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Economy / Economics / Re: Crypto Taxation
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on: July 25, 2020, 01:58:53 AM
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Bitcoin does not need to be a currency for them to be able to tax it. If you sell a house and you make a profit of say $100 000, the government would take their share of the gains you made in the form of "Capital Gains" taxes. (Each country has it's own guideline and tax exemptions) So what most governments are doing is to class it as a commodity and thus having you paying "Capital Gains" on the profit when you sell it. The main reason why they are not defining it as a currency is because they do not want it to compete with their local reserve currency.  Some countries tax Bitcoin as a currency (VAT) and a commodity (Capital Gains)  Heres where the problem lies for me, how do you pay taxes in fiat if you don't have any fiat? If I trade my Ethereum for Bitcoin, and am now holding Bitcoin, how am I supposed to pay taxes on that if I don't hold any fiat? Can I pay with Bitcoin? In most places NO. Also when it comes to swapping, lets say I have a beer in my hand, and my friend has another beer, but I want his beer so we swap beers..............do I have to pay taxes because his beer is cheaper than mine? Swapping Crypto is no different. Personally ill continue to follow the Tax laws and pay my taxes to the best of my ability, but its almost impossible to keep track of this, because you need to know the price of both currencies of when you swapped them, however that price can be subjective. An exchanges price is the price that exchange has deemed as the price. That doesn't mean thats the price im following, as the prices of Crypto are different depending on the exchange, country etc. |
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5
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: July 21, 2020, 11:59:57 PM
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The US dollar is about to break 10 year support. Come on Bitcoin, the time is now!!!!!  How so? 10 year support is around 73-74 and we are at 95 in DXY. maybe you are talking about 1 year support? Oops I meant the trend line running since 2011. There is support all over the place but if it falls below the trend line, I think its heading toward a long term bear market. The last bear market for US dollar lasted 7 years between 2001-2008. |
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: July 19, 2020, 10:55:33 PM
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My thoughts: Bitcoin is going to pop one way or the other before the end of July. IMO it will depend on the Global Market. In the USA people are going lose their unemployment benefits at the end of July............what is likely to happen, is that we will see another huge stimulus bill pushed through which will lead to more inflation of the money supply. This should push the Global Markets higher, which in turn will allow Bitcoin to move higher too.
Im going to lean bullish here.
I agree that this is probable, but the question arises..when will it stop? Never? Are we at a verge of basic income and MMT? Too much resistance to those ideas, so it is unlikely to happen. However, passing every 6 mo a 2-3 trillion bill does not seem likely either. At the moment, it is clearly gold and high beta stocks that benefit the most. Bitcoin is not in play and I wonder why. maybe because it was in a deep correction for too long and lost its appeal with the fast money. It could be temporary, though. At least, this is my hope, but the whole apple-cart is upside down. If the trend described below is true, then we would have a deflationary impulse as well: https://www.politico.com/news/2020/07/19/wage-cuts-economy-crisis-368508Bitcoin has benefited from QE. If we never had QE starting back in 2009, Bitcoins price would probably be lower than it is today. Im not concerned about Bitcoin trading sideways for the last two months. Since Golds high in May, it is only up 2.5% since. When you zoom out and look at the big picture in a few years, it will look a lot clearer. I think these last two months have felt like forever, but on a time scale it is nothing. Lets see if Bitcoin breaks bullish or bearish first and then see. Gold has broken bullish, will Bitcoin too? |
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: July 19, 2020, 07:41:19 PM
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My thoughts: Bitcoin is going to pop one way or the other before the end of July. IMO it will depend on the Global Market. In the USA people are going lose their unemployment benefits at the end of July............what is likely to happen, is that we will see another huge stimulus bill pushed through which will lead to more inflation of the money supply. This should push the Global Markets higher, which in turn will allow Bitcoin to move higher too.
Im going to lean bullish here.
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: June 15, 2020, 02:36:11 AM
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The forum is so fucking dead I don't remember a time it was more deader than this and I've been around for a loong time.
indeed. I can't recall this thread ever being so dead and there were more boring times. 2015 was pretty dead 2012 was pretty dead I wish I was there to see it. I was only present from April 2013 onwards. What's the correlation to a dead forum and a new bull market I wonder. It means everyones bored, loss interest, gave up. Which means it cant get much worse, hence the bottom has been reached. |
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: May 21, 2020, 05:35:13 AM
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Satoshis Bitcoin have no chance of being moved until Hal Finney cryogenic preserved body is revived in 100+ years from now. If Hal was Satoshi, they will do everything in their power to bring him back to life when Bitcoin is the global reserve currency.
That would be awesome. It's year 2100, countries around the world were competing for the last 50yrs to be the first one to revive Hal. One finally succeeds. Hal- oh thanks for bringing me back guys but i was only trolling to have eternal life, i have no clue who Satoshi really is. Oh flying cars finally... In reality, if Bitcoin does take over, Hal Finneys body will be worth more than ANYTHING....just on the mere speculation that he remembers or knows the method of retrieving the private keys. Hal will be back one day...... |
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: May 12, 2020, 02:33:14 AM
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... next we wait to see what happens now that bitcoin's monetary inflation rate is less than gold ... and every other money on the planet. I think we just reached parity levels with gold inflation. Next halving would be half of gold. Gold is around 3.5k tons per year / 199k supply (197.5 end of year 2019) = 1.76%. Btc is 328.5k per year / 18.37mn supply = 1.78% Compared to fiat that is increasing the monetary base frantically, we are sitting pretty good Happy halving day everyone. Bitcoins inflation rate will technically keep decreasing as every block is mined, because there will be more Bitcoins mined. Also if Golds price increases, expect its inflation rate to go up a little bit because miners will have a higher incentive to mine more Gold. |
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: May 09, 2020, 03:40:38 PM
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Since when has this thread become Covid-19 related? Some psychos in Politics & Society will flood over and turn it into a warzone.
P.S: Absolutely no.
Perfect example: Gulping hydroxychloroquine or colloidal silver in desperation because a moron says so. Smart move is to wait for the trial data to come out and make your decision then. You realize that story was fake? or do you watch too much mainstream media? |
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: May 09, 2020, 02:13:18 PM
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Just my opinion but I think we go back down to $9500 over the weekend, retest the trend line we broke out of, then we move up come Sunday night/Monday, probably go up to $10.5k this week, if not on monday. We may see some fireworks on monday, keep your fingers crossed.  We nearly hit the downside target of 9.5k, prepare for fireworks starting Sunday Night/Monday |
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