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

[HI-TEC99]

Sub 6 is still highly likely. Its just a matter of if we're distracted by this huge multi-month bulltrap first like in 2014.

I doubt it would have crashed at this time of the year in 2014 if China hadn't banned Bitcoin for the first time.

The first time it made waves, but they banned it too many tines now for anyone to give a shit.

The first China Ban was in late 2013. What does todays action have to do with China?

China banned its banks from handling transactions involving Bitcoin in 2013, but it didn't entirely ban Bitcoin.

There was a rumor China would entirely ban all Bitcoin transactions by 15th April 2014. That crashed the price about this time of year back in 2014. Without that "ban" I doubt the price would have crashed around Easter. Just because the price crashed in Easter 2014 doesn't mean it will crash in Easter 2018.

These quotes are from 2014.

https://www.coindesk.com/chinas-central-bank-governor-pboc-wont-ban-bitcoin/

The price of bitcoin recovered from a low of roughly $380 and rose past $420 at press time on 11th April, on the news that Zhou Xiaochuan, the governor of the People's Bank of China (PBOC), had issued new statements potentially clarifying the central bank's position on bitcoin.

According to reports, during Boao Forum, Xiaochuan offered his opinion on the nascent technology, saying that China would not seek to ban bitcoin and other digital currencies entirely.

https://www.coindesk.com/bitcoin-price-declines-following-false-report-chinas-bitcoin-ban/

A false report published on a financial news feed run by Chinese microblogging site Sina Weibo was responsible for the sharp decline in bitcoin prices across China's biggest exchanges today (21st March).

At 10:22 am GMT, Sina's financial live feed issued a now-retracted news report indicating that China's central bank, the People's Bank of China (PBOC), would move to halt all bitcoin transactions in the country effective 15th April.

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[HairyMaclairy]

fortune fuds
https://fortuneinsider.com/opinion/bitcoin-your-address-accepts-all-deposits-you-are-at-risk-for-scams/

I guess it's not possible to just simply return the transaction if it would indeed cause any unwanted trouble.

At least if someone knows my public key with BTC, people can only send me coins. I will happily keep them. However, if I gave someone my bank account number and routing number, they can move funds in and out of my bank account.(Saving grace is that the transaction would be reversible. But what a nightmare if I didn't catch it in time and some of my legit transactions bounce.)

Who would be liable for tax payments on such a transaction (given that it was above the "gifting" limits)? And who would be required to report it? The recipient or the sender?

Unless there is some funky US tax law I am not aware of, the recipient pays nothing because receipt of property is not income (bitcoin is property not money).   I’m not so sure about the sender.

[bones261]

fortune fuds
https://fortuneinsider.com/opinion/bitcoin-your-address-accepts-all-deposits-you-are-at-risk-for-scams/

I guess it's not possible to just simply return the transaction if it would indeed cause any unwanted trouble.

At least if someone knows my public key with BTC, people can only send me coins. I will happily keep them. However, if I gave someone my bank account number and routing number, they can move funds in and out of my bank account.(Saving grace is that the transaction would be reversible. But what a nightmare if I didn't catch it in time and some of my legit transactions bounce.)

Who would be liable for tax payments on such a transaction (given that it was above the "gifting" limits)? And who would be required to report it? The recipient or the sender?

Unless there is some funky US tax law I am not aware of, the recipient pays nothing because receipt of property is not income (bitcoin is property not money).   I’m not so sure about the sender.

The sender has to pay if the transfer value exceeds 14000 per year to an individual. However, if in the event, the sender doesn't pay, then the IRS looks to the recipient to pay.

[HairyMaclairy]

The sender has to pay if the transfer value exceeds 14000 per year to an individual. However, if in the event, the sender doesn't pay, then the IRS looks to the recipient to pay.

Can you explain this ?  Taxes for property are payable on a taxable event. Normally receipt of property is not a taxable event.

The person disposing of the property has a taxable event for fair market value of the property at the time of disposal.  But that has nothing to do with the recipient.  

Edit:   Did some digging and I see you have gift tax in the US.  It seems to be tied up with your communist inheritance taxes. 

[vapourminer]

The sender has to pay if the transfer value exceeds 14000 per year to an individual. However, if in the event, the sender doesn't pay, then the IRS looks to the recipient to pay.

Can you explain this ?  Taxes for property are payable on a taxable event. Normally receipt of property is not a taxable event.

The person disposing of the property has a taxable event for fair market value of the property at the time of disposal.  But that has nothing to do with the recipient. 

wouldnt a taxable event only happen when the btc is sold/traded? if so just never spend it. xfer that unwanted btc to a separate wallet/address and never touch it again.

have to use a wallet with coin control or something to get it right maybe.

[bones261]

The sender has to pay if the transfer value exceeds 14000 per year to an individual. However, if in the event, the sender doesn't pay, then the IRS looks to the recipient to pay.

Can you explain this ?  Taxes for property are payable on a taxable event. Normally receipt of property is not a taxable event.

The person disposing of the property has a taxable event for fair market value of the property at the time of disposal.  But that has nothing to do with the recipient.  

According to this, it appears no gift tax is owed until the donor gives away in excess of 5.49 million dollars in their life time. (Excluding the 14000 per year exemption per recipient.)
https://blog.taxact.com/gift-tax-do-i-have-to-pay-gift-tax-when-someone-gives-me-money/
It appears the IRS can go after the recipient if the donor doesn't pay. But this is clearly very rich people problems.
What scammer is going to send me 100s of BTC to try and fleece me for my very small stash for this to be a real problem? Clearly they would be a fool.

[B1tUnl0ck3r]

The sender has to pay if the transfer value exceeds 14000 per year to an individual. However, if in the event, the sender doesn't pay, then the IRS looks to the recipient to pay.

Can you explain this ?  Taxes for property are payable on a taxable event. Normally receipt of property is not a taxable event.

The person disposing of the property has a taxable event for fair market value of the property at the time of disposal.  But that has nothing to do with the recipient. 

According to this, it appears no gift tax is owed until the donor gives away in excess of 5.49 million dollars in their life time. (Excluding the 14000 per year exemption per recipient.)
https://blog.taxact.com/gift-tax-do-i-have-to-pay-gift-tax-when-someone-gives-me-money/
It appears the IRS can go after the recipient if the donor doesn't pay. But this is clearly very rich people problems.

frankly if you are conservative, loris lerner will come after you... better have a great accountant... ukraine and many other nations doesn't give a fuck about bitcoin... no all nation are under the slave plantation system backed by rapes... .

[BTCMILLIONAIRE]

The sender has to pay if the transfer value exceeds 14000 per year to an individual. However, if in the event, the sender doesn't pay, then the IRS looks to the recipient to pay.

Can you explain this ?  Taxes for property are payable on a taxable event. Normally receipt of property is not a taxable event.

The person disposing of the property has a taxable event for fair market value of the property at the time of disposal.  But that has nothing to do with the recipient.  

According to this, it appears no gift tax is owed until the donor gives away in excess of 5.49 million dollars in their life time. (Excluding the 14000 per year exemption per recipient.)
https://blog.taxact.com/gift-tax-do-i-have-to-pay-gift-tax-when-someone-gives-me-money/
It appears the IRS can go after the recipient if the donor doesn't pay. But this is clearly very rich people problems.
What scammer is going to send me 100s of BTC to try and fleece me for my very small stash for this to be a real problem? Clearly they would be an fool.

If the IRS had to go after the recipient in such a case, the recipient wouldn't get fucked by tax evasion laws for not walking up to the IRS himself would he? Since the sender is supposed to do that part and the recipient couldn't possibly know if the sender neglected his duty?

[HI-TEC99]

The sender has to pay if the transfer value exceeds 14000 per year to an individual. However, if in the event, the sender doesn't pay, then the IRS looks to the recipient to pay.

Can you explain this ?  Taxes for property are payable on a taxable event. Normally receipt of property is not a taxable event.

The person disposing of the property has a taxable event for fair market value of the property at the time of disposal.  But that has nothing to do with the recipient. 

wouldnt a taxable event only happen when the btc is sold/traded? if so just never spend it. xfer that unwanted btc to a separate wallet/address and never touch it again.

have to use a wallet with coin control or something to get it right maybe.

I don't think anyone is sure if it's a taxable event or not.

The same seems to apply to any Bitcoin cash you got from the fork.

https://www.coindesk.com/irs-get-cut-bitcoin-cash/

To summarize, under current law it is not at all clear whether a hard fork constitutes a taxable event.

Even if one takes a conservative approach that it does, it is not clear what is the amount realized, namely, the amount that taxpayers must report in income.

Given that several hard forks happened in 2017, it is absolutely imperative that the IRS issue guidance soon on the tax treatment of hard forks.

[B1tUnl0ck3r]

The sender has to pay if the transfer value exceeds 14000 per year to an individual. However, if in the event, the sender doesn't pay, then the IRS looks to the recipient to pay.

Can you explain this ?  Taxes for property are payable on a taxable event. Normally receipt of property is not a taxable event.

The person disposing of the property has a taxable event for fair market value of the property at the time of disposal.  But that has nothing to do with the recipient.  

According to this, it appears no gift tax is owed until the donor gives away in excess of 5.49 million dollars in their life time. (Excluding the 14000 per year exemption per recipient.)
https://blog.taxact.com/gift-tax-do-i-have-to-pay-gift-tax-when-someone-gives-me-money/
It appears the IRS can go after the recipient if the donor doesn't pay. But this is clearly very rich people problems.
What scammer is going to send me 100s of BTC to try and fleece me for my very small stash for this to be a real problem? Clearly they would be an fool.

If the IRS had to go after the recipient in such a case, the recipient wouldn't get fucked by tax evasion laws for not walking up to the IRS himself would he? Since the sender is supposed to do that part and the recipient couldn't possibly know if the sender neglected his duty?

another option is to black mail your designed irs agent... it's so easy, find who they fuck and most of time it will be shady (underage, what ever)... paying the irs is submission, it's accepting slavery, it's contributing to oppression, it means to be a good slave...

brk trump will address the nation tonight... will see...

maybe https://www.zerohedge.com/comment/11507814#comment-11507814 "

Keep fucking DREAMING.  The Storm is fucking HERE!

25,000 sealed indictments, room for 13,000 in GITMO.   Tribunals are ready.  

 

Democrats are in deep DEEP fucking SHIT and they know it.  That's why they are panicking.
"

LOOOL

they could have done visa bans... anyway... will see how it plays out...

just have spare hardware, emf shielded in case...

[HairyMaclairy]

I don’t accept that hard forks are income. Not until you sell them.

A code split is not a dividend.

A harder question is whether Neo gas counts as income.  On balance I think the answer is still no as gas is not money.

[bones261]

The sender has to pay if the transfer value exceeds 14000 per year to an individual. However, if in the event, the sender doesn't pay, then the IRS looks to the recipient to pay.

Can you explain this ?  Taxes for property are payable on a taxable event. Normally receipt of property is not a taxable event.

The person disposing of the property has a taxable event for fair market value of the property at the time of disposal.  But that has nothing to do with the recipient.  

According to this, it appears no gift tax is owed until the donor gives away in excess of 5.49 million dollars in their life time. (Excluding the 14000 per year exemption per recipient.)
https://blog.taxact.com/gift-tax-do-i-have-to-pay-gift-tax-when-someone-gives-me-money/
It appears the IRS can go after the recipient if the donor doesn't pay. But this is clearly very rich people problems.
What scammer is going to send me 100s of BTC to try and fleece me for my very small stash for this to be a real problem? Clearly they would be an fool.

If the IRS had to go after the recipient in such a case, the recipient wouldn't get fucked by tax evasion laws for not walking up to the IRS himself would he? Since the sender is supposed to do that part and the recipient couldn't possibly know if the sender neglected his duty?

I don't think the IRS will go after the recipient criminally, unless the recipient agreed in writing to be responsible when the transfer took place. However, I am sure the IRS can make life miserable with liens, levies and penalties.

[B1tUnl0ck3r]

I don’t accept that hard forks are income. Not until you sell them.

A code split is not a dividend.

or maybe pay your irs agent a fair share of what you would have to pay I bet that it must be okay... look who isn't corrupt? who got in jail in the lois lerner total treasonous acts? http://www.foxnews.com/opinion/2017/04/17/lois-lerner-got-off-easy-in-irs-scandal-its-time-to-reexamine-targeting-conservatives.html

there are many non extradition country who kill on sight fbi and other american goons... they don't give a fuck. you know the msm only work on the american slave... the rest of the world... just lol at them. cattles.

The sender has to pay if the transfer value exceeds 14000 per year to an individual. However, if in the event, the sender doesn't pay, then the IRS looks to the recipient to pay.

Can you explain this ?  Taxes for property are payable on a taxable event. Normally receipt of property is not a taxable event.

The person disposing of the property has a taxable event for fair market value of the property at the time of disposal.  But that has nothing to do with the recipient. 

According to this, it appears no gift tax is owed until the donor gives away in excess of 5.49 million dollars in their life time. (Excluding the 14000 per year exemption per recipient.)
https://blog.taxact.com/gift-tax-do-i-have-to-pay-gift-tax-when-someone-gives-me-money/
It appears the IRS can go after the recipient if the donor doesn't pay. But this is clearly very rich people problems.
What scammer is going to send me 100s of BTC to try and fleece me for my very small stash for this to be a real problem? Clearly they would be an fool.

If the IRS had to go after the recipient in such a case, the recipient wouldn't get fucked by tax evasion laws for not walking up to the IRS himself would he? Since the sender is supposed to do that part and the recipient couldn't possibly know if the sender neglected his duty?

I don't think the IRS will go after the recipient criminally, unless the recipient agreed in writing to be responsible when the transfer took place. However, I am sure the IRS can make life miserable with liens, levies and penalties.

depends of your rating with facebook maybe?

[savetherainforest]

More bombs get new orders into manufacturing = BTCitcoin rallies!   

[jojo69]

oh shit

it's on

[Torque]

Somebody forgot to say "dump it". Can't just smoke and point. It isn't that simple.

[bones261]

Another bear trap? Gee, I have to stop shorting corn on Bitmex. 

[BTCMILLIONAIRE]

Syria airstrikes announced by the US, UK and France. Bitcorn jumps. Coincidence or confirminati illumed?

[DaRude]

oh shit

it's on

Well that explains the earlier bump

[bitserve]

Another bear trap? Gee, I have to stop shorting corn on Bitmex.  

Maybe if you guys would stop shorting out of fear we could go on with the bullishness... or, on second thought, we need those rekt shorts to pump it. Ok, whatever.