Now that the halving is over, back to regularly scheduled programming of fighting govt overreach:

The IRS released a draft of form 1099-DA. A 1099 form that is specifically designed for digital assets. Things to note: (1) one of the options for broker type is “unhosted wallet providers”; (2) they ask for the specific tx ID; (3) they ask for the wallet address; (4) there’s a box for wash sales - Bitcoin isn’t subject to wash sale regulations…yet; (5) it asks date and time sold or DISPOSED of, which I take to mean exchanges need to report all withdrawals to cold storage - AFAIK there’s currently no way the IRS differentiates between a taxable transfer and a self-transfer, and exchanges typically don’t report withdrawals to cold storage as taxable events (correct me if I’m wrong). It pretty much seems like they want to know of every single transaction. A lot of this will obviously be challenging for the IRS to track unless everyone self-reports all their transactions (lol). But it’s concerning how much info they’re trying to collect. This form starts for tax year 2025 with filing in 2026, and comments are still open.

Introducing Top Zaps

We just released an update to all Primal clients. You’ll notice that we now render several top zaps at the bottom of each note. The top zapper gets their zap message displayed. Brevity is enforced: we only allow room for 4-5 short words. Anyone can zap any note and include any message. Note author can mute abusive users and keep their sats. Let’s see how this goes!

Congratulations to Justin, A.K.A. Squirrekkywrath, winner of the #BitcoinSignGuy auction for 16 #BTC. 🏆