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

[Distinctin]

Just saw the news that the sent around 65,000 “nudge letters” to people they suspect didn’t report their crypto gains. They got the data straight from exchanges like Binance, and by 2026 they’ll have access to even more info under that new Crypto-Asset Reporting Framework, which will let them share and collect crypto data from other countries.

It’s kind of wild if you think about it they can now trace who’s been trading, selling, or earning from crypto even without cashing out to a bank. Basically, they’re warning people ahead of time to sort out their taxes before they start investigating deeper.

Makes me wonder, do you think tax authorities around the world will eventually start doing the same thing tracking exchange data and sending out letters to people who don’t declare their crypto income? It really looks like this might be the start of a global crackdown on crypto taxes.

Curious to hear your thoughts, especially from those trading through foreign exchanges or holding coins long-term.

[bitserve]

Just saw the news that the sent around 65,000 “nudge letters” to people they suspect didn’t report their crypto gains. They got the data straight from exchanges like Binance, and by 2026 they’ll have access to even more info under that new Crypto-Asset Reporting Framework, which will let them share and collect crypto data from other countries.

It’s kind of wild if you think about it they can now trace who’s been trading, selling, or earning from crypto even without cashing out to a bank. Basically, they’re warning people ahead of time to sort out their taxes before they start investigating deeper.

Makes me wonder, do you think tax authorities around the world will eventually start doing the same thing tracking exchange data and sending out letters to people who don’t declare their crypto income? It really looks like this might be the start of a global crackdown on crypto taxes.

Curious to hear your thoughts, especially from those trading through foreign exchanges or holding coins long-term.

You must have been living under a rock for a very long time.

Ie. In Spain we started receiving those kind of letters since more than 5 years ago. And probably in many other countries too.

Of course you are (and always were) supposed to declare all your crypto trades (not necessarily involving banks nor fiat counterpart), earnings, mining, etc. With or without specific individual warning.

Nothing new to see here.

[Distinctin]

Just saw the news that the sent around 65,000 “nudge letters” to people they suspect didn’t report their crypto gains. They got the data straight from exchanges like Binance, and by 2026 they’ll have access to even more info under that new Crypto-Asset Reporting Framework, which will let them share and collect crypto data from other countries.

It’s kind of wild if you think about it they can now trace who’s been trading, selling, or earning from crypto even without cashing out to a bank. Basically, they’re warning people ahead of time to sort out their taxes before they start investigating deeper.

Makes me wonder, do you think tax authorities around the world will eventually start doing the same thing tracking exchange data and sending out letters to people who don’t declare their crypto income? It really looks like this might be the start of a global crackdown on crypto taxes.

Curious to hear your thoughts, especially from those trading through foreign exchanges or holding coins long-term.

You must have been living under a rock for a very long time.

Ie. In Spain we started receiving those kind of letters around 5 years ago. And probably in many other countries too.

Of course you are (and always were) supposed to declare all your crypto trades (not necessarily involving banks nor fiat counterpart), earnings, mining, etc. With or without specific individual warning.

Nothing new to see here.

Honestly, I haven’t received any letter about this yet. I’m from the Philippines, so I guess this is still quite new for other countries too. But thanks for sharing now I know your government is enforcing taxes much stricter than ours.

Though I have a feeling it’ll eventually happen here too. But here’s what I’ve been wondering they say the government got information from Binance, right? How can the PH government even request that kind of data when they already banned Binance? Looks like that ban actually turned out to be a blessing in disguise after all.

[bitserve]

Just saw the news that the sent around 65,000 “nudge letters” to people they suspect didn’t report their crypto gains. They got the data straight from exchanges like Binance, and by 2026 they’ll have access to even more info under that new Crypto-Asset Reporting Framework, which will let them share and collect crypto data from other countries.

It’s kind of wild if you think about it they can now trace who’s been trading, selling, or earning from crypto even without cashing out to a bank. Basically, they’re warning people ahead of time to sort out their taxes before they start investigating deeper.

Makes me wonder, do you think tax authorities around the world will eventually start doing the same thing tracking exchange data and sending out letters to people who don’t declare their crypto income? It really looks like this might be the start of a global crackdown on crypto taxes.

Curious to hear your thoughts, especially from those trading through foreign exchanges or holding coins long-term.

You must have been living under a rock for a very long time.

Ie. In Spain we started receiving those kind of letters around 5 years ago. And probably in many other countries too.

Of course you are (and always were) supposed to declare all your crypto trades (not necessarily involving banks nor fiat counterpart), earnings, mining, etc. With or without specific individual warning.

Nothing new to see here.

Honestly, I haven’t received any letter about this yet. I’m from the Philippines, so I guess this is still quite new for other countries too. But thanks for sharing now I know your government is enforcing taxes much stricter than ours.

Though I have a feeling it’ll eventually happen here too. But here’s what I’ve been wondering they say the government got information from Binance, right? How can the PH government even request that kind of data when they already banned Binance? Looks like that ban actually turned out to be a blessing in disguise after all.

Well, they still COULD request it... for example if there is some investigation and a Judge signs the petition. And Binance will decide if they need to provide the information or not.

At least it looks like, in your country, there is no automatic info sharing between Binance and your treasury. But things can (and probably will... the same it happenned in most other countries) change in the future.

In Europe all regulated exchanges have recently started automatically sharing the information with most countries... But the obligation to declare, even if they didn't have access to the info, always existed.

Years ago, the first letters many people received were based on info provided by the banks. What they did is FORCE the banks report ANY transaction (incoming or outcoming) with well known foreign exchange bank accounts. They didn't have the specific info of the trades you could (or not) have really done in the exchanges. In fact, people which had not sell (nor traded in any way) in that time frame but had sent funds from their bank accounts to an exchange to buy also received the generic "warning" letters while in that case there were nothing to declare... but they didn't really know.

[ChartBuddy]

Explanation
Chartbuddy thanks talkimg.com

[vapourminer]

Just saw the news that the sent around 65,000 “nudge letters” to people they suspect didn’t report their crypto gains. They got the data straight from exchanges
[...]
Curious to hear your thoughts, especially from those trading through foreign exchanges or holding coins long-term.

in the USA (land of the free) coinbase (possibly others) has been doing reporting to the IRS for like a decade.

[Distinctin]

Honestly, I haven’t received any letter about this yet. I’m from the Philippines, so I guess this is still quite new for other countries too. But thanks for sharing now I know your government is enforcing taxes much stricter than ours.

Though I have a feeling it’ll eventually happen here too. But here’s what I’ve been wondering they say the government got information from Binance, right? How can the PH government even request that kind of data when they already banned Binance? Looks like that ban actually turned out to be a blessing in disguise after all.

Well, they still COULD request it... for example if there is some investigation and a Judge signs the petition. And Binance will decide if they need to provide the information or not.

At least it looks like, in your country, there is no automatic info sharing between Binance and your treasury. But things can (and probably will... the same it happenned in most other countries) change in the future.

In Europe all regulated exchanges have recently started automatically sharing the information with most countries... But the obligation to declare, even if they didn't have access to the info, always existed.

The government can request info from exchanges, but only from those they actually regulate. And here’s the funny part the licensed exchanges in our country probably cover just 10% (maybe a bit more) of the crypto traders here. The rest avoid them because of the crazy high spreads, which are really unfavorable for trading.

Even though Binance isn’t licensed here, most of us still use it and just take the risk. Honestly, I kinda hope Binance doesn’t cooperate or bother getting a license, so at least we won’t get tracked and taxed.

in the USA (land of the free) coinbase (possibly others) has been doing reporting to the IRS for like a decade.

if you reported it all through other means like IRS form 8945 (? too lazy to look) youre fine.

It’s a general principle that we should pay taxes on any income, but there’s still no clear regulation on crypto taxes here, and enforcement is really not that strict. That’s why most of us don’t even bother paying.

I don’t think anyone has actually received a letter from the tax authorities yet they seem more focused on other sources of revenue for now.

[AlcoHoDL]

We're Wall Observers.
Cheer on pumps, then whine on dumps.
A thread of wonder!

But, riddle me this.
Should dumps really worry us?
Don't we know better?

He sold when it dipped,
Hoping to buy back lower.
His mind was rusty.

He may be the past,
But I see some rust in here.
In minds, not in pipes!

An ATH bet.
But regardless of who wins,
We are all winners!

Winners and whiners.
I'm pretty sure Jay will win,
And whiners will whine...

The Wall Observer.
A thread of awe and wonder,
Where anything goes!

#7wodigestsundayhaikus

[BitHodlers]

"Be your own bank" and "Verify, don't trust" means I don't have to care whether or not "BitGo" is untrustworthy. I can afford not to care, as I have nothing to do with them.

You or we may not like those products but they have their reasons for existing otherwise why would people put 100k BTC into this?

That's a very weak argument. Greed, FOMO and ignorance have made people throw money at shitcoins, ICOs, DeFi, NFTs, tokens and whatever shit they came up with for over a decade now. Some people got rich out of it, many people lost their Bitcoins.

We are not comparing wBTC to BTC. There are too many posts, check my post history if you want to understand the complete arguments I have made about this topic. :] I'm putting it to rest.

Just saw the news that the sent around 65,000 “nudge letters” to people they suspect didn’t report their crypto gains. They got the data straight from exchanges like Binance, and by 2026 they’ll have access to even more info under that new Crypto-Asset Reporting Framework, which will let them share and collect crypto data from other countries.

It’s kind of wild if you think about it they can now trace who’s been trading, selling, or earning from crypto even without cashing out to a bank. Basically, they’re warning people ahead of time to sort out their taxes before they start investigating deeper.

Makes me wonder, do you think tax authorities around the world will eventually start doing the same thing tracking exchange data and sending out letters to people who don’t declare their crypto income? It really looks like this might be the start of a global crackdown on crypto taxes.

Curious to hear your thoughts, especially from those trading through foreign exchanges or holding coins long-term.

The mistakes lies with using exchanges and doing KYC. I mean what did you expect would happen? This data would never be used against people or that it would be deleted after a while? If you strictly refuse to do KYC anywhere and stick to P2P trades that involve cash then there is no data that can be used against you. Remember folks, regularly delete your spending wallets.  

What's this I'm reading about people selling corn to buy gold?

Stupid bastards.

Sad fucks confirmed.

Gold is going north only for one reason:

url=https://x.com/zhao_dashuai/status/1976271430900666669

China.

China is buying Gold, transitioning out of Treasuries.
Debasement trade for now is only a narrative: never saw a debasement trading without steepening (Long end Yields going up massively).

Please not another COVID level event so soon.

[bitserve]

The mistakes lies with using exchanges and doing KYC. I mean what did you expect would happen? This data would never be used against people or that it would be deleted after a while? If you strictly refuse to do KYC anywhere and stick to P2P trades that involve cash then there is no data that can be used against you. Remember folks, regularly delete your spending wallets.  

Only P2P involving CASH? Impractical because:

1- That would require to meet in person with someone else, with all the risks that involves.

2- Even if you did accept that risk... in many countries (euro mainly) there are limits on how much cash you can use for a purchase (product, service, whatever). In Spain it is 1000€... yeah, no matter how much cash you might manage to have... you could not buy (in cash) anything with a price of 1000€ or above.

So, basically, they already covered all the (remaining) corners.

[BitHodlers]

Only P2P involving CASH? Impractical because:

1- That would require to meet in person with someone else, with all the risks that involves.

Many ATM providers will offer a cash OTC deal, contact them to ask. They won't risk themselves over small amounts of money. Once you find a reputable desk or trader that is willing to do this you are set. I have been doing it a long time and have not had a single bad deal yet. Usually you keep these contacts or relationships for a long time. They are also often well connected, I could probably find one for Spain within a day.

2- Even if you did accept that risk... in many countries (euro mainly) there are limits on how much cash you can use for a purchase (product, service, whatever). In Spain it is 1000€... yeah, no matter how much cash you might manage to have... you could not buy (in cash) anything with a price of 1000€ or above.

So, basically, they already covered all the (remaining) corners.

Spain is an extreme example of this, in other countries the limits are more moderate. Still this is a bit of a separate issue. You can hide most of your activities except large purchases, so it helps a lot. There are all kinds of things that can be done, but the issue is a lack of knowledge and a willingness to pay. Every method one chooses has its own costs and risks.

[OgNasty]

John Bollinger (father of the Bollinger Bands) came out and said that ETH and SOL have bottomed. If there’s a guy to listen to when he calls a bottom, it is him. Sadly, he thinks the BTC bottom isn’t in yet, but I think him calling on people to buy crypto could be enough to set off a rally in everything crypto related, including Bitcoin.

[d_eddie]

Future looks gloomy
Dwarf ants helping this weekend
Future looks better




#haiku

[ChartBuddy]

Explanation
Chartbuddy thanks talkimg.com

[LFC_Bitcoin]

@JayJuanGee

I remember the 50% 2021 haircut (beheading) very well. I was actually on a mini break away with my then long term gf (now wife). We had just been for a nice lunch and Bitcoin was dumping. I shrugged it off as nothing. When we got back to the hotel it was really dumping.

In just under 2 hrs we had fallen from $43,000 to $28,000 if I remember correctly and at that point I hadn’t ever taken life changing money out of Bitcoin. If you think I’m bad in this current dump, you should have seen me then. Luckily it all worked out well and I was able to take big money out later that year at an average sell price of $53,800. I think I only managed to sell a couple of Bitcoin above $65,000 though. If I remember rightly the mid year dump was Elon Musk FUD about mining energy consumption and China banned it again on the same damn day (our mini break away).

Fast forward to the present day and we just have to hope we bottomed at $103,000 and we’re chopping a bit before a recovery attempt. Nothing would make me happier than to regain strength and pump towards $135,000 to $150,000. My body is ready for that shizzle.

I see Ambatman wants to take on LFC_Bitcoin in a bet too. Same stake and bet terms as JJG and myself?

[Ambatman]

I see Ambatman wants to take on LFC_Bitcoin in a bet too. Same stake and bet terms as JJG and myself?

Yes same Stake.

[justinlamode]

John Bollinger (father of the Bollinger Bands) came out and said that ETH and SOL have bottomed. If there’s a guy to listen to when he calls a bottom, it is him. Sadly, he thinks the BTC bottom isn’t in yet, but I think him calling on people to buy crypto could be enough to set off a rally in everything crypto related, including Bitcoin.

He is a popular figure in technical analysis and I will not doubt his call. I also think that the dump is over, the next face is for Bitcoin to find support and a little fundamental such as rate cuts and then soar. For now the consolidation will continue until next month where we expect any big moves.

[Odohu]

I see Ambatman wants to take on LFC_Bitcoin in a bet too. Same stake and bet terms as JJG and myself?

Go for it LFC, it's a risk free bet for you because whatever the market does, you win. If it creates a new ATH, you meet your targets and if it refuses, you use rhe amount won as consolation.

[LFC_Bitcoin]

I see Ambatman wants to take on LFC_Bitcoin in a bet too. Same stake and bet terms as JJG and myself?

Yes same Stake.

And same terms.

If so, deal.

Go for it LFC, it's a risk free bet for you because whatever the market does, you win. If it creates a new ATH, you meet your targets and if it refuses, you use rhe amount won as consolation.

Exactly.

By far the worst case scenario here is actually winning this bet

But I will get a little pocket money from them if I win

Anybody else?

Edit - Disclaimer: Full Member minimum to bet against me.

[goldkingcoiner]

I see LFC_Bitcoin has a nice new hat. Looking good!