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

[hodl_2015]

I bought bitcoins because I saw it on CNN and CNBC and Fox News last month.

And you created an account on bitcointalk.org 5 years before that? :-)
One thing you will have to explain is how you where able to pay (cash) for all these bitcoins last month.
I just report my bitcoin holdings so I can spend them later without running into issues. The 1.2%/year in taxes is less than the price swings in a single day.

[d_eddie]

Yeah this is indeed some great news!
We will get SegWit as wished, without any modifications, and the HF stuff will come later.
However does anybody here if it really will kill ASICBOOST now?
I'm not that deep into the technical stuff and some opinions seems to differ here.
Antpool and Bitmain will probably the last ones to signal. But I'm sure they will do.

From what I have seen, SegWit will make it transparent whenever a miner uses the ASICBOOST exploit. I would imagine this would accelerate a full fix.

From what I understood, there is overt and covert asicboost. Overt asicboost is relatively harmless (small relative advantage) and won't be harmed by segwit. On the other hand, covert asicboost needs the signatures in the same block and can't be done when the witness data is segregated.

[bitserve]

Yep. It is already VERY HARD to make them believe how some little money have growed so much in a few years even if you have records of every transfer to the exchanges, every purchase/trade, etc etc....

Why? I can trace the purchase and the price paid, the movement through wallets and the eventual sale price. It's all there to be presented. It's not witchcraft.

If you get taken to court for some reason, what reason would it be? The court would clip the taxman around the ear for wasting its time.

Well it depends on many things. I will explain with an extreme example:

- Let's see you are unemployed and have not had any official income for the past 5 years.
- YOu don't really care because you have a few thousand BTC you bought in 2010.
- Now you decide to cash out 500BTC or 1 million eur. you send the coins to the exchange and withdraw to your bank.
- You pay the capital gains on it on your declaration.
- Very probably you raise suspicions and get audited. It is even very possible it even hapenned as soon as the bank received that sum and informed the tax office. Then money is put on hold.
- You have perfect proof of everything... Probably they don't understand it fully and you need to present notarised translated documents. Maybe even some expert witness report explaining the moves, etc...
- Trouble, trouble... in this case you will probably be free to go, but not before a lot of headache.

Unexplained wealth is the reason. And it is on you to prove it didn't come from illicit activities and to pay the proper tax on it.

[gentlemand]

Unexplained wealth is the reason. And it is on you to prove it didn't come from illicit activities and to pay the proper tax on it.

It's not doubt plenty of wealth but it is fully explainable. You're better off contacting your bank beforehand and having all your info together but people do it every single day without being executed.

[bitserve]

Unexplained wealth is the reason. And it is on you to prove it didn't come from illicit activities and to pay the proper tax on it.

It's not doubt plenty of wealth but it is fully explainable. You're better off contacting your bank beforehand and having all your info together but people do it every single day without being executed.

Being explainable doesn't avoid you having to fully explain it. Of course once you are increasing your official net worth (paying taxes et all) you already have a track record that is not suspicious anymore.

Anyways, what dabs was suggesting is trying to make them believe that all his Bitcoins were bought in the last few months without any sound proof of where did he get the cash to buy it, from whom (unidentified individuals), etc...

And THAT, will be a real nightmare that most probably wouldn't end well.

[Richy_T]

I don't know the technical of how to fix it,

Okay...

I don't know the technical of how to fix it,
but that's not important, I'm sure there are people who have a fair idea of how to do it. Do it in a way that  maintains the very essence of Bitcoin. Keep it as decentralized as possible. Don't mess anything up! GIVE THE POWER BACK TO THE PEOPLE!
If that means not highening the block size, so be it. "...Well but the network fee is too high then!" well go use some other coin to pay for your coffe if it's too high.. One should use Bitcoin as a cryptocurrencies vault, from where one can send a larger amount to another wallet, which is to be used for daily purchases.
 Don't close the door on the guy who has his miner in the basement. If there is no people, there is no value.

And you betray yourself with your followup. You are belittling people, many of whom have very technical backgrounds who happen to disagree with the way Core is handling things and who do not see this "decentralization" argument as more than a scare tactic. You claim you do not understand well the mechanisms then fall back on relying on authority. If you really don't understand the technicals of why people are pushing for a block size limit increase, I suggest you educate yourself but I suspect the "I'm just a simple rube" act is exactly that.

And for what it's worth, high fees are devastating for the small miner.

[Richy_T]

However does anybody here if it really will kill ASICBOOST now?

AFAIK, it's basically Core's version of Segwit with different signalling. So that would mean it would put an end to *covert* asicboost but not overt (I think).

If Jihan was not using it, as claimed, that should not be a big deal. He's signed up for it either way anyway.

[Meuh6879]

Unexplained wealth is the reason. And it is on you to prove it didn't come from illicit activities and to pay the proper tax on it.

that's why a bitcoin holder lease ... everything.
like rich family with gold deposit (in private storage).
use ... XAPO card for example.

[Richy_T]

Yep. But they were talking about declaring that one of the last purchased BTC (at a much higher buying price) is the one being sold. That completely ignores FIFO (First In First Out) that I supposse is a standard on most western countries.

All my bitcoins were purchased about one month ago. I can show you records. I bought it from a guy in the corner of some street, I don't know where, and I can't find him anymore, but here it is in the block explorer. That's my very first one. The next one is a few days later. See, here. (pointing to a print out of blockchain.info or any other block explorer and the paper wallet in question.)

I bought bitcoins because I saw it on CNN and CNBC and Fox News last month.

CGT is often higher on shorter-term investments (not sure that applies here though)

[Richy_T]

People discussing how to defraud the taxman on a public forum. *shakes head*. I hope you're all using VPNs.

[bitserve]

People discussing how to defraud the taxman on a public forum. *shakes head*. I hope you're all using VPNs.

It's all for scientific purposes... and you know it!

[Elwar]

People discussing how to defraud the taxman on a public forum. *shakes head*. I hope you're all using VPNs.

As Mitt Romney said, you can legally not pay your taxes.

Or at least, keep your tax footprint small.

[Meuh6879]

taxman rise DEBT over my 3nd generation. 
that's why i have choosed Bitcoin over Bank.
taxman is Bank, now.

[bitserve]

People discussing how to defraud the taxman on a public forum. *shakes head*. I hope you're all using VPNs.

As Mitt Romney said, you can legally not pay your taxes.

Or at least, keep your tax footprint small.

Of course you can legally not pay taxes (or pay much less). But not in the ways are being discussed here.

Look at Roger Ver, he even left the USA nationality and became a citizen of Saint Kiss and Nevis (whatever that is).

There are ways, but none of them are simple nor cheap.

[Torque]

Guys, just a PSA, please quit worshipping or glorifying Vinny Lingham just because he is on some stupid TV show and happens to like Bitcoin. The guy is a complete idiot hack who knows absolutely nothing about Bitcoin protocol design but keeps pretending like he does. Kinda like Roger Ver. And his calls/predictions on bitcoin price movement have been way off too, so he's not even a decent oracle.

https://twitter.com/VinnyLingham/status/844658734991257600

I'm getting sick and tired of seeing people who have no technical knowledge, background, or experience of Bitcoin protocol development talking as if they are an expert, or even knowledgeable enough to debate the topic.

It's the pinnacle of Mt. Stupid on the knowledge chart. I wish people would just show more humility.

[European Central Bank]

Guys, just a PSA, please quit worshipping or glorifying Vinny Lingham just because he is on some stupid TV show. The guy is a complete idiot hack who knows absolutely nothing about Bitcoin protocol design but keeps pretending like he does. Kinda like Roger Ver. And his calls on bitcoin price movement have been way off too, so he's not even a decent oracle.

https://twitter.com/VinnyLingham/status/844658734991257600

he sold everything because of the previous threatened unlimited fork. i think he's a little bit adrift these days. he probably sits on park benches tweeting to himself.

[N12]

Everyone looking forward to the weekend dumps?

[bones261]

Everyone looking forward to the weekend dumps?

Satoshi needs to come out of hiding with all of his BTC and dump all the markets down to $1.00 while I'm involved in a short. I'm sure the markets will recover quickly.  

[White sugar]

In the meanwhile, Litecoin is being highly pumped because LTC will be traded on Bitstamp by Monday and maybe something related to lightning network.

I think people may sell BTC for LTC and dump the BTC price a little.

[criptix]

Uhm is it time to go full fomo in ltc?

Ltc trailed btc 1:15 at the peak?