Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 207.

philipma1957

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Quote from: El duderino_ on July 17, 2024, 03:01:52 PM

Quote from: OgNasty on July 17, 2024, 02:40:41 PM

Let me clear up some misinformation being spouted. First of all, kraken got user funds they will be distributing next week or the following week to individuals. Secondly, settlements aren’t taxed as capital gains. Selling to pay taxes on these coins is a thing that will happen. Many people will likely owe hundreds of thousands of dollars in taxes based on their distribution regardless of what they do with the coins. The idea there won’t be selling is a fairytale.

Getting those coins back not necessarily means instant sell bc of taxes or am I wrong?

In the USA this quarter the payment date is Sept 16 2024.

So If you are a USA guy selling and paying makes sense . Now I used cap gains OGnasty thinks it reg income.

I do not know of any IRS ruling on how to classify this profit.

If it is income tax it is a lot higher rate then cap gain rate.

So a 10 coin guy could be looking at 200k tax if it is income tax and not cap gain far worse than the numbers I gave at 20%

Biodom

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Quote from: Hueristic on July 17, 2024, 02:53:35 PM

Quote from: OgNasty on July 17, 2024, 02:40:41 PM

Let me clear up some misinformation being spouted. First of all, kraken got user funds they will be distributing next week or the following week to individuals. Secondly, settlements aren’t taxed as capital gains. Selling to pay taxes on these coins is a thing that will happen. Many people will likely owe hundreds of thousands of dollars in taxes based on their distribution regardless of what they do with the coins. The idea there won’t be selling is a fairytale.

You just can' help yourself, can you?

Are you shorting still?

He is not shorting, but 'correcting misinformation', lol Wink

Chanos also always "corrects misallocations".
To each their own, clearly.
The proof will be in the pudding and soon.

ChartBuddy

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OutOfMemory

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Quote from: Hueristic on July 17, 2024, 10:39:32 AM

Quote from: JayJuanGee on July 16, 2024, 08:31:19 PM

I am not too excited about some of the seeming pushes for all electric - even though there might be some practical uses for such, and it seems that battery technology is not at such a state that commercial airlines would be able to fly if there were to be some kind of an all electric design for such, so there are some problematic aspects around some all electric applications, though it may have some reeasonable applications.. but yeah there are likely also problems with all electric in real hot or real cold climates (seasons), too...

The problem with electrical flight is energy density, for some reason you can't trick physics.

That's why i learned less about aerodynamics than about surgery and first aid back then, when i tried to learn how to fly (as a kid) Cheesy

As of Gox, i don't even try to guess what will happen, but King Daddy won't care for sure.
Poor traders Sad

#HODL

ChartBuddy

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OgNasty

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Quote from: El duderino_ on July 17, 2024, 03:01:52 PM

Quote from: OgNasty on July 17, 2024, 02:40:41 PM

Let me clear up some misinformation being spouted. First of all, kraken got user funds they will be distributing next week or the following week to individuals. Secondly, settlements aren’t taxed as capital gains. Selling to pay taxes on these coins is a thing that will happen. Many people will likely owe hundreds of thousands of dollars in taxes based on their distribution regardless of what they do with the coins. The idea there won’t be selling is a fairytale.

Getting those coins back not necessarily means instant sell bc of taxes or am I wrong?

Not any sort of forced sale. I’m sure there will be cases of individuals just paying the taxes out of their pocket and holding the coins. For me, I’ll be selling at least 1/3 because I learned from my stint as treasurer here that you don’t play around with owed taxes and Bitcoin. I lost years worth of BTC income by not immediately cashing out what I needed to pay taxes when I was finally paid my treasurer income. In this instance, I’ll be safe instead of sorry. I won’t be alone.

El duderino_

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BTC + Crossfit, living life.

Quote from: OgNasty on July 17, 2024, 02:40:41 PM

Let me clear up some misinformation being spouted. First of all, kraken got user funds they will be distributing next week or the following week to individuals. Secondly, settlements aren’t taxed as capital gains. Selling to pay taxes on these coins is a thing that will happen. Many people will likely owe hundreds of thousands of dollars in taxes based on their distribution regardless of what they do with the coins. The idea there won’t be selling is a fairytale.

Getting those coins back not necessarily means instant sell bc of taxes or am I wrong?

ChartBuddy

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OgNasty

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Quote from: Hueristic on July 17, 2024, 02:53:35 PM

Quote from: OgNasty on July 17, 2024, 02:40:41 PM

Let me clear up some misinformation being spouted. First of all, kraken got user funds they will be distributing next week or the following week to individuals. Secondly, settlements aren’t taxed as capital gains. Selling to pay taxes on these coins is a thing that will happen. Many people will likely owe hundreds of thousands of dollars in taxes based on their distribution regardless of what they do with the coins. The idea there won’t be selling is a fairytale.

You just can' help yourself, can you?

Are you shorting still?

What can I say, correcting misinformation as an involved party is my weakness. Always has been on this forum. I just wonder why the statement of fact to correct misinformation bothers some people so much.

I’ve never shorted Bitcoin (see, that whole correcting misinformation thing). That would be insane. I actually am irresponsibly long and expecting BTC to be at least $135K by next April.

Hueristic

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Quote from: OgNasty on July 17, 2024, 02:40:41 PM

Let me clear up some misinformation being spouted. First of all, kraken got user funds they will be distributing next week or the following week to individuals. Secondly, settlements aren’t taxed as capital gains. Selling to pay taxes on these coins is a thing that will happen. Many people will likely owe hundreds of thousands of dollars in taxes based on their distribution regardless of what they do with the coins. The idea there won’t be selling is a fairytale.

You just can' help yourself, can you?

Are you shorting still?

STINKYBEE

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2010- no one uses it.
2012- only computer nerds use it.
2013- only drug dealers use it.
2014- only money launderers use it.
2017- only gamblers use it.
2019- only a small percent of the population use it.
2020- only small companies use it.
2024- only BlackRock, Fidelity and 9 other spot etfs providers use it.

OgNasty

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Let me clear up some misinformation being spouted. First of all, kraken got user funds they will be distributing next week or the following week to individuals. Secondly, settlements aren’t taxed as capital gains. Selling to pay taxes on these coins is a thing that will happen. Many people will likely owe hundreds of thousands of dollars in taxes based on their distribution regardless of what they do with the coins. The idea there won’t be selling is a fairytale.

WatChe

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Quote from: JayJuanGee on July 16, 2024, 06:22:36 PM

I have no objection to your idea of taking advantage of BTC price corrections, but fuck your dumbass characterization of a correction (or just one aspect of BTC consolidation) as if it were a bear session.. that is dumb as fuck, even if you are using the word "session" rather than "market." Your use of the term "bear session" versus "bear market" does not save you from such a misleading (and maybe misinformed) perception of where we are at, how we got hear or maybe where we are going.. since using the term bear is misleading.. See my post from earlier today.. even though I am not even sure if I am responding very much besides just proclaiming that we are not in any kind of "bear.. blah blah blah".. since how can you be in a "bear.. blah blah blah" if you happen to already be in a bull... so both a bear and a bull cannot simultaneously exist, and we happen to be in a bull.. but no.... some folks want to suggest (mislead or just speak gobbledy-gook) by trying to suggest that a bear exists within a bull.. It makes absolutely no sense... and they need to either fix their way of thinking and/or fix their ways of presenting such bear/bull ideas.

Your idea of being in bull market is primarily based on 200-WMA and that's correct because from November last year price of Bitcoin has gone up considerably as compared to 200 WMA. As on Jul 14, 2024 Price of Bitcoin was 59152$ while 200 WMA was 36835$. If we stick with 200 WMA then we will remain in bull season for coming months.

ChartBuddy

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OutOfMemory

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Quote from: El duderino_ on July 17, 2024, 01:21:42 PM

https://x.com/rovercrc/status/1813598282691833908?s=46

Is this correct?

Not exactly, IMO.
Kraken sent out an Email that they received all the(ir) creditors bitcoins and will distribute the amounts set by the trustee to the according user wallets within 7-14 days, IIRC.
So 65% might well be off Gox* wallets, but less received by customers, yet. Is the fiat part of repayments done already? AFAIR this should have been the first outflow of Gox trustee's holdings.

EDIT: Gox wallets are emptied to 0.12 BTC total, as i just checked the other minute. The trustee might have grouped amounts in different wallets to simplify transfers to exchanges. I haven't heard of any other exchanges actually distributing GoxBTC to their users, but maybe the remaining 35% are those of coinbase?

El duderino_

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https://x.com/rovercrc/status/1813598282691833908?s=46

Is this correct?

aesma

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fly or die

Quote from: Hueristic on July 17, 2024, 10:39:32 AM

Quote from: JayJuanGee on July 16, 2024, 08:31:19 PM

I am not too excited about some of the seeming pushes for all electric - even though there might be some practical uses for such, and it seems that battery technology is not at such a state that commercial airlines would be able to fly if there were to be some kind of an all electric design for such, so there are some problematic aspects around some all electric applications, though it may have some reeasonable applications.. but yeah there are likely also problems with all electric in real hot or real cold climates (seasons), too...

The problem with electrical flight is energy density, for some reason you can't trick physics.

Add pedals to the passengers' seats.

ChartBuddy

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Biodom

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A weird day on the market: large pharma stocks are flying upwards, NVDA is down 7%, crushing the Nasdaq.
Bitcoin is in the middle, not much action so far.

LFC_Bitcoin

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I am from the UK, Bitcoin is currently taxable as Capital Gains which is 20% on profits. We have a newly elected leftie government and they love to tax the well off so watch this space.

I have an Irish passport (EU) through my grandparents so if I need to leave to a more friendly tax environment I will have to.

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