EU is fighting Bitcoin

I wonder who wins  


France Introduces Tax on Unrealized Bitcoin Capital Gains
https://www.binance.com/en/square/post/17069969005634

BREAKING: 🇺🇸 Democrats wrote to the DNC asking to shift away from the anti-#Bitcoin stance, responding to Trump speaking at the Bitcoin conference.
Source Link: https://x.com/BitcoinMagazine/status/1817237067992121483?t=ls_i02Em6mj8MOVkNWTfJw&s=19

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The news certainly plays an important role, as I think it is the most appropriate response in terms of rhetoric.

X5; only the older 3 litre diesels etc I would consider. Not really a fan of the weird massive grill on the new ones.

OT: Check out a cool map of US housing affordability. Move the slider to whatever your number is  
https://www.nbcnews.com/data-graphics/map-where-can-you-afford-a-home-in-the-united-states-rcna155286
The median household income in US is $77397.
The whole west coast+Florida coast+ Tristate area (NY, NJ, CT)+ the rest of the North-east coast are unaffordable for at least 50% of the populace.

With mETH passing the howey test and getting an ETF approved anyways, we have seen that Blackrock / WS is moving the things, not Gensler ..imo

The former boss of the world's largest cryptocurrency exchange has been jailed for four months for allowing money laundering... maybe related to dip?

 

Yeah that fee spike is nuts! And there is still a large backlog with what looks like a bunch of idiots still putting high fee transactions through, though dropping fast.

840001 - 7.611 BTC
840002 - 10.115 BTC
840003 - 19.193 BTC
840004 - 27.133 BTC

So much for the halving, lol.

I'm split in my feelings regarding this. Part of me is thrilled another huge market is now going to join the competition in getting bitcoins.
The other part of me is not thrilled. Almost angry - because its China/HK.

Not sure if they can BAN these ETFs? Anyone know when will they begin trading?

I think 209K BTC is too much, if we look at the total of BTC confiscated by the US Gov:
Silk Road  69,369 BTC
Bitfinex Hack 94,643 BTC
James Zhong  - 51,326 BTC

In total around 215K of BTC and the estimate balance now is 164K - dang it almost 1% of all BTC currently in circulation.
Blackrock and MicroStrategy might be buy more cheap bitcoins soon ...

source: https://dune.com/21co/us-gov-bitcoin-holdings

Okay a lot of couples in a major city each have a job. So you may see 200k getting tossed around as if it is one person while it is a couple.

A home in New York City is a million dollars . Not a great home just a standad type of home.

The home I grew up in is valued at 1.2 million.

If you buy it and rent one of the two parts of it. you get 3k in rent.

if you put 200k down the mortgage is 1 million. just the interest on that is 70k minus the rent of 36k and you owe 34k on just the interest. At least 16k to lower the mortage.

so 50 k from your joint 200k.  your taxes on that money 200k is around 60 k drops you to 140k pull the 50k for mortgage is 90k

so you are at 90k.. you and partner. both take subway to work about 3k

down to 87k. 2 cell phones are more than 1000 a year. down to 86k

you have to insure the house to have the mortgage. at least 4k down to 82k

no car occasionally uber and rental a thousand maybe two thousand.

down to 80k

So you are a pair of homebodies. Not many restaurants not much delivery. You cook a lot.

Food for two mostly cooked in home in NYC is close to 10k.

You are down to 70k

You have the net no cable no landline just the net maybe two streams you are at 1 k.

69k

you have good jobs one has good medical you pay partial say 6k for insurance with decent coverage.

you are down to 63k.

now at 63k a year it seems okay.  but there is property tax around 10k

53k.

No clothes allowance.  If you have professional jobs you will spend on clothes and shoes.  At least 5k a year.

brings us to 48k minus 7k power bill and gas for cooking and heat gives you 41k

seems like enough.

but I tossed out starbucks for two which could be 20 a day or 7k. many couples do this.

so the 41k is 34k

I tossed out uber eats and restaurants which would bump you from 10k to 20k easy

you would be down to 24k

I tossed out owning a car or leasing a car and the car insurance. say 8k for the lease and the insurance

down to 16k

And say you do cable and the streaming 2k more is 14k

So a couple earning 200k that is healthy with both working should be 14k to 40k plus left over



But house repair and maintenance is 2k

so the loose spenders have 12k extra
the careful spenders have 38k  extra.


What did I forget how bout vacations
what else the people above are healthy and no kids.

So 200k to buy a home that has rental income and 200k in paid jobs only works well with good health and no kids.

most two family homes in NYC is ‘safe’ neighborhoods are 1 million plus.

Accounting Standards Update 2023-08 might be an important contribution to the special status of this bull cycle. It has been mentioned before, but the consequences haven't struck me until now.

This update to accounting rules states that some assets (you know the C word? Well, bitcoin in particular) have to be accounted at fair value in balance sheets. "Fair value" in this context is basically market value. It used to be different: if you had bitcoin on your balance, and you bought low, you'd still look (balance wise) as poor as when you bought it. With the new rules, you appear to be as rich (balance wise) as the bitcoin price allows.

The update will become mandatory at the end of 2024, but companies could opt in by the end of 2023. Some well known entrepreneurs opted in as early as they could. Guess one name? Michael "Lazereye" Saylor.

Why is this such a big deal? Because it allows companies to stuff btc in their balance sheets in place of cash or gold; btc that can be bought, hedl there and left to grow, selling only when necessary. In other words, the new rules could (and I'm guessing, will) turn several companies (again: think MicroStrategy) into followers of JimboToronto's way:


We still have no idea what's coming, guys. Or should I say gentlemen?

Americans were asked to point Iran on a world map.

From my basic calculations of net inflow in newly created US ETF, it is about 44,911 Bitcoin or roughly 2,994 Bitcoin per day.

*** (New US ETF In - GrayScale ETF Out = Net US Inflow)

Might take a little longer for all the GrayScale Bitcoin to be absorbed, or they could just lower their fees to 0.25% like everyone else and we can all get out of this brace position.

Been shoveling all day, pony stable groundwork.

Here's a source regarding my previous post, btw:

EU lawmakers approve world’s first comprehensive framework for crypto regulation

There is only one place a government that wants to tax people's gains at 40% belongs and that is in a locked up dungeon.

JUST IN: 🇬🇧 Bank of England Deputy Governor claims a digital pound CBDC, will be a "safe place" to store wealth.

https://twitter.com/BitcoinNewsCom/status/1630599397607190529?t=grNsGUQPCuzrY2zFcqkFFw&s=19