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

[infofront]

What's the actual tax rate in the states, anyway? In my country it's about 80%. 50% income tax, 25% sales tax and a whole bunch of taxes that are not openly advertised on anything you buy adding up to another 50%.

How much of your labor needs to be taken away before you no longer consider yourself "free"?

Federal tax rate depends on income and whether you're married/single. A married couple making a combined $150,000/year, for example, has a tax rate of 22%.

State income tax rates vary greatly. States like Texas, Florida, and several other have no income tax. California, the most "progressive" state in the country, has a top tax rate of 13.3%. Most large cities also have a small income tax.

Then, there are property taxes. These vary widely and are based on the value of your home. Mine are something like $2,400/year.

State sales tax is typically around 6-7%. There is no federal sales tax.

There are other taxes, which are hidden from most people, such as corporate income taxes, gasoline tax, etc.

[Biodom]

What's the actual tax rate in the states, anyway? In my country it's about 80%. 50% income tax, 25% sales tax and a whole bunch of taxes that are not openly advertised on anything you buy adding up to another 50%.

How much of your labor needs to be taken away before you no longer consider yourself "free"?

Then, there are property taxes. These vary widely and are based on the value of your home. Mine are something like $2,400/year.

State sales tax is typically around 6-7%. There is no federal sales tax.

There are other taxes, which are hidden from most people, such as corporate income taxes, gasoline tax, etc.

Man, I wish my RE taxes were this low.
In TX they are INSANELY high.
$10K on a moderately valued home. It's a high replacement of state tax.
I am not retired, but a typical retiree cannot pay this.

[infofront]

What's the actual tax rate in the states, anyway? In my country it's about 80%. 50% income tax, 25% sales tax and a whole bunch of taxes that are not openly advertised on anything you buy adding up to another 50%.

How much of your labor needs to be taken away before you no longer consider yourself "free"?

Then, there are property taxes. These vary widely and are based on the value of your home. Mine are something like $2,400/year.

State sales tax is typically around 6-7%. There is no federal sales tax.

There are other taxes, which are hidden from most people, such as corporate income taxes, gasoline tax, etc.

Man, I wish my RE taxes were this low.
In TX they are INSANELY high.
$10K on a moderately valued home. It's a high replacement of state tax.
I am not retired, but a typical retiree cannot pay this.

Ouch. The governments will take their pound of flesh one way or another I guess.

[Last of the V8s]

https://www.c-span.org/video/?448611-1/house-panel-examines-digital-currency&live

[Elwar]

https://www.c-span.org/video/?448611-1/house-panel-examines-digital-currency&live

I'm not liking the panel they grabbed for their "panel of experts".

A Ripple guy and a bunch of professors of the legacy systems.


Ripple guy suggesting the Fed create a centrally controlled cryptocurrency. Or a cryptocurrency like...hmm...Ripple. Bitcoin is money, but not a very good one. Nothing wrong with our current system.

Heritage guy: Not Bitcoin...blockchain! (at least he suggests they get rid of capital gains taxes on spending crypto). He also mentions that centralizing crypto under Fed control wouldn't work. Adoption rate would help with volatility.

Professor: The US dollar has backing. Money is created by banks. Bitcoin not getting traction as a medium of exchange (likes Tether).

Old legacy finance guy: Private currencies have existed before. Money over time has become more centralized. Will it become decentralized due to crypto? Not likely. Central bank digital currency is a horrible idea. An increase in centralizing should be avoided.

They keep talking about a Federal Reserve deposit account.


Final summary: Cryptocurrencies are interesting and developing, it looks like we'll be coming back to this topic later.

[gentlemand]

I'm not liking the panel they grabbed for their "panel of experts".

A Ripple guy and a bunch of professors of the legacy systems.

I wouldn't have expected anything less, or more. That's how they roll.

[Last of the V8s]

"We should prohibit U.S. persons from buying or mining cryptocurrencies," says Rep. Brad Sherman, a senior Democrat on the House Financial Services Committee.

https://twitter.com/colinwilhelm/status/1019646925820264448


Bitcoin right now seems to be trying to break that psychological resistance level of $7500.

It went down $100 during his bleatings
https://www.opensecrets.org/members-of-congress/summary?cid=N00006897

This is the woke guy https://twitter.com/norbertjmichel?lang=en

Pollock is the wrecker https://imgur.com/a/wQPtnkq

[samson]

"We should prohibit U.S. persons from buying or mining cryptocurrencies," says Rep. Brad Sherman, a senior Democrat on the House Financial Services Committee.

https://twitter.com/colinwilhelm/status/1019646925820264448


Bitcoin right now seems to be trying to break that psychological resistance level of $7500 *permanently*.

Who the fuck does this Brad Sherman think he is ?

[BTCtrader71]

"We should prohibit U.S. persons from buying or mining cryptocurrencies," says Rep. Brad Sherman, a senior Democrat on the House Financial Services Committee.

https://twitter.com/colinwilhelm/status/1019646925820264448


Bitcoin right now seems to be trying to break that psychological resistance level of $7500.

It went down $100 during his bleatings
https://www.opensecrets.org/members-of-congress/summary?cid=N00006897

This is the woke guy https://twitter.com/norbertjmichel?lang=en

Pollock is the wrecker https://imgur.com/a/wQPtnkq

https://www.c-span.org/video/?448611-1/house-panel-examines-digital-currency&live

Mr Pollock ended with this: " I don't think it [future forms of currency] will be a privately issued fiat currency like bitcoin"
Not sure if he meant it, but sounded like he called bitcoin a privately issued fiat currency. Hwa??

[jbreher]

Corporations are soulless mummies mandated to maximize shareholder profit. Imagining market forces will manage humans with anything other than complete indifference is nuts.

Funny thing about profit? It can only be garnered by providing something the masses want at a price for which they are willing to pay.

Truth is, the cold indifference of profit-seeking enterprise is the mechanism by which the lowliest among us live better longer lives in more comfort than the aristocracy of merely a century ago.

[gembitz]

fat finger?      weeeeeeeeeee

[Rosewater Foundation]

Google and Amazon etc compete by giving employees not only salaries, but "free" cafeteria food, "free" dental etc.

Rich western countries compete that way too.

It's up to each country what kind of "free" benefits like healthcare they should provide.

Corporations are soulless mummies mandated to maximize shareholder profit. Imagining market forces will manage humans with anything other than complete indifference is nuts.

You don't like "salary+benefits" package, you move to a better country.

Just everybody get rich and move to a seastead then. Good plan.

Funny thing about profit? It can only be garnered by providing something the masses want at a price for which they are willing to pay.

Truth is, the cold indifference of profit-seeking enterprise is the mechanism by which the lowliest among us live better longer lives in more comfort than the aristocracy of merely a century ago.

I went ahead and put my inflammatory quote back in the context of depending on companies to provide basic needs. fwiw

[jbreher]

Saw on /r/bitcoin.

Food for thought.

But gold still hasn't equalled that 1980 high accounting for inflation, which we're told is the point of gold. It would've been $2600 in today's dollars so right now it's worth less than half what you laid out nearly four bleedin' decades ago.

$800+ was merely standard FOMO overshoot. Duh.

Paper gold turned it to shite.

Well, there is that.

[jbreher]

LOL Mastercard 

Indeed. Made me laugh as well. That was their stated value-add.

Can't make this shit up, people.

[Agaguk24]

BTC had a nice run up to 20000$ then crashed to 5500$, which is what it always does after such a strong rise.

Personally I am waiting for 100 000$.

[Elwar]

Sherman is a tool. "What purpose does Bitcoin have other than tax avoidance and criminal activity?"

How about ending your ease of printing shit currency to fund your wars and paying idiots like Sherman to be idiots with centralized force.

[hodl_2015]

Saw on /r/bitcoin.
Food for thought.

300% growth in almost 40 years. I am clearly too impatient to invest in gold.

[Anon136]

What's the actual tax rate in the states, anyway? In my country it's about 80%. 50% income tax, 25% sales tax and a whole bunch of taxes that are not openly advertised on anything you buy adding up to another 50%.

So let's make an imaginary year where I spend $100,000, see how much taxes I would end up paying in that year, then take that as a percent of the total.

So it's no federal long term capital gains for the first 75,000 then 10% for the next 25,000. So that's $2,500 there. State capital gains taxes are more complicated but in my experience they tend to end up being about half as much as I pay in federal. So lets say $1,250. Sales taxes are about 6% so that's about $6,000 there. Property taxes come out to about $3,700. Vehicle taxes about $300. 2,500+1,250+6,000+3,600+300=13,750 or 13.75%.

It's not great but it's not too bad. I'm not so resentful because I'm not quite the anarchist I used to be. I like having a border and a military even if they aren't as effectively provisioned as I would like.

[Last of the V8s]

Sherman is a tool. "What purpose does Bitcoin have other than tax avoidance and criminal activity?"

How about ending your ease of printing shit currency to fund your wars and paying idiots like Sherman to be idiots with centralized force.

edit https://www.youtube.com/watch?v=QrUHYSxiN_w What's Brad Sherman's Problem with Bitcoin??

[becoin]

It is not too high a price to pay, these tax-funded governments and social constructs of ours.

Your ancestors would spit in your face and shit on your grave if they could, to hear you trivialize how far society has come to build the states we live in now and how easy we have had it for the sacrifices they lived through.

So, if people adopt bitcoin they're going back in the Stone Age, right? To avoid that we just need to pay our taxes and use banksters money that rob our increased labor productivity!