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AT&T Inc.’s top executive gave a vigorous defense of the proposed $ 85.4-billion deal to buy Time Warner, describing it as key to the company’s ability to compete with a new generation of high-tech competitors.
“This world is changing fast,” said Randall Stephenson, who took the witness stand at…
Time is out with its annual list of the 100 most influential people in the world, and the unnumbered list includes President Trump, of course. Ted Cruz wrote the accompanying blurb , explaining that Trump “is a flash-bang grenade thrown into Washington by the forgotten men and women of America.” Sure,…
Barack and Michelle Obama have decided 2 summers without a swimming pool were enough … so with another summer around the corner, they’re finally gonna build one. Obama’s post-presidential pad in Washington, D.C. — the one they first rented…
Time Warner Inc.’s chief executive testified Wednesday that the government’s assertions that AT&T Inc. wanted to buy the company to use its programming as leverage over distributors “makes no sense” because it would limit viewership.
“I think it’s ridiculous. It’s not how this works,” Jeff Bewkes…
A senior cleric says Cyprus’ Orthodox Christian Church has for the first time defrocked a priest for sexually abusing his step-daughter when she was a child.
In the U.S. tax season has arrived and many American cryptocurrency proponents are squirming because they have to pay for some of the gains they made last year. However, there are a lot of digital currency holders who could care less about taxes and they strongly believe that taxation is antithetical to cryptocurrencies. While there is a good portion of digital currency holders planning to file their gains and losses, many crypto-advocates don’t plan to pay their tax liabilities.
Cryptocurrency Taxes: Not Many People Pay Them
If you’re a cryptocurrency enthusiast then over the past few weeks you’ve probably seen a lot of articles on paying cryptocurrency taxes, how to pay them, and the horror stories involved with those who have to pay taxes on every transaction because — every single one is a taxable event in the U.S. Even though lots of people believe the Internal Revenue Service’s (IRS) classification is unjust by defining cryptocurrencies as a property rather than a currency, people still are forced to pay for their cryptocurrency gains. Just recently there’s been a multitude of reports on cryptocurrency taxation, and some of them explain that a lot of cryptocurrency proponents don’t seem to care about paying their digital asset taxes.
Jagjit Chawla, the general manager of Credit Karma Tax explained this week that out of 250,000 individuals who claim to hold cryptocurrencies like bitcoin less than 100 people (0.0004%) reported their gains to the IRS.
“There’s a good chance that the perceived complexities of reporting cryptocurrency gains are pushing filers to wait until the very last minute,” explained Chawla.
Further a recent Pollfish conducted Lendedu survey of 1,000 U.S. residents who own cryptocurrencies revealed that 35.87 percent of respondents answered, “No, I do not plan on reporting gains or losses on my tax return” The news also follows the recent IRS Coinbase investigation that reported on how there are millions of Coinbase customers, but less than 900 individuals per year reported their taxes over the past few years.
Salty Tax Paying Bitcoiners Get Mad at ‘Tax Cheats’
The articles reporting on people not paying their cryptocurrency tax obligations has got a bunch of bitcoin users ‘salty’ this past week. One individual on the Reddit forum /r/bitcoin says that “tax cheats” are smearing the good name of bitcoin owners.
“This is just another way to try and defeat Bitcoin. Nobody likes a tax cheat. Convince the country that BTC holders don’t pay their taxes, and before you know it, you have large numbers of people against them,” explains the post on April 16 the day before tax obligations are due in the U.S.
I personally pay my taxes on BTC. It’s not an anonymous currency, and one day, (the IRS can look back seven years) you may get caught. If regulation forces exchanges to hand over all of their customer data, everyone who didn’t pay will be in for a wild ride.
‘Without Projects That Express Principles, You Have Nothing of What You Want With a Revolution’
However, the individual who wrote that post didn’t get the support he was looking for as many of the comments declared that “taxation is theft.” One person who specifically disliked the phrase ‘tax cheats’ in the post writes:
Even the term ‘tax cheating’ is a fallacy itself, implying people voluntarily agreed being taxed and are backing out of their agreement or smt. If I live in a county where politicians can raise taxes without consulting the parliament or making a referendum who is cheating who? Because I FEEL it’s us the people who are being cheated into paying more taxes.
Another person details their issue with the post, “The financial system now is the problem — My government is a warmongering fascist state — F#&$ paying taxes in this shit hole!
It’s safe to say that cryptocurrencies and taxes are very topical conversations, and the subjects often gets people upset. A large majority of the comments on the ‘tax cheat’ post disagreed with the person who wrote his opinion that tax cheats smeared the reputation of tax-paying citizens. There are a lot of cryptocurrency proponents who are also adamantly against paying taxes, and many of them are vocal about spreading the message that ‘taxation is theft’ over the years.
“Without a big expression of intentionality to what is considered not the ‘polite things to do with bitcoin’ — specifically money laundering, specifically private access to your coin, holding your own keys — without projects that express these principles, you have nothing of what you want with a revolution — This leaves me to proclaim that most people involved with bitcoin were not serious about that in the first place,” Defense Distributed founder Cody Wilson explains in a 2015 interview.
What do you think about cryptocurrencies and taxes? Let us know what you think about this subject in the comments below.
Images via Shutterstock, the Bastiat Institute, and Pixabay.
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The post Tax Time is Here and Lots of Cryptocurrency Holders Don’t Care appeared first on Bitcoin News.
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Thus, every human being contributes to the Global Treasury, which is the foundation of human life ecosystem. Through daily contributions, the Global Treasury maintains its volume and regulating capacity. It never inflates due to automatically generated a secure fund of INFINIMS. One infinim equals 120 years of human life, which in turn, equals 63,115,200 nims.
The Global Treasury automatically generates infinims from daily nim contributions of all Humans. Everybody can get an infinim as soon it is produced by the Global Treasury. Nimses maintains stable infinite Global Treasury of Earth and shares its ownership and control with each Human who holds infinims. The Global Treasury is the most secure, sophisticated, and pure system for maintaining global safety that has ever been seen.
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With pressure mounting on Mark Zuckerberg, he has taken responsibility for the Cambridge Analytica scandal. He has apologized . He has apparently agreed to testify before a House committee. But that’s not enough for Felix Salmon: “Zuckerberg’s resignation would open up the possibility of a world-changing and reputation-enhancing second chapter, not…
This week the Bitcoin ABC developers officially announced the much anticipated Bitcoin Cash network hard fork on May 15. In addition to the statement from the development team, the codebase for the client Bitcoin ABC 0.17.0 has also been made available with the newly added consensus rules.
Bitcoin Cash Forks Again This Spring
Bitcoin cash is forking again on May 15, 2018, and the protocol’s consensus rules will change going forward. The fork was expected as the Bitcoin ABC lead developer Amaury Séchet announced intentions to fork a few months ago. Further, Séchet explained that it would be easier to fork after the new year and detailed some of the reasons why the fork would take place. Now, this week the ABC development team has released version 0.17.0 which contains the code to change the Bitcoin Cash network’s consensus rules.
The scheduled activation time will be on May 15 but there is no specific block height for this hard fork. Much like the birth of BCH, and the last fork in November consensus rules will change based on the “Median Time Past” (MTP) method. So on Tuesday, May 15 at 12:00:00 UTC, 2018 when the MTP takes place with the most recent 11 blocks equal to or greater than 1,526,400,000, the very next block will activate the hard fork.
A 32 Megabyte Block Size Increase and Op-Code Additions
The development team explains that anyone running an ABC node should immediately upgrade to the 0.17.0 release or other compatible software. As far as other clients are concerned, ABC developers state they cannot speak on behalf of these other implementation teams, but ABC has communicated with them. “Bitcoin ABC is currently testing both the new rules and their activation — a testnet should be available soon,” explains Bitcoin ABC. The latest announcement also details the important changes within the new software:
The most notable change is the increase of the maximum block size to 32 MB — There are also several bitcoin script operation codes (op-codes) being added or reactivated.
No Hard Fork Fears
The developers also detail that they are in the midst of talking with major exchanges and wallet providers concerning the May 15th upgrade. The team emphasizes that the community can help by contacting infrastructure providers to make the process go more smoothly. The last Bitcoin Cash network upgrade back in November of 2017 had zero complications, and the Difficulty Algorithm Adjustment (DAA) consensus changes have kept the mining difficulty consistent. It’s safe to say the BCH community, in general, doesn’t seem to be afraid of hard forks. Proponents are looking forward to a 32 MB block size increase and op-code additions that could bring ethereum-like characteristics to the BCH network.
What do you think about the Bitcoin Cash network upgrade slated for May 15? Let us know what you think about this subject in the comments below.
Images via Shutterstock, and Bitcoin ABC.
The post Upgrade Time: Bitcoin Cash Plans a 32 MB Hard Fork appeared first on Bitcoin News.
Last week, I called for California to pass a law requiring that medical bills be written in clear language so that patients can understand them.
As it stands, bills from hospitals, doctors and insurance companies are frequently indecipherable with their codes, abbreviations, misleading descriptions…