Is the crypto winter over?

long said:
Nope. Just trying to learn. I haven’t consulted a professional because I haven’t sold any BTC yet, only bought. As for the “advice” you’re referring to, I’m just repeating my interpretation of stuff I’ve read on this website. I didn’t mean to imply that I knew what I was talking about. Right now I’m relying pretty heavily on other members to correct me when I’m wrong. It’s kind of why I’m here.

edit: it’s the only reason I’m here
More...

That is cool, taxes are a very important subject, imho, and I use a tax professional, paid 6 figures in taxes in 2021...

And do not change bitcoin to a security when it is a commodity under CFTC jurisdiction and property on the US tax code. Bitcoin (spot) ETF's are a security


long said:
Yeah there’s a lot of what if’s. I once bought a new truck by transferring grain to the dealer. It’s not common practice but it does happen in farming areas. Since it was an “even trade” and no money changed hands I was able to avoid sales tax. Since BTC is considered a commodity I was wondering if the same loophole would exist if I was transferring BTC instead of grain. I added the capital gains part because I don’t know if it would apply. John made a good point about not transferring it from an exchange wallet though.
More...

There were changes to bitcoin 1031 exchange properties with other cryptos in 2018... I think there's tax implications on your scenario but I am not giving tax "advice"


NoahA said:
I personally feel like it has a shot at being the world reserve currency. Its going to be the only thing that corporations and governments can trust
More...

I prefer for bitcoin to be a global reserve asset competing with all kinds of debt assets

This will also make bitcoin a collateral asset to back any debts

A global currency will make too many enemies and the world governments will not accept it as such since they do not control it
 
Last edited:
johnarb said:
taxes are a very important subject, imho, and I use a tax professional, paid 6 figures in taxes in 2021...
More...

God damn, I wish I was you financially. I would HAPPILY pay 6 figures in taxes, because that means my gross income is 8 digits, at least.

Yum!
 
Overnight said:
God damn, I wish I was you financially. I would HAPPILY pay 6 figures in taxes, because that means my gross income is 8 digits, at least.

Yum!
More...
Six figures is only impressive when you don't know the figure.:)
upload_2024-2-25_20-28-35.png
 
johnarb said:
I prefer for bitcoin to be a global reserve asset competing with all kinds of debt assets

This will also make bitcoin a collateral asset to back any debts

A global currency will make too many enemies and the world governments will not accept it as such since they do not control it
More...
I remember reading or watching not too long ago the argument that if a currency doesn't have a store of value component, then it will fail. People have to want to hold the currency in order for it to have any value. If the minute you receive a currency you want to get rid of it, then there is no need for that currency to exist. Gold was of course difficult to transact with, so gold backed fiat made total sense. But with bitcoin being so easy to transact with, going from store of wealth and global reserve asset to currency, used to transact, is super easy. The most you might have to do is go from cold storage to a hot wallet, or sell an ETF, and us the fiat for your transactions that month. So I just don't see how you can have a world reserve asset that doesn't also take over the role of a currency. The future I think really is bitcoin banks and multiple L2's and fedimints and things like this.
 
Last edited:
upload_2024-2-25_22-14-29.png


This is why I don't bother with the fundamentals, one analyst says crap while the other talks shit. :banghead: We'll see where the price will actually trade when we get to April.
 
You must log in or register to reply here.
Back
Top