Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[the artful bodger]

Capital gains taxes on digital currencies is not a big deal anyways. It would never kill crypto in the first place.

I don't mind paying 15% returns on 100% gains.


It is better to (when you cash out) be very careful, and pay the full tax, lest the IRS mafia come knocking at your door to throw you in prison.

Just make sure you do your homework.  15% isn't the top capital gains bracket, 20% is.  Also NIIT of 3.8% is taxed on it.  Also state/local tax and your income rate.  Also AMT applies if knocks your income up higher.

Can't stress that enough.  Actual rate we will pay on gains from Illinois USA here is 20% + 3.8% + 4.975% + AMT = ~29%+  (more if you live in states with higher income taxes even)

I thought Trumps tax bill was meant to simplify taxes. What's it changed for you?

[Torque]

Ha, just had to share this, someone did recently on Twitter:
http://txhighway.com/#

yeah, empty highway=waste of resources, useless overkill

Yes but build it and they will come, right?? I mean, can't you see by the graphic the millions and millions of the unbanked all over the world flocking to buy and use BCash? It's revolutionary! The epitome of Satoshi's vision!!

[Enjel]

Capital gains taxes on digital currencies is not a big deal anyways. It would never kill crypto in the first place.

I don't mind paying 15% returns on 100% gains.


It is better to (when you cash out) be very careful, and pay the full tax, lest the IRS mafia come knocking at your door to throw you in prison.

Just make sure you do your homework.  15% isn't the top capital gains bracket, 20% is.  Also NIIT of 3.8% is taxed on it.  Also state/local tax and your income rate.  Also AMT applies if knocks your income up higher.

Can't stress that enough.  Actual rate we will pay on gains from Illinois USA here is 20% + 3.8% + 4.975% + AMT = ~29%+  (more if you live in states with higher income taxes even)

I thought Trumps tax bill was meant to simplify taxes. What's it changed for you?

Yeah, 15% was just an example. I plan on HODL'ing.

As a relatively poor college student, my tax rate will be significantly lower.

I think my parents pay the AMT, which I have no idea why, since I thought it was meant for rich people with loopholes. The new tax bill will put an end to that, which is one good thing.

Trump tax bill will also reduce the number of income tax classes from like 7 to 3. So that's simplified.

[ArmorySegWit]

I'd rather pay 200K for a Vanuatuan passport and a 1-way ticket.

Yeah, well, I ain't gonna fight the IRS on what they are due. That's just a bad time right there and too much stress.

I'm a proud, patriotic American Citizen.

Fuck you.

It's less stressful, possibly overpaying on quarterly taxes, than needing to stress about the prospect of a FUCKING MASSIVE bill due on April 15th if you didn't play by the rules.

Trust me. Having to deal with a FUCKING MASSIVE payment on April 15th is much more painful than making "very healthy" payments, quarterly, to the IRS.

It drives my partner crazy - that I round up to the nearest quarter-thousand when it comes to paying taxes - but I've been on the other side of owing FUCKING MASSIVE back taxes, and that's not something I ever want to deal with again in my lifetime.

You prove it again.
People who have a sexual behaviourship that is unnormal, unnormal in that way that if anyone would live like that the human race will be gone in a generation, tend to be FUCKING INFLUENCABLE. You could use the word dumb as well.

For what your taxes are used, huh? Feed the poor, fight the evil? US-America is the devil in world politiics and invaded like almost every fucking country already.
People are getting poorer and poorer and sicker and sicker every year. Taxation is just theft from the "normal people", orchestrated from the big big big big big bosses of the world.

[gentlemand]

[Deeyoh]

Yeah, remind me to never ever trade on New Years Eve again.   The 10 dollars swings are getting to me. haha

[the artful bodger]

Yes, that's all of us on here tonight. I was wondering WTF I'm doing on this forum tonight. It's because I have no life except crypto at present.

[gentlemand]

Yes, that's all of us on here tonight. I was wondering WTF I'm doing on this forum tonight. It's because I have no life except crypto at present.

Nah. It's the shittest night of the year. Fuck NYE. Anyone paying $30 to get into some bar that's usually free to have a crap time surrounded by fucksticks and shit heels is a cock honker.

[jojo69]

"cock honker"

[the artful bodger]

Yes, that's all of us on here tonight. I was wondering WTF I'm doing on this forum tonight. It's because I have no life except crypto at present.

Nah. It's the shittest night of the year. Fuck NYE. Anyone paying $30 to get into some bar that's usually free to have a crap time surrounded by fucksticks and shit heels is a cock honker.

True, and nobody knows what to do at midnight, so they usually congregate around the nearest giant clock in the freezing cold, cheer at midnight, then endure a five hour wait for a taxi back home.

[sirazimuth]

Yes, that's all of us on here tonight. I was wondering WTF I'm doing on this forum tonight. It's because I have no life except crypto at present.

Nah. It's the shittest night of the year. Fuck NYE. Anyone paying $30 to get into some bar that's usually free to have a crap time surrounded by fucksticks and shit heels is a cock honker.

well I'll go out on a limb here and posit you won't be chanting auld lang syne with a retarded looking party hat on....

[gentlemand]

well I'll go out on a limb here and posit you won't be chanting auld lang syne with a retarded looking party hat on....

No. If anybody turned up at my secret location and did that I'd goose them and stamp on their face until they were dead.

[realr0ach]

Will you have some patience? It looks like LN is coming soon enough.

You cannot be serious.  Do you actually know what LN is?  I'll tell you what it is.  LN is nothing more than establishing bitcoin banks on top of the blockchain.  All of the exact same regulation traditional banks have will be applied to them and bitcoin will be virtually identical to your current banking system.  The only reason it hasn't happened yet is because it's too difficult for them to play whack-a-mole with regulating miners, but the LN "nodes" aka banks are less ambiguous in nature and will be regulated to infinity just like any normal financial services provider or bank.  

The costs, compliance, and amount of lawyers needed will be so high only entities like JP Morgan and Goldman Sachs will run them.  This is how crony capitalism works.  You introduce regulation with compliance requirements and fees so high that only your existing monopoly can participate while all small competitors are eliminated.

Nevermind the fact LN doesn't function in a decentralized manner in the first place.  There is also ZERO incentive for LN nodes aka banks to broadcast transactions to external peers.  There is actually incentive for these bitcoin banks to FORCE a hub and spoke model or cartel collective in order to hold their users hostage for usury fees (just like regular banks do). There's also nothing that stops them from changing usage of bitcoin as settlement to ripple, US dollars, or anything else.  I wrote more on why LN is unworkable on the technical side here:

https://bitcointalk.org/index.php?topic=178336.msg26860586#msg26860586

I wouldn't have any problem in additional layers more or less de/centralised. You shouldn't too, as they are all optional... just additional layers!

No, they are not "optional" when base block size is held artificially low to have astronomical fees.  LN is a trojan horse to turn bitcoin into a mirror image of the already existing banking system no matter how you look at it for reasons I described above.  

[vapourminer]

Yes, that's all of us on here tonight. I was wondering WTF I'm doing on this forum tonight. It's because I have no life except crypto at present.

Nah. It's the shittest night of the year. Fuck NYE. Anyone paying $30 to get into some bar that's usually free to have a crap time surrounded by fucksticks and shit heels is a cock honker.

True, and nobody knows what to do at midnight, so they usually congregate around the nearest giant clock in the freezing cold, cheer at midnight, then endure a five hour wait for a taxi back home.

whats going on here. private club, its builds a huge clock just for you folks, after a limo takes to your private jet and yall go home.

or am i in the wrong thread?

[bones261]

This tax thing confounds me. I went to this web page https://bitcoin.tax/, paid the $20.00 and do not care for the results, so far.   I'll decide what to do about it come March, maybe. My partner says, "Fuck it," but I don't want to risk a potential big hassle down the line. I truly hate the IRS.

[Neo_Coin]

[Toxic2040]

Yes, that's all of us on here tonight. I was wondering WTF I'm doing on this forum tonight. It's because I have no life except crypto at present.

Nah. It's the shittest night of the year. Fuck NYE. Anyone paying $30 to get into some bar that's usually free to have a crap time surrounded by fucksticks and shit heels is a cock honker.

True, and nobody knows what to do at midnight, so they usually congregate around the nearest giant clock in the freezing cold, cheer at midnight, then endure a five hour wait for a taxi back home.

whats going on here. private club, its builds a huge clock just for you folks, after a limo takes to your private jet and yall go home.

or am i in the wrong thread?

Thats what I was thinking...wtf??  

[xhomerx10]

well I'll go out on a limb here and posit you won't be chanting auld lang syne with a retarded looking party hat on....

No. If anybody turned up at my secret location and did that I'd goose them and stamp on their face until they were dead.

 Let that be a warning to all ya'll would-be New year's carollers....

[lightfoot]

will still owe IRS and State taxes of about 12k....running out of crap to buy

(xerox machine...I guess I always wanted one)

yep you nailed it

Yup. I just picked up a reflow oven, much easier way to de-glom boards that had the solder extrude from heat. Should be fun to try that out, just have to run it in the work shed because man they can stink with kestrel flux....

Feb's credit card bills will be a bitch; hope Bitcoin's up by then.

[Arriemoller]

I'd rather pay 200K for a Vanuatuan passport and a 1-way ticket.

Yeah, well, I ain't gonna fight the IRS on what they are due. That's just a bad time right there and too much stress.

I'm a proud, patriotic American Citizen.

Fuck you.

It's less stressful, possibly overpaying on quarterly taxes, than needing to stress about the prospect of a FUCKING MASSIVE bill due on April 15th if you didn't play by the rules.

Trust me. Having to deal with a FUCKING MASSIVE payment on April 15th is much more painful than making "very healthy" payments, quarterly, to the IRS.

It drives my partner crazy - that I round up to the nearest quarter-thousand when it comes to paying taxes - but I've been on the other side of owing FUCKING MASSIVE back taxes, and that's not something I ever want to deal with again in my lifetime.

I got a letter from the taxman the other day saying I owe the state the equivalent of 10 cents, that's slightly less then the postage .