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Has nobody yet posted r/personalfinance's latest adventure in buttcoin taxation?quote:I owe more to the IRS than I will ever be able to pay, now what? (self.personalfinance) SEVERAL MINUTES LATER... quote:I paid $80,000 on $300,000 profit. Please don't tell me I didn't do something that I did.
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Feb 21, 2020 19:27
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Vomik posted:I mean to be fair to that guy it sounds like he didn’t properly report or the agent just has no idea how to read trades. He definitely didn't report the basis of his trades right, probably because his records were a poo poo mess and untangling his trading history was going to be a nightmare - which his CPAs realized and upped their bill for all the extra time that'd take, and he cheaped out and decided to do it himself. There's no way the bill from the IRS is right, but now he's gonna have to shell out even more to fix his filing, or risk getting destroyed by the IRS because he doesn't know what he's doing. His responses in that thread are pretty fantastic, my favorite is the series of events where everyone tries to puzzle out how he's now penniless after netting $220,000 after-tax at the close of 2017... "What happened to all the money you made?" bought a house "So take out a loan against the house to pay for a CPA/tax attorney" can't, don't have a house "... what happened to the house you just bought?" sold it "... what on earth happened to the money from selling the house?!?" spent it
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Feb 21, 2020 21:00
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I haven't been reading the thread or bitcoin news very much lately because **waves at general state of the world** but, https://twitter.com/lawmaster/status/1262730075251904513 Hang on, major bank-exchanges are still 'experiencing' outages at conspicuous times (such as another major bank-exchange announcing an enormous breach), and people are still framing it as a matter of "luck"? Everyone's still playing this dumb after how many years of this?
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May 19, 2020 17:55
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CampingCarl posted:Very unlucky for bitmex to have system issues after getting hit by a lawsuit over the weekend for money laundering, market manipulation, etc. what a shame. I'm gonna crawl way out on a limb here and say that, just maybe, recreating what is essentially a bank; and recreating what is essentially a securities or forex exchange; and then mixing the two together; and doing it without a shred of legal compliance or regulatory oversight, was a bad idea
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May 19, 2020 18:22
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xtal posted:USD is just bitcoin for fascists. The exact same problems apply to one and the other. Criticism directed at BTC is misdirected criticism of capitalism. the wise man bowed his head solemnly and spoke: "theres actually zero difference between fiat and crypto. you imbecile. you loving moron"
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Dec 29, 2020 22:50
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I stopped reading this thread for a few weeks and it sucks a lot more now than I remember. What happened to this goddamn crypto zealot nonsense being mostly relegated to the gray thread?
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Dec 29, 2020 23:38
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Chalks posted:it's one guy registering over and over then dear god please tell me that some of these nutters are going to start trying to sell in January once the tax year rolls over and take some air out of this bubble
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Dec 29, 2020 23:53
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I tried tapping out of the thread for a day to see if it got better once seraph got tossed, but no it still sucks. Why does the bitcoin-loving libertarian keep insisting he’s a leftist?
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Dec 30, 2020 14:14
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xtal posted:Wait, is this literally Seraph poo poo talking me? Yeah, that seems like the kind of thing that should maybe lead to some introspection on your part
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Dec 30, 2020 16:04
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Chalks posted:is this what happens when an american hates how america works but is completely unaware that other countries exist?
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Dec 30, 2020 18:27
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hell, I'm still confused how bitcoin is supposed to be a functional currency for anyone, anywhere, in any circumstance, ever. I'm going to be in the retirement home in 2057 arguing with a butter who keeps sidestepping the facts that it can still only do 7 tps and the lightning network doesn't work e: this post is overly optimistic, it's outlandish to think that I will make it to 2057. I will rest easy in the knowledge that the lightning network still will not work by then. Blotto_Otter fucked around with this message at 18:38 on Dec 30, 2020 |
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Dec 30, 2020 18:35
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Ad by Khad posted:bitcoin is basically this for digital payments solving actual systemic problems is hard, and can't be done by techbros acting alone. much easier to solve different problems that didn't really need solving while creating a new set of problems for someone else to deal with!
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Dec 30, 2020 20:26
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dunked on by seraph. confused an infamous boat with a company. tried to blame it on a wikipedia page featuring a big ol' picture of a big ol' boat. hmm, is this a sign that I should take some time off from posting to calm down and reconsider things? no, I must post harder. if I stop posting then they win
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Dec 31, 2020 16:23
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Boxturret posted:look, this seems to be the concept that you have the most trouble with: you can like/agree with a single action something or someone does while still disliking it as a whole. counterargument: if you ever touch a dollar bill with your bare hands, the stain of every sin ever committed by a capitalist is now on your soul and you will go to capitalist hell (the hell run by capitalists, for capitalists). all serious, well-wikipedia-read leftists know this.
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Dec 31, 2020 18:20
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EorayMel posted:I'm depressed that a greater-than-zero number of goons actively posting unironically believe this but it is almost entirely guaranteed such a position came about in only the span of 5 years ago and that alone nearly cancels it out 5 to 10 years ago this type of contrarian crypto nut would've coded as a libertarian, but those types wound up branching into two paths roughly five years ago, with a bunch going full MAGA while and handful fractured off into some kind of incoherent "leftist" libertarian but don't you dare call them "libertarian" because that doesn't sound cool and contrarian enough kw0134 posted:i do wonder, does xtal make their own clothing, grow their own food, build their own shelter to avoid the taint of statism or capitalism or whatever the gently caress is setting them off. do their posts come from a chunk of silicon etched by hand from first principles to make its way to the forum on a tcp/ip protocol of their own making. otherwise xtal by the crazy rantings in this thread is already complicit in numerous crimes against humanity and nature by participating in the current statist economy.
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Dec 31, 2020 18:35
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EorayMel posted:Whatever happened to that guy who massacred his gut flora with soylent and orders adidas tracksuits from a workshop in bumfuck China every day instead of washing them whilst also probably profusely masturbating in them in the meanwhile can you please be more specific, these are goons we are talking about, after all
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Dec 31, 2020 18:36
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I am steadily building up an immunity to capitalism by engaging in small but increasingly numerous amounts of capitalist activities every day
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Dec 31, 2020 18:48
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Dec 31, 2020 19:04
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Zamujasa posted:if anything a frisbee on the roof scenario is unlikely outside of bitcoin crashing Frisbee on the roof scenario seems a bit farfetched. Donald Trump is just too ridiculous, he'll never president. Brexit is obviously a dumb idea, they'll never vote for that. Come on, people, let's get serious here.
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Jan 12, 2021 16:32
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Zamujasa posted:i mean if you want to be a dipshit about it, sure, but bitcoin crashing in and of itself renders a frisbee-on-roof problem pointless: nobody is going to give a poo poo about transaction times if the value of their butts drops to zero I’d argue that the only way the price goes completely to zero is if the frisbee on the roof scenario happens. As long as the network is still functional, there’s always going to be a handful of true believers pushing the technology and a few traders treating it like a penny stock.
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Jan 12, 2021 20:39
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is there some kind of procedure that I can undergo to remove some gland or chunk of my brain, such that I too can stumble around making hilariously absurd claims without a shred of shame or self-doubt? I would very much like to have this idiot superpower, my life would be much more pleasant if I could just power-of-positive-thinking my way into my own alternate reality
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Jan 13, 2021 16:18
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Okay, so you may have heard some things way back when about us at Tether, such as how we spent months unbanked because no respectable bank would have us, or that we admitted to the New York State AG that our public claims of a 100% reserve of US dollars was a lie. But that was years ago, we're all good now, trust us. No, we don't need an audit or attestation, just trust us. No, we won't tell you what's in our reserve. No, we will not respond to allegations that our reserve includes shares in the bank that holds our reserve. I can confirm or deny nothing about that except it's fine, everything's fine. Look, some dude named Larry went on a podcast and says he trusts us and everything's fine, isn't that enough for you people? https://twitter.com/ahcastor/status/1348716586211844096 Blotto_Otter fucked around with this message at 21:19 on Jan 13, 2021 |
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Jan 13, 2021 21:17
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Fame Douglas posted:Tether won't redeem your Tethers for USD, you have to find a greater fool willing to take them off you. They're not backed by anything, how many reserves they have don't matter. It doesn't even matter whether or not Tether's been acting in good faith (they aren't) or whether they have twenty goddamn billion dollars in reserve (they don't). There just isn't anything stopping them from just walking away and leaving everyone holding USDTs high and dry.
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Jan 13, 2021 21:57
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SYSV Fanfic posted:I think if you purchase the tethers directly from tether you are allowed to redeem them. But it's all confidential. Probably to keep their discoverable assets from being frozen because they are helping people to evade currency controls and sanctions. Any serious investor would be nuts to hold or trade for the stuff knowing that they have no recourse against Tether to get dollars back, yet somehow you're supposed to believe that some deep-pocketed big shots gave 'em twenty goddamn billion US American cash dollars in exchange for IOUs designed to circumvent the very legal and financial systems that normally allow you to enforce an IOU! Blotto_Otter fucked around with this message at 22:36 on Jan 13, 2021 |
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Jan 13, 2021 22:31
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SYSV Fanfic posted:*Only non violent ways of enforcing an iou. Tired: be your own bank Wired: be your own collections enforcer
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Jan 13, 2021 22:41
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Oh look, @jack posted a long tweet thread explaining Twitter's rationale for permabanning the president of the united states of america, I'm sure it's well-reasoned and full of wisdom and useful insights an--- https://twitter.com/jack/status/1349510779033174016
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Jan 14, 2021 16:14
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SYSV Fanfic posted:https://crypto-anonymous-2021.medium.com/the-bit-short-inside-cryptos-doomsday-machine-f8dcf78a64d3 This is not a bad recap of the Problem With Tether, but I can't get past this self-styled SV founder type making the surprised Pikachu face when he finds out about Tether in January 2021. Dear God, please give me the ignorance and unearned confidence to Kramer my way into a market that I don't bother to understand until months later with thousands of dollars already on the line, and then write about my revelation as if this wasn't goddamn obvious three years ago SYSV Fanfic posted:So.. seems like he's advocating a hedgefund manager take out a lot of positions in the traditional financial system against companies, funds, and assets that will decrease in value if crypto implodes. Even if there are such positions, undertaking that move against USDT on Kraken is still fraught - you've gotta do it in small batches or else run the risk of getting caught with a lot of USDT on your hands when the peg breaks. If this dude is some Valley founder type with connections to deep pockets, why ain't he trying it himself? If you've got money or connections and you have a great hedge opportunity, you don't blog about it, you try it yourself.
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Jan 16, 2021 15:29
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Shame Boy posted:afaik you only pay taxes if you transact with it go play outside Skyler posted:so, about the 220 million $ Bitcoin guy. It’s not a given, but it’s higher than it would be if he’d kept his mouth shut. Publicly bragging about having hundreds of millions of dollars in gains on a volatile, speculative “investment” that’s known for being underreported on tax returns is a good way to invite the IRS to take a peek at your tax returns for the last few years. Good thing the US federal government isn’t about to change hands over to a party that’s actually somewhat interested in collecting tax revenue!
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Jan 17, 2021 17:03
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If your money is so good, why are you so desperate to use it as money? https://twitter.com/kirstenmorry/status/1351192110213591042 edit - also, lol, Tether "reserves" now include whatever the gently caress an "EXOeu token" is: https://twitter.com/CoinDesk/status/1351139079778410500 CoinDesk posted:The security token offering enables investors in select EU countries to share in future profits, Exordium says. Blotto_Otter fucked around with this message at 17:23 on Jan 18, 2021 |
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Jan 18, 2021 16:58
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hi “family & friends”, please accept this metaphor that is infamous for leading directly to the death and destruction of the people who welcomed it without suspicion
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Jan 20, 2021 00:41
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Boxturret posted:aw they removed it. This hasn’t been true since the Clinton years. Under the Bush administration, the regulations were changed to mandate that all Americans’ boots must have “ASU” stamped on the bottom in an attempt to make “USA” appear on any asses they kick/tongues they are licked by
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Jan 21, 2021 19:37
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Kenji Jenkins posted:Is there a reason why seraph keeps linking to stills and clips of The Matrix, as if that's some earth-shattering slam dunk for critics? I’ve always assumed he’s just brain poisoned from hanging out in a lot of gross, bitcoin-adjacent alt-right or “men’s rights” groups online, given how much those kinds of groups have co-opted “red pill” memes and Matrix iconography over the years. His posts are peppered with the kind of stuff you’d see in a pick-up artist subreddit 5 to 10 years ago (including in, of course, the now-quarantined r/theredpill). Boxturret posted:i think it's to show how big a badass he thinks he is. he's posted a few rorschach things too For those who are familiar with the Watchmen but haven’t seen the new-ish HBO series, it’s great and one of its best angles is how it depicts Rorschach as an inspiration to modern-day racists and fascists.
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Jan 22, 2021 23:06
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Periodic reminder that Bernard L. Madoff Investment Securities LLC was founded in 1960. (EDIT: Also, periodic reminder that at the time Harry Markopolos began making public allegations against Madoff in 2000, Madoff Investment Securities LLC was, on paper, the largest hedge fund in the world.)
Blotto_Otter fucked around with this message at 19:29 on Feb 3, 2021 |
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Feb 3, 2021 19:25
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divabot posted:I wrote an update on the tether printer going brrrrr divabot posted:There is precisely one question about Tether: “what is your reserve?” And iFinex absolutely won’t — or can’t — answer it. Is this a conscious choice to focus on the makeup of the reserve rather than its required use, as the angle of "they just don't have the money" is both easier to comprehend and almost certainly true? divabot posted:USDC loudly touts claims that it’s well-regulated, and implies that it’s audited. But USDC is not audited — accountants Grant Thornton sign a monthly attestation that Centre have told them particular things, and that the paperwork shows the right numbers. An audit would show for sure whether USDC’s reserve was real money, deposited by known actors — and not just a barrel of nails with a thin layer of gold and silver on top supplied by dubious entities. But, y’know, it’s probably fine and you shouldn’t worry. tl;dr - Centre's reserves are not the biggest reason they won't get an audit. They don't get an audit because the only accounting treatment that a reputable audit firm will sign off on under US GAAP or IFRS would be an accounting treatment that shows USD stablecoins are either illegal debt securities or worthless tokens sold by fraudsters. Blotto_Otter fucked around with this message at 00:27 on Feb 4, 2021 |
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Feb 4, 2021 00:10
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LanceHunter posted:Having done some work on "enterprise blockchain" solutions, this is basically the use case that everyone is chasing after. You're in org A and you work with org B (and maybe org C, D, and E) for a whole lot of cases/claims/whatever, and wouldn't it be nice if you all just had a single shared database that you could use to track all those cases/claims/etc without needing to constantly send each each other updates back-and-forth and hoping nothing ends up out-of-sync. All the data is stored in the shared DB and that becomes the source of truth. (And, at least in theory, the immutable nature of the blockchain means that even if someone goes in and fucks with a record maliciously, you'll be able to know who and be able to see the record in its previous, un-compromised state.) So... why does this need to be in a "blockchain" and not just a boring old append-only database with some hashes or cryptographic signatures sprinkled on top to prove it hasn't been tampered with? (EDIT: Not trying to be snarky, I'm genuinely wondering what a private, permissioned blockchain offers that can't already be offered by conventional databases.) Blotto_Otter fucked around with this message at 17:48 on Feb 4, 2021 |
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Feb 4, 2021 17:44
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gotta admit, despite all the hype I was real wary about investing in a manufacturer of electric vehicles built by hand in a tent city, but now that it's a hand-crafted automobile manufacturing concern and a cryptocurrency speculative investment fund, I'm all in on TSLA baby. now i'm off to tell the wife that I've emptied out the retirement accounts and taken out a second mortgage in order to plow our entire net worth into cryptocurrencies and slowly, painstakingly hand-assembled EVs at the same time
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Feb 8, 2021 17:44
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Sparticle posted:Tesla is just doing a pump&dump right? Buy a bunch of butts and announce that you are accepting them as currency to bump up the price. Then sell all your butts in a few months and quietly stop accepting them as payment. Maybe? Tesla buying in and Elon giving butts a public vote of confidence is, predictably, spiking the price, so maybe they plan to turn around and sell it now. But it seems risky to assume that the price will stay this high once they stop buying and start selling, since $1.5 billion is a large enough amount that one should question if there are now enough buyers other than Tesla that will buy that much up at current prices. It seems possible that Tesla's buying of bitcoin in January was a major factor driving the price up - if they turn around and start selling, is that going to lead to dropping prices? (And if they plan on holding it for a while, have Tesla's finance people bothered to do their homework on Tether and what it's doing to the price of the asset they just started hoovering up?) Whether or not Elon and Tesla's CFO see this as a get-rich-quick scheme or a long-term bet, it still says a hell of a lot about their confidence in their actual core business that they'd rather plow billions into butts rather than capex to expand their production capacity.
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Feb 8, 2021 18:19
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KnifeWrench posted:should we all be sticking it to the man by refusing to vote? like, what's the reasoning? To that point... xtal posted:Meanwhile I, an enlightened one, never used exchanges to begin with. "Bitcoin is the future, but the only correct way to get into it is huge-pain-in-the-rear end face-to-face transactions not facilitated by any 3rd-party exchange or broker" is a hell of a stance to take
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Feb 12, 2021 17:12
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Is there a fun German word for "type of guy who had a half-decent thought once and then spent decades cashing in on that idea while people slowly realized that he's actually a remarkable dolt and it's a bit incredible that he ever said anything of value"? https://twitter.com/nntaleb/status/1360276917992230919 (His failed-currency rationale here is not wrong, but lol at thinking the lunatics only recently took this over instead of creating this monster in the first place) Blotto_Otter fucked around with this message at 19:57 on Feb 12, 2021 |
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Feb 12, 2021 19:48
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Fame Douglas posted:Wouldn't Tether imploding push up the price of Bitcorn even more? With everyone panic selling their Tethers? Of course, after that, they could no longer pump up the price. But the immediate consequence would seem to be the opposite to me. I know this has been responded to some, but to articulate it a little differently: the price of Bitcoin in USDT will skyrocket; the price of Bitcoin in USD will plummet. The distinction has not mattered yet because, since Tether's inception, the exchange rates of Bitcoin/USDT and Bitcoin/USD have been largely (and absurdly) the same, but a Tether implosion would finally cause those prices to diverge and move in different directions. If/when this happens, it will be extra confusing and chaotic if theories are correct that some exchanges are not clearly differentiating between "USDT" and "USD" prices. It seems possible that a lot of folks are gonna be rudely surprised to find that they've actually been trading Bitcoin/USDT pairs and holding USDT in their exchange account, rather than Bitcoin/USD like they might have assumed.
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Feb 22, 2021 18:16
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