The new IRS requirements on how to manage your bitcoin and have explicit coins separated by wallet according to their cost basis is so horribly ignorant and nonsensical that I don’t even know how to explain it.
Discussion
The fine fellas at nostr:npub1drlw0wmu9tq37usx4qt3u6u4zj44mrf3zsfa6xhcdyrh3n4wpmgqr4rfg0 recently held a webinar on this topic. Might be worth having them on. The development is Very Not Good, but I understand what’s coming better because of them.
Oh lawd
Well stated Fren
nostr:note1s5tcs70djjpm09mft8rc90qyu4kh3th4af4w5xk0v3ff24z3wn4swexh92
They still think they can control our money 😂
Can’t wait for the DOGE announcement that they are cutting 95% of the IRS. The amount of my life spent preparing taxes for my small business and my family is insane.
I've been just been buying a fixed amount & then pulling to cold storage immediately so that each UTXO would automatically have a known cost basis & purchase date. From what I've seen that should still be sufficient. 🤞🏼
Stop being so compliant
I'm doing what I already wanted and not making any changes based on anyone else's rules so I'm not sure why that would be considered compliant.
Why did you want to do it? 😉
I don't know exactly? I heard about UTXO management & saw where some people labeled UTXOs & such & definitely didn't want to do that. But, I did like the idea being able to know when I got them & the cost basis just so I could good about my life choices. 😂
Par for the course ⛳️
The IRS can go fuck themselves. This is the same as the bump stock and AR brace. Pass an actual fucking law in congress or GTFO
Laws don't have authority over your unalienable right to private property and your unalieable right to exclude whoever and whatever from your private property.
Nobody has a right to "inclusion," "belonging," or "connectivity" to my private property money.
What’s imminent domain then?
It is an infringement on unalienable rights. Anything that infringes on unalienable rights is tyrannical. Eminent domain is tyranny.
Democracy robs freedom of choice from minorities and from individuals.
America is a country founded on unalienable rights. It is not a democracy.
A country founded by people fleeing tyranny created another unfair system. They made it possible to exploit all known resources to benefit the top 1%
Majority in the #USA don’t vote in local elections. Then they complain about how bad the government is.
We have a lot of issues in the #US
Numbness is a big one.
If you vote, you imply consent. I don't vote, so I do get to complain.
A fair and equitable distribution of OUR bitcoin
/s
True but for the compliant its a great opportunity: https://www.youtube.com/watch?v=M1XPOFgjNPk
Sounds like #MiCA and the #travelrule over here.
You can literally smell their desperation to maintain control over the money and hence the crowd.
Yeah, they can kiss my total ass lol
Wallet A, cost basically higher than today, so every time I buy stuff, I reduce my tax bill (tricky at the moment).
Wallet B, never selling anyway, cost basis is relevant
Wallet C, the stuff I buy with this wallet, not paying my taxes is the least of my worries. 🧐
I didn’t expect less from the IRS.
i have a friend who owns a business with about 25 employees. i found out talking with him recently that he wasnt paying sufficient payroll taxes.for his emplpyees. only found out cuz one of his employees pointed it out. he had been doing this for like 8 years. hadnt heard a peep from the IRS.
and people are worried about if they paid a few thousand in capital gains correctly 😅 this community aint what i thought it was.
i cant imagine complying with this stupid shit
The whole thing is so obviously nothing but a “group your wallets by when you got the coins so our tax chainalysis is really easy” scheme.
And they call it “safe harbor” to trick people into thinking they are getting a benefit, imo.
So what happens when I extract the private keys from my two HD wallets and combine them into one using spectrum? And then break them up into 2 other wallets with a differing set? What constitutes a wallet when anyone can mix and match whenever they see fit?
Start with the fact that everyone should raise their kids not to file taxes.
It's too late for adults who already file to stop without being targeted for betraying the gang initiation ritual, but we don't need to bring new people in. I've never filed.
I’m assuming you don’t work a W-2 job?
I don't even know what that is. Last job I did was doordash
W-2 just means you’re an employee, and your employer takes taxes out of every paycheck. I think DoorDash pays you as a contractor instead.
If you do W-2 work and your employer withholds taxes, that's all the more reason not to file. They will never knock on your door in the years they owe you money, and everyone you know will remember that if they knock on your door later because they've decided you're too rich.
I guess I don’t see a big benefit to not filing if I’m still paying them taxes (possibly too much taxes at that). I do agree with not paying and not filing if possible though.
Besides nonsensical, it'll doesn't sound enforceable
How do they define "wallet"?
The noose is tightening. Stop using KYC platforms.
I still do not understand the "safe haven" snapshot that we supposedly have to do before Jan. 1.
Is there still a IRS bounty for cracking Monero? They know they will drown in work, so they try to make people comply.
It's an ungraceful end of the state. Unfortunately non fungible coins + AI enable those seeking power to further control the people.
Opt-out. Encrypt everything. Utilise Monero.
MOAR COINJOINS
What gives them the right to force us to consolidate funds?
How can they tax information?
Does knowing twelve words mean you own bitcoin?
What if someone else knows my twelve words?
Who owns it? Who pays taxes in a multiparty multisig?
What is transacting? Is it signing a TX? Broadcasting it? At what point does it incur capital gains?
Jesus said: "Give unto Caesar what is Caesar's."
Last time in checked the US has no face on a bitcoin. Fuck em.
Lemme rewrite that for the plebs reading the comments in this thread.
JOINSTR is COINJOIN OVER NOSTR
I know its confusing still for the non-technical plebs 
, but evolutions will come soon. Pay attention to nostr:npub1v6qjdzkwgaydgxjvlnq7vsqxlwf4h0p4j7pt8ktprajd28r82tvs54nzyr
This page has several pieces of incorrect information
Tor is required if you cannot trust the relay, which is most likely the case
A mechanism without fidelity bonds would require you to tie your Nostr identity to your CJs as the fidelity bond (not preferable)
1. Protocol supports VPN and Tor. It's not necessary to use Tor. You can check the kotlin implementation for VPN usage.
2. Joinstr protocol will use AUT-CT for sybil resistance: https://github.com/AdamISZ/aut-ct?tab=readme-ov-file#worked-example
If you read the NIP for joinstr you will realize that new keys are generated for each event and pool messages use encrypted channel (shared key).
Nostr identity is never linked to coinjoin in the protocol.
It is also possible to reuse fidelity bonds if some joinmarket makers want to provide liquidity in joinstr, not necessary though: https://uncensoredtech.substack.com/p/market-makers-in-joinstr
Joinmarket doesnt require fidelity fonds, theyre optional. It also has equal outputs, otherwise whats the point?
Coordination is the biggest issue, IMO.
Doing it over nostr has a huge advantage or else you are left out in the void trying to find people to coordinate the join with.
Its already hard to get p2p trades going in one region, this is even harder.
Can you share a joinmarket cj transaction with all outputs having same amount?
Just installed joinstr and it wanted complete control of VPN config. Why?
To create a new VPN profile. If you have further questions, please join the simplex chat group.
That comparison chart is completely nonsensical and obviously written with full bias
I don't need suggestions from people who work on vulnerable coinjoin implementations.
😂
This not just the IRS, but a global issue with all tax departments . It needs to stop.
Bitcoin is money! And we should be free to use it how we see fit at any given time or space on this planet.
send IRS a Revocation of Election and your are out. Income taxes are voluntary. The 1040 is an annual contract. Dont sign it.
I haven't seen anything about this. I want to see the hourly dca group have their 15k sat utxo lol
BOATING
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Oh wow something more retarded than what Australia gets up to
I recently bought more hardware wallets to have fun testing bitcoin transactions, etc. At this stage in my life, I'm HODLing, not selling bitcoin. Honestly, what would I sell it for? Maybe some day I will, when I find something worth buying, but that day has not arrived. The IRS is out of control. I sure hope this gets rolled back in the new administration. What an over-reach!
Downstream effects of radical and unwise transparency resulting in very deficient pseudonymity and zero privacy.
A law is pretty meaningless if it can't be enforced.
It cannot be enforced without surveillance.
Zero privacy makes it pretty easy to enforce.
#monero fixes this.
Monero alone doesn't fix this, remember to also avoid all KYC crypto touch points.