Roger Ramjets
Philosopher
So there are no property taxes in New Zealand?
Merged Bitcoin - Part 3
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No and the enduring trick is to keep buying properties with capital gain from the previous ones, and never sell. No tax at all.
I think this will be Michael Saylor's strategy but first catch rabbit!
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Roger Ramjets
Philosopher
Rates are typically 2,500 a year, and shared by average occupants of 3 or 4, about $800, or $16 per week per person.
These are for services delivered, nothing to do with property ownership by this simple model.
Rates are levied according to potential and value, for example a property worth 10 million dollars will pay about 0.13% per annum in rates as a rough example.
The property has risen in value by 1000% in 20 years and the foreign owners will never pay tax on this.
Eta, Michael Saylor will not be planning to pay tax on bitcoin $1 m
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Your arguments are inconsistent.
One one hand, the original intent for bitcoin was to be a decentralized currency / payment system, but you seem to argue that this is no longer true. So it's a "store of value" then. Which makes it part of the global financial markets. But the intersection of those markets and bitcoin is a stable coin, like Tether or USDC. Or Terra / Luna, lol.
Dr.Sid
Philosopher
How do you need stablecoin to store value in Bitcoin ?
In theory, an individual can store bitcoin on a usb drive in their pocket, no problem. However, that bitcoin derives its value from its interactions with the broader financial markets. People who trade this stuff don't want to withdraw "fiat" currency from the market every time they trade, so they use a stable coin to facilitate movement between exchanges or crypto-currency investments.
The value of bitcoin is very highly dependent on these stable coins, as you observed when one of them collapsed a few weeks ago. Exit liquidity. Terra started wobbling and losing its peg on May 8-9. Bitcoin fell off a cliff when that happened, and it's still down 30% since then. If Tether falls, bitcoin will be affordable again real soon.
psionl0
Skeptical about skeptics
There is no inconsistency in my arguments. There is no rule that says that the value of bitcoin has to be tied to the value of some other crypto. Its value is what people are willing to pay for it and it is usually valued in USD.
"Stable" coins might make it easier to trade BTC and their collapse might negatively impact on the price but there are many factors that impact on the price of BTC and the failure of an alt-coin can ultimately only have a temporary effect on the price of bitcoin.
When priced against bitcoin, most alt coins are losing value.
Roger Ramjets
Philosopher
So you can opt out of 'services rendered' and pay no rates?
Except for rates, which are a property tax.
Can foreigners buy a residential property in New Zealand?
My previous property rose in value by 1000% (10 times) in 37 years. My current property's value doubled in 4 years. I haven't paid any tax (except rates) on either of them. Should I have? If so, how much?
Yes everything that ever happens will only have a “temporary effect” on a volatile asset like bitcoin so that point is completely specious. Bitcoin going to $0.01 would be temporary as would $100,000.
I obviously did not say that there was a “rule” tying bitcoin to other crypto currencies — but the volatile ones all seem to rise and fall together. Bitcoin and Binance (BNB) are correlated at 97% this year. Bitcoin is very strongly correlated to other cryptos. Maybe the open market makes the rules.
psionl0
Skeptical about skeptics
That is not the point I was making. Although all cryptos are currently losing value, the others are losing it faster. So the values of the other cryptos are falling compared to bitcoin.
Yes but the cryptoverse is crashing after 3 big legs up.
1. Clever people
2. Average people
3. Stupid people.
Elliot described this more as a sociologist than technical analyst and I named the waves myself.
I consider Michael Saylor a reasonable guy but in deep dooda. He says he will never sell but who would be happy to cart 4 billion to 1 billion and manage phone calls from those privileged by his genius?
The largest exchange for trading bitcoin (by a LOT) just paused bitcoin trading. Whatever their excuse, this is to allow big exchanges to move their liquidity that they pulled from the failing Celsius net work over the weekend. A transparent bunch of scammers.
ETA - tweet from the Binance boss, lol “funds are SAFU” means “safe” in Chan-speak.
ETA - tweet from the Binance boss, lol “funds are SAFU” means “safe” in Chan-speak.
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This guy, last December, advised people to mortgage their houses and buy bitcoin at around $40.000.
Michael Saylor’s current twitter profile pic. Keep in mind this guy is CEO of a public company.
marting
Illuminator
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Saylor is interesting. Back in the dot-com meltdown he was the poster child of tech fraud. He had appeared on 60 mins. previously in a puff piece on Microstrategy. But the dot-com meltdown happened at the same time his company was accused of accounting fraud that made the company look better than it was. Shortly after that I started following his stock, MSTR. Over the next few years the stock dropped like a rock. The company took out "toxic financing" in the form of, convertable to shares, bonds. These could be converted at share market price so the more the stock dropped the higher the dilution. This, of course, hurt the stock price. These were common back then and sometimes referred to as "death spiral financing."
At the same time he closely avoided a DoJ referal and settled with the SEC. One of the terms was the requirement to accept some new board directors, aka adult supervision.
I followed the SEC filings for years out of curiousity and was impressed with the company's gradual, but effective, recovery. I could almost visualize what was happening in the biz by reading each of the Q's and K's. Eventually, they stabilized, fixed their toxic financing, and leveled off after about a 99% stock decline.
One day I read the SEC filings and discovered the time had expired for the required oversight directors to be retained and they were due to be replaced at the annual meeting. Critically, and most unusually, these directors were exercising all their stock options but not selling any even though they were exiting. Unusual because normally exercises are accompanied by a partial or full sell at market. And on top of it they were leaving and unwanted because the SEC forced them on the company.
At that point I made the largest investment in a single public company I'd ever done. A few months later the annual meeting was held, the company announced excellent earnings, and the stock rose. A lot. I sold and cleared 6 figures profit. It pays to read, and understand, SEC filings.
My take is that Saylor wants to return to his glory days cut short by the dot-com collapse. His main business is solid but boring and he decided to ride the crypto train. Not my cup of tea. I like investments that generate income/profit from actually doing or selling stuff.
dudalb
Penultimate Amazing
The Crypto bubble...like all bubbles...has burst.
I bet that Matt Damon regrets that commerical he did last year (and which you could not go to a movie last December without seeing before the previews started) pushing Crypto and suggesting that anybody not investing in Crypto was a coward and a luddite.
I bet that Matt Damon regrets that commerical he did last year (and which you could not go to a movie last December without seeing before the previews started) pushing Crypto and suggesting that anybody not investing in Crypto was a coward and a luddite.
dudalb
Penultimate Amazing
Always muses me that Libertarians make such a big deal about how their philosophy is based on reason, and then they buy into totallly irrational crap.
Dr.Sid
Philosopher
It goes up, it goes down. Wouldn't really call it "bursting bubble" .. for that I would expect the price to rise uncontrollably before the drop. Like in 2017. This is just price dropping after previous drop.
Not that it make a difference for someone who bought BTC yesterday .. like I did
dudalb
Penultimate Amazing
It goes up, it goes down. Wouldn't really call it "bursting bubble" .. for that I would expect the price to rise uncontrollably before the drop. Like in 2017. This is just price dropping after previous drop.
Not that it make a difference for someone who bought BTC yesterday .. like I did
ANd what part of "Cryptocurrency has no actual value" did'nt you get?
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