As the Government pushes for crypto currency tax compliance, recent studies are revealing that a significant majority of crypto investors have actually lost money after the poor performance over the past several months. So, as the IRS has been slow to put any teeth into tax collection, it is quite possible that it is going to get more in tax loss deductions than gains reported for tax year 22.
@RobM said:
As the Government pushes for crypto currency tax compliance, recent studies are revealing that a significant majority of crypto investors have actually lost money after the poor performance over the past several months. So, as the IRS has been slow to put any teeth into tax collection, it is quite possible that it is going to get more in tax loss deductions than gains reported for tax year 22.
2% of bitcoin accounts hold 90% of the bitcoin. Just think about all that that means.
@RobM said:
As the Government pushes for crypto currency tax compliance, recent studies are revealing that a significant majority of crypto investors have actually lost money after the poor performance over the past several months. So, as the IRS has been slow to put any teeth into tax collection, it is quite possible that it is going to get more in tax loss deductions than gains reported for tax year 22.
2% of bitcoin accounts hold 90% of the bitcoin. Just think about all that that means.
Sounds like normal times to me. Doesn't the top 1% control something like 90% of the planets "wealth"?
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
2% of bitcoin accounts hold 90% of the bitcoin. Just think about all that that means.
What does it mean in your estimation? And, is it all that different than say US stock markets.
A couple notes on biggest bitcoin owners...not much is known about them compared to public disclosure of large equity stockholders. And some of them, like PayPal, are "whales" even though there are many accounts with claims on a portion of their wallet. But if your look at the top individual whales, what percent of them live in the US? Of the top 4, only 1 definitely lives in the US.
I think we may be in agreement here..... that the majority of cryptocurrency investors are presently under water since the biggest holders, and those having the bulk of the paper profits, are much more likely to be early adopters. And, a majority of them are probably not US citizens. Which is why the formalization of crypto taxation in US may not bring in the expected level or revenue, and might actually result in revenue loss if BTC, etc., continue to struggle.
Which is why the formalization of crypto taxation in US may not bring in the expected level or revenue, and might actually result in revenue loss if BTC, etc., continue to struggle.
I do think that cryptos are perhaps a logical progression for money transactions in this high tech environment, except that it appears to be susceptible to some major problems still - including government overreach and security concerns - both of which are the same major problems with just about every asset class. In a perfect world, maybe.
Q: Are You Printing Money? Bernanke: Not Literally
I just think as targets go.... Bitcoin can drop and it can rise. The money I keep in the bank or pay pal is safe but gains nothing. And if I have extra it's either for inventory or taxes. . ( so how safe is that ? ) With money in digital currency , one can check balances as easily. Mine goes up and down like my stock picks. Mostly down . If I said my target price was $49,000 until Presidents' Day .... I'd have missed my mark.
Here are two charts. One for a week. One for a year.
The best way to make money trading crypto is to hide it under your mattress. I'm grateful I only bought a small amount, I know people that swore up and down this is going parabolic and currently are buried up to their neck in losses.
Looks like the common russkis are buying up all me bitcoins and the Russki central bank be buying all me gold. With worthless rubles no less. lol! Crazy world!!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
@morgansforever said:
The best way to make money trading crypto is to hide it under your mattress. I'm grateful I only bought a small amount, I know people that swore up and down this is going parabolic and currently are buried up to their neck in losses.
Crypto bounce (almost all still way down in 2022) is more likely related to belief that US will not raise rates, at least not to the degree that was alluded to by the fed. Ukraine situation provides this excuse despite the built-in inflation that will be caused by $100 and higher oil. Time to max out on I series bonds.
crypto bounce is related to lack of further participants in Ukraine. Fear of such is what drove it down. Anyone who saw this early in crypto price retreat smartly sold and watched for the upward price signal to get back in.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
As discussed in the link, Bitcoin surged upon the news. And as I commented it was a good sign when it comes to government regulation/interference. As the informed know, there are other issues that affect price as well.
Volatility, grasshopper. Learn what it is, how to foresee it and how to use it.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
Important to note the the Ukrainian crisis has shown us that cryptos are not considered a safehaven, at least so far. They continue to show an inverse price relationship with gold.
Look for cryptos to gain when and if the fear subsides and gold to decline.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
The majority of cryptos have been developed by Russia(ns). This whole crazy scheme has been nothing more than a techno fleecing of the West.
Like they did with vodka and their oil? No more vodka for you in your koolaid.
Only naive consumers (and governments) let political differences/emotion determine their purchasing/trading/investment decisions. Maybe now is the time to add "emotion" to the list of what affects trading decisions along with "fear" and "greed."
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
So, the current environment in which Bitcoin finds itself:
Global sanctions that are destroying currencies and economies
Global inflation that is destroying currencies and economies
Ungodly sovereign debt that is devaluing currencies
Citizens can’t trust their own governments to protect their property rights
Governments can no longer trust each other to respect each other’s currency reserves
The weaponization of the SWIFT payment system against Russia
Absolutely no one can be trusted as a third-party intermediary for capital
Implementation of new and creative international payment methods
A western G7 government (Canada) that seizes bank accounts with no due process and no recourse
Central banks pushing digital accounts that they (and God knows who else) control as the only form of banking
A monetary regime (Bretton Woods and its petro-dollar) that has been in place for the past fifty years is ending. It's replacement is likely a basket of currencies that will include gold; there will no longer be a single world reserve currency whose strength is dependent on the reach of its nation's military.
Bitcoin target price in the face of all this chaos and uncertainty? Bitcoin is digital gold that has not yet been put under the thumb, as has gold in the futures markets, of those trying to delay the death of their currency. Until then sky is the limit on Bitcoin price, take advantage of the golden opportunity until governments take it away.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
Nope. Have you ever seen any of the stocks you own? Or a eft or ach transfer?
Ive handled many a stock and bond certificate.
An ACH or EFT transfer is an action, not an asset.
Have you handled YOUR stock certificates?
Granted on the latter two. However we could get into an esoteric discussion on what they were transferring - an intangible representation of a currency that has value based on a representation of a bank.
I see the deposit to my bank account every time I sell a crypto. And if I want to I can go to the bank and "handle" those dollars. I choose to leave them in the bank to buy the next dip of cryptos.
I've never seen the limit on my credit card but I did find out one time that it is real.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
I see the deposit to my bank account every time I sell a crypto. And if I want to I can go to the bank and "handle" those dollars. I choose to leave them in the bank to buy the next dip of cryptos.
So youve never seen or handled a bitcoin, yet you see see manipulation and conspiracy everywhere else.
Nope. Have you ever seen any of the stocks you own? Or a eft or ach transfer?
Ive handled many a stock and bond certificate.
An ACH or EFT transfer is an action, not an asset.
Have you handled YOUR stock certificates?
I can get a cert if i want one. Can you get your hands on a bitcoin?
Absolutely. I can print out the information of my wallet and I have exactly the same thing as your stock certificate.
Lol. Not even close.
You think some squiggly lines and colors somehow makes your certificate any different? It does not. You have some works printed on a piece of paper that says you own something based on a value established in a market. A printout of a bitcoin wallet is exactly the same thing.
Nope. Have you ever seen any of the stocks you own? Or a eft or ach transfer?
Ive handled many a stock and bond certificate.
An ACH or EFT transfer is an action, not an asset.
Have you handled YOUR stock certificates?
I can get a cert if i want one. Can you get your hands on a bitcoin?
Absolutely. I can print out the information of my wallet and I have exactly the same thing as your stock certificate.
Lol. Not even close.
You think some squiggly lines and colors somehow makes your certificate any different? It does not. You have some works printed on a piece of paper that says you own something based on a value established in a market. A printout of a bitcoin wallet is exactly the same thing.
Holy shittes, you almost just made some sense. except well maybe......Disclaimer, I've been drinking today.
PS Inflation related: 24 pack case of 16oz Miller Lite at my local distributer just went up from $17.50 on Tue, Wed, Thur to $17.75. On Fri/Sat it went from $18.00 to $19.75. The only thing that hadn't inflated in the past 2.5 years (well except for gutter metal), guess it was only a matter of time. RGDS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Nope. Have you ever seen any of the stocks you own? Or a eft or ach transfer?
Ive handled many a stock and bond certificate.
An ACH or EFT transfer is an action, not an asset.
Have you handled YOUR stock certificates?
I can get a cert if i want one. Can you get your hands on a bitcoin?
Absolutely. I can print out the information of my wallet and I have exactly the same thing as your stock certificate.
Lol. Not even close.
You think some squiggly lines and colors somehow makes your certificate any different? It does not. You have some works printed on a piece of paper that says you own something based on a value established in a market. A printout of a bitcoin wallet is exactly the same thing.
Holy shittes, you almost just made some sense. except well maybe......Disclaimer, I've been drinking today.
No disclaimer needed - those of us who read your posts assume that is a daily occurrence…
Nope. Have you ever seen any of the stocks you own? Or a eft or ach transfer?
Ive handled many a stock and bond certificate.
An ACH or EFT transfer is an action, not an asset.
Have you handled YOUR stock certificates?
I can get a cert if i want one. Can you get your hands on a bitcoin?
Absolutely. I can print out the information of my wallet and I have exactly the same thing as your stock certificate.
Lol. Not even close.
You think some squiggly lines and colors somehow makes your certificate any different? It does not. You have some works printed on a piece of paper that says you own something based on a value established in a market. A printout of a bitcoin wallet is exactly the same thing.
Its not close because proponents of equites never hold them out to be a "currency".
Comments
As the Government pushes for crypto currency tax compliance, recent studies are revealing that a significant majority of crypto investors have actually lost money after the poor performance over the past several months. So, as the IRS has been slow to put any teeth into tax collection, it is quite possible that it is going to get more in tax loss deductions than gains reported for tax year 22.
2% of bitcoin accounts hold 90% of the bitcoin. Just think about all that that means.
Knowledge is the enemy of fear
Sounds like normal times to me. Doesn't the top 1% control something like 90% of the planets "wealth"?
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
I'm somewhat glad that I never bought crypto even though I'm still looking at it. Gov.com really wants to have ways to control it.
I knew it would happen.
What does it mean in your estimation? And, is it all that different than say US stock markets.
A couple notes on biggest bitcoin owners...not much is known about them compared to public disclosure of large equity stockholders. And some of them, like PayPal, are "whales" even though there are many accounts with claims on a portion of their wallet. But if your look at the top individual whales, what percent of them live in the US? Of the top 4, only 1 definitely lives in the US.
I think we may be in agreement here..... that the majority of cryptocurrency investors are presently under water since the biggest holders, and those having the bulk of the paper profits, are much more likely to be early adopters. And, a majority of them are probably not US citizens. Which is why the formalization of crypto taxation in US may not bring in the expected level or revenue, and might actually result in revenue loss if BTC, etc., continue to struggle.
Which is why the formalization of crypto taxation in US may not bring in the expected level or revenue, and might actually result in revenue loss if BTC, etc., continue to struggle.
I do think that cryptos are perhaps a logical progression for money transactions in this high tech environment, except that it appears to be susceptible to some major problems still - including government overreach and security concerns - both of which are the same major problems with just about every asset class. In a perfect world, maybe.
I knew it would happen.
I dont think a bullrun will happen again this year ....maybe mid to late next year.
I give away money. I collect money.
I don’t love money . I do love the Lord God.
I just think as targets go.... Bitcoin can drop and it can rise. The money I keep in the bank or pay pal is safe but gains nothing. And if I have extra it's either for inventory or taxes. . ( so how safe is that ? ) With money in digital currency , one can check balances as easily. Mine goes up and down like my stock picks. Mostly down
. If I said my target price was $49,000 until Presidents' Day .... I'd have missed my mark.
Here are two charts. One for a week. One for a year.
Moving targets.
Bull or bear ?
Not a pretty chart IMO.
Knowledge is the enemy of fear
do you want opportunity or stability? Crypto is not the place for stability.Those who think so are there for the wrong reason.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
Yet the 2% want you to believe that (among other things).
Knowledge is the enemy of fear
The best way to make money trading crypto is to hide it under your mattress. I'm grateful I only bought a small amount, I know people that swore up and down this is going parabolic and currently are buried up to their neck in losses.
Looks like the common russkis are buying up all me bitcoins and the Russki central bank be buying all me gold. With worthless rubles no less. lol! Crazy world!!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
The first bitcoin transaction occurred eleven years ago when two Papa John's pizzas were traded for 10,000 bitcoin. Those bitcoins today are worth $430,000,000.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
I hope it was a really good pizza.
Crypto Exchanges Decline Requests To Freeze Russian Funds
Look for some effort to force participation in the sanctions. A moment of truth for cryptos.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
Crypto bounce (almost all still way down in 2022) is more likely related to belief that US will not raise rates, at least not to the degree that was alluded to by the fed. Ukraine situation provides this excuse despite the built-in inflation that will be caused by $100 and higher oil. Time to max out on I series bonds.
crypto bounce is related to lack of further participants in Ukraine. Fear of such is what drove it down. Anyone who saw this early in crypto price retreat smartly sold and watched for the upward price signal to get back in.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
You see.....dont be a dummy
Knowledge is the enemy of fear
sure thing, co-blitz. lol
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
Bitcoin Surges As White House Unveils Crypto Executive Order
It's a good sign for cryptos when an opportunity to kill investor interest turns into a positive result.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
Typical of most assets.
Surge and plummet.
What kind of sign is it again? LOL
Knowledge is the enemy of fear
As discussed in the link, Bitcoin surged upon the news. And as I commented it was a good sign when it comes to government regulation/interference. As the informed know, there are other issues that affect price as well.
Volatility, grasshopper. Learn what it is, how to foresee it and how to use it.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
Wow. Crickets , grasshoppers, and trolls. What's the world coming to ?
Well, don't know about the trolls... but crickets and grasshoppers may be a new food source soon with grocery prices the way they are......
Important to note the the Ukrainian crisis has shown us that cryptos are not considered a safehaven, at least so far. They continue to show an inverse price relationship with gold.
Look for cryptos to gain when and if the fear subsides and gold to decline.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
Mr T might have said, "Pity the fool who thought otherwise".
The majority of cryptos have been developed by Russia(ns). This whole crazy scheme has been nothing more than a techno fleecing of the West.
Knowledge is the enemy of fear
Although some early entrants made bank in crypto, I tend to share the "fleecing" part of Dave's observation.
Like they did with vodka and their oil? No more vodka for you in your koolaid.
Only naive consumers (and governments) let political differences/emotion determine their purchasing/trading/investment decisions. Maybe now is the time to add "emotion" to the list of what affects trading decisions along with "fear" and "greed."
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
EU Parliament Votes Against Crypto tightening.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
So, the current environment in which Bitcoin finds itself:
A monetary regime (Bretton Woods and its petro-dollar) that has been in place for the past fifty years is ending. It's replacement is likely a basket of currencies that will include gold; there will no longer be a single world reserve currency whose strength is dependent on the reach of its nation's military.
Bitcoin target price in the face of all this chaos and uncertainty? Bitcoin is digital gold that has not yet been put under the thumb, as has gold in the futures markets, of those trying to delay the death of their currency. Until then sky is the limit on Bitcoin price, take advantage of the golden opportunity until governments take it away.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
Anybody ever see a bitcoin?
Knowledge is the enemy of fear
Nope. Have you ever seen any of the stocks you own? Or a eft or ach transfer?
Ive handled many a stock and bond certificate.
An ACH or EFT transfer is an action, not an asset.
Knowledge is the enemy of fear
Have you handled YOUR stock certificates?
Granted on the latter two. However we could get into an esoteric discussion on what they were transferring - an intangible representation of a currency that has value based on a representation of a bank.
I see the deposit to my bank account every time I sell a crypto. And if I want to I can go to the bank and "handle" those dollars. I choose to leave them in the bank to buy the next dip of cryptos.
I've never seen the limit on my credit card but I did find out one time that it is real.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
I can get a cert if i want one. Can you get your hands on a bitcoin?
Knowledge is the enemy of fear
So youve never seen or handled a bitcoin, yet you see see manipulation and conspiracy everywhere else.
Excellent!!!
Knowledge is the enemy of fear
Easily.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
Absolutely. I can print out the information of my wallet and I have exactly the same thing as your stock certificate.
Lol. Not even close.
Knowledge is the enemy of fear
You think some squiggly lines and colors somehow makes your certificate any different? It does not. You have some works printed on a piece of paper that says you own something based on a value established in a market. A printout of a bitcoin wallet is exactly the same thing.
Holy shittes, you almost just made some sense. except well maybe......Disclaimer, I've been drinking today.
PS Inflation related: 24 pack case of 16oz Miller Lite at my local distributer just went up from $17.50 on Tue, Wed, Thur to $17.75. On Fri/Sat it went from $18.00 to $19.75. The only thing that hadn't inflated in the past 2.5 years (well except for gutter metal), guess it was only a matter of time. RGDS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
No disclaimer needed - those of us who read your posts assume that is a daily occurrence…
I wish, too bad on-call gets in the way.
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Is now the next move up?
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
Its not close because proponents of equites never hold them out to be a "currency".
So no one has ever seen a bitcoin. Case closed.
Knowledge is the enemy of fear
Nor an IRA, only the statements.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
In your mind maybe. Equities are exchanged for other assets daily...