Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
Otherwise not sure why I keep seeing occasional panic in the market.
Some covert institutional whale selling some bitcoin to pay for Evergrande fiat fuckups?
Imo, it's simply Bitcoin's dominance struggling to move higher. Not something I've ever said before or considered relevant, but now it appears highly correlated. For the past 2 months or so Bitcoin's rise in value has correlated with a rise (reclamation) in it's domination. The corrections and sideways price actions has resulted in BTC dominance decreasing. Unlike in early 2021, BTC dominance decreasing is no longer bullish for Bitcoin, it has inherently become bearish. Bitcoin needs to break out of it's dominance's long-term downtrend, this is the only bearish factor I see in it's charts right now. Whether considered relevant or not.
It's not relevant. It's like looking at shadows on a cavewall and trying to figure out reality.
Or it is like trying to proclaim that the dog's actions are somehow relate to the tails dictates... looking at reality from the wrong direction... and coming up with almost pure nonsense - even if there might seem to be some correlations..
Back above 45% and dominance can move to 50%, even 60%. This would likely mean a move to $80-100K if the dominance correlation to price remains relevant. As I said, BTC dominance has never been an "issue" before, because it's decline was correlated with an increase in price (> specualtion). Now the inverse is true, the decline is dominance is no longer bullish for Bitcoin.
Oh gawd...
I am wondering if vomiting might help at this point?I still don't believe it's time to panic,
Hm? Well that's good.
but I do see the hidden resistance in the charts at the moment given new ATH twice broken: the downtrend in BTC dominance.
again?
Good point. #nohomo
The only thing that leaves me confused is that BTC is legal tender in El Salvador, and the blueprint of the law defines selling as "changing into a legal tender".
So maybe BTC is an exception to the rule and "taxically" untouchable?
So maybe BTC is an exception to the rule and "taxically" untouchable?
... or maybe the lawmaker could argue when you buy bitcoin or swap some shitcoin for bitcoin, you're also "cashing out" the (crypto)currency into a legal tender - so you owe CGT.
You never know what byzantine concepts the lawmakers are going to come up with.
Lawmaker could easily argue you owe them BTC tax, if you make BTC profits from alts. The only reason in other countries that BTC based profits are not taxed is because they don't accept Bitcoin as currency. In summary, you can't send them profits that they don't or can't accept. El Salvador have taken a different role it seems, they accept your Bitcoin profits from altcoins I image, and will probably expect it as well.
This is probably one of the only downsides of a nation accepting Bitcoin as currency, having to send them BTC from altcoin profits... it also sounds like a small price to pay in the long-term.
However does this mean you don't owe tax from fiat currency profits, if you return it to the nation's currency? It's confusing
It sounds to me like you have a preoccupation with shitcoins. Your previous voluminous post about falling bitcoin dominance being likely to prevent further BTC v fiat gains; a chart to try to show some similar point; and now trying to argue that a downside of El Salvador's pioneering move to accept bitcoin as legal tender is that you might have to pay tax on profits from shitcoins.
Do you have some heavy bags of shitcoins, by any chance?
Hahahahaha.,, another good point.
Some members here do seem to get overly obsessed with framing BTC matters in terms of shitcoins... we have cluttered thinkenings, even from longer term forum members. Go figure.