91–100 of 227 posts
Transferring money through banks is such a pain in the ass versus crypto. It really feels like we’re at a tipping point where ACH and wire transfers become the equivalent of writing a check.
Earlier quoted context omitted.
> There is a IMO a very tangible market demand for a financial product that allows one to completely shield value from the myriad of value-eroding propositions that have been baked into the traditional financial system to essentially bleed you dry on a long enough timeline. - "management" fees - capital gain taxes - death taxes (inheritance taxes) - asset seizures (divorces, bankruptcy, random court decisions against…
>Bitcoin does not shield you from capital gains taxes [0] or asset seizures since it's classified as property by the government. At least not in the US. It is my admittedly limited understanding of US tax law that - as long as you don't sell - you aren't getting taxed on gains (unrealized capital gains). Should you then decide to use your coins to directly buy - say - a house in Japan: since no actual Yen-denominated…
Many other countries are taxing bitcoin as well. In fact it's the rare exception (Google seems to indicate about a dozen) that doesn't tax bitcoin. Your original statement about bitcoin being a way of avoiding capital gains taxes is simply false for most people.
> It is my admittedly limited understanding of US tax law that - as long as you don't sell - you aren't getting taxed on gains (unrealized capital gains).
And of course capital gains only happen when you sell. That's why it's a gain (the difference between the sale price and purchase price). That's the same way selling stocks works too. You only pay the capital gains tax when you sell.
Earlier quoted context omitted.
Expensive watches are supply limited (both by the brand’s intention and the availability of watchmakers). Besides, expensive watches look really pretty and shiny. NFT is not.
> Expensive watches are supply limited Exactly like NFTs. Not defending NTFt's just pointing out your argument isn't making much sense as presented.
I'm really amazed at these comments. Every time Bitcoin goes through a major move, the "bubble" crowd comes out of the woodwork, while having done absolutely no effort in understanding what Bitcoin is.
I mean, what is it if not a worse gold? All assets can be roughly divided into few categories: currency, debt, equity, derivatives/bets, collectibles. It's not an equity or debt instrument, it's not a derivative, and it's not a currency as nobody settles transactions in it. It's a collectible (like gold or paintings), with a short history (unlike gold), that delivers zero value for the holder in the meantime (unlike…
Says who? Your Econ. 101 book?
You flippantly decide that no new class of asset can ever come into being and decide to present it as one of the fundamental laws of nature?
Tether is a fraud and everyone knows it. More than half of all crypto trades involve tether so the fraud is pervasive. But the most damning aspect of all is the fact that despite common knowledge of the pervasive fraud, USDT maintains it's peg. This indicates collusion by the market making exchanges in perpetrating this widespread, pervasive fraud. This essentially makes the entire crypto marketplace as we know it on…
Tether can temporarily keep the peg to $1 so long as a lot of people don't cash out at once. Given that they have cash reserves, they can buy back tethers that cost less than $1 themselves to keep the peg afloat. If they are legit, (lol) this would make great business sense since you are literally given a dollar and only have to pay back 99 cents. Everyone would love to be in the business of paying back loans for les…
A lot of people can’t cash out at once. Teather isn’t obligated to redeem to USD, it’s not just a scam (them not having backing), it’s just overall an absurd situation. “Give me your money and I’ll give you a note that says I have your money, and then I’ll never give you the money back, but perhaps you can exchange the note to others for money?”
Michael burry is correct. The others (e.g talib, paulsen)... Are just hot gas. What distinguishes a bubble from a mania is the high degree of leverage underlying the price support. To date none of the Bitcoin price peaks in the past Exhibited the hallmark sign of a bubble popping, which is 2x faster price drop relative to rate of climb, if anything most of them were 2x slower. However, if you look at the motion that…
When btc becomes overleveraged, we simply see a -25% flashcrash. They happen every couple months.
Crypto has never gone through a major economic crisis and when there were short term panics it always dropped significantly. Being without a central bank also means there is no limit to how far it can drop.
Intervention by the Central Bank is not a good thing. There are a few economist who are warning against the lack of moral hazard currently pervasive in the Traditional Finance sector. Crypto will be the refuge from aggressive monetary policy going tits up. Aka like in 2008.
Earlier quoted context omitted.
>Bitcoin does not shield you from capital gains taxes [0] or asset seizures since it's classified as property by the government. At least not in the US. It is my admittedly limited understanding of US tax law that - as long as you don't sell - you aren't getting taxed on gains (unrealized capital gains). Should you then decide to use your coins to directly buy - say - a house in Japan: since no actual Yen-denominated…
> Also: the US is but one place in the world. There are quite a few folks on this earth that aren't burdened with a US passport, and quite a few places that don't have capital gains on crypto sales. Many other countries are taxing bitcoin as well. In fact it's the rare exception (Google seems to indicate about a dozen) that doesn't tax bitcoin. Your original statement about bitcoin being a way of avoiding capital gai…
Only if they decide to sell.
Also, only if they're not willing to do what it takes (i.e. move to a jurisdiction with no taxes on realized cap. gains and toss the US passport out the window for something better).
Finally, you haven't addressed the "barter" case (trade BTC directly for goods). I'm sure the US has found a way to tax this on paper (the IRS seems to be the only functioning part of the US govt these days), the question of enforceability is a different one.
Earlier quoted context omitted.
> There is a IMO a very tangible market demand for a financial product that allows one to completely shield value from the myriad of value-eroding propositions that have been baked into the traditional financial system to essentially bleed you dry on a long enough timeline. - "management" fees - capital gain taxes - death taxes (inheritance taxes) - asset seizures (divorces, bankruptcy, random court decisions against…
>Bitcoin does not shield you from capital gains taxes [0] or asset seizures since it's classified as property by the government. At least not in the US. It is my admittedly limited understanding of US tax law that - as long as you don't sell - you aren't getting taxed on gains (unrealized capital gains). Should you then decide to use your coins to directly buy - say - a house in Japan: since no actual Yen-denominated…
This is pretty common around the world: barter doesn't get around taxes (at least at large enough sums)