I'm saying, is there anyway to avoid paying taxes on it?
1 BTC = $8.2k, it’s up 735% this yr UPDATE 5/19: BTC @ $42k :damn:
- Thread starter JordanWearinThe45
- Start date
NaijaProdigy Redux
Veteran
No. Government always gets its cut
However if you haven’t been selling it’s not a taxable event - just unrealized gains.
heisenburrr
Have Fun Staying Poor
Yes. Borrow USD against your holdings on services like Block.fi. If you don't sell you don't realize capital gains and don't have to pay taxes
Ozymandeas
Veteran
There have been 51 percent attacks on multiple coins, what are you talking about? Everything you wrote is irrelevant. The only thing and I mean the only thing stopping people from targeting Bitcoin is the cost in doing so. It makes more economic sense to attack smaller cryptos but, it is possible. Especially as computing power grows and decreases in cost. I don't need you to editorialize why YOU THINK it wouldn't happen, I was merely making the comment that its a possibility and it is.
Stay with me. Pictured below is a Bitcoin mining farm. This is one being shown in the media. There are tons more that we don't know about. Who are behind these warehouses and facilities? Who can afford to upkeep warehouses with a 100,000 servers that consume an fukk ton of power and need to be in cold temperatures to stay cool. It's not me or you nikka
It's shadowy dark money groups, billionaires, groups with wealthy backers...so when I say large mining groups have control, this is what I mean The pow system prioritizes miners who can "crack the code" the fastest (speaking in the simplest of terms here). Wealthy groups have the resources to buy the most computing power. To ensure they continue to make money from mining, its in their interest to consolidate with other large mining groups. So yes, a few wealthy parties end up controlling the system 
Obviously everything would be at risk. The point is, Gold has been traded for thousands of years. It will survive as it did then. It's tangible and is intrinsically valuable. If we're talking about an end-game scenario, the global gold market is irrelevant. There would be no financial markets in the official sense. Besides, if you don't have the gold in your hands, you don't own it. Fiat would be worthless. Crypto would be gone. So you would trade gold as the only option besides bartering. Gold will go back to being the hard currency. I don't understand your attitude or your hostility. We're all invested in crypto here (I own Bitcoin) but, its good to have theoretical discussions otherwise you can't really say you know what you're investing in. @Houston911 wanted reasons Bitcoin could falter, so I listed reasons.
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heisenburrr
Have Fun Staying Poor
There have been 51 percent attacks on multiple coins, what are you talking about? Everything you wrote is irrelevant. The only thing and I mean the only thing stopping people from targeting Bitcoin is the cost in doing so. It makes more economic sense to attack smaller cryptos but, it is possible. Especially as computing power grows and decreases in cost. I don't need you to editorialize why YOU THINK it wouldn't happen, I was merely making the comment that its a possibility and it is.
It's shadowy dark money groups, billionaires, groups with wealthy backers...so when I say large mining groups have control, this is what I mean
I have been in a few of these mines. You haven't.
What happens in shytcoin land has nothing do to with the incentive system of Bitcoin. It is possible, yes, but not economically rational to 51% Bitcoin.
Moreover, you still don't seem to understand that miners do not decide the rules of the system nor can they change it so it doesn't matter if the fukking Bildeberg control mining they can't do shyt but play along and get paid for ordering transactions.
Miners work for the Bitcoin economy. They don't control shyt
It's like you're picking your narratives from MSM rags, embarassing
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Ozymandeas
Veteran
So in other words, it’s possible then. Next.
Anybody can have a mining rig. There’s a reason you don’t still do it....because it’s a rich man’s game as I was saying. Next.
Miners do “control” the Bitcoin economy. WTF are you talking about. It’s a handful of miners processing the majority of transactions. You think institutions have invested billions into Bitcoin but it’s improbable that the same wealthy types wouldn’t control the network itself. That’s naive
I got better things to do with my Sunday than explain basic concepts to you.
If i make 2 transactions at different times to equate the value of 1 bitcoin does my 2 half shares turn into 1 full share?
Eternal Tecate
Superstar
Ya if you buy .1 bitcoin and then later buy another .1 bitcoin you have .2 bitcoin....
Eternal Tecate
Superstar
So in other words, it’s possible then. Next.
Anybody can have a mining rig. There’s a reason you don’t still do it....because it’s a rich man’s game as I was saying. Next.
Miners do “control” the Bitcoin economy. WTF are you talking about. It’s a handful of miners processing the majority of transactions. You think institutions have invested billions into Bitcoin but it’s improbable that the same wealthy types wouldn’t control the network itself. That’s naive
What do you mean control? All miners can do is say yes or no to processing a transaction. They can't steal anything from anyone.
not what i meant but by your response i have my answer. No it doesn't consolidate into one coin and i can sell fractions if i want out but not all the way out.
the bossman
Superstar
heisenburrr
Have Fun Staying Poor
An individual miner could refuse to include a transaction in a block but the system is designed so that miners must include any fee-paying transaction in order to remain economically competitive. A miner who would say "no" would eventually run itself out of business.
So effectively miners do not even get to control transaction selection, on top of already having no control over currency supply or protocol rules.
There must be some type of definition of "control" that escapes us.
Eternal Tecate
Superstar
Oh sorry were you just asking if fractional buying was possible? Of course
Eternal Tecate
Superstar
Right they can't be economically viable without confirming transactions
more like fractional selling. I didn't know if once you hit whatever the 1 coin equivalent in value is it didn't consolidate into 1 share that couldn't be sold in fractions. I'm pretty sure you can sell but didn't want to make assumptions and don't even know how to begin wording that search in google to find my answer lol