Bitcoin

#401
#401
Thunder Good-Oil said:
Yes. Everything. But Bitcoin won’t be sharing the balances with the government like the banks do.

Also, the wealth tax would have huge base exemptions INITIALLY. But once a tax is in place they tend to expand the base as they expand government programs.

Just the threat of a wealth tax creates demand for Bitcoin and drives up the price.
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As someone who much earlier in my career did business valuations, the compliance cost for annual net worth calculations would be astronomical.......
 
#403
#403
BigOrangeMojo said:
As someone who much earlier in my career did business valuations, the compliance cost for annual net worth calculations would be astronomical.......
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It’s a ridiculous suggestion and is only a talking point to excite the voters that are envious of success and want those citizens to be punished.

A wealth tax would wreck our economy. For example, consider a 2% tax on a small family business that grosses $10 million. If the CEO owns 100% of it and pays herself a salary of $250,000 while pouring everything else back into growing the business... the government could come in, assess a value of 3x sales ($30 million), tax the owner at the 2% ($600,000) and the owner is in the hole $350,000. What will she have to do? Start selling off her equity to raise the cash to pay her $600,000 tax liability.
 
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#404
#404
DC_Vol said:
Investment dollars outside of retail are piling in. I wish I had bought early in 2020.
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Here's the thing. I wish I'd bought in 2013 when it was $100 per coin.

But that tells you something when in seven years an item that has no tangible value, you cannot see, and which produces no revenue and yields no particular product, goes up 200 X in seven years. Even if digital payment is the wave of the future, and even if bitcoin can be used to do that, its hardly the only mechanism for it and its hard to see why its value as an asset, not as a mechanism for transaction, makes it so valuable.

Seems obvious to me its just speculation. I wouldn't want to be holding any when the tulip mania aspect of this becomes apparent.
 
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#405
#405
lawgator1 said:
Here's the thing. I wish I'd bought in 2013 when it was $100 per coin.

But that tells you something when in seven years an item that has no tangible value, you cannot see, and which produces no revenue and yields no particular product, goes up 200 X in seven years. Even if digital payment is the wave of the future, and even if bitcoin can be used to do that, its hardly the only mechanism for it and its hard to see why its value as an asset, not as a mechanism for transaction, makes it so valuable.

Seems obvious to me its just speculation. I wouldn't want to be holding any when the tulip mania aspect of this becomes apparent.
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Is it really any different from the dollar?
 
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#406
#406
DC_Vol said:
Is it really any different from the dollar?
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Absolutely. The dollar evolved over centuries as a post of inherent value. Of course people speculate in it going up and down relative to other countries. But slowly and with incremental changes, not 200 times in 7 years.
 
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#407
#407
lawgator1 said:
Absolutely. The dollar evolved over centuries as a post of inherent value. Of course people speculate in it going up and down relative to other countries. But slowly and with incremental changes, not 200 times in 7 years.
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Inherent? Neither has inherent value.

They differ in that the government has intentionally interfered with the money supply (printing press, fractional banking, etc.), which prevents the dollar from growing in value. They actually decrease its purchasing power. Bitcoin value would not be growing like this if it had infinite supply potential.
 
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#408
#408
DC_Vol said:
Investment dollars outside of retail are piling in. I wish I had bought early in 2020.
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I bought a full coin at about $12k and dumped it as it crashed through $8k in early 2020.

That makes me sad.
 
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#412
#412
lawgator1 said:
Absolutely. The dollar evolved over centuries as a post of inherent value. Of course people speculate in it going up and down relative to other countries. But slowly and with incremental changes, not 200 times in 7 years.
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Perhaps bitcoin is currently in a bubble - I don’t know anyone who can say it is or isn’t. But money is piling into bitcoin largely because of US fiscal policy.

I would bet new baselines are being set for bitcoin because of the transition in velocity from retail to big investment firms.

And if I were to bet on one or the other for a long term investment it would be bitcoin. As far as I know, they aren’t creating more. Unlike the dollar. Basic economics tell you which one will hold value better over the long term.
 
#418
#418
DC_Vol said:
Perhaps bitcoin is currently in a bubble - I don’t know anyone who can say it is or isn’t. But money is piling into bitcoin largely because of US fiscal policy.

I would bet new baselines are being set for bitcoin because of the transition in velocity from retail to big investment firms.

And if I were to bet on one or the other for a long term investment it would be bitcoin. As far as I know, they aren’t creating more. Unlike the dollar. Basic economics tell you which one will hold value better over the long term.
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Bitcoin is a great place to hide money. The socialists can't tax what they can't see.
 
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#419
#419
lawgator1 said:
Absolutely. The dollar evolved over centuries as a post of inherent value. Of course people speculate in it going up and down relative to other countries. But slowly and with incremental changes, not 200 times in 7 years.
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I wouldn't want to be holding American dollars long term either. It's not looking so hot as a reserve currency over the next 20 years. Butcoin is the clearly established decentralized and secure digital currency hence the "trust" in longterm viability.
 
#420
#420
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#421
#421
Septic said:
In theory yes, don't think for a second the feds aren't looking to get their lb of flesh for the gains.

IRS Intensifies Hunt For Crypto Tax Cheats

Crypto tax avoiders face IRS roulette: Confess, or try to hide - InvestmentNews

DOJ and IRS May Soon Begin Enforcement Actions Against Virtual Currency Tax Fraudsters | JD Supra
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Of course they are. They added a line on this years 1040 for crypto from what I have heard. I haven't seen it yet, but CNBC was talking about it last week. Of course when Itchy and Scratchy take over the WH, it will be game on to hide as much as humanly possible, and since the crypto line is voluntary, and completely unproveable, I say... LOL.
 
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