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

[V8s Road Warrior]

https://twitter.com/RD_btc/status/1328825681447444480

[Torque]

https://twitter.com/gregzaj1/status/1328504780193472512

[V8s Road Warrior]

 ^ 'the ageing of the gentleman's ball-sac' - a time honoured meme during bitcoin bull-runs  

[explorer]

Going to buy a brand new car next year.  Already playing with the Mercedes configurator, ending up with the new updated E class coupe with all kinds of options, total cost over 80,000 Euro..lol. Next year i'll press the buy buttom that's for sure.

Great choice been looking at the new E classe (not coupe) as well. However I'd never (not really never BTC at $100k will make me change my mind)  buy a brand new I prefer 1 year old cars. A car loses ~35-40% of it's value just by driving off the dealership's lot.    

#NoFucksGiven2021

More than likely I'll get two.  

The other thing to think about is an airplane. Back in the day I wouldn't be able to afford a 152. Now a Beech Sierra or a Dutchess  is starting to sing at me in the back of my mind.....

   The air travel idea is also looking good again.  It would alleviate the only drawback to living on an island.  How much does a pilot cost, these days?  Would I need to buy more than one?

[Toxic2040]

a good read

+1 WOsMerit

https://breedlove22.medium.com/an-open-letter-to-ray-dalio-re-bitcoin-4b07c52a1a98

[eXPHorizon]

Is it time yet for the King of the Jungle to come out ?

[bitserve]

[philipma1957]

Is this whole bitcoin thing now in full FOMO mode? Asking for a friend.

My FOMO indicator is still at an all time LOW...

Family > Only 1 has asked me about it.
Friends > Only 1 has asked me about it. (same friend from last bull market)
Acquaintances > NONE

It does feel like May-June 2017 again!....

because 78k is the price needed to be equal to 2017 19900 price.

we simply are not at the right level for true fomo.

[explorer]

Is this whole bitcoin thing now in full FOMO mode? Asking for a friend.

My FOMO indicator is still at an all time LOW...

Family > Only 1 has asked me about it.
Friends > Only 1 has asked me about it. (same friend from last bull market)
Acquaintances > NONE

It does feel like May-June 2017 again!....

because 78k is the price needed to be equal to 2017 19900 price.

we simply are not at the right level for true fomo.

This is from your mining returns calculations?

[OROBTC]

a good read

+1 WOsMerit

https://breedlove22.medium.com/an-open-letter-to-ray-dalio-re-bitcoin-4b07c52a1a98

Excellent article, highly recommended.

Thank you for posting it.

[philipma1957]

This is a very weird feeling I am having right now, brothers.

Bitcoin is mooning, and I have zero desire to sell any further, after just pulling off that early retirement maneuver with Rick.

Already allocated most of the funds; "Smart Portfolios" for healthcare costs, for each of us, for the next 30-40 years or so, with money left over to buy a shit-tonne of acreage in North-East Texas, and cash left over for stupid shit. Maybe enough left over to build "Ranchero Lawblaw", but will evaluate once that time comes - need to keep a savage chunk for tax withholding.

Ffffff...

Onward to $18k USD/BTC, gentlemen.

#blessed

Send the tax man a check now. I had a friend cash out 200k in december 2017 he sold 11 coins at about 19k.

 he let the cash burn a hole in his pocket.  decided to buy back in when coins dropped to 10k and then did not have any cash to pay the tax man.

If your tax bill is 400k at least send in 200k don’t  fuck around.

[strawbs]

Unless, of course, your weak hands sodled somewhere along the way. I suppose some thought should be given to fallen comrades who simply couldn't endure the beatings. Not all were born to hodl.

[Syke]

Send the tax man a check now. I had a friend cash out 200k in december 2017 he sold 11 coins at about 19k.

 he let the cash burn a hole in his pocket.  decided to buy back in when coins dropped to 10k and then did not have any cash to pay the tax man.

If your tax bill is 400k at least send in 200k don’t  fuck around.

Current max tax rate in US for long-term gains is 20%.

[BobLawblaw]

...did not have any cash to pay the tax man.
If your tax bill is 400k at least send in 200k don’t  fuck around.

 I'm not concerned about my lack of discipline, with respect to touching the funds allocated for tax, but now that you mention it, don't you start to accrue penalties or something (interest owed ?) depending on when/how much you sell in the quarter ?

 Don't feel like emailing my tax dude right now... Rick just asked why not wait until end of Q4 to pay tax ?

Current max tax rate in US for long-term gains is 20%.

Oh, fucking bonus ! Thought is was 23.8% or something (was at some point ?). That extra 3.8% will probably buy Rick a new gold codpiece he's been eyeing...

[bitserve]

Unless, of course, your weak hands sodled somewhere along the way. I suppose some thought should be given to fallen comrades who simply couldn't endure the beatings. Not all were born to hodl.

[philipma1957]

...did not have any cash to pay the tax man.
If your tax bill is 400k at least send in 200k don’t  fuck around.

 I'm not concerned about my lack of discipline, with respect to touching the funds allocated for tax, but now that you mention it, don't you start to accrue penalties or something (interest owed ?) depending on when/how much you sell in the quarter ?

 Don't feel like emailing my tax dude right now... Rick just asked why not wait until end of Q4 to pay tax ?

Current max tax rate in US for long-term gains is 20%.

Oh, fucking bonus ! Thought is was 23.8% or something (was at some point ?). That extra 3.8% will probably buy Rick a new gold codpiece he's been eyeing...

well you cashed in this quarter so technically you should pay a lot of your tax for 2020 by jan 15th

this is usa fed law. you can wait for that last payment date which is jan 15th.

lets pretend you normally make 200k  a year and pay 45k in fed tax.  

this year lets pretend you made  that same 200k and were paying 11k a quarter. so you paid 33k and will need to pay 12k to get to 45k to square away the normal money and normal taxes.

so pretend the cash out was 2.5 mill. the basis was .5 mil and it is all long term so 2 mill x 20% is 400k

4qt payment is due by jan 15 2021.

say 12k + 400k = 412k will be due.

if you pay half now 206k
and pay 2nd half by jan 15th.

It works.
If you wait till Last minute to pay all money due jan 15th

life has a way of making problems.

btw have fun with the coin enjoy.

I am assuming you held more coin for the 25-30k cash out opportunity.😄

[Wexlike]

Someone erased the word 'dip' from the English dictionary. Tried to look it up but couldn't find it anymore.

[siggy_77]

Send the tax man a check now. I had a friend cash out 200k in december 2017 he sold 11 coins at about 19k.

 he let the cash burn a hole in his pocket.  decided to buy back in when coins dropped to 10k and then did not have any cash to pay the tax man.

If your tax bill is 400k at least send in 200k don’t  fuck around.

Current max tax rate in US for long-term gains is 20%.

one would wish this were true... don't forget to add in the Net Investment Income Tax (an additional 3.8%) that kicks in somewhere between 200 and 400k

also don't forget most states want their cut also (in some states topping out over 12%)

between these two that 20% max just turned into 35%  

[Biodom]

...did not have any cash to pay the tax man.
If your tax bill is 400k at least send in 200k don’t  fuck around.

 I'm not concerned about my lack of discipline, with respect to touching the funds allocated for tax, but now that you mention it, don't you start to accrue penalties or something (interest owed ?) depending on when/how much you sell in the quarter ?

 Don't feel like emailing my tax dude right now... Rick just asked why not wait until end of Q4 to pay tax ?

Current max tax rate in US for long-term gains is 20%.

Oh, fucking bonus ! Thought is was 23.8% or something (was at some point ?). That extra 3.8% will probably buy Rick a new gold codpiece he's been eyeing...

Sorry, you are right about 23.8%, unless it is below the numbers in the article below, but from what you said, it bound to be higher..#noschadenfreude
https://www.irs.gov/individuals/net-investment-income-tax

[BobLawblaw]

I am assuming you held more coin for the 25-30k cash out opportunity.😄

Yeah, OK. Your advice squares away with my understanding of tax obligations; pay what you owe at the end of the quarter, when it is expected by the IRS.

Holding onto plenty more corn Gut is telling me to wait until $50k USD/BTC before considering selling again.

I'm good for a long while, unless Rick and I go full-retard building Ranchero Lawblaw.

We *ARE* likely going full-retard building the ranch house, tho. Pretty sure we have enough already stashed away for that, either way...

#blessed