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0 sats \ 3 replies \ @freetx 18h \ parent \ on: Nic Carter: quantum computers are a problem bitcoiners must deal with RIGHT NOW! bitcoin
I don't remember the exact details of it, but I think the reality is worse...I don't think it actually performed the factorization completely honestly....
Remember Nic is not a tech / developer. He is basically an "investor / influencer" - wouldn't be surprised if these tweets line up with some investments he's made and he's doing a lil pump action....
Nic is engaging in almost complete hysterical bullshit.
QC is NOWHERE NEAR being able to do anything remotely useful....much less being able to crack encryption.
Of course gov is agreeing to spend money on QC bullshit endeavors, because its just a justification for money printing + handouts (ie. vote buying). There has been no credible demonstrations of QC that shows it even doing something useful at this point.
The real stumbling block with this, is tax prep and submission is a huge industry. Basically would be putting >80% of CPA's and tax prep firms out of business.
The politically smart way he should approach this is to raise the limits. Ideally new brackets that are indexed with inflation.
When the Income Tax was first instituted the exemption level was about $20K - which depending how you adjust for inflation - would probably be >$350K now.
So he should have the lowest bracket start at $350K - annually indexed with inflation. The law remains that you have to file, even if nearly everyone would have a $0 tax bill, it would keep the tax prep industry alive and well.
Its probably some kinda "mechanical turk" selection bias (ie. 90% of computer savvy people who also are willing to do surveys for 0.25 each consume lots of porn).
The gov probably knows that, but they want high results to justify whatever budget expansion they are fighting for....
I do the breast until about 120F then wrap in foil with stick of butter until 155 then take it off and let it rest (while cooking in foil turn it over a few times so butter flows everywhere)
Biggest issue with smoking a turkey is that the skin never gets crispy....it actually gets a little rubbery.
The flavor of the meat is great, but I would argue you are actually better to take the skin off completely and let it smoke like that (skin only impedes smoke penetration). The result won't look as good, but in my experience the skin was a let down....
These days I do 2 turkeys: (1) Breast only (no skin) that I smoke, and then (2) Traditional oven turkey with butter and spices stuffed under skin.
Since I'm doing 2 I can actually just get a medium sized turkey for the oven roasting which makes things go much quicker.
Tether has survived every single collapse / bankrun in the crypto industry including during pandemic, FTX, TerraUSD collapse....during the later something like 25% of USDT were forced redeemed.
Could any bank survive a 25% redemption demand without needing a gov bailout?
I think JPM is too big to have a single motivating fear. Like all large corporates, they are an amalgam of different silos that each has its own (sometimes competing) interest. Legal / Regulatory vs Biz Dev vs Investments vs Banking vs International Banking etc etc.
One thing tho, I think Jamie Dimon is too old to be an effective leader anymore. He really appears to always be 2 or 3 years too late to whatever the next thing is....the leaked phone call of him ranting about "DEI / work-from-home policies" shows how much control he has lost. His lower level execs are doing things that he's not on top of, and by the time he figures it out is 2-3 years too late.
Hoskinson calls the FBI
I bet there is a >50% he is lying. Charles is the Craig Wright of ETH world....he used to pretend he was in special forces before people busted him. Like Craig, he likes to LARP that he is constantly involved in super-secret gov programs...I remember seeing something years ago that people were pointing out he would talk about "seeing CCR in the 70s" implying he was much older than he actually is.... (CCR = Credence Clearwater Revival)
Also google "zinc spark".
At the moment of conception, there is a burst of light (not detectable by naked eye, but detectable using laboratory equipment). Let there be light....
while AI chips are backordered
And its not generally possible for a solo person to earn money by buying AI chips....you're not being paid in bitcoin day-in day-out on that purchase. Thats why miners are such a better deal for individuals whereas AI chips are only a tax benefit to big corporates
You'd otherwise be able to depreciate the miners over the 3 years anyway, so it still comes down to whether or not the miners themselves are economical.
True, but depending on your specific tax situation, being able to claim 100% right now in year 1 may reap benefits that wouldn't serve you if you had to depreciate over a longer term....Being able to reduce your AGI today from $200K -> $100K (in the case of long-term cap gains + a $100K miner purchase) may be a much bigger benefit than reducing by $33k per year in the same scenario.
... now you've got me talking myself into at least looking at mining stocks fml
I think AI purchases also qualify....now you know why Nvidia is booming too...
15%
If you reduce your AGI by $100K then your new taxable income is $100K
Further points:
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You purchase the miners using bitcoin, no additional sales of bitcoin are necessary to buy them so no additional tax hit happens on the purchase.
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You will earn bitcoin over the term (say 3 years)
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The mining hardware will still have a residual value at the end of it (say 25%) so at 3 years you can sell the hardware and get more income
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Lastly if the bitcoin price goes up during that term that you are massively up.
As I said, the hurdle rate is your tax bill. You can take a $15,000 tax bill (in the case of $200K of long term capital gains) and produce some number greater than $15,000 by playing the "bonus depreciation" game....this is why real-estate itself is such a popular investment for the rich. The deductions transfer the immediate tax burden into a potential longer term gain by spending the money
Corp tax rate is 21% funnily enough, so $100k capex nets only
It depends.
C Corp tax rate is 21% - but LLC's are pass-thru entities, which are taxed at your personal tax rate.
So say you sell $200K in long-term capital gains (ie. you sell bitcoin held for 1+ years) which may be taxed at an effective 5% tax rate (0% for the first $97K married-filing-jointly, and at 10% for the next 150K), then having a $100K deduction will give you big benefits.
The "bonus depreciation" loss does not directly offset capital gains on a dollar-for-dollar basis, but it reduces your overall taxable income, so in this contrived example you would adjust down your AGI from $200K to $100K which would result in a nearly 0% tax bill....
Persistently high network difficulty and record hashrate levels:
This is due to new tax bill. You get 100% bonus depreciation for buying a miner. So if you buy $100K of miners, you get $100K deduction in year 1.
So for anyone with high income or other gains to offset, buying a miner is an attractive solution.
It doesn't matter if you don't return your $100K investment, because the benchmark is your tax bill. So you spend $100K and only make back $80K in 3 years...but you offset a $70K tax bill....plus your earnings are in BTC, so if it zooms you may make money anyway on the deal.
No one buys a stock with the expectation of access to the contents of the company's treasury
Then what are you buying?
If you think the price of BTC is going to rally, MSTR might rally even more.
well.....the price of MSTR is already below NAV, so what will BTC rallying do it? Maybe it rises at 0.9x NAV?
Imagine I sold you "shares in a gold mine" but I made it clear there was no possible way you would ever be allowed to access the gold, in fact I forbade you from even looking at it...would you do it? If so, I have a gold mine to sell you.