Bitcoin price discussion and analysis

[Skate]

As a refresher
It's a short 8-minute YouTube video "Packer versus the Government". This gem should be compulsory viewing for all. Tax is briefly touched on at the 7:31 mark.

Grab a coffee & enjoy the entire video
Don't fast forward to the 7:31 minute mark but take the time to enjoy the words of a fair dinkum Aussie.



Skate.

 

[noirua]

The ATO are monitoring bitcoin transactions? To scare or not to scare, that is the question.

Stiff ATO penalties for failure to declare crypto profits

Data matching comes to the fore as ATO targets taxpayers who fail to report cryptocurrency trading profits.

www.smh.com.au

From the article:
The ATO is collecting data from crypto exchanges and comparing it to amounts entered on tax returns to determine any tax liability.

Failure to declare crypto capital gains, where the ATO determines the taxpayer intentionally disregards the law, can attract a penalty of 75 per cent of the outstanding tax liability, plus the tax itself and interest on the shortfall.
With cryptocurrency prices rocketing and sharemarkets experiencing a major bounce in the past financial year, Adrian Raftery, founder of Mr Taxman, says many taxpayers will have big capital gains to declare in their returns this year.
Bitcoin, the leading cryptocurrency, was worth about $14,000 at the start of the 2020-21 financial year and is now changing hands for about $49,000.

The benchmark S&P/ASX 200 is up more than 20 per cent over the 2020-21 year.

A capital gain or loss can be realised if an investor converts a cryptocurrency’s worth into Australian dollars or exchanges one virtual currency for another, Raftery says.

Unfortunately Australia, UK, United States etc,. have capital gains tax and the reason many have given up their USA citizenship. Countries like Hong Kong, New Zealand, British Channel Islands ( not part of the UK ), Singapore, Switzerland, Monaco, Malaysia, Belize... have no capital gains tax. Some like Jersey allow high value residency if a person pays a lot of tax to Jersey - something the EU has crossed swords with the UK on. How can they be part of Britain but not the UK. The channel islands were party of Normandy, now France. Many Australians have dual citizenship with Guernsey or Jersey. One Aussie I know married a lady from Sark who makes her money being a director of many companies registered there and they return for two months every year due to the regulations.

8 Expat-Friendly Countries with No Capital Gains Taxes

Our in-depth analysis of eight expat-friendly countries with no capital gains taxes where financial freedom is more attainable. Read our insights on lifestyle, residency requirements and the advantages of living in a tax-friendly environment.

nomadcapitalist.com

Residents are tops in `Sark Lark' money spinner

Residents of the tiny Channel Island of Sark stumbled upon a lucrative line of business many years ago

www.irishtimes.com

 

[noirua]

Bitcoin 2021 conference Miami: Here’s what you missed so far

Catch up on the action from Bitcoin 2021 in Miami, Florida.

cointelegraph.com

 

[noirua]

Bitcoin price gains 6% as Bloomberg analyst favors $40K over $20K next

Bitcoin price action favors $40,000 over $20,000, an analyst says.

cointelegraph.com

In a tweet on Wednesday, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, argued that Bitcoin would sooner see a return to $40,000 than its 2017 all-time highs of $20,000.

 

[Stockbailx]

In a tweet on Wednesday, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, argued that Bitcoin would sooner see a return to $40,000 than its 2017 all-time highs of $20,000.

Bitcoin Slump Stokes Fears of 'Mass Capitulation,' But Hodlers Stand firm'.








Investing.com – Bitcoin slumped Tuesday, and some warn a breach below $30,000 could trigger “mass capitulation” as negative noise is poised to continue ahead of the G7 meeting June 10, but amidst the selling, longer-term holders continue to hold the line.​

It could go either way...

 

[BlindSquirrel]

There seems to be a few South American countries lining up to make BTC an official currency. El Salvador is first.

Politicians in Panama, Brazil, Argentina and Paraguay look to follow El Salvador on Bitcoin adoption - Stockhead

Lawmakers from Panama, Argentina, Paraguay and Brazil are looking to follow El Salvador's lead in adopting Bitcoin.

stockhead.com.au

 

[frugal.rock]

Its a 50/50 coin toss though on direction.

Better than the Casino I suppose.

How is it better?
There's no cards to count...ahem.

I hear that....;
At the casino, you may get free drinks, or free hotel rooms, or free food, parking etc
And you can play two up... gets those coins on that kip and HEAD EM UP SPINNER !

 

[Garpal Gumnut]

How is it better?
There's no cards to count...ahem.

I hear that....;
At the casino, you may get free drinks, or free hotel rooms, or free food, parking etc
And you can play two up... gets those coins on that kip and HEAD EM UP SPINNER !

At the casino there is a concept called "House Edge". It applies to everything one bets on, even roulette which is my favourite.

So fifty/fifty is fair odds on BTC.

Alas the concept of "Money for nothing and chicks for free" exists only in song.

https://www.casino.org/features/house-edge/

gg

 

[againsthegrain]

At the casino there is a concept called "House Edge". It applies to everything one bets on, even roulette which is my favourite.

So fifty/fifty is fair odds on BTC.

Alas the concept of "Money for nothing and chicks for free" exists only in song.

https://www.casino.org/features/house-edge/

gg

casino war (whoever draws a higher card) is prob as close to 50/50 but im sure there is a table fee just like in poker to make up for no house edge much like the everhated double 0 tables

 

[wayneL]

At the casino there is a concept called "House Edge". It applies to everything one bets on, even roulette which is my favourite.

So fifty/fifty is fair odds on BTC.

Alas the concept of "Money for nothing and chicks for free" exists only in song.

https://www.casino.org/features/house-edge/

gg

Contest risk (brokerage + MM spread) = house edge.

 

[Garpal Gumnut]

Contest risk (brokerage + MM spread) = house edge.

gg

 

[sptrawler]

I always thought blackjack, gave the punter the best odds?
But not being a casino regular like GG, I would defer to him, I thought roulette was a game with two pistols.

 

[wayneL]

I always thought blackjack, gave the punter the best odds?
But not being a casino regular like GG, I would defer to him, I thought roulette was a game with two pistols.

It's the best odds if you know all the probabilities of each hand. Still negative expectancy though (of course).

The only caper with a positive expectancy is horseracing, if you know people in low places

 

[qldfrog]

The only caper with a positive expectancy is horseracing, if you know people in low places

Or if you know Wayne

 

[frugal.rock]

@sptrawler and I were speculating what had happened to you
@wayneL

Good to have you back.
Where were you when the **** hit the fan? ?

 

[againsthegrain]

It's the best odds if you know all the probabilities of each hand. Still negative expectancy though (of course).

The only caper with a positive expectancy is horseracing, if you know people in low places

Probably not so much these days with many multiple card decks in use you don't know how many more high or low cards are there even after counting the ones that came out

 

[noirua]

Bitcoin boon as US inflation hits 13-year high, wages fall to lowest in 21st century

U.S. inflation is at its highest since 2008 and wages are plummeting — all good for Bitcoin.

cointelegraph.com

The CPI hides true inflation rates​

 

[noirua]

 

[Garpal Gumnut]

I'm a golder not a bitcoiner, so just stating my bias initially.

Why do most pictures of bitcoin have a golden colour?

Bitcoin has fallen again. An interesting article pro and con bitcoin.

https://www.msn.com/en-gb/money/oth...-investor-warned-it-will-be-brutal/ar-AAKYD1i

gg

 

[Garpal Gumnut]

Rather an impressive head and shoulders about to declare itself on the BTC price.

Time to get my entrenching tool out to dig some more holes to bury new gold.



gg