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

[TERA2]

[thisisntbic]

I think to evade US clutches you would need to fake your own death as a minimum.  

Thanks. That's kind of what I figured.  

Or a proper opaque blockchain.

Just sayin.

I was thinking about this same situation. Wouldn't it be possible to move your coins to a new address*^ and pay taxes on it now (2017) as if you sold it all. Then physically move, and declare whatever you have (if you have to) with the new addresses and live happily ever after when the price moons.

*I'm assuming you would set this up via VPN, TOR, or whatever, so that it can't be tied back to you as being a resident of USA and thus taxed when you try to leave (idk, IANAL/Accountant)
^Also assuming moving from one wallet to another is a taxable event (i.e. the whole Coinbase -> private wallet issue). I'm sure there is more I'm not taking into account; beer isn't helping me think of those either, haha

[lightfoot]

Note: I'm still thinking about the stupid BCH airdrop. Is that a taxable event when you claim it, or can you add the value to the basis value of the bitcoin you convert it into then pay the taxes when you cash the bitcoin for fiat or other valuable prizes?

You can´t leave it alone, can you.
 You all are tax-obsessed. Till now i have Denmark and Amsterdam, but thats all to cold. I prefer to live in a jurisdiction, for now, where they are to lazy to ask me for taxes. I´m complaining all the time about this and that, but thats a big plus here.

Fair enough. Remember my whole goal here was to start a business that provided a service, took only bitcoins in payment (ok, I do LTC too) and actually ran as a legit business that would pay all taxes and enjoy the fruits of my labors without ever having to buy a bitcoin.

So yeah, I'm trying to figure all of this out best I can. Give it a few years and I may move to a different country, in which case I will have to pay my hostage fee to the US Govt to leave, much like anyone else would.

We'll see how it works out.

[HairyMaclairy]

Bearstamp looking rather bullish at the moment, broken downward 1 hour trend. 

[Rosewater Foundation]

I think to evade US clutches you would need to fake your own death as a minimum. 

Thanks. That's kind of what I figured. 

Or a proper opaque blockchain.

Just sayin.

The "M" blockchain is the only other one I believe in. 

ZEC is OK

I don't have much love for alts in general, but this in particular always bothered the hell out of me.
https://blog.okturtles.com/2016/09/how-to-compromise-zcash-and-take-over-the-world/

[HairyMaclairy]

Goldman Sachs CEO:   Something that moves 20% overnight does not look like a currency.  It is a vehicle to perpetuate fraud. 


Buy signal. 

[pfrtlpfmpf]

You said it, without saying anything !

[RejectedBanana]

I may be asking a question with an obvious answer, but could a US citizen immigrate to Panama (or another CG-free country), then cash in his bitcoins tax free, and be off the hook for taxes in the US?

You have to irrevocably renounce your citizenship. With the caveat:

Persons who wish to renounce U.S. citizenship should be aware of the fact that renunciation of U.S. citizenship may have no effect on their U.S. tax or military service obligations.

https://travel.state.gov/content/travel/en/legal-considerations/us-citizenship-laws-policies/renunciation-of-citizenship.html

So I'm guessing if you haven't realized any gains until after renouncing, you're safe?

(contact the Internal Revenue Service or U.S. Selective Service for more information)

Ha!

[Rosewater Foundation]

You said it, without saying anything !

It's called a "picture".

[lightfoot]

No, you make sure you pay all of your realized gains on the way out. That's not a big deal, Just write them a check on the day you leave with the final balance at whatever the LTCG is.

Then off you go.

[Rosewater Foundation]

I'm officially spooked.

[bitserve]

So... If you sent all your BTC to a 1dicexxxx address, and got back 98% that's gambling right?

The profits? Yes.

... But you have to pay capital gains for every BTC you "spend" to gamble in first instance as that would be a taxable event (the selling of BTC to gamble) no matter if you win or lose afterwards.

P.S.: Almost everything is a taxable event as it involves "using" the actual value of BTC which is different than when you initially acquired it. The only thing I don't agree is that "moving the coins out of coinbase" is a taxable event. That doesn't make any sense.

[explorer]

I'm officially spooked.

... I'm afraid you're going to need a much bigger graph.

[Rosewater Foundation]

That's what she said.

[jojo69]

I think to evade US clutches you would need to fake your own death as a minimum. 

Thanks. That's kind of what I figured. 

Or a proper opaque blockchain.

Just sayin.

The "M" blockchain is the only other one I believe in. 

ZEC is OK

I don't have much love for alts in general, but this in particular always bothered the hell out of me.
https://blog.okturtles.com/2016/09/how-to-compromise-zcash-and-take-over-the-world/

fully acknowledged

I think they are, in fact, taking their own advise

https://www.coindesk.com/devs-destruction-inside-zcashs-second-crypto-ceremony/

[Wekkel]

Arbitrary graph is arbitrary. Show me the bubble that is car, electricity, tv-sets and the Internet. Still bubbles?

[explorer]

I think to evade US clutches you would need to fake your own death as a minimum. 

Thanks. That's kind of what I figured. 

Or a proper opaque blockchain.

Just sayin.

The "M" blockchain is the only other one I believe in. 

ZEC is OK

I don't have much love for alts in general, but this in particular always bothered the hell out of me.
https://blog.okturtles.com/2016/09/how-to-compromise-zcash-and-take-over-the-world/

fully acknowledged

I think they are, in fact, taking their own advise

https://www.coindesk.com/devs-destruction-inside-zcashs-second-crypto-ceremony/

Its still a for profit company that takes a 20% tax on every block.  I mean, WTF?

Anyway, people will use whatever they want, and most will lose their money.  Its human nature. 

Bitcoin.  $8000 or $11000 next?

[Heater]

Bearstamp looking rather bullish at the moment, broken downward 1 hour trend. 

True, but I still don't see it holding. Will be interesting to see how it goes.

A decent retest of support here (or sideways for a while) would be nice before the next big rise.

[bitserve]

Arbitrary graph is arbitrary. Show me the bubble that is car, electricity, tv-sets and the Internet. Still bubbles?

Don't forget about smartphones. That has been a really fast and wild bubble adoption curve.

[Dabs]

So... If you sent all your BTC to a 1dicexxxx address, and got back 98% that's gambling right?

The profits? Yes.

... But you have to pay capital gains for every BTC you "spend" to gamble in first instance as that would be a taxable event (the selling of BTC to gamble) no matter if you win or lose afterwards.

P.S.: Almost everything is a taxable event as it involves "using" the actual value of BTC which is different than when you initially acquired it. The only thing I don't agree is that "moving the coins out of coinbase" is a taxable event. That doesn't make any sense.

You have BTC. You gamble it on a BTC only dice site (or any other BTC only gambling site) that does not accept fiat. You don't have any profits because you just lost 2%, if you played a game with a 98% chance to win, if you won. If you lost, well, uh, you lost everything. You could play a game that allows a 100% chance to win with a 2% house edge maybe.

Your win now is from gambling. You're not selling BTC to gamble, you are gambling the BTC itself.

Or the IRS does not see it that way? You guys are f**ked uh no matter what.