Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 8559. (Read 26708675 times)
January 20, 2020, 03:07:35 PM
Eh, it's the price of living in a moderately civilized society. If I was located in a dumpster like Syria or insert name of lawless hellhole I would think differently, but how many of us bitcoiners really live in Detroit?
January 20, 2020, 03:02:18 PM
The government does not deserve to take so much from us.
as if "deserve" has fuck all to do with it
January 20, 2020, 03:01:55 PM
Lol fuck off, your on site gardener will live in a better place than that when you sell 
Hey, I'm a doer upper.
And I'm researching floating buildings so I may as well start with a disposable one.
Haha!
I was looking at living costs in The Philippines earlier. I thought about nutildah (no homo) & had a little look.
It’s so fucking cheap.
January 20, 2020, 03:01:37 PM
Breaking News:U.S. Congress proposes that Crypto transactions below $200 shall be free from taxes!.
pdf
Quote
139 G.Gain from disposition of virtual currency
(a)In general
Gross income of an individual shall not include gain, by reason of changes in exchange rates, from the disposition of virtual currency in a personal transaction (as such term is defined in section 988(e)). The preceding sentence shall not apply if the gain which would otherwise be recognized on the transaction exceeds $200.
(b)Virtual currency
For purposes of this section, the term virtual currency means a digital representation of value that is used as a medium of exchange and is not otherwise currency under section 988.
(a)In general
Gross income of an individual shall not include gain, by reason of changes in exchange rates, from the disposition of virtual currency in a personal transaction (as such term is defined in section 988(e)). The preceding sentence shall not apply if the gain which would otherwise be recognized on the transaction exceeds $200.
(b)Virtual currency
For purposes of this section, the term virtual currency means a digital representation of value that is used as a medium of exchange and is not otherwise currency under section 988.
That would be great if that goes through. I have made a few small purchases that have been annoying to keep track of (esp. cost basis for coins, I use FIFO accounting). The larger purchases (gold) I kept careful track of because they were larger transactions.
Tiny purchases with BTC should be tax-free, the man-hours of doing the accounting are maddening.
even if congress passes it (I doubt it), POTUS would surely veto it (on advise of Sec Treas).
I’m really not happy at the thought of paying 20%, that sucks man. Why should I pay so much money when the majority of my coins were bought for so little.
The government does not deserve to take so much from us.
The government does not deserve to take so much from us.
It is what it is. I priced it in from the off. And it can be much, much worse in other places. Ireland's 33% I think.
If I change my mind I have my eyes on this palace - https://www.rightmove.co.uk/overseas-property/property-88276847.html?currencyCode=GBP but need to get my skates on before going abroad results in gammons stoning you to death.
yea, in US it is similar (up to 20%) on longer term cap gains. 10% would have been more decent, but, whatever.
Brits have one up on us with all that offshoring business. No such thing (except weird Puerto Rico situation) for US citizens.
IF you love that future extra 15-20% so much that you want to live in PR at least 183 days/year, then...
I won't.
January 20, 2020, 02:59:53 PM
Lol fuck off, your on site gardener will live in a better place than that when you sell
Hey, I'm a doer upper.
And I'm researching floating buildings so I may as well start with one I can crash a few times.
January 20, 2020, 02:59:10 PM
January 20, 2020, 02:58:33 PM
I’m really not happy at the thought of paying 20%, that sucks man. Why should I pay so much money when the majority of my coins were bought for so little.
The government does not deserve to take so much from us.
The government does not deserve to take so much from us.
It is what it is. I priced it in from the off. And it can be much, much worse in other places. Ireland's 33% I think.
If I change my mind I have my eyes on this palace - https://www.rightmove.co.uk/overseas-property/property-88276847.html?currencyCode=GBP but need to get my skates on before going abroad results in gammons stoning you to death.
Lol fuck off, your on site gardener will live in a better place than that when you sell
January 20, 2020, 02:56:35 PM
I’m really not happy at the thought of paying 20%, that sucks man. Why should I pay so much money when the majority of my coins were bought for so little.
The government does not deserve to take so much from us.
The government does not deserve to take so much from us.
It is what it is. I priced it in from the off. And it can be much, much worse in other places. Ireland's 33% I think.
If I change my mind I have my eyes on this palace - https://www.rightmove.co.uk/overseas-property/property-88276847.html?currencyCode=GBP but need to get my skates on before going abroad results in gammons stoning you to death.
January 20, 2020, 02:50:51 PM
I’d like to see something similar passed in the UK.
Well, we do get a 12 grand or so tax free allowance per year which could be worse.
Capital gains is not one of those taxes that the average voter pays or gives a shit about so I can well imagine it'll rise at some point. It's a pretty soft target. And it would've been 90 billion per cent had Labour gotten in.
I’m really not happy at the thought of paying 20%, that sucks man. Why should I pay so much money when the majority of my coins were bought for so little.
The government does not deserve to take so much from us.
January 20, 2020, 02:47:33 PM
I’d like to see something similar passed in the UK.
Well, we do get a 12 grand or so tax free allowance per year which could be worse and covers some spending. I didn't realise the American rate was zero from the off which is nuts.
Capital gains is not one of those taxes that the average voter pays or gives a shit about so I can well imagine it'll rise at some point. It's a pretty soft target. And it would've been 90 billion per cent had Labour gotten in.
January 20, 2020, 02:45:27 PM
I’d like to see something similar passed in the UK.
I don’t think it’s fair I’ll have to pay up to 20% capital gains tax on an investment that I mostly bought in 2014-15.
In Germany there is 0% capital gains tax on assets that you have HODLED for over 12 months.
I’ll figure a way around it, I’ve been playing the system in business for years.
I don’t think it’s fair I’ll have to pay up to 20% capital gains tax on an investment that I mostly bought in 2014-15.
In Germany there is 0% capital gains tax on assets that you have HODLED for over 12 months.
I’ll figure a way around it, I’ve been playing the system in business for years.
January 20, 2020, 02:44:56 PM
wait
so we get to launder it in $200 at a time?
transaction fees could eat that up pretty quick
so we get to launder it in $200 at a time?
transaction fees could eat that up pretty quick
January 20, 2020, 02:37:09 PM
Breaking News:U.S. Congress proposes that Crypto transactions below $200 shall be free from taxes!.
pdf
Quote
139 G.Gain from disposition of virtual currency
(a)In general
Gross income of an individual shall not include gain, by reason of changes in exchange rates, from the disposition of virtual currency in a personal transaction (as such term is defined in section 988(e)). The preceding sentence shall not apply if the gain which would otherwise be recognized on the transaction exceeds $200.
(b)Virtual currency
For purposes of this section, the term virtual currency means a digital representation of value that is used as a medium of exchange and is not otherwise currency under section 988.
(a)In general
Gross income of an individual shall not include gain, by reason of changes in exchange rates, from the disposition of virtual currency in a personal transaction (as such term is defined in section 988(e)). The preceding sentence shall not apply if the gain which would otherwise be recognized on the transaction exceeds $200.
(b)Virtual currency
For purposes of this section, the term virtual currency means a digital representation of value that is used as a medium of exchange and is not otherwise currency under section 988.
This is super huge if it passes. We will all become spenders as we rotate our hoards to a much higher cost basis.
January 20, 2020, 02:11:24 PM
Zhao in response to Peter Schiff’s negative comments about bitcoin & forgetting his wallet passphrase.
@cz_binance
1. This is probably 0.01 btc someone gave him as a gift.
2. The thread is entertaining due to the hopelessly illogical-ness.
3/5. It is amazing someone so illogical can attract that many followers. I guess there are multiple reasons one can become famous.
https://twitter.com/cz_binance/status/1219300617794940932?s=21
@cz_binance
4. Finally understood why he likes gold over bitcoin. Gold doesn’t have a password.
5. Unless, of course, if he uses a vault with a password to store the gold...
https://twitter.com/cz_binance/status/1219300619699146752?s=21
@cz_binance
1. This is probably 0.01 btc someone gave him as a gift.
2. The thread is entertaining due to the hopelessly illogical-ness.
3/5. It is amazing someone so illogical can attract that many followers. I guess there are multiple reasons one can become famous.
https://twitter.com/cz_binance/status/1219300617794940932?s=21
@cz_binance
4. Finally understood why he likes gold over bitcoin. Gold doesn’t have a password.
5. Unless, of course, if he uses a vault with a password to store the gold...
https://twitter.com/cz_binance/status/1219300619699146752?s=21
January 20, 2020, 02:07:01 PM
Breaking News:U.S. Congress proposes that Crypto transactions below $200 shall be free from taxes!.
pdf
Quote
139 G.Gain from disposition of virtual currency
(a)In general
Gross income of an individual shall not include gain, by reason of changes in exchange rates, from the disposition of virtual currency in a personal transaction (as such term is defined in section 988(e)). The preceding sentence shall not apply if the gain which would otherwise be recognized on the transaction exceeds $200.
(b)Virtual currency
For purposes of this section, the term virtual currency means a digital representation of value that is used as a medium of exchange and is not otherwise currency under section 988.
(a)In general
Gross income of an individual shall not include gain, by reason of changes in exchange rates, from the disposition of virtual currency in a personal transaction (as such term is defined in section 988(e)). The preceding sentence shall not apply if the gain which would otherwise be recognized on the transaction exceeds $200.
(b)Virtual currency
For purposes of this section, the term virtual currency means a digital representation of value that is used as a medium of exchange and is not otherwise currency under section 988.
That would be great if that goes through. I have made a few small purchases that have been annoying to keep track of (esp. cost basis for coins, I use FIFO accounting). The larger purchases (gold) I kept careful track of because they were larger transactions.
Tiny purchases with BTC should be tax-free, the man-hours of doing the accounting are maddening.
January 20, 2020, 02:02:39 PM
yeah, Armageddon has about a 1% chance of happening, so don't fuck up your whole life and your ability to retire because you put way the fuck disproportionate preparation into that... like 20% or even 50% like some people seem to be inclined in those kinds of ways to prepare for holy shit not going to happen events - and I am NOT sure if that is just a means to talk themselves out of actually pulling the fuck you lever when they really should (but yeah, ultimately their discretion, and the above remain just factors to consider rather than trying to tell anyone what to do with their ultimate conclusions regarding what is important to them).
I don't really disagree with any of what you said, including the unquoted parts. But having seen the medical issues destroy people's finances more than once, in my personal list of things it's on my list of "it's comin' down the pike" rather than "small chance Armageddon scenario", so as you point out each person has that different list of factors they consider at various priorities.
I totally get that some might see the large numbers and say "fuck it" instead of saving now, hopefully few to none on here, but I just consider it a journey. If I end up there great, if not, well I tried and will continually evaluate my options with regard to whatever curve balls life is throwing at me or likely to throw at me at the time.
I doubt that we are really saying anything different from one another, except maybe delving into the weeds a bit with a kind of particular scenario. There is a lot fucked up in the USA regarding health care... that is for sure. There are also likely way too many people in the USA who get wiped out financially by various medical issues that come up, so yeah, something like that might have higher odds of happening or becoming an issue than people credit (take into their accounts/contemplations), and of course, for you particularly, you might have to over-prepare in order to be feel that you are sufficiently comfortable, but you also might end up shooting yourself in the foot because you ended up over-preparing.
I surely don't know the solution because you are referring to a real world issue that has a whole hell of a lot of significance in the USA, and more dire circumstances for some people rather than others in terms of how much insurance needs to be within the budget or if there is already a pre-existing condition and also whether they might be ready, willing or able to travel for treatment (which traveling surely might not be very practical for some people to have to consider traveling for medical treatment).
January 20, 2020, 01:56:29 PM
January 20, 2020, 01:52:38 PM
Good evening guys,
enjoying some greek wine and observing $8660... You guys with me?!
enjoying some greek wine and observing $8660... You guys with me?!
Drinking Prosecco!
On to our second bottle, not a big drinker myself, I prefer substance abuse
Lol man, told ya just recently, we are somehow connected obviously (no homo of course, haha) - even when you are not a big drinker, unlike me, lol. Gotta love wine! Greek wine is of course underrated, bad marketing (general problem with Greece actually ^^) - anyone needs suggestions, just hit me up
January 20, 2020, 01:50:23 PM
Good evening guys,
enjoying some greek wine and observing $8660... You guys with me?!
enjoying some greek wine and observing $8660... You guys with me?!
Drinking Prosecco!
On to our second bottle, not a big drinker myself, I prefer substance abuse
January 20, 2020, 01:45:43 PM
I am not exactly saying you need $5 Million to live in the US.
$5Million is my *UP TO* / most conservative reasonable figure for living with a NICE lifestyle in the US. It includes the following factors:
If $5million is your goal, then you need
BTC price BTC quantity
$5k - (anticipated lowest, currently) = 1,000 BTC
$8,600 - (today's price, while typing) = 581.4 BTC
$10k - (reasonable extreme bottom price in 2 years) = 500 BTC
$25k - (reasonable extreme bottom price in 5 years) =200 BTC
$100k - (reasonable extreme top price within 2 years) = 50 BTC
$250k - (reasonable extreme top price in 5 years) = 20 BTC
I personally believe that $2million is decently enough because that gives you $6,666 / mo of passive income. We should be considering average USA locations rather than the extremes of NYC or SF... .. of course, the higher the cost of living of your preferred location, the more that you need.
By the way, we should also know that BTC does not need to be your exclusive source of income or assets in order to still serve as "fuck you" money and also to be calculated while considering the balancing of other assets and possible income that you might have from other sources that would not necessarily interfere with your ability to claim to have reached a kind of "fuck you" status
I agree with a notion that 2mil is still probably OK in most of US (not in NY, SF, San Diego, San Jose and several more), but $5 mil is solid as a "FU money" (updated to $5mil from $2.5 mil) described here:
https://www.youtube.com/watch?v=qGC9FY65HBo
haiku motif that I stole from you know who:
Yesterday, corn was
such an easy game to play..
oh oh...yesterday
I had not previously seen that movie (the gambler), but that clip makes it look like a very interesting movie, and also yeah, very a propros of our discussion of adequate and sufficient aspiration levels.
I did watch the longer contextual part, too, and I like the lil part with the snotty waitress who refused to accept his ability to choose which beer... She surely would not be long in the waitressing business with that kind of attitude... but some of them do get like that.
Jump to: