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

[ChartBuddy]

Explanation

[wachtwoord]

Hey-Ho!

Crypto tax on the horizon in my country  
The blueprint accounts 27,5% capital gains tax when selling BTC/crypto.
Swapping from crypto to crypto or stablecoin is not a taxable event, though.

This leaves me to use BTC/crypto to buy things (tax free).

The only thing that leaves me confused is that BTC is legal tender in El Salvador, and the blueprint of the law defines selling as "changing into a legal tender".
So maybe BTC is an exception to the rule and "taxically" untouchable?

Edit: on the other hand, income tax, which was to be paid for short-term gains (under a year, also for swapping), will be a thing of the past for crypto  

Australia?

[Dabs]

I was just trying to remember where I read or heard about this (but my memory failed, and I'm not sure which jurisdiction/s this would apply to), but somewhere recently I came across the following notion:

Exchanging from one currency^# to another is not a taxable event (otherwise trillions of dollars of currency exchanges would been taxed each day). Now that El Salvador has accepted Bitcoin as legal tender, an exchange from any fiat currency to Bitcoin is now simply a currency exchange event and therefore not a taxable event.

(^#I remember something about the currency having to be recognised by the World Bank or IMF or something - which would automatically have to happen once a sovereign state accepts and uses it as legal tender)

I'm not sure how this would stand up with IRS, HMRC etc but it seems like a plausible defence of not paying taxes on what could be argued to be a currency exchange event - from BTC to fiat.

I wish I could remember where I first heard this idea discussed, but it seemed worth mentioning and perhaps worthy of some further investigation...

That is what I am wondering too. But if one country accepts something as legal tender, is it still legal tender in the country where you are (assuming you are not in El Salvador). They accept US dollars as legal tender but so do many other countries and the US dollar being considered a currency is not much of an issue. Just because one country accepts bitcoin as legal tender, it may not mean the same thing in other countries. They probably imply that currencies must be fiat. There is no gold standard for any currency at all anywhere.

[rdbase]

wen $69,420?

When it happens, you will know.

[OutOfMemory]

Hey-Ho!

Crypto tax on the horizon in my country  
The blueprint accounts 27,5% capital gains tax when selling BTC/crypto.
Swapping from crypto to crypto or stablecoin is not a taxable event, though.

This leaves me to use BTC/crypto to buy things (tax free).

The only thing that leaves me confused is that BTC is legal tender in El Salvador, and the blueprint of the law defines selling as "changing into a legal tender".
So maybe BTC is an exception to the rule and "taxically" untouchable?

Edit: on the other hand, income tax, which was to be paid for short-term gains (under a year, also for swapping), will be a thing of the past for crypto  

I was just trying to remember where I read or heard about this (but my memory failed, and I'm not sure which jurisdiction/s this would apply to), but somewhere recently I came across the following notion:

Exchanging from one currency^# to another is not a taxable event (otherwise trillions of dollars of currency exchanges would been taxed each day). Now that El Salvador has accepted Bitcoin as legal tender, an exchange from any fiat currency to Bitcoin is now simply a currency exchange event and therefore not a taxable event.

(^#I remember something about the currency having to be recognised by the World Bank or IMF or something - which would automatically have to happen once a sovereign state accepts and uses it as legal tender)

I'm not sure how this would stand up with IRS, HMRC etc but it seems like a plausible defence of not paying taxes on what could be argued to be a currency exchange event - from BTC to fiat.

I wish I could remember where I first heard this idea discussed, but it seemed worth mentioning and perhaps worthy of some further investigation...

Which i sure will do and keep you guys updated on this, of course.
Aside of this, every Satoshi i bought before Feb. 28th 2021 is tax-free if sold for fiat, unless i sell before 1st of Mar. 2022. Then the "old" regulation applies (added to income tax). So let BTC moon until Feb 28th next year and i can get in with the majority of fiat and only pay with Bitcoin in the future.

* OutOfMemory dreams on...  

Crypto tax on the horizon in my country  
The blueprint accounts 27,5% capital gains tax when selling BTC/crypto.

Can you sell and buy back before the tax is implemented, so you realize the gains already?

Yes, as long as i only sell the portion of my stash that was bought no less than one year before the actual law will be put in effect (2022/03/01)
...which is the majority. JJG posted several times about the importance of perfectly timing the top and bottom, which you just can't as a human being, unless you are savetherainforest  

[ChartBuddy]

Explanation

[Tash]

Hey-Ho!

Crypto tax on the horizon in my country  
The blueprint accounts 27,5% capital gains tax when selling BTC/crypto.
Swapping from crypto to crypto or stablecoin is not a taxable event, though.

This leaves me to use BTC/crypto to buy things (tax free).

The only thing that leaves me confused is that BTC is legal tender in El Salvador, and the blueprint of the law defines selling as "changing into a legal tender".
So maybe BTC is an exception to the rule and "taxically" untouchable?

Edit: on the other hand, income tax, which was to be paid for short-term gains (under a year, also for swapping), will be a thing of the past for crypto  

First Bitcoin does not belong to your country aka company so it can not be taxed.
Second a legal contract requires at least two willing parties. Coercion is not legal.
Third every human is, by free will, a sovereign nation and self-governing if he/she chooses to do so.

[cygan]

prediction for the year 2021 - at least one new ath every month

january 2021 - check✔

february 2021 - check✔

march 2021 - check✔

april 2021 - check✔

may 2021 - failed✖

june 2021 - failed✖ - i think i will have to use a better crystal ball next year

july 2021 - failed✖  

august 2021 - failed✖ - 4x ath followed by 4x without ath - its now time again for 4x ath

september 2021 - failed✖ - BTC is dead

ocuptober 2021 - check✔

nomoonvember 2021 - check✔

[AlcoHoDL]

prediction for the year 2021 - at least one new ath every month

january 2021 - check✔

february 2021 - check✔

march 2021 - check✔

april 2021 - check✔

may 2021 - failed✖

june 2021 - failed✖ - i think i will have to use a better crystal ball next year

july 2021 - failed✖  

august 2021 - failed✖ - 4x ath followed by 4x without ath - its now time again for 4x ath

september 2021 - failed✖ - BTC is dead

ocuptober 2021 - check✔

nomoonvember 2021 - check✔

Hopefully there won't be a DeDumpcember...

[bitcoinPsycho]

04
DAYS
 :
16
HOURS
 :
25
MINUTES


Taproot . Bigger than ETF





Bitcoin soft fork is scheduled for block height 709632 which should happen somewhere in November 2021. Two proposals will be implemented, Taproot update and Schnorr signature update.

What is a Bitcoin Taproot update?
Taproot is a name for the next Bitcoin protocol update (soft fork). This will be one of the and most important and anticipated updates since the SegWit upgrade from 2017.

Taproot upgrade will improve scripting capabilities and privacy by implementing MAST (Merkelized Abstract Syntax Tree) which will replace currently used P2SH (pay to script hash). P2SH and MAST are ways of locking the transactions with conditions until the conditions are met. P2SH allows other users to see the conditions and allows everyone to see all the different ways they could have met the conditions. While MAST hides all the conditions except the ones that are met when the transactions are processed.

The upgrade will also improve Lightning Network privacy by making Lightning Network channels look like regular bitcoin transactions.

What is Schnorr update?
Bitcoin requires signatures to confirm the transaction. Currently, Bitcoin uses ECDSA, but this signature algorithm does not natively support muti-sig transactions. Schnorr's signature scheme can aggregate multiple signatures and output them as a single signature. This increases privacy and lowers transaction size and fees.

[cygan]

[goldkingcoiner]

...."But he does not have plans to buy it for the company".

Aka does not have the balls to go full in on Bitcoin but pretends to be a coiner. Reminds me of a guy who claims he smokes weed but does not inhale.

If tiptoeing around was an olympic sport, then Tim Cuck would have several gold medals. That man is literally the personification of a shitcoin. He wants to be Steve Jobs so badly.

[ChartBuddy]

Explanation

[gallianooo]

Hey-Ho!

Crypto tax on the horizon in my country  
The blueprint accounts 27,5% capital gains tax when selling BTC/crypto.
Swapping from crypto to crypto or stablecoin is not a taxable event, though.

This leaves me to use BTC/crypto to buy things (tax free).

The only thing that leaves me confused is that BTC is legal tender in El Salvador, and the blueprint of the law defines selling as "changing into a legal tender".
So maybe BTC is an exception to the rule and "taxically" untouchable?

Edit: on the other hand, income tax, which was to be paid for short-term gains (under a year, also for swapping), will be a thing of the past for crypto  

I don't know where are you from, but if it's big amount (nice 7 digits or 8 ), just move to Portugal.

[OutOfMemory]

Hey-Ho!

Crypto tax on the horizon in my country  
The blueprint accounts 27,5% capital gains tax when selling BTC/crypto.
Swapping from crypto to crypto or stablecoin is not a taxable event, though.

This leaves me to use BTC/crypto to buy things (tax free).

The only thing that leaves me confused is that BTC is legal tender in El Salvador, and the blueprint of the law defines selling as "changing into a legal tender".
So maybe BTC is an exception to the rule and "taxically" untouchable?

Edit: on the other hand, income tax, which was to be paid for short-term gains (under a year, also for swapping), will be a thing of the past for crypto  

First Bitcoin does not belong to your country aka company so it can not be taxed.
Second a legal contract requires at least two willing parties. Coercion is not legal.
Third every human is, by free will, a sovereign nation and self-governing if he/she chooses to do so.

Note to self: Ask theymos to implement a feature to revoke (single) Merit from users that have been merited by the revoking user in the past.

I don't know where are you from, but if it's big amount (nice 7 digits or 8 ), just move to Portugal.

That would be nice (i mean the 7 digits), and i probably wouldn't even care, because i consider myself quite humble in regards of monetary richness.
Last not least: I'd honestly like to support my country, in means of giving back, because i am living off health insurance because of a memory condition that made me an underachiever in my well paid job which i did exceptionally well.
Portugal, however is not that far from here and i even got some personal social connections there, so i'll keep it in the back of my head (hopefully) until all the kids are grown ups  

EDIT: My english fails me pretty bad today. More than usual, at the least 

[Hueristic]

wen $69,420?

i have a token amount set to sell at $69420 USD

couldnt resist it 

FTFY

[OutOfMemory]

wen $69,420?

i have a token amount set to sell at $69420 USD

couldnt resist it 

You may hit it twice, then 

[gallianooo]

Hey-Ho!

Crypto tax on the horizon in my country  
The blueprint accounts 27,5% capital gains tax when selling BTC/crypto.
Swapping from crypto to crypto or stablecoin is not a taxable event, though.

This leaves me to use BTC/crypto to buy things (tax free).

The only thing that leaves me confused is that BTC is legal tender in El Salvador, and the blueprint of the law defines selling as "changing into a legal tender".
So maybe BTC is an exception to the rule and "taxically" untouchable?

Edit: on the other hand, income tax, which was to be paid for short-term gains (under a year, also for swapping), will be a thing of the past for crypto  

First Bitcoin does not belong to your country aka company so it can not be taxed.
Second a legal contract requires at least two willing parties. Coercion is not legal.
Third every human is, by free will, a sovereign nation and self-governing if he/she chooses to do so.

Note to self: Ask theymos to implement a feature to revoke (single) Merit from users that have been merited by the revoking user in the past.

I don't know where are you from, but if it's big amount (nice 7 digits or 8 ), just move to Portugal.

That would be nice (i mean the 7 digits), and i probably wouldn't even care, because i consider myself quite humble in regards of monetary richness.
Last not least: I'd honestly like to support my country, in means of giving back, because i am living off health insurance because of a memory condition that made me an underachiever in my well paid job which i did exceptionally well.
Portugal, however is not that far from here and i even got some personal social connections there, so i'll keep it in the back of my head (hopefully) until all the kids are grown ups  

EDIT: My english fails me pretty bad today. More than usual, at the least 

I am sorry to heard about your health problem.. I am agree to pay tax too, but should stay acceptable, especially on this industry.. And of course if you are married / older and with kids.. it's always more difficult to move obviously.

Anyway if you are talking about 27.5% capital gain tax, you can be from Austria (if EU   )

[ChartBuddy]

Explanation

[OutOfMemory]

I am sorry to heard about your health problem.. I am agree to pay tax too, but should stay acceptable, especially on this industry.. And of course if you are married / older and with kids.. it's always more difficult to move obviously.

Anyway if you are talking about 27.5% capital gain tax, you can be from Austria (if EU   )

Never mind, i learned to embrace it, and with the right therapy i got to the point to actually enjoy life as such again, no... even better than before, at least in some parts i didn't learn to value it in my "old life".
Look at it like Long Covid, just that it was some kind of "Long Flu" (post viral fatigue syndrome). The whole story is laid out in more detail in my WO posting history.

I never found it difficult to move before i got kids and married their mother, so i expect to change back easily (taking her with me, if she wants).