in a thousand years when Bitcoin is worth infinite amounts it would be a reasonable reward to dethaw my brain and put me on a top of line body.
Hm....
Half-jokingly...USB connector tech has to survive too, which is not likely. Maybe you can use a microscope to get the info, though. Here is something regarding 11th century (and nearby) tech. https://en.wikipedia.org/wiki/Medieval_technologyWell, interestingly enough, wheelbarrow was invented back then (in 12th century). |
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Yeah, I much prefer incremental steps. I’m not in the mood for unsustainable pumps because we all know what happens after them.
I love unsustainable pumps. Make $ on the way up, corn on the way down. Yummy. nobody can do it on sustainable basis as it does not tell you where it will go. sooner or later, you would lose. For some value of 'lose' that has nothing to do with my personal situation. Can you elaborate, jbreher? Yeah. My elaboration is I don't believe that there is any way in which this strategy would cause me to "lose" - counter to biodom's claim. Every up/down, I make a profit. I can choose whether to take that profit in USD or BTC. Sometimes I flip from one to the other, depending upon cash flow needs. It is true that this causes me to sell at a price that I expect to be (wildly) exceeded in the future. Accordingly, if corn price goes up monotonically, I will eventually have no corn, and nothing but a gigantic pile o' stinky fiat. Is that 'losing'? Not exactly. Kinda. However, that pile of stinky fiat is rather stratospheric, given the ratios of play_money:stake I am laddering. And every up/down gives me a more corn (if I don't take the profit in USD). Accordingly, depending upon the amount of volatility in relation to upward trend, I may never run out on the high side. Losing? Hardly. So in reality, I was merely trying to soften a retort of 'bullshit' to biodom's blanket 'lose' statement. The only point i was making is that selling, then re-buying, then selling again and re-buying sequences would most likely (in my opinion) result in a lower number of bitcoins than you start with. I have absolutely no problem with selling bitcoin (or $$ for btc) in bits and pieces on the way up (or down, depending on your strategy). It' the trading back and forth that I posit to be an unrealistic tool (when taken alone) to increase the number of btc that someone have. I realize that you might be playing with small %%, still, i do not wish other people trading away their future wealth by trying to gain a bit of a leverage, hence my post. |
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I hope that the world does not deteriorate further in that direction... though I do agree with you regarding the likely transfer or wealth from nocoiners to coiners, so in that regard, it is not too late to join the world of coiners if you happen to not be one, yet. Surely there is some benefits to getting into BTC earlier. Is there a saying about when is the best time to get into bitcoin? yesterday. When is the second best time to get into bitcoin? today.
I think that there are at least a few more 10x price runs (maybe even up to 5) before the wealth transfer from no coiners to coiners has largely and mostly taken place.
Many of us who are mostly not easily shaken from our coins will be decently rich, maybe even approaching "filthy" level with one or two more 10x price surges. One 10x surge puts prices at $100k and 2 10x surges puts prices at $1million. Most others participating in this thread with lower BTC holdings should be able to achieve such status by the time three 10x price surges occur.. that would be $10million a coin, so in those circumstances, even .5 BTC would be decent, but a whole coin would be even better... and you guys holding 5 or more coins will be sitting pretty... problem is that $10million per coin seems a bit of a stretch of the imagination, even if it is after 2028 or so? there are quite a few participants in this thread that have at least until 2028 to stack their sats, no?
To me current probabilities look like this: Within 3 years (2022), I estimate the probability of $100K at 50% If 100K is achieved on schedule, $1mil probability in 2026 might be 20-30% It is also possible that $300-400K (roughly a marketcap of gold) would be a longer term maximum for a decade or a bit longer. TL;DR 10X surges will not continue for multiple cycles, maybe only 1-2 such cycles left. |
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Yeah, I much prefer incremental steps. I’m not in the mood for unsustainable pumps because we all know what happens after them.
I love unsustainable pumps. Make $ on the way up, corn on the way down. Yummy. nobody can do it on sustainable basis as it does not tell you where it will go. sooner or later, you would lose. |
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Tesla advertises their system as FSD (full self driving), which to me is BS.
They paid up for almost identical 2016 incident and will pay up for this one as well.
For me: I decided to stay away from Tesla. Too little car for too much moola. I was never interested in FSD.
It’s not full self driving - you have to keep your hands on the wheel I am driving 1,200 miles over the next two days. I would like autopilot. Be safe... FSD is their terminology, not mine: https://www.tesla.com/model3/design#autopilotStarting today, Tesla is splitting Autopilot into two packages: regular Autopilot, with automatic steering on highways and traffic-aware cruise control; and Full Self-Driving Capability, with Tesla’s recently unveiled “Navigate on Autopilot” feature that guides the car from “on-ramp to off-ramp” by suggesting and making lane changes, navigating highway interchanges, and proactively taking exits. https://www.theverge.com/2019/2/28/18245370/tesla-autopilot-full-self-driving-musk-2019it's just marketing lingo. Most people get it, but they should not have been able to use this language. I would suggest that several times out of a 100 Tesla would go under a truck IF that truck has a picture of a 'sky with clouds' or a picture of a high bridge on the truck's side. To add something related to btc: If btc will rise another 20-100X, this article might show where bitcoiners will get their cash without necessarily selling: https://www.latimes.com/business/story/2019-07-31/art-secured-loansWith bitcoin at $1 mil, it would probably be quite safe to borrow against it at, say, 30K/btc. Loan secured by btc (treating btc almost as a collectible). That, and maybe lending part of OGs stash out will become standard. The second path is more risky, but more lucrative for the cash flow. |
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Any product that can move two tons of mass at 70mph for 200 miles is going to react poorly to being shot by a high power firearm. And mistakes happen all the time with regular cars, we have simply learned to accept and balance the risk. As for autopilot, just like in a plane the pilot has final responsibility for the aircraft. The driver has final responsibility for the car. Power steering and power brakes make the job easier but if you can't stop the car without either you should not be driving. Same with autopilot. That tesla driver's family should pay for the damage to the truck and the cost of mopping up the blood. Tesla advertises their system as FSD (full self driving), which to me is BS. They paid up for almost identical 2016 incident and will pay up for this one as well. For me: I decided to stay away from Tesla. Too little car for too much moola. I was never interested in FSD. |
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In US in a larger, but not most expensive city, you have to have $3mil minimally to maintain a middle class lifestyle while not working.
I heard that in posh areas of San Fransisco you would be lucky to get this for £1m. image clipped Not in Sanfran, but those are (900K-1mil, small, but OK to live in): https://www.zillow.com/san-francisco-ca/?searchQueryState={%22pagination%22:{},%22mapBounds%22:{%22west%22:-122.5751212973633,%22east%22:-122.29153670263673,%22south%22:37.63662788292032,%22north%22:37.9136954367416},%22usersSearchTerm%22:%22san%20francisco%22,%22regionSelection%22:[{%22regionId%22:20330,%22regionType%22:6}],%22isMapVisible%22:true,%22mapZoom%22:12,%22filterState%22:{%22price%22:{%22min%22:900000,%22max%22:1000000},%22monthlyPayment%22:{%22min%22:3308,%22max%22:3675}},%22isListVisible%22:true} But it's a picture of a brick toilet (shithouse). Who wants to live in a brick shithouse? I dunno, Eric Cartman, perhaps. Or, he will rent it out at $10K/mo as a 'cozy, but nice place for deep thinkers'. |
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In US in a larger, but not most expensive city, you have to have $3mil minimally to maintain a middle class lifestyle while not working.
I heard that in posh areas of San Fransisco you would be lucky to get this for £1m. image clipped Not in Sanfran, but those are (900K-1mil, small, but OK to live in): https://www.zillow.com/san-francisco-ca/?searchQueryState={%22pagination%22:{},%22mapBounds%22:{%22west%22:-122.5751212973633,%22east%22:-122.29153670263673,%22south%22:37.63662788292032,%22north%22:37.9136954367416},%22usersSearchTerm%22:%22san%20francisco%22,%22regionSelection%22:[{%22regionId%22:20330,%22regionType%22:6}],%22isMapVisible%22:true,%22mapZoom%22:12,%22filterState%22:{%22price%22:{%22min%22:900000,%22max%22:1000000},%22monthlyPayment%22:{%22min%22:3308,%22max%22:3675}},%22isListVisible%22:true} |
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You must be joking.
>$1m net worth is upper lower lower middle class.
>$10m net worth is upper upper lower middle class.
>$20m net worth is lower lower upper middle class.
>$50m net worth is lower lower upper class.
>$100m net worth is upper upper class.
>$1000m net worth is upper upper upper class.
Sorry to barge in, but it is not a valid classification, afaik. Here is a much better one: https://www.accountingweb.com/practice/clients/understanding-the-five-categories-of-wealthBitcoin OGs are "High Asset, Low Cash Flow" Wealth. Many/some of them are probably "Under the Radar" category. Upon btc reaching 100K OGs would probably seek to transition from "High Asset, Low Cash Flow" to "High Asset, High Cash Flow". Maybe this is when staking coins would surge, or, maybe, this is when OGs would start buying apartments en masse. Another classification: $1-3 mil affluent; $3-10mil wealthy; above $10mil-rich. In US in a larger, but not most expensive city, you have to have $3mil minimally to maintain a middle class lifestyle while not working. i guess you can call such person as wealthy enough not to worry about earning a living. Not really rich, though. Ronaldo earns 800K with one instagram endorsement post. Shaq earns 60mil/year by doing commercials. That's a high cash flow, lol. |
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What I believe is we are experiencing a bull trap.The ''new'' money is lacking.The china-usa trade war issue is somehow positive for BTC and interest rate cut may draw interest of some big multi million whales to crypto investment however taxation and risk aversion will keep the actions as reactions and bull traps.
Is that your face-saving alias account: jonoiv? Biodom? Amateur? Lambie? nope. Plus, I am getting progressively bored with the price action here. Starting to seek some excitement on the stock market. It's going to get wild toward the fall, I think. Regarding your stock market comment, you seem distracted. Stock markets should not be anywhere near to as exciting as bitcoin. Who gives any shits about 10% moves in the stock market when we may be getting 40% on the downside in bitcoin and also 5x or more (even though we have only had 3.5x so far in recent times)... anyhow, 3.5x moves in bitcoin should be way the fuck more exciting than 10% stock market moves.... AmiNOTrite? Furthermore, I used to have a real decent portion of my investments in various stock market index funds, etc etc.. but now those funds are a fraction of my bitcoin funds They do not perform even close to as dramatically as my bitcoin funds... Maybe the get 30% from time to time, but fuck 30% is almost nothing in bitcoin, even though 30% really excites me, but jesus fucking christ, you must have been excited in the end of June when we were approaching the top of more than 3.5x in less than 3 months.. that is something to be WOWed about, no? You don't have to play the whole stock market, and to increase leverage, you can use puts/calls. Bitcoin itself trades more like an option (on a new financial system, I guess). In btc right now is a bit too many unknown unknowns to simply stack satoshis, IMHO, but if it goes parabolic right here, I would be among those who simply rejoice. |
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What I believe is we are experiencing a bull trap.The ''new'' money is lacking.The china-usa trade war issue is somehow positive for BTC and interest rate cut may draw interest of some big multi million whales to crypto investment however taxation and risk aversion will keep the actions as reactions and bull traps.
Is that your face-saving alias account: jonoiv? Biodom? Amateur? Lambie? nope. Plus, I am getting progressively bored with the price action here. Starting to seek some excitement on the stock market. It's going to get wild toward the fall, I think. We should see a dump in some BTC difficulty soon.
If/when it does, I'd 'guess' you will see a drop of 20% or some such.
IMHO, it is not going to happen since Bitmain is selling anything they can lay their hands on. |
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Last time we went from roughly $1K to $20k.
I would say that $50K is a minimal expectation IF the cycles continue the up down pattern, which is always an unknown.
I would not be surprised by $200K, but would not plan for it as far as seriously laying out what to do if and when.
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Hash rate follows price.
Only in a very general sense and based on just 2-3 examples so far. In 2011 bear hash rate declined (at the very end). In 2014-2015 hash rate flattened, not really declined. In 2018, hashrate declined (at the very end). In all three cases observing flattening and/or declining hashrate and THEN buying based on this alone would be very profitable almost immediately following the decline/flatlining of the hash rate. What Woo is saying: hashrate declining and flatlining is a good btc buy indicator. What you (HM) are saying is essentially this: hashrate is not an indicator aka price decline itself is a bullish indicator. Maybe it is correct too, in the final analysis. Someone posted before that, paradoxically, when btc drops below one of the long term averages (I forgot which one, could be 200d or 50wk), then, historically, it is bullish and not bearish indicator while in stocks it is mostly a bearish indicator. |
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Rate cut had little effect, but the announcement of new tariffs on China most certainly did.
I don't particularly like the fact that we are now correlating with gold, though.
Overall, we should have been at $1tril already.
Not sure why most financial managers are asleep at the wheel on this.
As Pomp says: "Get off zero".
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The SEC will start to mine some btc soon...  The SEC Set To Begin Running Bitcoin and Ethereum Nodes
The US Securities and Exchange Commission is looking for quotes from contractors who will run the Ethereum and Bitcoin nodes for them.
What is the motivation behind the move?
Moving forward, the contractors will have to make additions of new blockchains as the SEC requires. The SEC has, however, not given any valid reason as to why it wants to operate its own nodes. The only explanation the agency has provided is stating that the objective is to support monitoring risk, compliance enhancement as well as to inform SEC policymaking on digital assets.
The SEC will ramp up its analytics to aid its blockchain complaisance investigations and monitoring. In essence, they have stated that the subscription will collect blockchain data from the various hosted nodes instead of offering the data through blockchain explorers.https://cryptoiq.co/the-sec-set-to-begin-running-bitcoin-and-ethereum-nodes/They will spam everyone who makes decent size txs; remember that 1-100 sat spam few years ago. That was also "monitoring", I guess. |
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Part of what is wrong is simple transfers of coin out of coinbase.
Coinbase does not know where the coin goes so they show it as a cap gain or cap loss.
but if you moved it to your core wallet it is nothing a wash and coinbase reported the transfer as a liquidation thus causing a cap gain or loss.
I still think that it is coinbase fault as transfer out should not be a liquidation by default. If I send btc to coinbase, do they consider it a BUY? If yes, then it is ridiculous and a REALLY bad accounting standard. Example: Say, I send 1 btc to coinbase when the price is 15K. Now I am withdrawing the same 1btc at 9K. Do they think that it is a $6K loss? If they do, then they are negligent/in error. |
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Perhaps I am wrong, but I don't think that there will be a significant price appreciation speculation in bitcoin after $50-100K.
To me it looks like this:
Bitcoin price: participants
Below $100: Very early adopters, miners.
Between $100-1000: The first wave of fomo, speculators, savers, accumulators, storage of value, super early hedge funds (I am aware of just one).
Between $150-20000: Early hedge funds, hodlers from the first wave, miners, new buyers (fomoing in) which then sell for alts and eventually getting rekt
Current cycle $3100 to maybe $50K: Hodlers from the prior wave DCAing, few new buyers, more hedge funds, family offices, innovative endowments
Above 50K until 100-300K: Almost exclusively hedge funds and other institutionals. Regular people start to use it as a currency instead of trying to speculate.
Above 100K: Very large funds and hedgefunds, maybe country size funds (Norway, Oman sovereign Fund, Abu Dhabi, etc)
Above 300k: Central banks and governments.
I cannot possibly envision some individual investor speculating that btc will go from 10 tril (~0.5mil/btc) to 15 tril (0.75mil/btc).
TL;DR Soon enough (see numbers) the speculation by individuals will stop and it would be used as a currency/long term SOV.
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