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

[Syke]

List of countries without income tax:
Somalia
The Bahamas
Saint Kitts and Nevis  
Turks and Caicos  
Saint Barthélemy
Wallis and Futuna  
Vanuatu  
Bahrain  
The British Virgin Islands  
Cayman Islands  
Norfolk Island  
Pitcairn  
The United Arab Emirates  
Nauru  
Monaco  
The Maldives  
Oman  
Kuwait  
Qatar  
Bermuda  
Brunei  
Vatican City State
Western Sahara  

Taking just one of your examples at random:

https://mira.gov.mv/IncomeTax.aspx

[xhomerx10]

1-4 does not fully pertain since you don't HAVE to sell, for the umpteenth's time.
You've got a NY Central park facing apartment. When you are going to sell...the likely answer is never..lob it to your descendants.

Trust me I thought of this... Pass it on to your descendants!!!!

In fact that’s one valid option!!!

Btw how much is NY Central park facing apartment? Never thought about it....  2 beds at least? Just to estimate Bitcoin price

 Not a good idea to pass it on if you live in the USA.  The Biden administration has proposed the removal of "step up in basis" which means your heirs would have to pay the capital gains tax on gains you accrued rather than have the basis reset to the value of your bitcoin at the time of your death. Generational wealth wont be a thing in future America.

I love my hat.
I love the work you do with hats.

But you are really picking an extreme longshot with the bolded prediction you made.


I have far more faith in my 70k by may 1 then I do in your pick.🙂

 Well you only have 2 days; I've got at least the rest of this term and probably the next term as well to see my pick.  I didnt make it up, it's Biden's plan to eliminate tax loopholes that allow tax-free generational wealth transfers; farms and businesses may be exempt.  Many people are already preparing for this eventuality.  Taxing unrealized capital gains at death is on the table.  Maybe you think there are enough wealthy Democrats who won't support Bidens plan?
 If you plan to transfer those coins to your offspring, it might be better now than later; even before $70k - by the way, I like your prediction.  I'm all for 70k by May.

[Parazyd]

Good morning WO! Observing @ $54419.69

Lovely rollercoaster times, but obviously 2x is inevitable.

[shahzadafzal]

Give this man a cookie... NFT explained in plain English....

[Parazyd]

Give this man a cookie... NFT explained in plain English....

Perfection.

+1 WOs merit

[El duderino_]

<a href="https://ibb.co/WgFpCDw"><img src="https://i.ibb.co/t8cPRZt/D757209-A-B03-E-492-A-BD14-BCD4-B360-BA35.jpg" alt="D757209-A-B03-E-492-A-BD14-BCD4-B360-BA35" border="0"></a>

Alpacas .... Alpacas everywhere

[Millionero]

I've always wondered at what level it becomes 'communism'?

It becomes "communism" when China does it.

[Millionero]

You don't pay for moving coins to a ledger anyway but not everyone will be 100% bitcoin when it goes above a million. Everyone in the US and on this forum may eventually get hit with the tax when bitcoin goes up combined with hyperinflation. Also, if the US goes to 43.8%, you can bet the EU will follow shortly. What happens when a million is equivalent to a current $100k because of inflation? Could happen in a few years at the current rate.

I think you do: If you move coins from an address to another then I thought it was a taxable event ("work" is being done, like those crazy Jewish sabbath rules). Maybe if it's not in your control, but if that's the case then the argument should be move coins around at will, tax when converted into fiat.

nah moving corn between addys under your control is not taxable. its like when you top your hot wallet up or xfer to/from an exchange. the taxable event occurs when you finally convert btc to fiat or anything else (altcoin, gold, etc), not from the coin itself moving around.

You are right, it is not, but somehow Coinbase used to portray (in their tax docs?) the move from their account to your personal one as a sell.
Not sure if it still holds true.

Yeah, something like 5 or 6 years ago I withdrew some USD from Coinbase and they sent me a 1099K recording the amount as a payment for services -- like Coinbase was paying me for something.  
Of course all such statements get sent to the IRS too.  
Funny thing is, it was money that I had deposited in Coinbase and later withdrew.  So it wasn't capital gains, it wasn't a payment, it wasn't anything.  I never made a single transaction, no buy or sell, nothing.  It was me moving my own money around.  Sending out a 1099K for shit like that is insane.  It's indefensible.
Even if I had sold some coins, and had capital gains, that has to be calculated from my exchange transaction records.  You can't go by bank transfers.  And you don't record capital gains on a 1099K anyway.  The whole thing is beyond idiotic.

Fortunately, the IRS apparently had enough sense to know that a 1099K from a bitcoin exchange made no sense and ignored it.
And from what I understand, Coinbase has stopped sending out 1099K's.

[ivomm]

[Paashaas]

'Damn huge': Germany opens op to institutional crypto funds.

In Germany, new legislation enabling managers of the most popular institutional investment funds—the so-called Spezialfonds—to allocate 20% of them to crypto-assets is set to come into force on July 1.

The measure has been hailed as a big boost to Germany’s position as a financial investment hub, and experts believe it will nurture the crypto industry as a whole by further legitimizing the asset class.

[vapourminer]

It's time for MSM to start ragging on those bastards who leave their electrical appliances plugged in needlessly; wasting energy that could be used for moar bitcoin mining!  Of course that's not as sensational so I wont hold my breath.

hooray! more green devices. great. they may have their place in some applications. but i absolutely hate devices that power themselves down after a period of inactivity.

like, i prefer a media playing device (for example) to stay on "pause" for 6 hours (or 6 days), ready to play at my slightest whim, instead of having to boot up and find (probably manually) my spot when i cued it because it decided to power down.

soon all light bulbs will power themselves down. unless you prove youre still in the room there via flicking the switch every five minutes. i imaging those wifi controlled led lights can probably already do that.

[BitcoinBunny]

Motion of no confidence against Mark Pinocchio Rutte and his cronies of the temporary Dutch cabinet.
Of course he survived a motion of no confidence himself just a few weeks ago, and the cabinet fell back in January before the already planned elections.
A new cabinet hasn't been formed yet.

I didn't know it was even possible a temporary cabinet could get a motion of no confidence.

Exactly how many lives does Mark Rutte and his cronies have you have to wonder?
It is definitely more than an average feline animal I reckon.

Does anything relating to citizens actually ever get discussed in the Dutch government?

They're making Italian politics look stable.

[bct_ail]

'Damn huge': Germany opens op to institutional crypto funds.

In Germany, new legislation enabling managers of the most popular institutional investment funds—the so-called Spezialfonds—to allocate 20% of them to crypto-assets is set to come into force on July 1.

The measure has been hailed as a big boost to Germany’s position as a financial investment hub, and experts believe it will nurture the crypto industry as a whole by further legitimizing the asset class.

That is huge, for sure. 
But will end in tight regulation for the little citizen who must be protected. 

[El duderino_]

PO....short for, politici observer

[BitcoinBunny]

PO....short for, politici observer

Well it's interesting. I only really follow politics of the Netherlands, UK and the USA.

- Democrats in the USA are systematically trying to silence opposition and favour welfare over working (and if you disagree or want strong borders you are simply a racist), to become some type of Chinese communism as has been pointed out.
- The UK political opposition parties are more concerned over a flat decoration than anything related to citizens with regards to easing lockdown dates or worried about the economy. Any distraction is used to attack the sitting government rather than important issues.
- The Dutch politicians have given up caring about citizens completely or even notices they still exist it seems.

In all 3 cases I would argue we are obviously paying far too much tax for any of this nonsense / theatre to continue, nor is it necessary to continue for the average citizen.

They could literally shrink these governments to about 10% and the average citizen would only be better off I think.

[vapourminer]

nah moving corn between addys under your control is not taxable. its like when you top your hot wallet up or xfer to/from an exchange. the taxable event occurs when you finally convert btc to fiat or anything else (altcoin, gold, etc), not from the coin itself moving around.

You are right, it is not, but somehow Coinbase used to portray (in their tax docs?) the move from their account to your personal one as a sell.
Not sure if it still holds true.

Yeah, something like 5 or 6 years ago I withdrew some USD from Coinbase and they sent me a 1099K recording the amount as a payment for services -- like Coinbase was paying me for something. 
Of course all such statements get sent to the IRS too. 
Funny thing is, it was money that I had deposited in Coinbase and later withdrew.  So it wasn't capital gains, it wasn't a payment, it wasn't anything.  I never made a single transaction, no buy or sell, nothing.  It was me moving my own money around.  Sending out a 1099K for shit like that is insane.  It's indefensible.
Even if I had sold some coins, and had capital gains, that has to be calculated from my exchange transaction records.  You can't go by bank transfers.  And you don't record capital gains on a 1099K anyway.  The whole thing is beyond idiotic.

Fortunately, the IRS apparently had enough sense to know that a 1099K from a bitcoin exchange made no sense and ignored it.
And from what I understand, Coinbase has stopped sending out 1099K's.

thats about how i remember it too. iirc it was the year they 1st sent out 1099ks, the same year (i think) they 1st gave up the account info to the IRS for anyone who had transacted over some amount (10k?). as taxes are based on the actual trade history my accountant said dont worry about it so i didnt.

they still do 1099ks i got one for 2020. gemini sends 1099ks too.

[friends1980]

No more haikus here
For more than twenty pages
Where has the love gone?

#nohomo

[AlcoHoDL]

No more haikus here
For more than twenty pages
Where has the love gone?

#nohomo

It's not about love.
A WOer's hat sums it up:
"Cocaine and Hookers!"

#c&hhaiku

[vapourminer]

No more haikus here
For more than twenty pages
Where has the love gone?

we are busy now
bickering amongst ourselves
come back in two weeks

#haiku

[AlcoHoDL]

100k now!
Coz a "fuck you" said at work,
Cannot be unfucked!

#fuckyouhaiku