Search content
Sort by
Showing 20 of 45 results by Photony
Re: El Salvador treats Bitcoin as legal tender. What impact will it have on the USA
archive: https://web.archive.org/web/20210608100651/https://bitcointalk.org/index.php?topic=5342517.0
Anything to comment on the following?
https://www.reddit.com/r/Bitcoin/comments/ntmzwu/there_are_potentially_huge_us_tax_and_reporting/
Reddit seems to be having some issues now (Fastly Cloud Services is currently irregular). Here's an archived version:
https://web.archive.org/web/20210607061920/https://www.reddit.com/r/Bitcoin/comments/ntmzwu/there_are_potentially_huge_us_tax_and_reporting/
Sorry, I don’t know I can’t reprint posts from other places, I will delete them soonAnything to comment on the following?
https://www.reddit.com/r/Bitcoin/comments/ntmzwu/there_are_potentially_huge_us_tax_and_reporting/
Reddit seems to be having some issues now (Fastly Cloud Services is currently irregular). Here's an archived version:
https://web.archive.org/web/20210607061920/https://www.reddit.com/r/Bitcoin/comments/ntmzwu/there_are_potentially_huge_us_tax_and_reporting/
Re: El Salvador treats Bitcoin as legal tender. What impact will it have on the USA
We've got a handful topics about El Salvador lately, I think it's better if all of those topics will be merged with any of these;
Yes, many topics can be summarized like this.For example, Musk、 China FUD、El Salvador etc
El Salvador treats Bitcoin as legal tender. What impact will it have on the USA
⭐ Merited by bitmover (1)
On its face, it’s obviously great for Bitcoin if El Salvador adopts it as its legal tender. There are, however, nuances in the internal revenue code that make this news much bigger than most realize.
Most know that when trading foreign currencies gains must be reported and are taxed. But Section 988(e) carves out a de minimis exception for “personal transactions” where the gains do not exceed $200.
This is intended to allow travelers to transact in foreign currencies without all of the burdensome reporting requirements.
So far, Bitcoin has not qualified for this exception. Under IRS Notice 2014-21, the IRS opines that Bitcoin is “property” and not a “currency” because “it does not have legal tender status in any jurisdiction.” There is a good argument, though, that once Bitcoin is “legal tender” in El Salvador, it will qualify for US individuals as a “nonfunctional currency” (under Section 988), allowing individuals to forgo reporting gains on small, daily transactions—“personal transactions.”
In other words (tldr), if Bitcoin is legal tender in El Salvador, US citizens could possibly freely transact in Bitcoin, as a “nonfunctional currency,” without a need to report gains of less than $200.
That’s potentially huge news for retail US citizens, but there is also huge news for US Bitcoin businesses.
Most US businesses use the US dollar as their unit of account for bookkeeping and reporting. However, there are cases where businesses operating primarily in foreign jurisdictions use a foreign currency—the unit of account does not have to be USD. The unit of account used by the business is the “functional currency” of the business and, perhaps, even an individual (see Sec. 985 IRC). If a business’s “functional currency” is a foreign currency, it does not have to bother with gains/losses related to USD fluctuations.
Again, under Notice 2014-21, Bitcoin cannot qualify as a functional currency. And, again, this could change if El Salvador adopts Bitcoin as legal tender.
Final tldr If Bitcoin becomes legal tender in El Salvador, IRS Notice 2014-21 may become partially null, relieving US individuals and business of huge tax and reporting burdens, paving the way for Bitcoin to legally and easily be used as a currency in the US.
Disclaimer: I am not a tax lawyer. The discussion and analysis on this should be much more detailed before financial decisions are made. I’ve written this to be used as a starting point for discussion with a tax lawyer.
Most know that when trading foreign currencies gains must be reported and are taxed. But Section 988(e) carves out a de minimis exception for “personal transactions” where the gains do not exceed $200.
This is intended to allow travelers to transact in foreign currencies without all of the burdensome reporting requirements.
So far, Bitcoin has not qualified for this exception. Under IRS Notice 2014-21, the IRS opines that Bitcoin is “property” and not a “currency” because “it does not have legal tender status in any jurisdiction.” There is a good argument, though, that once Bitcoin is “legal tender” in El Salvador, it will qualify for US individuals as a “nonfunctional currency” (under Section 988), allowing individuals to forgo reporting gains on small, daily transactions—“personal transactions.”
In other words (tldr), if Bitcoin is legal tender in El Salvador, US citizens could possibly freely transact in Bitcoin, as a “nonfunctional currency,” without a need to report gains of less than $200.
That’s potentially huge news for retail US citizens, but there is also huge news for US Bitcoin businesses.
Most US businesses use the US dollar as their unit of account for bookkeeping and reporting. However, there are cases where businesses operating primarily in foreign jurisdictions use a foreign currency—the unit of account does not have to be USD. The unit of account used by the business is the “functional currency” of the business and, perhaps, even an individual (see Sec. 985 IRC). If a business’s “functional currency” is a foreign currency, it does not have to bother with gains/losses related to USD fluctuations.
Again, under Notice 2014-21, Bitcoin cannot qualify as a functional currency. And, again, this could change if El Salvador adopts Bitcoin as legal tender.
Final tldr If Bitcoin becomes legal tender in El Salvador, IRS Notice 2014-21 may become partially null, relieving US individuals and business of huge tax and reporting burdens, paving the way for Bitcoin to legally and easily be used as a currency in the US.
Disclaimer: I am not a tax lawyer. The discussion and analysis on this should be much more detailed before financial decisions are made. I’ve written this to be used as a starting point for discussion with a tax lawyer.
Re: This dip is PROOF that "I wish I would've bought Bitcoin at X price" is nonsense
in the early days, they consider BTC as an experiment and they still are even after $1200 spike. the institutions are ignoring Bitcoin even after 2017. only few of them are interested. some of the people today are still going to ignore BTC.
i have talked about buying few BTC to acquaintances on mine right when they share about jobs they have and how they still have money problems. they ignore it still. it could be too late for them when finally the government will consider it a reserve currency which they could be the ones that will say "I wish I would've bought Bitcoin at X price" or listened to me.
This situation is simply too much, so now I insist on looking for the latest projects, hoping to buy tokens with great potential at a low price.i have talked about buying few BTC to acquaintances on mine right when they share about jobs they have and how they still have money problems. they ignore it still. it could be too late for them when finally the government will consider it a reserve currency which they could be the ones that will say "I wish I would've bought Bitcoin at X price" or listened to me.
Could you share with me some good new and potential projects? Thank you.
Re: This dip is PROOF that "I wish I would've bought Bitcoin at X price" is nonsense
Who is that one man that you are talking about though? Well, if you had bought bitcoin when it was around 1$, you are definitely rich by now. Also, there's nothing wrong with people wishing what they could've done in the past, it's called hindsight.
When you bought btc for 1 dollar, can you stick to it until now? When buying for 1 dollar, would you feel that 10 times the profit is enough, and sell at 10 dollars?Re: This dip is PROOF that "I wish I would've bought Bitcoin at X price" is nonsense
NO you would NOT be rich, you'd be Poorer!
Why that? If I decided to hold my coins, I would have been richer. I know that the bias wouldn't allow you to keep them for a 20000%+, except if I was extremely greedy or if I was going for the long-term, but based on the chart, it would have been profitable to invest in the past.I first bought in on December 2020 when the price was around 25,000....so I'm not an expert, I still have NOT experienced to truly BIG 50% or higher dips....but even as a newbie, I GET IT....you HODL, you DCA, you buy the Dips, you remain PATIENT, and you DO NOT Panic Sell!
The panic selling is the worst one. You must not fall into that trap. You have to set a target and settle. As for the “truly BIG 50%”, you'll experience them, I guess, soon.This dip is PROOF that "I wish I would've bought Bitcoin at X price" is nonsense
NO you would NOT be rich, you'd be Poorer!
How many times have you heard it?
I wish I had bought Bitcoin when it was $1, $100, $1000, etc!
I would be RICH today! If I had bought in 2019, I'd have a MILLION DOLLARS TODAY!!!
Imagine believing ONE man can literally bring down Bitcoin, imagine believing for the 1,078th time that THIS is the true DEATH of Bitcoin!
I'm still new to Bitcoin....I first bought in on December 2020 when the price was around 25,000....so I'm not an expert, I still have NOT experienced to truly BIG 50% or higher dips....but even as a newbie, I GET IT....you HODL, you DCA, you buy the Dips, you remain PATIENT, and you DO NOT Panic Sell!
I never want to hear people say "I wish I would've bought Bitcoin at X Price".....because these are the people that would INSTANTLY SELL the second Bitcoin had a 30% or higher correction!
How many times have you heard it?
I wish I had bought Bitcoin when it was $1, $100, $1000, etc!
I would be RICH today! If I had bought in 2019, I'd have a MILLION DOLLARS TODAY!!!
Imagine believing ONE man can literally bring down Bitcoin, imagine believing for the 1,078th time that THIS is the true DEATH of Bitcoin!
I'm still new to Bitcoin....I first bought in on December 2020 when the price was around 25,000....so I'm not an expert, I still have NOT experienced to truly BIG 50% or higher dips....but even as a newbie, I GET IT....you HODL, you DCA, you buy the Dips, you remain PATIENT, and you DO NOT Panic Sell!
I never want to hear people say "I wish I would've bought Bitcoin at X Price".....because these are the people that would INSTANTLY SELL the second Bitcoin had a 30% or higher correction!
Re: I sometimes wonder whether Bitcoin has established a religion.
[1]
Sometimes the good use of adjectives, nouns and vervos, together with good premises lead to good "guesses", it is also what leads some writers to create novels, short stories, science fiction, etc. Sometimes they border on the absurd, but they are entertaining.
[2]
Scientists distance themselves from the above or the science.
It is not that the above[1] is wrong, in fact it entertains and it is a field where sometimes things are so good that someone can win prizes or become a good writer, but never an prize NoBel.
His Op, falls so as not to send him to another place, in the first paragraph [1]
Thank you for your reminder. Sorry that my mother tongue is not English. I will work hard to learn English in the future.Sometimes the good use of adjectives, nouns and vervos, together with good premises lead to good "guesses", it is also what leads some writers to create novels, short stories, science fiction, etc. Sometimes they border on the absurd, but they are entertaining.
[2]
Scientists distance themselves from the above or the science.
It is not that the above[1] is wrong, in fact it entertains and it is a field where sometimes things are so good that someone can win prizes or become a good writer, but never an prize NoBel.
His Op, falls so as not to send him to another place, in the first paragraph [1]
Re: I sometimes wonder whether Bitcoin has established a religion.
Lol, not really, it's not like something that has believers in it will automatically be a religion right? And bitcoin doesn't have that great establishment that will keep its followers lol, if we want to compare it to religion. Since many are willing to abandoned it as easy as it goes.
But the thing that satoshi is unknown, like god is kinda similar though lol. Many people value satoshi even knowing who he is, or even if he is really real or not. But no, i don't think bitcoin is like a religion.
Another interesting question. I am curious about how religion attracts believers when it is first established (excluding the case where parents are believers). Religion connects everyone through stories, and more and more people listen to it. Many people believed it and became a small group and gradually became a religion.But the thing that satoshi is unknown, like god is kinda similar though lol. Many people value satoshi even knowing who he is, or even if he is really real or not. But no, i don't think bitcoin is like a religion.
Bitcoin uses more reliable blockchain technology to connect all traders together. Now that we have formed a forum, we can completely change it into a religious organization to persuade more people to "believe".
By the way, I participated in the project you signed and they disappointed me（Irrelevant price）. I don't want to say more about the specific reasons. I can only say that his team is not very good (if you are a member of the team, I will withdraw my words).
Re: I sometimes wonder whether Bitcoin has established a religion.
I sometimes wonder whether Bitcoin has established a religion.
Those of us who are fixed holders of Bitcoin are believers of Bitcoin.
Those of us who are fixed holders of Bitcoin are believers of Bitcoin.
I disagree.
Unlike religion, bitcoiners base their "beliefs" on logic and math, not just because this or that guys say so. Imho it's a huge difference.
BS 99% of the people here can't even read code, or do math.
Bitcoiners beliefs are GREED & FEAR, but mostly greed.
Bitcoiners are not logical, this is insanity.
BTC CAP a month ago was bigger than $1.2T, bigger than most USA company's capitalization, like it gong to keep going up and suck up the entire earths GDP, bitcoiners are mental midgets.
Re: I sometimes wonder whether Bitcoin has established a religion.
This collective craziness, in my opinion, is always motivated solely by greed and the desire to increase profits. People's interest will collapse along with the price if the price goes below 20-10 thousand dollars again. Only the most ardent supporters and admirers will be left. Then, since it has become mainstream, it will be possible to discuss the flock and other theological topics when it is still too early.
Yes, real gold is not afraid of fire. There is only one possibility to hold Bitcoin for a long time, not only is proficient in blockchain technology, but also has a strong spirit of decentralizationPeckShield briefly describes the attack process:
1.The attacker borrowed 6,047.13 WBNB flash loans from the PancakeSwap WBNB-BUSDT pool;
2.In BurgerSwap, call the function DemaxPlatform.swapExactTokensForTokens() to convert 6,029 WBNB to 92,677 BURGER;
3.Create counterfeit BURGER-Fake LP on BurgerSwap platform, and issue 100 counterfeit coins and 45,316.6 BURGER;
4.Exchange 100 counterfeit coins into 45,316.6 WBNB;
5.In this step, the attacker attacked the contract through a reentry attack and made another exchange, which was 45,453 BURGER to 4,478.6 WBNB;
1.The attacker borrowed 6,047.13 WBNB flash loans from the PancakeSwap WBNB-BUSDT pool;
2.In BurgerSwap, call the function DemaxPlatform.swapExactTokensForTokens() to convert 6,029 WBNB to 92,677 BURGER;
3.Create counterfeit BURGER-Fake LP on BurgerSwap platform, and issue 100 counterfeit coins and 45,316.6 BURGER;
4.Exchange 100 counterfeit coins into 45,316.6 WBNB;
5.In this step, the attacker attacked the contract through a reentry attack and made another exchange, which was 45,453 BURGER to 4,478.6 WBNB;
The DeFi protocol is as important as the code（For flash loans attack in BSC
The implementation of the BSC chain in 2021 will push Decentralized Finance (DeFi) to another upsurge. The total lock-up value of the DeFi protocol once hit 130 billion dollars. The entire currency circle is crazy, and various DeFi protocols have sprung up. , But with the sharp drop in the price of Bitcoin and frequent security incidents, the lock-up volume of the DeFi protocol has begun to show a downward trend.
In the early days, the fixed and lower transaction fees provided by BSC and the developer-friendly operating system provided by BSC attracted a number of DeFi protocols to migrate to the new chain. At the same time, it also attracted a group of challengers who positioned themselves as Uniswap. AMM. Of course, from the current situation, they are just simple forks.
On May 28th, the first autonomous governance AMM BurgerSwap on the BSC chain and the DEX protocol JulSwap were attacked by flash loans one after another. It is worth noting that the code of BurgerSwap and JulSwap are Fork Uniswap, but it seems that they do not fully understand the logic behind Uniswap.
If you don’t fully understand the mathematics behind Uniswap, why imitate it? In order to quickly get the favor of capital? Or are you afraid of missing traffic from hotspots? We couldn't stop the imitation from happening, but we quickly saw the result: BurgerSwap lost $7 million, and $JULB fell more than 95% in a short time.
PeckShield security personnel quickly located BurgerSwap. The reason for the flash loan attack was that the attacker used a reentry attack to call the _update() function before the smart contract normally started the second deposit, and first exchanged 45,453 BURGER.
PeckShield briefly describes the attack process:
1.The attacker borrowed 6,047.13 WBNB flash loans from the PancakeSwap WBNB-BUSDT pool;
2.In BurgerSwap, call the function DemaxPlatform.swapExactTokensForTokens() to convert 6,029 WBNB to 92,677 BURGER;
3.Create counterfeit BURGER-Fake LP on BurgerSwap platform, and issue 100 counterfeit coins and 45,316.6 BURGER;
4.Exchange 100 counterfeit coins into 45,316.6 WBNB;
5.In this step, the attacker attacked the contract through a reentry attack and made another exchange, which was 45,453 BURGER to 4,478.6 WBNB;
The attacker obtained a total of 8,800 WBNB from the above two steps. Then, the attacker exchanged 493 WBNB for 108,700 BURGER in BurgerSwap and returned the flash loan to complete the attack.
"The good ones imitate, the great ones plagiarize."
For the current BurgerSwap and JulSwap, and even other Fork Uniswap agreements, it is too early to talk about surpassing Uniswap.
The DeFi field is an important part of the development of the blockchain field, but it is currently in an era when DeFi protocols are over-issued. As time goes by, those DeFi protocols that focus on safety and care for their feathers can survive.
In the early days, the fixed and lower transaction fees provided by BSC and the developer-friendly operating system provided by BSC attracted a number of DeFi protocols to migrate to the new chain. At the same time, it also attracted a group of challengers who positioned themselves as Uniswap. AMM. Of course, from the current situation, they are just simple forks.
On May 28th, the first autonomous governance AMM BurgerSwap on the BSC chain and the DEX protocol JulSwap were attacked by flash loans one after another. It is worth noting that the code of BurgerSwap and JulSwap are Fork Uniswap, but it seems that they do not fully understand the logic behind Uniswap.
If you don’t fully understand the mathematics behind Uniswap, why imitate it? In order to quickly get the favor of capital? Or are you afraid of missing traffic from hotspots? We couldn't stop the imitation from happening, but we quickly saw the result: BurgerSwap lost $7 million, and $JULB fell more than 95% in a short time.
PeckShield security personnel quickly located BurgerSwap. The reason for the flash loan attack was that the attacker used a reentry attack to call the _update() function before the smart contract normally started the second deposit, and first exchanged 45,453 BURGER.
PeckShield briefly describes the attack process:
1.The attacker borrowed 6,047.13 WBNB flash loans from the PancakeSwap WBNB-BUSDT pool;
2.In BurgerSwap, call the function DemaxPlatform.swapExactTokensForTokens() to convert 6,029 WBNB to 92,677 BURGER;
3.Create counterfeit BURGER-Fake LP on BurgerSwap platform, and issue 100 counterfeit coins and 45,316.6 BURGER;
4.Exchange 100 counterfeit coins into 45,316.6 WBNB;
5.In this step, the attacker attacked the contract through a reentry attack and made another exchange, which was 45,453 BURGER to 4,478.6 WBNB;
The attacker obtained a total of 8,800 WBNB from the above two steps. Then, the attacker exchanged 493 WBNB for 108,700 BURGER in BurgerSwap and returned the flash loan to complete the attack.
"The good ones imitate, the great ones plagiarize."
For the current BurgerSwap and JulSwap, and even other Fork Uniswap agreements, it is too early to talk about surpassing Uniswap.
The DeFi field is an important part of the development of the blockchain field, but it is currently in an era when DeFi protocols are over-issued. As time goes by, those DeFi protocols that focus on safety and care for their feathers can survive.
1. The founding team is non-anonymous
2. ANN sponsors take a long time to register and have a certain merit value
3. ANN logic is relatively complete, and the page is beautiful
4. Social media is complete
——————————————————————————————————————————————————————
At the same time, everyone can add in at any time, I am very happy to learn from you
2. ANN sponsors take a long time to register and have a certain merit value
3. ANN logic is relatively complete, and the page is beautiful
4. Social media is complete
——————————————————————————————————————————————————————
At the same time, everyone can add in at any time, I am very happy to learn from you
Re: I sometimes wonder whether Bitcoin has established a religion.
Um coming from a newbie with 27 posts, seems not really worth arguing against. But what the hell, this is a fun topic. So you basically accuse Bitcoin enthusiasts and supporters of having their own "Cult of Satoshi" something that can be seen with the "Cult of Apple". Well for one, the financial sector is a bit different from consumer corporations churning out products for people to consume. Here there is a goal - Financial independence. Same as with the Stock Market, Treasury bonds, Forex, and also Gold investments. You can also accuse them of having their own religions too if that is the case. I would say, not really a cult. But rather a community of like minded people out to get the best Bitcoin can offer.
First of all, I am sorry that my activity is very low, and there is no merit at all. I will be more active in the future to increase my activity . I am a newbie who has just joined this community, and I am very glad that everyone can discuss under the question I am questioning.Financial independence is also my goals. One of my purposes in this community is to find the latest news and opinions, find some new projects to invest in.
My thoughts on the religiousization of Bitcoin are simply because of consensus. It reminds me of Scientology lol，‘another form of religion’
Re: I sometimes wonder whether Bitcoin has established a religion.
I sometimes wonder whether Bitcoin has established a religion.
Those of us who are fixed holders of Bitcoin are believers of Bitcoin.
Those of us who are fixed holders of Bitcoin are believers of Bitcoin.
I disagree.
Unlike religion, bitcoiners base their "beliefs" on logic and math, not just because this or that guys say so. Imho it's a huge difference.
The two points you said are also the reason why I compare Bitcoin to religion. I think that a major core of religion is public knowledge. Bitcoin and religion have this, but one is through technology and the other is through mission.
Re: I sometimes wonder whether Bitcoin has established a religion.
I don't know why you can assume Bitcoin as a religion. 
It is very different from religion. Bitcoin is an investment or asset, people believe in it to get profits. While religion is like a guide of our life. We don't expect profits or earning money from religion. We purely believe in religion for "the life after life", no specific hope for commercial purpose. So, you must differ between "belief" in Bitcoin and religion.
Okay, first of all thank you for your replyIt is very different from religion. Bitcoin is an investment or asset, people believe in it to get profits. While religion is like a guide of our life. We don't expect profits or earning money from religion. We purely believe in religion for "the life after life", no specific hope for commercial purpose. So, you must differ between "belief" in Bitcoin and religion.
I am not considering Bitcoin and religion from the perspective of [the the life after life]. I know that holding Bitcoin will not make me go to heaven in the the life after life (if there is the the life after life), nor is it giving me life guidance to consider the relationship between the two. . It’s just that from the perspective of consensus, Bitcoin is very similar to religion. One is based on blockchain technology and the other is based on missionary.
Re: I sometimes wonder whether Bitcoin has established a religion.
Religion is a belief in supernatural. Bitcoin is nothing like that. Just because there are people devote to Bitcoin doesn't mean that Bitcoin is a religion. And as far as movements go, Bitcoin community isn't exactly monolithic, there are people of all sorts of political or ethical beliefs here. You don't even have to hate the government or fiat currency or banks to be a bitcoiner.
Religion is a social-cultural system of designated behaviors and practices, morals, beliefs, worldviews, texts, sanctified places, prophecies, ethics, or organizations, that relates humanity to supernatural, transcendental, and spiritual elements; however, there is no scholarly consensus over what precisely constitutes a religion.This is the definition of religion in Wikipedia
——————————————————————————————————————————————————————————————————————
I think religion is a kind of consensus, and Bitcoin is maintained through consensus, so Bitcoin is something similar to religion
Consensus is particularly important in the Bitcoin system, as well as in religion. But the difference between the two is that Bitcoin is done by blockchain technology, while religion is done by preaching (sometimes it may be force coercion).
We believe in Bitcoin because we understand the technical support behind it. Those who don’t believe in Bitcoin have not even understood Bitcoin and blindly resist it. So I call popularization of blockchain knowledge a Missionary.