Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
Relaying a message:
This golden nugget is relevant to some US bitcoiners right now. How many will be moving to South Dakota before cashing out to avoid capital gains tax?
https://www.theguardian.com/world/2019/nov/14/the-great-american-tax-haven-why-the-super-rich-love-south-dakota-trust-laws
The perpetual trusts thing seems a massive deal, and probably will be relevant to Bitcoin later on.
Well, hold your horses, there are still federal taxes, including capital gains tax. It's not written very clearly.
The only no cap gains tax for US citizens is the Puerto-Rico deal, but it is only until 2035 and only on cap gains AFTER you domesticated/moved your assets there.
Plus, you HAVE to reside there 183 days/year.
That explains why nobody has already suggested South Dakota.
I read about the pros and cons of the Puerto-Rico deal here. Like you say, it's complicated.
https://cointelegraph.com/news/are-tax-moves-to-puerto-rico-worth-it-for-crypto-holders
In addition to the 10 year wait after you become a Puerto Rico resident, before you can be assured that the IRS will not attempt to tax you as a US resident, theres also the entirely subjective no ties to the USA prerequisite. Do you really think the kangeroo tax courts that will exist in the future United Socialist States of AmeriKa are not going to rule against you and claw everything back in the future.
Puerto Rico is a trap.
The strong dollar will eventually peak and decline, interest rates will rise, and later in this decade (after Trump is gone), (as Ray Dalio points out) the Gini coefficient is going to be so bad (because of QE) that the people are going to vote in something like Warrens wealth tax and crazy Democrats will go insane promulgating kangeroo courts.
The wheels are falling of the cart of Western civilization. Prepare accordingly. The EU will fall into the economic abyss first, probably 2021/22. USA will follow later perhaps ~2026ish as the strong dollar peaks.
Eventually the people become entitled in the welfare state and become like spoiled children without opposing thumbs incapable of any initiative and who leech off the system thus effectively impoverishing themselves.
Its always the people who destroy themselves by demanding surety from an earthly KING as they were warned not to do in 1 Samuel 8 and numerous biblical Proverbs against expecting surety. Pensions also collapsed the Western Roman Empire:
https://www.armstrongeconomics.com/world-news/pension-crisis/the-public-pension-crisis-is-our-undoing/
https://www.armstrongeconomics.com/uncategorized/beware-the-barbarians-inside-the-gates/
Billionaire hedge fund mgr Ray Dalio (who predicted the 2008 subprime crisis) says that going forward the main threat is political upheaval capitalism not working for the majority of people, entering a war-like environment, speculative investments will implode, and taxes will rise a lot because the Gini coefficient has gotten so much worse especially with QE which inflated assets making the rich richer and the poor who have no assets become relatively poorer (and most of the middle-class will lose their assets due to greater fool FOMO scams, the Core Bitcoin scam in the coming SegWit attack, etc):
https://youtu.be/PtwEdvZzfVc?t=1152
The masses think the only way to fight against the system is to herd together in protests and demand redistibution of wealth. They do not understand that the wealthy always escape such redistribution and the only thing that is accomplished with increased size of government is to create a corrupt bureaucracy. The masses destroy themselves with their myopia because they know of no other way to fight back and better themselves. Most people just want to focus on their daily life and they want everything to be easy for them. They are not thinking strategically at all. For them their snowflake fantasies how a magic wand of steal it back from the rich can fix their plight. The powers-that-be compete to see which of them can best manipulate the masses. The best manipulators stay at the top of the power hierarchy of the global elite. Because the masses comprise a power vacuum because they can be manipulated by their myopic fantasies.
Theres no place we can go to escape rising taxes because its a global phenomenon, except perhaps Asia because the people there are grateful for the opportunities they have and do not (yet!) expect the government to give them socialism for free. Hong Kong is protesting for democracy, not (yet!) for socialism directly. Hong Kong is only in the earlier stage of trying to just attain democracy (which is the precursor to obtaining socialism). But Asia is not providing paths to citizenship for us. And besides none of us older Westerners really want to live permanently in Asia. Overcrowded. Different culture. Different values. Different system. Etc.. Especially not Americans who are accustomed to big wide open space, big vehicles, excellent custom service, convenient/efficient big box retail and Amazon online ordering. Most Europeans do not have the superb quality of the life Americans have (contrary to what your mass media misleads you to believe, suburban middle-class America has a higher quality of life than Europe). Im not even considering Russia or Eastern Europe, because even if you did find lower taxes and cost of living, you likely find increase corruption, inefficiency, bureaucracy, totalitarianism, gangsterism, etc..
Domestic taxation applies to Americans even if theyre resident in a foreign country, one of only two countries that currently have this form of tax slavery. Yet I do expect European countries to increasingly apply their taxation to their nationals living abroad, as Europes economy collapses.
Bitcoin is not going to be a way to avoid reporting to the authorities. Craig Wright has explained/argued how the authorities will be able to pressure exchanges and 50+% of the miners to censor transactions:
https://craigwright.net/blog/law-regulation/transparency-and-government/
In the following Craig even reiterates that the first of the rules that will be enforced by miners will be to kill SegWit:
https://coingeek.com/dr-craig-wright-discusses-tracing-fighting-crime-with-bitcoin/
Craig assures that in 2020, Chinese Fentanyl dealers will have their BTC frozen on the blockchain:
https://youtu.be/rlyO5_3o7Gc?t=869
Craig reiterates that the miners will seize the SegWit tokens in 2020:
https://youtu.be/rlyO5_3o7Gc?t=1672
Both Craig and Nouriel Roubini argue that extant financial system is decentralized, but that didnt stop the central banks from doing QE to redistribute wealth from the middle class to the wealthy thus exacerbating the political and social crisis ahead (and no the financial system is not decentralized because it all hinges on the Fed because the dollar is the dominant reserve, debt, and carry trade unit-of-account in the global economy):
https://youtu.be/rlyO5_3o7Gc?t=1879
https://youtu.be/8izCNm6S63M?t=1779
I agree with Roubinis criticisms of extant cryptotokens (hes even correct they arent currencies) yet he cites low inflation as a defense of extant financial system, and thinks QE hasnt done any significant damage. Ha! The damage of QE is an upcoming massive global collapse with 33% global unemployment, collapsing real estate, skyrocketing interest rates, stagflation and peaking socialism and centralization of the financial system, leading to systemic collapse of the global financial system. Roubini compares the invention of the WWW by Tim Berners-Lee in 1990 to Bitcoins creation in 2008, but thats an inaccurate comparison because the Internet was created in the 1960s and there was Usenet for nerds in the early 1980s. It required ~30 years for the Internet to attain the killer app of the web browser which coincided with widespread adoption. I would compare extant cryptocurrencies to Usenet or AOL which preceded in the WWW in the early 1980s. Within 10 years or less, cryptocurrencies will be popularized.
https://youtu.be/8izCNm6S63M?t=620
So a key insight from Craigs point is that if mining is not sufficiently in the hands of users (i.e. decentralized) then censorship resistance is going to gradually die over time. Initially governments will focus on coordinating on freezing cryptocurrency associated with major crimes. But of course over time this will digress into a form of abject 666 totalitarianism, which of course was why the think tank of the global elite created Bitcoin and created the perfect plan to bankrupt all Bitcoin maximalists at the coming end game at the halving May 2020.
P.S. McAfees Dick Math: illuminating Bitcoins ACCELERATING price
Europe Moving to Worldwide Income Tax & International Wealth Tax
And if non of those predictions for 2020 come true (as non of his previous prediction came true) you can always create a new account and change the dates on those predictions to 2021!
You have to be special kind of retard to think that US/China/Russia who historically couldn't cooperate on anything (Snowden, Huawei etc..), all of the sudden will start cooperating on blocking transaction for tax purposes? And you have to be r0ach kind of special to think that it'll happen next year
Craig Wright is indeed a fake Satoshi, but the real Satoshi set him in this role. This is an intentional circus. This has been explained in greater detail in the Long-term advance notice and Rogue Wave threads.
China may cooperate. Apparently Trump is pushing for China to help stop the flow of Fentanyl as a prerequisite for a trade deal. Also China wants to launch their own blockchain and digital currencies, so why wouldnt they want to weaken Bitcoin. Ditto Russia.
Youve been warned. It will happen shockingly fast, so fast that you will be like a deer in the headlights. Mark my word son. Ignore me at your peril. Ban me to your hearts delight. In the end, I have reserved the last laugh on you.
BSV is a red-herring. The global elite who created the 666 Bitcoin are putting that circus out there to misdirect your attention. A magician always misdirects your attention.
The real prize is kicking all of you off the legacy BTC as it goes to $1 million next year and your Core Bitcoin goes to $0, and all of us will have an income tax to pay on $100,000+ per BTC due to the free airdrop when Cores soft-fork is forced to fork-off.
Our slave masters global elite have planned out our ensuing deeper enslavement very well. And meanwhile youfools[boys] go about your silly activities in W.O. completely oblivious. Cover your eyes and ears boyz.
Quote from: Freddy Krueger
Sorry to distract ya'll from an apparent dick measuring contest...
What's your take on perpetual trusts?
Here is Guardian's:
https://www.theguardian.com/world/2019/nov/14/the-great-american-tax-haven-why-the-super-rich-love-south-dakota-trust-laws
I think that this would be relevant to bitcoin later on.
There are lots of "golden nuggets" in this article.
The main conclusion is that we might be changing the society by allowing perpetual trusts (details in the article).
What's your take on perpetual trusts?
Here is Guardian's:
https://www.theguardian.com/world/2019/nov/14/the-great-american-tax-haven-why-the-super-rich-love-south-dakota-trust-laws
I think that this would be relevant to bitcoin later on.
There are lots of "golden nuggets" in this article.
The main conclusion is that we might be changing the society by allowing perpetual trusts (details in the article).
This golden nugget is relevant to some US bitcoiners right now. How many will be moving to South Dakota before cashing out to avoid capital gains tax?
https://www.theguardian.com/world/2019/nov/14/the-great-american-tax-haven-why-the-super-rich-love-south-dakota-trust-laws
Quote
South Dakota has no income tax, no inheritance tax and no capital gains tax
The perpetual trusts thing seems a massive deal, and probably will be relevant to Bitcoin later on.
Well, hold your horses, there are still federal taxes, including capital gains tax. It's not written very clearly.
The only no cap gains tax for US citizens is the Puerto-Rico deal, but it is only until 2035 and only on cap gains AFTER you domesticated/moved your assets there.
Plus, you HAVE to reside there 183 days/year.
That explains why nobody has already suggested South Dakota.
I read about the pros and cons of the Puerto-Rico deal here. Like you say, it's complicated.
https://cointelegraph.com/news/are-tax-moves-to-puerto-rico-worth-it-for-crypto-holders
In addition to the 10 year wait after you become a Puerto Rico resident, before you can be assured that the IRS will not attempt to tax you as a US resident, theres also the entirely subjective no ties to the USA prerequisite. Do you really think the kangeroo tax courts that will exist in the future United Socialist States of AmeriKa are not going to rule against you and claw everything back in the future.
Puerto Rico is a trap.
The strong dollar will eventually peak and decline, interest rates will rise, and later in this decade (after Trump is gone), (as Ray Dalio points out) the Gini coefficient is going to be so bad (because of QE) that the people are going to vote in something like Warrens wealth tax and crazy Democrats will go insane promulgating kangeroo courts.
The wheels are falling of the cart of Western civilization. Prepare accordingly. The EU will fall into the economic abyss first, probably 2021/22. USA will follow later perhaps ~2026ish as the strong dollar peaks.
Eventually the people become entitled in the welfare state and become like spoiled children without opposing thumbs incapable of any initiative and who leech off the system thus effectively impoverishing themselves.
Its always the people who destroy themselves by demanding surety from an earthly KING as they were warned not to do in 1 Samuel 8 and numerous biblical Proverbs against expecting surety. Pensions also collapsed the Western Roman Empire:
https://www.armstrongeconomics.com/world-news/pension-crisis/the-public-pension-crisis-is-our-undoing/
https://www.armstrongeconomics.com/uncategorized/beware-the-barbarians-inside-the-gates/
Billionaire hedge fund mgr Ray Dalio (who predicted the 2008 subprime crisis) says that going forward the main threat is political upheaval capitalism not working for the majority of people, entering a war-like environment, speculative investments will implode, and taxes will rise a lot because the Gini coefficient has gotten so much worse especially with QE which inflated assets making the rich richer and the poor who have no assets become relatively poorer (and most of the middle-class will lose their assets due to greater fool FOMO scams, the Core Bitcoin scam in the coming SegWit attack, etc):
https://youtu.be/PtwEdvZzfVc?t=1152
The masses think the only way to fight against the system is to herd together in protests and demand redistibution of wealth. They do not understand that the wealthy always escape such redistribution and the only thing that is accomplished with increased size of government is to create a corrupt bureaucracy. The masses destroy themselves with their myopia because they know of no other way to fight back and better themselves. Most people just want to focus on their daily life and they want everything to be easy for them. They are not thinking strategically at all. For them their snowflake fantasies how a magic wand of steal it back from the rich can fix their plight. The powers-that-be compete to see which of them can best manipulate the masses. The best manipulators stay at the top of the power hierarchy of the global elite. Because the masses comprise a power vacuum because they can be manipulated by their myopic fantasies.
Theres no place we can go to escape rising taxes because its a global phenomenon, except perhaps Asia because the people there are grateful for the opportunities they have and do not (yet!) expect the government to give them socialism for free. Hong Kong is protesting for democracy, not (yet!) for socialism directly. Hong Kong is only in the earlier stage of trying to just attain democracy (which is the precursor to obtaining socialism). But Asia is not providing paths to citizenship for us. And besides none of us older Westerners really want to live permanently in Asia. Overcrowded. Different culture. Different values. Different system. Etc.. Especially not Americans who are accustomed to big wide open space, big vehicles, excellent custom service, convenient/efficient big box retail and Amazon online ordering. Most Europeans do not have the superb quality of the life Americans have (contrary to what your mass media misleads you to believe, suburban middle-class America has a higher quality of life than Europe). Im not even considering Russia or Eastern Europe, because even if you did find lower taxes and cost of living, you likely find increase corruption, inefficiency, bureaucracy, totalitarianism, gangsterism, etc..
Domestic taxation applies to Americans even if theyre resident in a foreign country, one of only two countries that currently have this form of tax slavery. Yet I do expect European countries to increasingly apply their taxation to their nationals living abroad, as Europes economy collapses.
Bitcoin is not going to be a way to avoid reporting to the authorities. Craig Wright has explained/argued how the authorities will be able to pressure exchanges and 50+% of the miners to censor transactions:
And importantly, as is written in the Bitcoin white paper:
Quote from: Satoshi Nakamoto in Bitcoin whitepaper
Any needed rules and incentives can be enforced with this consensus mechanism.
https://craigwright.net/blog/law-regulation/transparency-and-government/
In the following Craig even reiterates that the first of the rules that will be enforced by miners will be to kill SegWit:
https://coingeek.com/dr-craig-wright-discusses-tracing-fighting-crime-with-bitcoin/
Craig assures that in 2020, Chinese Fentanyl dealers will have their BTC frozen on the blockchain:
https://youtu.be/rlyO5_3o7Gc?t=869
Craig reiterates that the miners will seize the SegWit tokens in 2020:
https://youtu.be/rlyO5_3o7Gc?t=1672
Both Craig and Nouriel Roubini argue that extant financial system is decentralized, but that didnt stop the central banks from doing QE to redistribute wealth from the middle class to the wealthy thus exacerbating the political and social crisis ahead (and no the financial system is not decentralized because it all hinges on the Fed because the dollar is the dominant reserve, debt, and carry trade unit-of-account in the global economy):
https://youtu.be/rlyO5_3o7Gc?t=1879
https://youtu.be/8izCNm6S63M?t=1779
I agree with Roubinis criticisms of extant cryptotokens (hes even correct they arent currencies) yet he cites low inflation as a defense of extant financial system, and thinks QE hasnt done any significant damage. Ha! The damage of QE is an upcoming massive global collapse with 33% global unemployment, collapsing real estate, skyrocketing interest rates, stagflation and peaking socialism and centralization of the financial system, leading to systemic collapse of the global financial system. Roubini compares the invention of the WWW by Tim Berners-Lee in 1990 to Bitcoins creation in 2008, but thats an inaccurate comparison because the Internet was created in the 1960s and there was Usenet for nerds in the early 1980s. It required ~30 years for the Internet to attain the killer app of the web browser which coincided with widespread adoption. I would compare extant cryptocurrencies to Usenet or AOL which preceded in the WWW in the early 1980s. Within 10 years or less, cryptocurrencies will be popularized.
https://youtu.be/8izCNm6S63M?t=620
So a key insight from Craigs point is that if mining is not sufficiently in the hands of users (i.e. decentralized) then censorship resistance is going to gradually die over time. Initially governments will focus on coordinating on freezing cryptocurrency associated with major crimes. But of course over time this will digress into a form of abject 666 totalitarianism, which of course was why the think tank of the global elite created Bitcoin and created the perfect plan to bankrupt all Bitcoin maximalists at the coming end game at the halving May 2020.
P.S. McAfees Dick Math: illuminating Bitcoins ACCELERATING price
True, I was looking at it from the US perspective.
However, the deal is better for non-US citizens.
Oh well, it's almost always the case
However, the deal is better for non-US citizens.
Oh well, it's almost always the case
Europe Moving to Worldwide Income Tax & International Wealth Tax
Blah blah blah ...faketoshi shilling...
And if non of those predictions for 2020 come true (as non of his previous prediction came true) you can always create a new account and change the dates on those predictions to 2021!
You have to be special kind of retard to think that US/China/Russia who historically couldn't cooperate on anything (Snowden, Huawei etc..), all of the sudden will start cooperating on blocking transaction for tax purposes? And you have to be r0ach kind of special to think that it'll happen next year
Craig Wright is indeed a fake Satoshi, but the real Satoshi set him in this role. This is an intentional circus. This has been explained in greater detail in the Long-term advance notice and Rogue Wave threads.
China may cooperate. Apparently Trump is pushing for China to help stop the flow of Fentanyl as a prerequisite for a trade deal. Also China wants to launch their own blockchain and digital currencies, so why wouldnt they want to weaken Bitcoin. Ditto Russia.
Youve been warned. It will happen shockingly fast, so fast that you will be like a deer in the headlights. Mark my word son. Ignore me at your peril. Ban me to your hearts delight. In the end, I have reserved the last laugh on you.
Craig Wright says buy Bitcoin SV because of "predictions".
BSV is a red-herring. The global elite who created the 666 Bitcoin are putting that circus out there to misdirect your attention. A magician always misdirects your attention.
The real prize is kicking all of you off the legacy BTC as it goes to $1 million next year and your Core Bitcoin goes to $0, and all of us will have an income tax to pay on $100,000+ per BTC due to the free airdrop when Cores soft-fork is forced to fork-off.
Our slave masters global elite have planned out our ensuing deeper enslavement very well. And meanwhile you