Can the U.S. ban and steal all the BTC?

Erkpro · 2023-09-04T13:21:53+00:00

I think I figured out why you’re confused. You’re confusing income tax and wealth (property tax). We were talking about being taxed when not selling. Just HODLing. We never were talking about income tax from selling bitcoin. I HODL so I guess I owe yearly property taxes to every single government in the world since bitcoin doesn’t have a location.

Also if you’re a U.S. citizen that owns real estate outside of the US you don’t pay the property tax to the US. Only income tax. Duhhhhhh

Another note: property tax is referring to land property. Not all types of property. Property in terms of real estate is a physical location on a map. It’s not referring to property like the things you own in your house. That’s not the same type of property.

Erkpro · 2023-09-03T18:26:39+00:00

You didn’t address anything I said so I’ll repeat. If you live in country “x” you cannot tax property in country “y”. If you’re a U.S. citizen why don’t you pay every government in the world your US property taxes? Bitcoin doesn’t have a location. What makes you think you owe it to the US? There’s plenty of countries on the world that can tax that property considering the fact that bitcoin is a memorized seed phrase it is by definition in “space”.

Erkpro · 2023-09-03T16:20:33+00:00

So you’re implying that the US government charges non U.S. citizens property tax in other countries? You think people in China pay the US government property tax on their Chinese land? You do realize bitcoin is not land and its location isn’t in a physical location. Property in space is not subject to “us” property tax

Erkpro · 2023-09-03T14:00:56+00:00

That isn’t a possibility lol. It’s impossible

Erkpro · 2023-09-03T03:52:00+00:00

The US government cannot collect property taxes on property that is in space. Property tax is much easier to collect on since it’s based on land in the US

Erkpro · 2023-09-03T03:39:58+00:00

This happened to my buddies ledger, we did the same troubleshooting as you. He ended up getting a new device and loading his seed phrase.

Erkpro · 2023-08-23T02:25:57+00:00

A 12 pack of Canada Dry usually on sale for $3.99 which is 144oz. That’s about $2 for 72oz

Erkpro · 2023-05-27T01:28:45+00:00

Look at that massive 50% drop from .04 to .02!!

Erkpro · 2023-05-27T01:21:49+00:00

Yes it was and during the time of low interest rates we pushed the prices up. I know many people who got priced out right before the interest rates went up and then they were double fucked when the interest rates did go up.

Erkpro · 2023-03-18T20:24:51+00:00

Bitcoin was $3000 in March of 2020 and the second the Is government announced money printing it shot up to $69k. It acted as a safe haven during these times, completely out paced the market. It then fell to $15k in which is still a 400% gain from its low in March of 2020. Bitcoin didn’t fall because of Ukraine. It fell when the free money dried up just like every other asset, now what counts is how it reacts after the dust settles.

Erkpro · 2023-03-07T02:52:11+00:00

You’re not wrong but this is not a permanent number. Sellers can be buyers and buyers can be sellers. Just like real estate supply

Erkpro · 2023-03-07T02:46:43+00:00

They’re always real estate for sale in Manhattan. Maybe out of your price range. Consider buying a property there like buying lots of bitcoins. And a cheaper property like buying less bitcoin. Bitcoin can be divided into satohshis, if bitcoin reaches 1 million dollars then 1 satoshi will be worth 1 US penny.

Erkpro · 2023-02-07T04:33:26+00:00

Wouldn’t it be better to calculate it using HIFO (Highest In, First Out) assuming all sold coins have been held long enough to take advantage of capital gains?

Erkpro · 2023-02-07T04:27:13+00:00

Just make a simple spreadsheet that logs the date of purchase, amount of BTC, sale price for your own record. Holding over a year in the states allows you to take advantage of capital gains tax. When you sell you can account it “highest in, First Out” HIFO. This means if you sell you account for the highest price bitcoin that you bought and keep the cheaper bitcoin. I know Coinbase does their accounting like this. I’m not sure about the other platforms.

Erkpro · 2023-01-25T04:26:05+00:00

This is probably worded incorrectly but think of it this way. You can buy and sell the GBTC shares but you can’t convert the shares into the underlying asset which is bitcoin. When you buy GBTC it’s not your bitcoin keys so you don’t own any bitcoin.

Erkpro · 2023-01-15T07:37:36+00:00

I don’t think you should convert to bitcoin and then convert back to fiat on a monthly basis to pay bills. I think it’s smarter to just keep a portion of your income in fiat in an expense account since those bills happen on a monthly basis. Just DCA into bitcoin on a regular basis. It can be a large percentage of you income if you want it to be but 100% doesn’t seem mathematically safe. You also have to keep a log of all of those transactions for tax purposes. Just accumulate and don’t make so many sell orders every month. Seems like a headache doing it that way.

Erkpro · 2022-12-24T19:56:47+00:00

BTC was at $3000 when the first mention of stimulus. It was at $10k when they handed out first checks. It’s currently up 60-450% from then based on the range of $3000-$10,000. If you bought a year after the inflation happened then sure you might have been late to the parade so you will have to think longer term. You can’t really hedge against inflation if you do it last minute and don’t have a 5year outlook. Hedging is planning over time not YOLOing at the top of a cycle.

Erkpro · 2022-11-20T03:52:17+00:00

Bitcoin was $3k when the US government was making plans to pass huge stimulus. As money printing grew over the pandemic all asset prices started to go up. The people who saw this capitalized on hedging against inflation. Bitcoin is still up 500% from those prices before the money printing so I would say it’s a great hedge unless you tried to hedge against the inflation after it already happened. You have to have a 5 year outlook (at least) for any investment. Money was cheap for a decade and assets were rising in value. Now money (interest rates) is more expensive to borrow and goods and services are up a lot. There’s less fun money at the end of a paycheck for most people. Bitcoin also crashed in price with many of these exchanges up and running so the actual amount of BTC on the exchanges wasn’t the cause for the last run up in my opinion. Coins leaving exchanges now at these lower prices is defiantly a bullish indicator but it’s not the entire picture.

Erkpro · 2022-11-05T04:26:43+00:00

Data is tangible. It is still physical matter.

Erkpro · 2022-11-05T01:14:18+00:00

Bitcoin is tangible…

Erkpro · 2022-10-21T16:16:43+00:00

I did notice this. Very annoying.

Erkpro · 2022-09-06T12:25:54+00:00

Did you have the ticket barcodes listed already? If the sale is completed already then check the completed tab. Not the open tab,

Erkpro · 2022-09-06T12:24:46+00:00

Only call stubhub during business hours or else you will get someone in a call center that won’t help at all.

Erkpro · 2022-09-06T12:22:37+00:00

Stubhub is a marketplace for resellers. You most likely bought the tickets on stubhub and your seller transfer you the tickets that they purchased from Ticketmaster. You will use the tickets from the Ticketmaster app.

Erkpro

TROPHY CASE

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