Hi <redacted>,
On April 9, 2021, the Internal Revenue Service (“IRS”) issued a summons, pursuant to a court order, demanding that Circle Internet Financial, LLC f/k/a Circle Internet Financial, Inc. (“Circle”) and affiliates, produce records relating only to U.S. taxpayers that engaged in the trading of digital assets with at least $20K in value of transactions in any one year between 2016 through 2020. Notice of the court order authorizing service of the summons on Circle which the Department of Justice made public on or about April 1, 2021, can be found here. We are writing to inform you that we are complying with this summons which requires us to produce information specific to your account.
If you have any concerns about this, we encourage you to seek legal advice from an attorney.
We also want to highlight that because the IRS served the summons to Circle on April 9, 2021, and our response to the summons has not been fully resolved after more than six months, it is our understanding that the periods of limitations under 26 U.S.C. §§ 6501 (relating to assessment and collection) and 6531 (relating to criminal prosecution) were suspended as of October 9, 2021, and will continue until Circle’s response to the summons is fully resolved. This may be relevant to the tax returns that you have filed for the 2016, 2017, 2018, 2019, and 2020 calendar years. If you have questions about your tax liability for those years, we encourage you to consult with your tax advisor.
Regards,
Team Circle
I imagine that was an e-mail that you (or someone else) received in late 2021 (or perhaps early 2022), but it is not referring to any recent e-mail that you received.
well the way i see it the ETF being approved is the reason we had a run up from 25K, its priced in now. So not getting approved means we need a massive correction, and a massive correction generally leads to some panic selling, if we don't have the ETF to look forward to and insted we are faced with a system that is Clearly trying to stifle bitcoin... in this scenario 20K seems very posibile imo. but, it seems more likely than ever before, that these ETFs will get a green light. and again because i believe this fact is already priced in, i'm betting in the short term we are moving DOWN and not up on this news, buy the rumor sell the news type deal, Its a solid trade imo, it sure is a lot easier to just buy now and hope that the etf approval means new ATH's, but we dont make money taking easy trades.
We have each said our parts, and I don't really disagree with anything that you said in terms of various ways to play both sides, and sure, you have to have something at stake in order to make money in those kinds of presumptions that you have, and even if some of the pre-ETF type discussions were likely a lot of the run up from $26k/$27k, that does not even mean that complete denial of such an ETF would mean that we would have to correct down to those kinds of levels or that they would even be reasonable, including the idea that they might have already been quite suppressed BTC prices as our starting point... so if we are starting from quite suppressed prices (just thinking in terms of the 200-week moving average as a kind of guideline for what bottoms tend to be and what is reasonable for possible bottoms), then going back down to either those low prices of $26k/$27k or even $24k/$25k - which was also not that long ago that we were there, but even more so your expectation of $20k-ish just seems like similar kinds pie in the sky expectations for sub $500 that were being made in March 2017, and sure anything is possible, but sometimes, we get to a point where that ship has likely sailed and you are being a bit of a dumb ass to be considering 30% to 40% below the 200-week moving average as any kind of base-case possibilities of something that could happen, even if some bad news (regarding ETF rejection or whatever) ends up happening.
we have seen -30% below 200 week ema before, it's not impossible.
Of course, we had right around 16 months from June 2022 until October 2023 that BTC spot pricer spent quite a bit of time below the 200-WMA, but that was a particular unique kind of circumstances and set up for that kind of play, and even though I am not suggesting that it is impossible to get another correction that goes 30% to 40% to play out, I still am suggesting that it is not really any thing close to a kind of realistic scenario to be pointing out as being possible, even if you are describing some possible dire event that could end up happening, it still likely does not rise to the same kind of a level that the various cascading liquidating events of 2022 - including the various kinds of hidden corruption, including FTX that took even close to 5 months before the situation of that FTX scoundrel (business set up of not having coins they claimed to have) was ferreted out (in November-ish) to get us even more down from the already down situation that had been playing out in the earlier months between May and October.
the ETF getting rejected seems to have a nearly 0% chance of happening, so it if IS rejected to me this signals somthing very wrong and thats why im putting my target so damn low for this crazy scenario. crazy scenario, crazy target. the most likely scenario is that the ETF gets approved, followed by a nice little price crash to 31K
Fair enough that you believe it is a crazy scenario, but I would place the ETF getting rejected or delayed at around 20%.. and surely a complete rejection that is coupled with some other kinds of crazy happenings could end up playing out with lower likelihoods, yet it does not even seem very realistic to be presenting possible black swan events as if they were something that we should prepare for in any direct sense... . and yeah, even you seem to be exaggerating with a 0% probability assignment, but even if you put it at less than 1% or even less than 5% to 10%, then still those might be considered black swan type events.. if it is getting into the less than 5% levels of probabilities.
So yeah, I personally feel that there are ways to be prepared for blackswan events but it makes little sense to be talking about them as if they were something that we need to prepare for.
yes yes yes i am a degen gambleing with the most tasty corn the world has ever seen. but its fun you should try it sometime.
not my style, at least where I am at in life.
And, I am not really against either degen gambling or those who are wanting to try that kind of thing, but it is not really a BTC investment approach that is something that we would be promoting in a thread like this.. I mean we are a bit hostile to shitcoiners, traders/gamblers, bitcoin naysayers in this thread, and surely there still can be some level of tolerance for some of those kinds of ideas, but you are still likely to get some push back when you are putting out those kinds of ideas as if they were ways that guys should be managing their BTC holdings... maybe ONLY around less than a 1/4 of anyone should be trading at all, and even amongst those many are going to end up losing money by fucking around like that, but people do it, and so we cannot really stop them engaging in such temptations.
Day 5,825: The government still doesn't understand wallets.
Are you guys afraid of the upcoming "unhosted wallet" ban? I am shaking right now. Sobbing and screaming. That madwoman Elizabeth Warren is going to do it, she is going to take away our memories, notepads and pens. We are no longer allowed to remember how to access our decentralized Bitcoin wallets.
The moment the government finds out that my brain produces DMT, I am afraid I will be considered a drug mule and put in prison. I am so scared.
https://twitter.com/BitcoinMagazine/status/1734274493055398006 These kinds of attacks are likely to continue while anyone is allowing them to have power, and so it is difficult to say if normies are going to end up seeing through this kinds of overreach.
This "in cash" thing about the ETF is ticking me off. They're just looking for a way into paper btc, which as of now isn't a (real) thing. They will have their way, I'm sure.
I hope they get burned by the mightiest short squeeze on the "underlying" the Earth has ever seen. That will teach them and enrich others (notably, some of the people reading these words).
It "in cash" does seem like an inferior product, and surely it runs the risk of fractional reserve, but it also runs the risk of trying to control the BTC price - that hopefully ends up back-firing on them in the ways that you say.... but there could be some ways in which they are discouraging the promotion of their own products, especially if BTC holders are not going to want to convert to an ETF if they have to sell their BTC first, and even to suffer several buys and sells in order to get in and out (tax consequences for individuals and tax revenue for the government)... but people might end up getting discouraged out of those kinds of products that do not allow "in kind" distributions.. .. and the "in cash" is also seeming to try to fuck over GBTC clients because they have to get in and out of their already existing shares (and suffer a tax event) in order to convert into an ETF.
It looks like we have to get back over $55,375 (for the daily weighted average) just to get back into the top 100... not sure how long that is going to take... and it is looking like a fairly tight range between $55,375 (in 100th place) and the top one is $67,482. By the way, weighted average is the average of the BTC price for the whole day, accounting for trade volume and price.
BitStamp USD/BTC Kraken EUR/BTC CoinFloor GBP/BTC Kraken CAD/BTC Bitflyer JPY/BTC
------------------------ ----------------------- ----------------------- ----------------------- --------------------------
1 2021-11-09 67,482 | 1 2021-11-09 58,263 | | |
2 2021-11-10 66,256 | 2 2021-11-10 57,576 | | |
3 2021-11-08 65,762 | 3 2021-11-15 56,938 | | |
4 2021-10-20 65,701 | 4 2021-11-08 56,858 | | |
5 2021-11-15 65,064 | 5 2021-11-11 56,652 | | |
6 2021-11-11 64,931 | 6 2021-11-14 56,493 | | |
7 2021-10-21 64,502 | 7 2021-10-20 56,204 | | |
8 2021-11-14 64,456 | 8 2021-11-13 55,994 | | |
9 2021-11-13 64,112 | 9 2021-11-12 55,822 | | |
10 2021-11-12 63,900 | 10 2021-10-21 55,213 | | |
11 2021-04-14 63,314 | 11 2021-11-02 54,458 | | |
12 2021-10-19 63,168 | 12 2021-10-25 54,110 | | |
13 2021-04-15 62,948 | 13 2021-11-03 54,101 | | |
14 2021-10-25 62,745 | 14 2021-11-07 53,978 | | |
15 2021-11-03 62,607 | 15 2021-10-19 53,893 | | |
16 2021-11-02 62,446 | 16 2021-10-26 53,526 | | |
17 2021-11-07 62,216 | 17 2021-11-04 53,440 | | |
18 2021-04-13 62,142 | 18 2021-10-22 53,435 | | |
19 2021-10-22 62,069 | 19 2021-11-16 53,378 | | |
20 2021-10-26 61,895 | 20 2021-11-05 53,365 | | |
21 2021-11-04 61,788 | 21 2021-10-30 53,239 | | |
22 2021-10-18 61,674 | 22 2021-10-18 53,089 | | |
23 2021-10-30 61,605 | 23 2021-04-14 53,063 | | |
24 2021-10-29 61,534 | 24 2021-11-17 52,978 | | |
25 2021-04-16 61,477 | 25 2021-11-01 52,903 | | |
...........
91 2021-05-05 56,177 | 91 2021-03-22 47,241 | | |
92 2021-03-22 55,988 | 92 2021-02-21 47,241 | | |
93 2021-05-11 55,819 | 93 2021-05-06 47,235 | | |
94 2021-10-13 55,790 | 94 2021-03-28 47,229 | | |
95 2021-03-28 55,687 | 95 2021-05-10 47,207 | | |
96 2021-03-10 55,654 | 96 2021-03-17 47,187 | | |
97 2021-04-30 55,629 | 97 2021-05-07 47,150 | | |
98 2021-04-18 55,574 | 98 2021-03-11 47,087 | | |
99 2021-04-20 55,497 | 99 2021-04-18 47,074 | | |
100 2021-04-21 55,375 | 100 2021-10-07 46,896 | | |
------------------------ ----------------------- ----------------------- ----------------------- --------------------------
BitStamp USD/BTC Kraken EUR/BTC CoinFloor GBP/BTC Kraken CAD/BTC Bitflyer JPY/BTC
* Chart Legend/Explanation *
Poll
