I asked DeepAI - got this answer: ​ INT. LIVING ROOM - DAY JASON and SARA sit on the couch, staring intently at the television. JASON So, what do you think the price of Bitcoin will be in 2025? SARA Well, the price has been rising about 200% every year. If it continues, I would say around $250,000. JASON Wow, that's a lot. What about in 2030? SARA The growth rate might slow down a bit, but I think it will still be around $500,000. JASON That's insane. What about in 2040? SARA Hmm, it's hard to say. But if Bitcoin becomes mainstream, it could reach $1 million or even more. JASON That's crazy. But you might be right. Anything is possible with Bitcoin. SARA Exactly. And who knows what other cryptocurrencies will pop up in the future. They both smile and turn their attention back to the TV. FADE OUT.
They were created by Dylan and Bill Zanker. Same email address registered other work they did. They did it under NFT INT LLC which has an address at a Park City, Utah shopping mall UPS store. Apparently the "creators" get 10% commission on every sale of these. At one point it was like $200,000 per day.
What you call "absurdity" arises from trying to apply common-language meaning to terms that are defined. Imagine I write a program, and it says in a fictitious language: Def Person, cat, dog INT. If later I tell you that a person is a negative number, and you don't understand how compilers work, you might find that absurd too. Laws are like computer language. You can stuff any word you like after a definition statement, and then it loses its common meaning and instead gets "compiled" to mean what the definition statement tells it to mean. This leads to all kinds of confusion. Sometimes intentional. As far as deploying something anonymously, beware. That provides no protection at law, because long ago we figured out how to deal with groups of people some or all of whom are also "anonymous". Because groups of people, whether rampaging mobs, gangs in the night, partying tenants, silent partners etc., are not a new invention. It goes like this: if it is not lawful and there is no purpose but kaka happens, all are "accomplices", and equally liable for the kaka. If it is not lawful but there is purposeful kaka, we call that a "conspiracy" and all co-conspirators are equally liable. If there is a lawful purpose, we have what is called "joint and several liability" for any kaka arising. And if the purpose is lawful and with an intention to profit, then UNLESS some other liability structure is formally adopted and registered (in which liability for actions is clearly delineated) then it is a GENERAL PARTNERSHIP and each partner is liable not only for kaka, but also for debts and liabilities incurred by any of the partners. In short, and the thread really isn't going to want to hear this, but neither "decentralized" nor "anonymous" is particularly helpful, because the common thread in all that is "joint and several liability". Which means that whoever is harmed only has to finger one person loosely attached to the organization, and then bring the weight of responsibility down on their shoulders. Anonymity on the Internet may be next to impossible to maintain.
> 2100M is slightly below INT_MAX Not exactly relevant, because there's no 2100M of anything in Bitcoin The amount is stored as an integer count of Satoshis, and is stored as a uint64 It's true that 2.1 quadrillion is less than 2^64, but not "slightly below". There's about 13 bits of headroom
But why 21M? Well, as Hal mentioned, the original design was only 0.01BTC accurate, and 2100M was slightly less than INT MAX. Six additional zeros were later added (requiring further precision), but 21M remained the same
u/Oldavso Fix your TLDR. President Trump has nearly zero direct involvement in this. NFT INT LLC is behind these NFT’s. NFT INT LLC uses President Trump's name, likeness and image under a paid license from CIC Digital LLC which can be terminated or revoked. The people behind each of those companies is still up for debate. Do better research.
Pump and Dump that Trump...What a pile of crap. And it's not even him who issued them... only sold his "name" as license. Quote fromt he Official Website: "NFT INT LLC is not owned, managed or controlled by Donald J. Trump, The Trump Organization, CIC Digital LLC or any of their respective principals or affiliates. NFT INT LLC uses Donald J. Trump's name, likeness and image under paid license from CIC Digital LLC" So yeah....people speculate its a partner he wrote a book together some tiem ago, the sam people who tried to pull this off before with Sylvester Stallone but never released it. Trump is too stupid to pull this off.
tldr; Former US President Donald Trump earned between $100,001 to $1 million through NFTs, according to an April 14 filing. Trump served as the “manager, president, secretary and treasurer” for CIC Digital LLC since March 2022. This company granted NFT INT LLC a license to use his name, likeness, and image in the widely publicized “Trump Digital Trading Cards” *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
The fact that this stuff needs a reminder is incredibly... sad for the average WISDOM points of the normal population. Just because your character has tons of points in INT doesn't mean jackshit. It's WISDOM that you need, son.
ChatGPT: Write a script for the pilot episode of a TV show about bitcoin becoming the official currency of the US ​ FADE IN: EXT. NEW YORK CITY - DAY We see bustling city streets, with people rushing around, cars honking, and skyscrapers towering overhead. The camera zooms in on the New York Stock Exchange, where traders are frantically buying and selling stocks. CUT TO: INT. CONGRESSIONAL HEARING ROOM - DAY A group of politicians is sitting at a long table, facing a panel of experts. SENATOR JONES (to panel) We've called you here today to discuss the future of currency in the United States. As you know, there's been a lot of talk about bitcoin lately. Some people are even suggesting that it could become the official currency of the US. DR. SMITH (nodding) That's correct, Senator. Bitcoin is a decentralized digital currency that uses cryptography to secure and verify transactions. It's fast, cheap, and has no central authority. SENATOR JONES (raising an eyebrow) But can it really replace the US dollar? DR. SMITH (smiling) I believe it can, Senator. In fact, I believe it's inevitable. Bitcoin is already being used by millions of people around the world, and its value has skyrocketed in recent years. SENATOR JONES (shaking his head) I'm not convinced. There are still a lot of questions about the security of bitcoin, not to mention the fact that it's not backed by any government. DR. SMITH (frowning) Those are valid concerns, Senator, but they're also solvable problems. With the right regulations and safeguards in place, bitcoin can be just as secure as traditional currency. SENATOR JONES (pensively) Well, I'll admit that it's an intriguing idea. But it's also a radical one. We'd need a lot more information before we could seriously consider making such a drastic change. CUT TO: INT. LIVING ROOM - NIGHT We see a family gathered around a TV, watching the news. NEWS ANCHOR (on TV) In other news, the debate over bitcoin continues to rage on Capitol Hill. While some experts are calling for it to become the official currency of the US, others remain skeptical. DAD (turning to his family) What do you guys think? Should we start investing in bitcoin? MOM (skeptically) I don't know. It seems risky. SON (excitedly) But think about it, Mom. If bitcoin becomes the official currency, we could make a fortune! CUT TO: EXT. NEW YORK CITY - DAY We see a young woman walking down the street, checking her phone. Suddenly, she stops and gasps. WOMAN (to herself) Oh my god. It's happening. CUT TO: INT. CONGRESSIONAL HEARING ROOM - DAY SENATOR JONES (pounding his gavel) Order, order! I have an announcement to make. After careful consideration and consultation with experts, I have decided to introduce a bill that would make bitcoin the official currency of the United States. The room erupts into chaos, with people shouting and cameras flashing. FADE TO BLACK. END OF EPISODE.
My first bag was ETH in early 2017. Several months later I bought ETH and BTC. Took some profits but still holding decent size. Buying more every month. Nothing big, around 10% of my monthly income goes into crypto. Bought also some TRX in late 2017, made decent on it and dumped it during last bull. Got burned on 2 shitcoins - INT and CV. Nothing big, just so I understand difference between shitcoin and decent project. I still keep CV and INT in my portfolio and will never dump them, just so I can look at them every now and then and remember how stupid I was.
Solid shit coins my friend. :) Although I made decent return due to being early in 2017. let me put forth my shitcoin list. carVertical - 102.775 INT - 715 I keep them in my portfolio to always remember how dumb I was and to never FOMO into shitcoins.
Coinbase is made it harder for me to buy crypto. First I have to transfer money to my secondary bank account. E-Trade, on the other hand, still works for my primary bank account. I should buy more of my favorite dividend stock. E-Trade sent me a INT-1099 form to report my dividend earnings. I have no crypto earnings.
>How is there not a movie yet about a family struggling to find the seed phrase of a deceased relatives wallet containing the families inheritance. INT. LIVING ROOM - DAY JIM (40s) sits at the table, surrounded by papers and a laptop. His wife, LUCY (35), and their children, MIA (10) and TYLER (12), are gathered around him. JIM (frustrated) I can’t find the seed phrase anywhere. It’s like it never existed. LUCY (anxious) What are we going to do? That wallet is our only hope of getting Uncle Mark's inheritance. TYLER (excited) Maybe we can hack into it. MIA (innocent) What's a seed phrase? JIM (explaining) A seed phrase is a series of words that serves as a backup to access a digital wallet. It's like a password, but much more secure. LUCY (remembering) Uncle Mark always talked about how safe his cryptocurrency investments were. He must have written the seed phrase somewhere. TYLER (determined) We need to find it. I’ll start searching in his room. The family splits up and begins searching through Uncle Mark’s belongings. INT. UNCLE MARK’S ROOM - DAY TYLER is going through a stack of old papers when he finds a cryptic note. TYLER (excitedly) I found something! The family gathers around as TYLER reads the note out loud: TYLER (CONT'D) “The seed is hidden in a place only I know. You’ll have to think like me to find it.” JIM (puzzled) What does that mean? LUCY (determined) We’ll have to figure it out. Let's start by retracing Uncle Mark’s steps. The family visits all the places Uncle Mark used to frequent and eventually find a hidden compartment in a local park bench where he liked to sit. Inside the compartment, they find a piece of paper with the seed phrase written on it. INT. LIVING ROOM - DAY The family is gathered around the laptop, entering the seed phrase into the wallet. JIM (relieved) It’s working! LUCY (tearfully) We did it! Uncle Mark would be proud. TYLER (smiling) We’re rich! MIA (innocently) Can we buy a pony now? JIM (laughing) Anything you want, kiddo. The family embraces as the screen fades to black. FADE OUT. THE END.
Well this is interesting: [Trump's Badly Photoshopped NFTs Appear to Use Photos From Small Clothing Brands](https://gizmodo.com/donald-trump-nft-trading-cards-1849900531) >And while your first assumption would be that all this money would go toward supporting Trump’s reelection campaign, you would be wrong, at least according to the company’s page. NFT INT LLC, the company listed as hosting the NFT auction, wrote: > >“These Digital Trading Cards are not political and have nothing to do with any political campaign. NFT INT LLC is not owned, managed or controlled by Donald J. Trump, The Trump Organization, CIC Digital LLC or any of their respective principals or affiliates. NFT INT LLC uses Donald J. Trump’s name, likeness and image under paid license from CIC Digital LLC, which license may be terminated or revoked according to its terms.”
NO. These Digital Trading Cards are not political and have nothing to do with any political campaign. NFT INT LLC is not owned, managed or controlled by Donald J. Trump, The Trump Organization, CIC Digital LLC or any of their respective principals or affiliates. NFT INT LLC uses Donald J. Trump's name, likeness and image under paid license from CIC Digital LLC, which license may be terminated or revoked according to its terms. That's from the faq on the site Got a link to the ownership? Because that's sounds close to misleading information. Lawsuit time?
It is the other way around. This company hired Trump. It is just another instance of him selling his name, image, and likeness to another company selling some crap. If you go to the website and scroll all the way to the bottom: >NFT INT LLC is not owned, managed or controlled by Donald J. Trump, The Trump Organization, CIC Digital LLC or any of their respective principals or affiliates. NFT INT LLC uses Donald J. Trump's name, likeness and image under paid license from CIC Digital LLC, which license may be terminated or revoked according to its terms.
Hmm well its kinda weird tho...afaik and according to the website of the issuer, the funds will be going to NFT INT, the company marketing them. NFT INT has purchased the licensing rights to DJT’s likeliness and it appears he is not directly financially benefiting from the sale of these NFTs. The NFT INT LLC appears to be based in a shopping mall in Park City, Utah..actually a postbox firm, rumors say it's held by two former employees, but officially is still unclear who owns NFT INT LLC. What a shitshow, but numbers don't lie. 2,751ETH Volume..not bad. Too bad its this lying disgusting orange turd thats on every damn ugly card sold. Eew. Floor is 0.4 ETH & oh yeah 34% unique owners so...hm...i'll leave it here like it is. Strange world innit.
Yep pretty much. According to the website the company “NFT INT LLC is not owned, managed, or controlled by Donald J. Trump,” but they use “Donald J. Trump’s name, likeness and image under paid license from CIC Digital LLC.” So, if I had to take a guess at what the deal is I’d say Trump gave or sold his pictures to CIC who then made a deal with the NFT company to get a royalty on the Trump NFTs. And that means, depending on what Trump did, he could’ve gotten a check upfront or he could be getting a percentage of the NFT sales through royalties.
Well they're not on bitcoin, they're on polygon. Anyways but how much do these cards even have to do with Trump? Last question in the FAQ says this: Is any of the money from this collection going to the Donald J. Trump campaign for President? NO. These Digital Trading Cards are not political and have nothing to do with any political campaign. NFT INT LLC is not owned, managed or controlled by Donald J. Trump, The Trump Organization, CIC Digital LLC or any of their respective principals or affiliates. NFT INT LLC uses Donald J. Trump's name, likeness and image under paid license from CIC Digital LLC, which license may be terminated or revoked according to its terms. They clearly say that it's not for campaign, but they also say that it's not going to Trump or any of his affiliates.
Well, yes and no. Regulated in the sense that the .US side was supposed to be kept separate from FTX int, but the main HQ was still out of the Bahamas. The only difference would be the offerings allowed on .US vs .INT; for instance .US probably couldn't buy XRP but on .INT you can. But they had moved to the Bahamas to avoid any real regulation/oversite
When there is near zero tourism for 2 years, any % increase it massive. You do understand basic math, right? Let’s take a quick look. According to El Salvador, they saw [1.4 million tourists in 2022. ](https://beincrypto.com/el-salvador-tourism-increases-30-bitcoin-legal-tender/). You would have to go back to 2009 to find tourism numbers [that low](https://data.worldbank.org/indicator/ST.INT.ARVL?locations=SV&start=2007). So over more than a decade their numbers are flat. But if you want to cherry pick data and say “Bitcoin did this” I guess you are perfectly entitled to make yourself look like a fool.
In the USA, the exchange you parked that Gemini on \*should\* issue you a 1099-INT since the amount of interest is over $10. You'll then include that 1099-INT when you file for the corresponding tax year. If you don't receive the 1099-INT you are still obligated to declare that interest payment. Whether or not you withdraw the whole amount or any part is irrelevant.
This has something to do with Trusting Trust attack. See original paper by Ken Thomson: [https://www.cs.cmu.edu/\~rdriley/487/papers/Thompson\_1984\_ReflectionsonTrustingTrust.pdf](https://www.cs.cmu.edu/~rdriley/487/papers/Thompson_1984_ReflectionsonTrustingTrust.pdf) I.e. let's say you want to run bitcoin. How do you (or even bitcoin developer) know that it's not malicious. First we have to check it's source code and see if there is anything evil there. But even if everything looks fine, computers do not run human code (e.g. written in C or some other language). You need to run your source code past a bunch of tools including compiler. So then the question is how do you trust your bitcoin binary. Maybe your C compiler injected something evil into it. Well, you can look at compiler's source code but then again, you actually run compiler binary and not compiler source code. Maybe your compiler binary tries to detect that it is compiling the compiler and backdoors it. That way backdoor will only be present in binary code and never in source code. You can solve this by bootstrapping. I.e. build everything from as small binary seed as possible. Hopefully small enough that human can go over it and check it manually. **stage0-posix** is a project that starts with 357 byte hex0 binary and 757 byte kaem binary. kaem is a trivial shell, so it can run other commands. hex0 language is basically well commented machine code that can look like `# :_start ; (0x8048054)` `58 # POP_EAX ; Get the number of arguments` `5B # POP_EBX ; Get the program name` `5B # POP_EBX ; Get the actual input name` `B9 00000000 # LOADI32_ECX %0 ; prepare read_only` `BA 00000000 # LOADI32_EDX %0 ; Extra sure` `B8 05000000 # LOADI32_EAX %5 ; the syscall number for open()` `CD80 # INT_80 ; Now open that damn file` `A3 55810408 # STORE32_Absolute32_eax &fin ; Preserve the file pointer we were given` So hex0 converts this type of code into machine code (by stripping out comments and combining hex letters into single byte, e.g. "58" becomes byte with value 0x58). Then it goes on to build more advanced tools, hex1, hex2 and finally a simple macro assembler M0. The next stage is cc\_x86 compiler which is a subset of C compiler written in assembly. Finally stage0-posix builds M2-Planet (subset of C compiler written in C). Finally stage0-posix builds a few useful tools like untar. ungz and sha256sum. **live-bootstrap** builds on top of stage0-posix and keeps building stuff until we reach GNU C compiler and beyond. You can find the components that it builds here [https://github.com/fosslinux/live-bootstrap/blob/master/parts.rst](https://github.com/fosslinux/live-bootstrap/blob/master/parts.rst) All binaries are built reproducibly and always have identical hashes. Now this excludes Trusting Trust type backdoors not just in compiler but also in other tools such as shell, build systems, and other utilities. Except for the OS kernel. Both stage0-posix and live-bootstrap need Linux kernel to run on. So there might still be hidden binary backdoor in the kernel. live-bootstrap rebuilds linux kernel from source at some point in the sequence but it still needs one to begin bootstrapping. Here comes **builder-hex0** project that was recently announced and it is a very small (but also very slow and limited) x86 kernel written in hex0 language and stage0-posix can run on top of it. However, builder-hex0 can only run stage0-posix and can't go much further in bootstrap chain. So right now Linux kernel can not be build via builder-hex0 and Linux kernel still has to be trusted not to include binary backdoors. Still it's a start of kernel bootstrapping even if it's not complete (as the original post might be implying).
>I think we all know how to move a decimal point. Well I wasn't sure if you did. >My whole point was how risky it is to implement. It is not. If you find this risky, don't ever let anyone touch the Bitcoin code again. Hey, you should be a BSVer :P >Also you cannot add too many decimals as otherwise you would exceed the INT64 and that would slow down computation. Looks like we have at least 4 more digits which should last as a couple hundred years, or do you expect people losing Bitcoins left and right?
I didnt say your math was wrong, I think we all know how to move a decimal point. My whole point was how risky it is to implement. Also you cannot add too many decimals as otherwise you would exceed the INT64 and that would slow down computation.
I do think them issuing a MISC instead of INT is interesting. Hopefully with regulation they’ll change that. I’m assuming it’s box 3 other income? There should be a question or option on your software to say whether it is SE or not, I’d mark no just due to lack of clarity. It’s not clear by the IRS yet whether staking/earn programs are considered you lending your coins back or like a savings account. You aren’t mining new coins so IMO it’s not SE
Tax reporting form showing income of various types. E.g. 1099-INT has interest income, 1099-DIV has dividend income, 1099-G has certain government payments, 1099-S for real property sales, etc. There are many slight variations, but they're all pretty much the same - just a very simple form showing the income amount, tax withheld (if any), cost basis (if any), and fees (if any). Banks, traditional brokerages, etc. provide them. The supplier of the 1099 sometimes files a corresponding form with the IRS that provides more detail about where the income came from so that the IRS can match up and see the details of where the income came from. For instance, brokerages do this, so that IRS has all of the trade details behind the 1099 from the brokerage. 1099 forms aren't always required to be supplied though. Crypto exchanges aren't required to supply them, but some do as a convenience. If they don't supply one, then the tax filer needs to provide the 8949 (transaction details for disposition of capital assets) themselves. It's the 8949 that's so crazy difficult to put together for crypto.
Post is by: mic_droo and the url/text [ ](https://goo.gl/GP6ppk)is: /r/CryptoCurrency/comments/sziwgd/el_salvador_currently_has_half_as_many_tourists/ Hey guys, did you hear? [Tourism in El Salvador increased by 30% since BTC was introduced!](https://np.reddit.com/r/CryptoCurrency/comments/syp0p8/tourism_in_el_salvador_up_30_since_bitcoin/)! And if that thread isn't enough for you, here's a [second](https://np.reddit.com/r/CryptoCurrency/comments/szatov/el_salvador_keeps_winning_as_bitcoin_law_boosts/), [third](https://np.reddit.com/r/CryptoCurrency/comments/szbz99/el_salvador_tourism_increases_by_30/), [fourth](https://np.reddit.com/r/CryptoCurrency/comments/szdpkp/el_salvadors_tourism_surges_by_30_after_the/) and [fifth](https://np.reddit.com/r/CryptoCurrency/comments/szicw2/el_salvadors_tourism_increases_by_30_since_btc/) thread about it! And it's totally because of Bitcoin, a minister in the government that is trying to defend it's very unpopular Bitcoin law is saying it, that *can't* be propaganda! Seriously though: wtf, why would anyone believe this? Why would anyone travel there *just because they introduced BTC as a currency*? What would that change for any tourist? You can pay with BTC for a lot of stuff on the internet as well and nobody does. It doesn't make sense that this would lead to more tourism. You know what might lead to more tourism though? COVID restrictions easing up. Of course numbers are rising if they were extremely shitty in the past, that's currently happening *everywhere*. [Look at this data from the world bank](https://data.worldbank.org/indicator/ST.INT.ARVL?locations=SV) do you see that tiny dip at the end? Yeah, the numbers the minister named are still FAR below pre-COVID numbers. This is not a BTC effect. This is a 'things slowly getting back to normal' effect. Don't fall for the propaganda by the dictator and his government! *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoCurrency) if you have any questions or concerns.*
In the US, interest on savings is taxable income. If you earn more than $10 in interest from a bank account, the bank is required to report it to the IRS and send you a 1099-INT. So the argument that it is just interest does not work. Like you, I would prefer staking income is not taxed. And I will likely seek a tax professional's assistance this year as not paying taxes on staking income would be significant for me.
Unfortunately, interest on a savings account is taxable in the US. I get a nice 1099-INT for my bank accounts that accrue more than $10 in interest each year. Combine a high yield savings account (a paltry 0.4% interest now) with an emergency fund, and you get yet another tax form.
Let me explain, when you live in a high inflation economy and don’t have enormous amount of money the smart thing to do is buy everything you need ASAP. That’s because, the price of every basic item will go up next day. Imagine you received your payment every Monday. The sooner you buy food and cleaning products less money you will loose to inflation. If you manage to save some, then you can start thinking in buy bitcoin. But as you can imagine, this isn’t the normal… at least INT this scenario.
In the US it’s like roulette. They take it out of your paycheck if you have an employer, there’s a form to fill out at that time, if you fill it out wrong they keep way too much or way too little, then when you actually file, it’s very dependent upon how many kids you have, most people with kids get back more than they even paid in, people that don’t work much get back more than they paid in, the rest of us pour over the tax laws hoping we don’t fuck it up and trying to take the deductions we are legally entitled to. They’ll certainly let you know if you didn’t add in a 1099-INT form for the $13 in interest on your savings account but WON’T give you a heads up that you could have deducted a lot of things you didn’t because you didn’t know it was deductible. Taxes in the US are predatory, usuary and basically a money racket. They make it this complicated so that most people have no choice but to buy tax software or use a professional tax prep firm. And pay to get their taxes done.
Our protagonist is a down on his luck videogame tester who once heard about a cool internet money idea back in 2009. INT. Home Office - Bill is streaming Terraria to his sub 100 Twitch fanbase. He is talking out loud in his room, sitting on his gaming chair and enjoying a lemon drop. BILL: [*to his internet audience, voice minimally muffled due to the lemon drop swirling in his mouth* ] "Honestly, crypto seems like a really cool idea but I never really could understand it. I've got a miner here." Bill reads the oncoming Twitch message from User: ObeseMunchlax BILL: "Yea [laughs] I don't know what I'm doing, my brother set this miner up years ago and it's done jack shit." A donation sound plays, it's the just the "Lil!" part of when Lol John announces his name in tracks. BILL: "Hey PruneJuice720 thanks for that donation man. All the best." Bill recieved another message from ObeseMunchlax. BILL: "I don't know man, I'm not going to have this dirt cheap electricity soon as I'm moving back to my parents place. I may just shut this thing off, not sure. Let me go check and see how it's doing."
Currently, the IRS has no way of knowing your crypto reporting is correct, without an audit. In a normal situation, if you missed a 1099-INT for example, the IRS matching software would catch it and they'd adjust your refund automatically, but there is no such mechanism for crypto.
There is a new variant with substantial mutations. Testing is ongoing to determine how it impacts vaccine efficacy, but there is some preliminary evidence to suggest INT may be far more resistant. So ask yourself, “how would things change if our vaccines, which are the reason we’ve regained some degree of normalcy, were suddenly far less effective?” That would be really bad for economies, which would be really bad for all markets. It’s not about ability to buy crypto, it’s about concerns over demand if economies pullback. Reality is, crypto is a highly speculative investment, one which people will likely need to pull money from if there is an economic downturn.
Exactly correct (in most countries). Also, the taxes are no different than the interest gained on your money in a normal bank. I get a 1099-INT form from every bank/credit union that I have money in as even though the interest rate is a paltry ≈0.5% it's still technically earned income.
INT. MANSION - 2061 GROUCHO is sitting comfortably in his armchair smoking a pipe and reading Walden. Bocherrini's String Quintet in E, Op. 11 No. 5 is playing softly in the background. A decanter filled with fine Scotch sits on a small table next to him. At his feet, a Tibetan Mastiff is sleeping, peacefully. GROUCHO'S GRANDCHILD enters the room and approaches the peaceful GROUCHO GROUCHO'S GRANDCHILD Grandpa, how come we have such a nice life? GROUCHO Dog money.
INT. MANSION - 2061 GROUCHO is sitting comfortably in his armchair smoking a pipe and reading Walden. Bocherrini's String Quintet in E, Op. 11 No. 5 is playing softly in the background. GROUCHO'S GRANDCHILD enters the room and approaches the peaceful GROUCHO GROUCHO'S GRANDCHILD Grandpa, how come we have such a nice life? GROUCHO Dog money.
They're being downvoted for presenting factually incorrect information. >| the $600 yearly limit to trigger what amounts to an automatic audit was only targeted at billionaires too. It is, though... The previous limit was 10k, which already applies to like 99% of adults. Even very poor people on SSDI disability or whatever with no job still get more than 10k moving around in their accounts in a year. This is incorrect. From [Bloomberg law](https://news.bloomberglaw.com/tax-insights-and-commentary/breaking-down-the-plan-to-report-your-bank-account-to-the-irs) >**Don’t those bank reporting requirements already exist?** There are some reporting requirements in place. For example, banks and other financial institutions must report interest income above $10 on Form 1099-INT. That form is filed with the IRS and is used to match the income reported on your tax return. Also, under federal law, banks are required to report any transactions of cash which **total more than $10,000 in any single day**: This information is included on a currency transaction report (CTR) and is used to help the government track large transactions and prevent money laundering. Making cash deposits of less than $10,000 is not illegal, but it is not lawful under 31 U.S. Code §5324 to structure transactions “for the purpose of evading” those reporting requirements. Emphasis added.
They do not want access to any transaction over $600. That is totally incorrect. They want banks to list total deposits and withdrawals on form 1099-INT one per year for accounts with more than $600 to cut down on EITC fraud and small business tax fraud. It is a great idea and has nothing to do with transaction volume.
I'm sorry to tell you, but it is already a police state by this definition. ​ There's suspicious activity reports for certain large transactions, there's reporting under anti-money laundering laws, there's repeated checks of your name + social against banned individuals databases maintained by the government. If they want access to your bank records now, most banks hand them over without a fight with just an IRS summons or a DOJ request. ​ [https://www.hrblock.com/tax-center/irs/audits-and-tax-notices/can-the-irs-get-my-financial-information/](https://www.hrblock.com/tax-center/irs/audits-and-tax-notices/can-the-irs-get-my-financial-information/) ​ Then there's all these derived pieces of info: 1099s, W2s, 1099-INT and on and on and on. They have a very full profile of your financial life right now, today.
This article is a mischaracterization of what is being proposed. The tax reform proposes, "Financial institutions would report data on financial accounts in an information return. The annual return will report gross inflows and outflows with a breakdown for physical cash, transactions with a foreign account, and transfers to and from another account with the same owner....with a minimum threshold of $600". This reform is not detailed transaction information, but instead an outflow and inflow aggregate that would be reported on the 1099-INT form (which banks already file for personal non-employment income, anything not earned through salary/wages). Right now the only way to trace aggregate income from offshore accounts is to laboriously added up individual transaction details. So having an aggregate inflow/outflow for these separate categories creates more upfront transparency. Therefore, if inacted, it gives the IRS an idea who is shuffling money between same-owner accounts and foreign accounts in attempts to stifle audits and circumvent taxes. https://www.factcheck.org/2021/10/republicans-mischaracterize-proposed-financial-reporting-requirement/
This headline is flat out wrong. The proposal is not for transaction reporting. It is to add two boxes to the 1099-INT to report **annual** aggregate net deposits and **annual** aggregate net withdrawals from the account. That's two numbers for the whole year, not the transactions on the account. The intent is to make visible the annual cash flow through the account. It should be obvious why the reporting threshold on account value ($600) is low. The account value is only a point in time snapshot that tells the IRS nothing about how the account is used. The reportable account value on the day the 1099-INT is produced could be low, but the account holder might have run millions through the account over the course of the year. (I don't know why $600 and not $10,000, $100, or $1; I would guess that the IRS already has some information that justifies a threshold that differentiates active accounts from abandoned accounts on value.) By identifying interest-bearing accounts that are used in this way, the IRS can more efficiently identify potential tax cheats and money launderers, which I assume those of you who are patriotic Americans are in favor of. The 1099-INT already reports on interest earned for all these accounts, so, this is not exactly burdensome for the banks and brokerages who have to produce it, as they just need to do some simple, trivially automatable addition over the year's transactions to come up with the numbers. [https://www.factcheck.org/2021/10/republicans-mischaracterize-proposed-financial-reporting-requirement/](https://www.factcheck.org/2021/10/republicans-mischaracterize-proposed-financial-reporting-requirement/)
The most number of decimals that would be possible before we would need to completely change the architecture (away from INT64) is 11. But it’s not really about minimum unit of account, it’s about circulation. Right now, massive institutions are buying bitcoin billions of dollars at a time. Many organizations are centralizing coin and becoming super holders. This is a possibility that early on in the protocol everyone was aware of, as at the time, centralization was heavy among the punks. I don’t think we talked nearly as much about centralization occurring with institutions and banks, but the notion of allowing on ramps for new users and to dilute centralized holding by allowing ongoing creation of bitcoin would be the purpose, not making it a smaller unit of account to allow smaller minimum Tx.
Max size on INT datatype in C++ is 2147483647 Maybe that had something to do with it? I personally prefer to use BIGINT libraries or just python where you don't have to worry about data types and have an unlimited supply of coins, albeit, at a slow pace (e.g., PIVX, GRIN, etc..,)
You'd have to use a different bank account for each $500 transaction. The proposed new rule requires reporting on any account with at least $600 in gross flows. That means they add up all of your inflows and outflows, and if that sum is greater than $600, the bank has to send a 1099-INT reporting those figures to the IRS.
>The new reporting regime would build from the framework of the Form 1099-INT reports that taxpayers already receive from financial institutions when they earn more than $10 in interest from a bank, brokerage, or other financial institution. Financial institutions would simply report additional data on the financial accounts of these existing information returns. Specifically, the annual return would report gross inflows and outflows on all business and personal accounts from financial institutions, including bank, loan, and investment accounts but carve out exceptions for accounts below a low de minimis gross flow threshold.57 Other accounts that are similarly situated to financial institution accounts would also be covered under this new reporting regime— for example, payment settlement entities would also be required to report gross receipts and gross purchases. The reporting regime would also cover foreign financial institutions and crypto asset exchanges and custodians.
I believe that theyre trying to prove that its similar to vocations. Like a baker may bake a cake and while it may have stored value. You dont realize that value until its sold. Staking should be taxed one of two ways. Do a 1099-INT like a bank does on annual interest or a regular 1099 as additional income when a profit is actually realized when its sold. Taxing both is horrible and makes my spread sheets more complex than needed when DCAing.
In the US, you usually have to report all interest income you earned during the year on your annual tax return. However, if the interest doesn't amount to $10, then you can skip this. I've had my banks tell me that I didn't meet the interest threshold, so they don't send me a form 1099-INT. There's two things you should take away from this. Tax reporting is not necessary for really small amounts, and the interest rates that American banks give retail sucks ass. Defi all the way!
No, I don’t think you pay taxes on it yet, only because it’s not reported. So, when you are a member/customer of a bank or investment group a form gets generated, I believe the 1099-INT. This form is mailed to the customer but a digital form is sent to the IRS too. So, if interest is made from ether, and nothing is reported….
If you receive interest payments from a service like Blockfi, you will get a 1099INT form, and so will the IRS. If you’re using defi, with no KYC, like pancake swap, the IRS will never know what all you make. Say you’re staking in something like pancakeswap and making some side income. If you pull your earnings out, swap back to your exchange, and withdrawal, nobody is none the wiser. If you sell crypto for a profit or earn interest, I would definitely claim it on your income for taxes.
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