Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 5549. (Read 26607623 times)

Well, hate to say it but if you only bought 20 bitcoins that's worth $1,000,000 today. Which means if you sell it all it's at the exact same tax rates (in the US) as it was last year. To the dime. The first 250k or so would be taxed at marginal rates up to 20% and the rest would be taxed at a straight 20%.

That's kind of life. So if we simplified the math you get a net profit of $799,750, your initial $250 investment back. I mean yeah I guess that sucks, but compare that to someone who ignored bitcoin and has $0 and none of their avoided investment lost and didnt pay those evil taxes (the freeloaders!)

Taxes are kind of a price to pay to live in a civilized society. In areas with low low tax rates and limited government they have other... issues and your protections against fraud and force are.... well less.

Plus this is per year. So I can pick up 3 Lambos a year at the same tax rates as last year. I could also buy a 20m house, and pay it off at a rate of 800k a year for 30 or so years without hitting an additional penalty. Granted a 30m house is kinda lame but you know if you need bigger than that then maybe you can bitch about the Biden tax.

So... meh?

COVID‐19: what a disaster

The only way the workers can own the means of production is through public ownership by the government. When the government gets that much power, it never ends well. Plus, central planners can never keep up with the billions of price and markets signals that a free market does which leads to shortages, etc.

Workers owning the means of production directly is a utopian fantasy. How would this work exactly?

Also, what is stopping a group of enterprising individuals from creating a company right now where the workers own it and they directly control the means of production? Would the janitors get the same share as the software developers? What happens when a person moves to another company? What if some people are better at saving their money than others? Wouldn't we naturally return to some people having more than others and eventually the exact same wealth gap that we have now? Would you stop it from happening by making it illegal to save your money or live a frugal life? Would it be illegal to change jobs or would you lose your ownership when you changed jobs? Would a new employee just automatically get the same share as somebody working there for 20 years? What about a person who refuses to work at all. Would they still get a share?

Surely there are some socialists out there with some good ideas that would work as a business. Surely there are some altruistic individuals who would forego their billions and split that up evenly with the janitors and accountants.

If it was a superior way to run a businesses, wouldn't all businesses be run like that already? Why do you need the government to change something if the goal isn't to give the government central authority (i.e. Communism)?

Speaking of socialism and all...

"Capitalism gives power to the capable, so that they can rise UP, above the mass average."
"Communism gives power to the incapable, so that they can bring those above them DOWN to their level."

That's what a secondary school teacher once told us in class. I was in my early teens then. I didn't believe him. Now, in my late 40s, I believe he was absolutely right.

https://www.coindesk.com/nexon-bitcoin-100m-video-gaming


"According to a press release on Wednesday local time, NEXON purchased 1,717 bitcoins at an average price of around $58,226, including fees and expenses."

 They invested around 2% of their cash and cash equivalent holdings into Bitcoin.

HODL

Without those investments everything from microchips, composit materials, global positioning to tempur beds would not exist.

Even the technology keeping the space shuttle from sliding off the runway after landing is saving lives in the road today.

Space develops a lot of tech that finds its way into our lives....

Not true anymore!  Didn't their teeny sale of Bitcoin = something like 14 years of car sales? lol.  But I see what you mean.

 The empty shelves remind me of my grocery store on threat of covid lockdown.

My impression is that they're looting the corpse of the petrodollar. I expect BRICS to put forward their own currency this year.

I always knew it was coming someday. It always seemed that it would be "in the future sometime" but I think it's actually here.

The Bitcoin dream. 👍 Truly putting control of their money into the hands of the people.

This is always an attack vector I've been concerned about. Software companies convince themselves that their security is unimpeachable, Microsoft enough so that they make their updates mandatory.

Supercycle thesis (D. Held) discussion on McCormack's podcast:

https://www.whatbitcoindid.com/podcast/the-bitcoin-supercycle-revisited

Here we go.

https://www.wsj.com/articles/biden-to-propose-1-8-trillion-plan-aimed-at-families-tax-hikes-for-wealthiest-americans-11619600400

BTW, if you spent $250 (EDIT: $500 for a better example) at the beginning of 2013, bought 20 40 btc and held 'them, you already ARE that rich bastard that "needs" to be taxed 43.4%+state tax if you sell to buy a house or a lake ( ). It sucks to be Mr/Ms smarty pants.

The "surprise" would be in that the revenue would be affected negatively since people would not sell. Therefore, they would need to come up with Act II and straight tax wealth, not cap gains.
Why? See below.

https://www.wsj.com/articles/biden-taxes-for-punishments-sake-11619374000

Yes indeed de do

Funny how people get annoyed at space travel budgets "it's a waste of money" but have no problem with countless layers of government or overzealous welfare systems or helicopter money.

Space travel usually means someone is doing something and getting paid for it.

Good visualization of a $trillion in bank notes. I had no idea.

On a smaller scale 4 x 2inch bundles of €500 notes enables you to carry €1.000.000 in your jacket pockets.
These notes are not printed anymore by ECB due to their obsession with the money laundering and crime that they are not getting a cut of. But are still legal tender.

https://www.exxennews.com/alleged-operator-of-336-million-bitcoin-mixing-service-arrested-in-us/

You are also correct about the multiple points of failure and have abandoned this idea.

For years I ran a node with Bitcoin core wallet then used Armory with offline transaction signing.

Then I had some problems with Armoury about the time ATI finished with the project and Goatpig continued with development. I managed to recover my coins and bought a ledger.

Generated BIP39 Mnemonic 24 words.

I wish to store these words on a 2 of 3 paper backup and hide them.
It seemed a simple task.

So scouring through a book for these 24 words and assigning each a 5 digit code based on page number line number and position of word within the line. Then noting these down pencil on paper and hiding them would probably be meaningless to the finder.
I may just use the 24 words plus 1 method for extra security and commit this to pencil and paper in addition to being in my head.

With Bitcoin bobbing about in the mid $50k's all is well.

Ant-work in progress

Yeah but NASA would waste it on things like the betterment of all humanity. Friggin' socialist spacers.