It might be wrong, if you've withdrawn to a wallet. Mine is 100% is wrong and its not even close. I think once you withdraw it just disregards the appreciation. I bet if you look at the 1099 you'll see a bunch of your buys are actually in profit. I mean unless you bought all your bitcoin above 100k? 😄
GM.
Chapter 13 of Broken Money is called "Heavy is the Head that Wears the Crown".
It focuses on the US trade deficit and why it arises structurally. In short, since the USD is the global reserve currency (for reserve assets, international contracts, FX trading pairs, and cross-border funding), there is tremendous automatic demand for USD in the world compared to other fiat currencies.
To supply the world with that ever-growing need for USD to service all sorts of needs, the United States runs structural trade deficits with the rest of the world. That's how the USD spills out to the rest of the world for them to use. And the mechanism for that is that the overvalued USD boosts Americans' import power, reduces Americans' low-margin export competiveness, and basically forces open that trade deficit.
That trade deficit is the cost of maintaining the benefits USD system as currently structured. The fatal flaw is that those who bear the cost (e.g. industrialists in the Rust Belt) are not the same as those to gain the benefits (e.g. Wall Street and Washington DC folks). And those costs and benefits accumulate over decades, resulting in rising populism and pushback, which is now front and center.
The challenge that the administration faces is that they have identified a real problem, but are tackling the surface issues rather than the underlying structural issues.
Anyway, I uploaded that chapter 13 on my website for free reading:
https://www.lynalden.com/wp-content/uploads/broken-money-chapter-13.pdf
I wonder though did the administration actually identify this problem beforehand and this was their solution? Or did they just draw up some policy they liked without much thought and we collectively drew the more logical conclusions about the logic behind it?
This goes for the previous admin as well btw, making policy that someone is a fan of without much thought for practicality.
Idk, maybe that doesn't make sense, but I feel like the whole globalization narrative shifted after the "solution", not before.
Nope. But it still has an intact uptrend on the log chart, as does BTC/SPX. So this chart is not super bullish but trends still say BTC > Gold
This is very cool. Gonna date myself here but I studied design in school, and at that time I was the ONLY person to have a tablet, everyone thought it was so weird. It's cool to see how great the technology has gotten.
Oh and back then you could just buy Adobe Creative Suite...no subscriptions!
Yeea yeea I think so if you got the 1099 you should be all good to just import it. I would definitely file, no one wants a letter from uncle sammy
What do you use to file your taxes? Do you not electronically file? I haven't used it but even cash app has direct filing at cash.app/taxes
Since it's just a 1099 you should be able to just use TurboTax or any service, though you may pay $60 or something to efile. The hard part is making sure you have an accurate 1099, which it sounds like you have already.
What tax software are you using? If it's all on one exchange you can likely just import your 1099 and it'll calculate all your tax lots.
Now if you have like six exchanges, credit card rewards paid in bitcoin, eth that was swapped for bitcoin, then it becomes a huge mess.
Anyone know where I can find a a gold coin with a private key engraved on it? Even though it's not secure I think it'd be cool...
RIP. Soon the mining companies will be bankrupt, and homeless will be mining with a flip phone to buy a sandwich with the block reward.
Let me just check hashrate to confirm this theory...
I'm going grey after this week
I can't imagine not liking beer. Certainly healthier though!
I want to be able to print some ecash stickers with actual tokens hidden in them to leave around
This little spot right here is called the frog pond, but the ducks used to use it a lot. #Boston
https://video.nostr.build/d2972e4718c1d1cc7ff36c6a77a767e7bfdc86a4a5c31da6143e128894e8a0aa.mp4
I never understood when something is called a duck pond, but there's no ducks. Or a frog pond, but there's only ducks and no frogs. You know?
Do you have a link for it? Or do you need to be logged in?
There's several versions of this chart, but no not yet.
I'll leave this one here for you to use in the future 🫡
https://fountain.fm/episode/F2kIjpjRO4pGBTgIXhWp
nostr:nevent1qvzqqqpxquqzqevtld0np3k3cqnt5yz5gf34jhfuka7jvqmzz32hk688mpfpd6g8u8ah4a
"And the Lord said unto them, have fun being poor lol"
Wait you mean to tell me this isn't the actual verse?
Who else's tax liability was way fatter than they expected? My favorite part is you don't even have to actually pay them, you simply click "ok" and uncle sam just yoinks the money from your account lol
Gen Z and Millennials are both relatively broke, but I would be curious what the stats are for the percentage holding bitcoin exposure for Millennials and Gen Z individuals with a net worth above the median (or a certain amount of liquid assets).
I would suspect it trends upward across generations.