Are those your nostr:npub19canpmsgykwumm43uxmp0l5sernavvnrf87mau9a6xnjfx6ajjhsh9qj29 anti-phishing words?
I was digging into the Lansing, MI nostr/Bitcoin scene and realized that there's a Bitcoin meetup happening in February just down the road from where this billboard will be!
https://bitcoin101.io/events/?utm_source=chatgpt.com
nostr:note1m48vltncx5249p7kh0tluxe2qdtjrf7wl2mraacqzjt7gfrq2a4sjq56ay
The inevitability is becoming more obvious to many.
nostr:note1elyuzlnkpqlu64xd8asl6awc08mpk6xxanevvd764nrf38aqvkcq7a0lr0
Personally, I'm just keeping a spreadsheet where I manually put my transactions. I have a spreadsheet for each wallet, so I can record transfers between them.
The only flaw I see with your method is that unless you are purchasing noKYC sats, the exchange that sells them to you will soon be required to report that. So the only real way to be the sole provider of information to the IRS would be to exclusively buy noKYC sats.
Beyond that, while I get the appeal of ensuring that all sales are long-term capital gains, as I've switched from FIFO to HIFO, I've realized that a lot of my transactions will be short-term, but that this isn't necessarily a problem.
Let's say I purchase ₿0.001 BTC at $10,000. Then, a year later purchase ₿0.001 at $100,000. Let's compare the taxes if I then sell ₿0.001 at $110,000 (let's just say this transaction takes place less than a year after purchasing the $100k lot).
Let's also assume that I am single and make $65,000/year making my short-term capital gains (STCG) rate on this transaction 22%, and my long-term capital gains (LTCG) rate 15%.
FIFO: Disposing of the early tax lot - long-term capital gains
Cost Basis: $10,000*0.001=$10
Proceeds: $110,000*0.001=$110
Capital Gain: $100
Tax Liability: $100*15%=$15
HIFO: Disposing of the later tax lot - short-term capital gains
Cost Basis: $100,000*0.001=$100
Proceeds: $110,000*0.001=$110
Capital Gain: $10
Tax Liability: $10*22%=$2.20
While I've used simple round numbers here in an attempt to make the comparison clear, your transactions are unlikely to be as clean as these were. That said, I hope it provides some insight on why striving to make every transaction qualify for long-term capital gains, may actually lead to having a higher tax liability than using a HIFO method and disposing of highest cost tax bases first, even if accepting a higher tax rate.
Very insightful thank you for sharing. 🤘🏼🫂
I actually just got approved for the business account on nostr:npub1ex7mdykw786qxvmtuls208uyxmn0hse95rfwsarvfde5yg6wy7jq6qvyt9 but I did notice that it does not have the bill pay feature. Do you know why? Is it a time restriction thing?
Unfortunately, I don't know as I only have experience with the personal side of nostr:npub1ex7mdykw786qxvmtuls208uyxmn0hse95rfwsarvfde5yg6wy7jq6qvyt9.
Maybe they or nostr:npub1cn4t4cd78nm900qc2hhqte5aa8c9njm6qkfzw95tszufwcwtcnsq7g3vle could provide some clarity on the availability of Bill Pay on business accounts.
My retirement plan would look the exact same as my current situation, just without regular new income (unless I persued something that provided that while "retired").
All my income gets autoconverted to sats, I spend on credit, and at the end of the month pay all my bills via nostr:npub1ex7mdykw786qxvmtuls208uyxmn0hse95rfwsarvfde5yg6wy7jq6qvyt9's Bill Pay.
While there may be other services available by the time I no longer need to work, I assume the workflow will be much the same.
If we had down years, I'd likely leverage a small portion of my stack to avoid needing to part with it while the price was down (and maybe grab a job flipping burgers 😂), but overall I don't see a reason to make drastic shifts to the workflow I'm currently using and enjoy.
My retirement plan would look the exact same as my current situation, just without regular new income (unless I persued something that provided that while "retired").
All my income gets autoconverted to sats, I spend on credit, and at the end of the month pay all my bills via nostr:npub1ex7mdykw786qxvmtuls208uyxmn0hse95rfwsarvfde5yg6wy7jq6qvyt9's Bill Pay.
While there may be other services available by the time I no longer need to work, I assume the workflow will be much the same.
When I joined my current company, I was provided a retirement packet to fill out.
In it, I wrote that I planned on retiring in 2029, and then declined opening a retirement account with them.
#JustBitcoinerThings
Funny that Trudeau chose to resign on the same day that Trump's election victory was certified.
I'm dying. 😂
ChatGPT is based.
Apparently we’re all rekt bc of hawk tuah coin 🤦♂️ https://video.nostr.build/1dddd99709edb40ca9c0f0c87bcfdcbe4c5da611cf1c3be3744526310cec7f08.mp4
Every time a shitcoin wrecks people, the media talks about how us Bitcoiners got rekt. 😂
nostr:note1gqkuc3pqzms2rgu5lpef5k6rfqlkkv6dtd7rgkfq3xm3sxvegp8qjcn26l
LFG!
nostr:note1j8ftyw2hyvz8976505sjlayc85gdw70clxust0fx4stsqefckzmsn34rmg
RIP to those who sold and were waiting for 70k...
I really wish nostr:npub12vkcxr0luzwp8e673v29eqjhrr7p9vqq8asav85swaepclllj09sylpugg had an option to remove the like button from the UI.
I went nostr-only in September, then a month later made a new Twitter account just to share my articles.
I lasted 3 days before I remembered why I'd left and nuked that account too.
I find I'm a far happier here on nostr.
⚡️🗣️ nostr:npub1cn4t4cd78nm900qc2hhqte5aa8c9njm6qkfzw95tszufwcwtcnsq7g3vle : "I don't own any dollars anymore, I'm sick of them. The real risk is owning dollars because they only go down... Bitcoin is the best expression of the problem of fiat debasement.”
Do you share the same philosophy? #asknostr
I share this philosophy and strategy.
That said, if we were to enter a prolonged period of price correction, I would likely retain some of my income in fiat before stacking sats with my surplus at the end of the month.
GM nostr!
Fixing money is great and all, but the greatest gift Bitcoin has given me is hope for the future.
I swear all the best people are on nostr.
Though I'd love if some of them spent more time here!
Bit of a strange #BitcoinGenesisDay idea, but I thought it was interesting...
Throughout 2022, I took every step possible to reduce my living expenses. Peanut butter and jelly sandwiches for lunch, expired coffee from the discount store. Every purchase was delayed until absolutely necessary, and every want had to sit on a month-long wish list before I even considered it.
I shopped for the cheapest phone and insurance rates, gave up drinking alcohol almost entirely, and cut every comfort down to its most basic, affordable version. Every spare cent went into bitcoin.
nostr:note19t0ddgjwdwlxm5aahm25vggrdlwxp40d7jy7u3kxc4jlrhh22s6qvhwqyd
"If you don't love me at my 🔴, you don't deserve me at my 🟢🟢🟢."
-Bitcoin
