Michael Saylor best interview On How To Never Work Again – How To Retire On BITCOIN, Michael Saylor bitcoin interview, Michael Saylor bitcoin prediction.
About Michael Saylor: Michael J. Saylor is an American entrepreneur and business executive, who co-founded and leads MicroStrategy, a company that provides business intelligence, mobile software, and cloud-based services. Saylor authored the 2012 book The Mobile Wave: How Mobile Intelligence Will Change Everything.
We are attending to be talking regarding President Biden's taxes and crypto. Not very the foremost favorite topic once it involves crypto enthusiasts. However, what will we tend to do many folks apprehended his? Tax evasion through crypto winnings or holdings and transactions has become a drawback. We tend tax not a giant problem to date. However, it will exacerbate if it isn't unbroken in restraint by them. For those of us United Nations agencies do know affirmative we are attending to discuss the IRS and what has been happening late concerning onerous crypto.
How Crypto Can Be Taxes:
So logically there is one way that winnings through crypto can be taxed similar to the stock market. The IRS can tax crypto winnings as capital gains. Cryptocurrencies are considered assets and or property. If we hold an asset for less than one year, our crypto gains will be taxed as a short-term capital gain at the same rate as our ordinary income with a range of 10 to 37 percent. If we hold an asset for more than one year it will be taxed with the long-term capital gains tax rate with a range of zero to 20 percent. However, this is not all regulated and placed most perfectly. As possible since there are a lot of new things coming up with this new technology the government has yet to figure out the best way to try and steal our money.
The Gov't Doesn't Like Anonymity with Crypto:
let's say the problem with crypto is the fact that we are almost totally anonymous this is one of the greatest perks that people like about crypto but when it comes to the government and the IRS this can be a tax reporting nightmare can the government completely control the decentralized system of Cryptocurrencies what can we expect regarding taxes in the future and how will they work
What Biden Wants To Do With Crypto Taxes?
We start with President Joe Biden’s 2022 budget proposal. Ever since Biden became President of the United States he did not forget about Cryptocurrencies. That is why in his budget proposal he included several new crypto reporting requirements. According to a pair of documents published Friday. The budget that was published the first from the Biden administration includes two different proposals, these proposals would give the treasury department additional requirements around what type of information financial institutions must report to the internal revenue service or IRS or other treasury sub-departments. What exactly does that mean more information means more clarity for the government. Thus more requirements and more red tape. This way the IRS and other treasury sub-departments can decide on how they would further tax Cryptocurrencies.
The 1st Proposal:
In the first proposal, we see mentioned the white house budget itself. Asking for brokers to expand the information that they are reporting regarding crypto assets. So basically crypto brokers have to provide the IRS and other federal departments with more data. It’s mean on paper a treasury department green book provided more context on this specific matter they said that the proposed change would expand the scope of information reporting by brokers. This will allow the brokers for instance Binance or Coinbase to share information across different jurisdictions that have partnered with the U.S.
Here's what the document states.
“The proposal would require brokers including entities such as U.S crypto-asset exchanges and hosted wallet providers to report information relating to certain passive entities. And their substantial foreign owners. When reporting concerning crypto assets held by those entities in an account with the broker.”
How the Gov't Gets YOUR Info from Exchanges:
Guys, this means that. Any gross transactions including the sale of crypto and more, other foreign crypto holders in other brokers or exchanges will have to report further information to the IRS respective to their jurisdiction. This proposal if approved will take effect for returns filed after December 31, 2022.
According to this document said is an explanation for the proposal.
“Tax evasion using crypto assets is a rapidly growing problem. Since the industry is entirely digital taxpayers can transact offshore crypto with those exchanges as well and wallet providers without leaving the United States.”
Information Reporting Requirements:
Now let's dive a little deeper into the information reporting part of the 2022 budget. It includes several other crypto reporting requirements according to the treasury document. Enter the second proposal. This second proposal wants to introduce a comprehensive financial account reporting structure for tax compliance purposes. This would require institutions to report data on user accounts with a breakdown on different types of transfers above a minimum threshold of 600. This would include crypto-asset exchanges and custodians like Coinbase or Binance the document said.
Let’s take a look at what the proposal said
“Separately, reporting requirements would apply in cases in which taxpayers buy crypto-assets from one broker and then transfer those specific assets to another broker, and businesses that receive crypto assets in transactions with a fair market value of more than $10,000 would have to report such transactions.”
IRS Wants You to Report EVERY Crypto Transaction You've Ever Made:
They want us the public to report any transactions involving buying crypto, transferring them from one broker or exchange to another, or even your wallet or hardware wallet. They want businesses to report any crypto they receive for transactions of more than $10,000.
Think about this for a second you go now on Binance or Coinbase or whatever the case may be and you decide to buy ten thousand dollars’ worth of Dogecoin. For example, do you have to report anything right now! Or is it you just keep your doge and keep it in your wallet and wait until it hits a dollar to sell. What are these guys trying to do here to control us? Hmm starting to smell like fish again and this time it's not the good kind of fish smell.
Dropping the Proverbial Hammer:
“Despite constituting a relatively small portion of business income today, cryptocurrency transactions are likely to rise in importance in the next decade, especially in the presence of a broad-based financial account reporting regime.”
This move comes at a time in which U.S regulators are tracking the movement of Cryptocurrencies more closely via the blockchain. Now that crypto’s have become a huge matter and coming straight for the fiat currency's head. Now they want to control it and tax it into oblivion in a way obviously that benefits them and not us. If we recall it right back in November the financial crimes enforcement network or Vincennes proposed lowering the threshold at which banks must collect and store fund transferred information. So they wanted to reduce the threshold from $3 000 to $250 for any transfers no matter if the transfers were crypto or fiat. If that crypto went outside the U.S boom the bank would need to report.
Fincen Proposals to Collect More Data on YOU!
Also do not forget back in December Fincen proposed a rule, requiring crypto exchanges to collect counterparty information from transactions sent to unhosted wallets.
What exactly is an unhosted wallet?
Oh, so they want to control even your cold wallet. At least they gave it a fancy name right. They called it “requirements for certain transactions involving convertible virtual currency or digital assets.”
Outro and Final Thoughts:
That's why we're here to explain them in the easiest way possible. So that everyone understands what is going on so be prepared.
The Wyckoff Method is a technical analysis approach to navigating the financial markets based on the study of the relationship between demand and supply forces. It was first developed by Richard D. Wyckoff, a trader and market forecaster who started in the business in 1888 as a 15-year-old stock runner.
We believe the Bitcoin worth is within the Re-Distribution stage. And there's a high chance that we'd see the Bitcoin sell-off continue within the returning days.
In this Bitcoin analysis, we'll be victimization the Wyckoff distribution as a backbone to create a pessimistic prediction for Bitcoin and observing the key levels to watch! Bitcoin continues to be commercialism well inside the downward channel. This downward channel can even be known as a pessimistic flag pattern. Despite, however, you determine it, it still points to a deeper retracement of the Bitcoin worth within the returning days. The key level to observe is that the base or support of the channel. We would like to visualize Bitcoin break and shut below this support to substantiate the beginning of the sell-off within the Bitcoin worth.
Bitcoin dominance as we've shared with you before. We have to go daily for this and as we mentioned before this trend reversal in Bitcoin dominance. We were coming down in this blue channel, we came down and this, as we established this line of support, broke it through. Created a line of resistance and eventually broke through and off to the races to when Bitcoin dominance surged up to 72. Now I’m kind of seeing the same trend reversal pattern down here with Bitcoin reversal. We think this is a prerequisite before we get into the big Bitcoin move so as we were coming down it was almost in free fall. Here we paused and checked out at this 50 when these two lines intersected but otherwise it was a free-for-all a free fall moment in the Bitcoin dominance during our Altcoin season. We hung out for about a week here at the 45 creating that level we came down to what was low, so far 40 came back up. Tested it came back down and we're now battling with this 46 zone. Again we think it's an absolute prerequisite that we get above and close above this let's call it.
Bitcoin technical analysis:
A strong signal that Altcoin season is dead. Now for a time for Bitcoin to steal the show for some amount of period weeks months. That's going to be the catalyst to push us forward we've got a few things going on here. A lot of people thinking we're going to have to wait till the end of summer that kind of coincides with that whack-off it took two months. The first time when we're at the top around sixty thousand dollars for that whack-off event to take place before it pushed us lower. We're only about a month into that now we might need to wait for this Bitcoin to battle across is it going to happen now or do we come back down before we test up. We don't know but that is going to be one of the key things for confirmation from me. We want to see Bitcoin leave the alts behind. We don't think we are going to get much movement in the Bitcoin price until that happens.
Bitcoin 21 WMA:
So let's take a look 21-week moving average leveled off way up here at 47 000. Interesting so let's see how we interact with that. We think coming through that will probably pause there for a little bit 48 000. Let’s see even the volume backs it up so from that range of like 43 to 48 once we break through there's going to be a very quick move there up to 48.50. We think but ultimately I think we continue to crash through this year more and work our way up towards all-time highs. Let's take a look we'll take a look at the fear and greed index and we see it's looking the strongest it's been for quite a while it's up to 33.
Bitcoin fear and greed index:
The strongest it's been for quite a while it's up to 33. So we've broken that trend right there it was kind of maxing out in the high 20s. It was in this range from down to 10 to 20 and we have broken above that what signifies the fear is starting to leave the market. Bulls are starting to step back in and so kind of demonstrate that we had that accumulation phase this is where the strong hand stepped in. The weekends got scared got shaken out and for those of us who are resilient, we stayed in it like I suggested you should and we're looking good.
So before we close out I thought this was just a great reminder of the long-term situation thing. Here in Bitcoin 2010, no one uses it.
In 2012 only computer nerds use it.
IN 2013 and the famous Silk Road days only drug dealers use it
2014 money launderers use it.
2017 there are gamblers.
2019 a small percentage of the population starts using it to protect their wealth against the excesses of central banks.
2020 small companies start getting in you get your micro strategies etc
And now we have small countries coming in with el Salvador 2021. That is just an unbelievable and impressive progression in an incredibly short amount of time. It’s just really important to understand that what you think we're going to have written here for 2022. what is going to what's going to be the next group of people that come in or the institutions or entities that come on in?
Pirate chain the most anonymous cryptocurrency, a truly private decentralized blockchain. So essentially it uses a privacy protocol that cannot be compromised by other user’s activity on the network. Most privacy coins are riddled with holes created by optional privacy. If we watch the Netflix series startups we'll know what that means by optional privacy that's kind of what Iraq net was doing. Pirate chain uses zk snarks to shield 100 of the peer-to-peer transactions on the blockchain making for highly anonymous and private transactions. We can see this independent blockchain is secured by delayed proof of work. Which protects against 51 attacks there are only private transactions no public sense makes it the largest shielded funds pool of any project using the zk snarks. Sapling upgrade implemented and opens the path to light wallets mobile wallets and point of sale functionality there are multiple walls we can use to get pirate depending on what platform and app we're using.
The main net was launched in 2018. It hasn't gone through a bull cycle yet the tor network is supported by pirate chain. That's where we get the total anonymity from and e-commerce enabled, so they offer a variety of tools for integration to online stores to make your stores more secure. We might have to look into this because we have some e-commerce shops as well and it'll be cool to accept some pirate or some ARR. Just to get a little more detail about the 51 attacks to 51 attack pirate we would have to first 51 attack Bitcoin this makes security against double-spending and hostile takeovers nearly impossible. If not impossible altogether if we want to do a little more research we can dig into videos and stuff like that. We can see they were just listed on Digifinex not too long ago so they're still getting a lot of updates and news see we have mining pools if we want to take advantage of the last ten per cent before it runs out. We can see going through their white paper they're pretty transparent with everything that they do. The mission statement is to preserve people's financial privacy in a system dominated by transparent transactions to ensure their financial freedom, so power Pirate chain transactions are private by default the chain is fully decentralized. It allows for secure and quick transfer of value it uses and it uses the strongest privacy protocols so the reason why they focus on privacy is that crypto offers advantages to users and businesses. But it shouldn't come at the cost of financial freedom fiat currencies are already making a mass exodus towards digital systems. Crypto has been shown to offer numerous advantages for business such as cost savings and fees and transaction speed and with all of that users deserve privacy in those transactions privacy. Therefore be needed by all parties that want to accept cryptocurrencies such as vendors, distributors, merchants, purchasers, supplier’s service providers, and customers so businesses can assure their clients and themselves that both parties to the transaction will receive the best combination of privacy speed and cost-saving through pirate.
$ARRR Technical Analysis
Now going into the chart we couldn't find this chart on trading views so this is going to be the next best thing. When we're looking at this chart we can see this right here would have been our first major flip point this would have been a great buy-in for the long-term. Buyers as the price was sitting low and flat lining for so long, finally got that break over. Which triggered this first impulse move. Based on that current impulse move for a long-term trader we would have started our fib from the bottom up to the top. So we can see that since we have the retracement price has sat on 0.786 which is normal for a large impulse move. If we look closely we can also see we are starting to form a pennant, so the first line will come from here the second line of the pennant can come from down here. We can see we're getting pretty close to this point of breaking we've been testing the trend break from a long term. Since the impulse, we're finally testing the resistance. We can see they've popped twice on resistance but they're holding support on the ema’s currently. We're looking to break this and hopefully find support on top of this trend and then break and find support on the 0.6180. Which would be the gross golden ratio number. We can see based on these areas too that it's also going to be a major flip area because it acted as a resistance. Now if we can get a price hold here it can act as support before we make our way upwards again but right now we are essentially waiting to see this breakout. Then hold the support before we get in on a short term and wash this right up to test all-time highs that would be around five dollars and fifty cents. On a solid buy-in area going up to eighteen dollars. A little bit less than a three times move just to test an all-time high. When we go through the ema's we can see we finally cross over. Hopefully, we can hold in a bullish ema from now when we're looking at this volume. We can see the volume is significantly high here and we've been flatlining in volume since now. We're getting these little minor spikes here and there that's a good sign especially on this little point here that triggered this up move.
$ARRR Price Predictions
So we can see price and volume are starting to come back in and from the MACD. We had a major spike hit a peak came back down went bearish the volume, oscillators are showing bearish as well, and since then we're sitting on the 50. We finally pulled over into bullish again and we're looking to see these candles come up on the bullish side as well before the price starts to push up. Now if these go in line with this and we start seeing volume and price movement go up while this MACD starts moving up with momentum. That's a great sign on top of getting a support hold that's ideal of what we want. Just for shits and giggles since we're at a 1 billion dollar market cap if this thing wanted to double, and go to 2 billion, we're still not in the top 50. 10 times this and still only be at 10 billion which is nothing now if this takes off and becomes the largest private and anonymous blockchain. We can see this potentially get to 100 we're talking about 100 times move so 555 a coin for pirate chain. Yeah, it's a long shot under let's say 400 billion which would be somewhere around Ethereum is so 100 billion isn't too dramatic! For something that's going to be new and could potentially take over and be on top of its sector. Considering that Monero NC cash right now is on top and both of them are pretty shitty, so all in all we're staying bullish on pirate chain make sure to wait for a good buy-in because the market can still dip. Now if we're doing a long-term buy for example and this drops down here we got lucky we might have to hold a little longer that's the whole game. But entrances are going to be based on if we’re doing a short term or a long term.