#GetOnZero & #Texit sp1qq0a9np9epjq24rphvhp56yzy7sgyvedw7hd5alg7nf9hwwcrktp2jqj0zut27v36k6wjlm7q6r3xn8h0xsh52tar34cchtyfec69lmzprq4fcguy
Tejas - Planet ₿
Joined April 2020
- Tweets34.6K
- Following5.7K
- Followers3.7K
- Likes232K
Pinned Tweet
POW Change is not the way at this point IMHO... I am switching back to Knots Pre-RDTS and renting hash back on the main chain. Looks like we gotta compete with the Big Bitcoin mining cartel to roll anything back in Bitcoin.
Just ordered a drone delivery of lunch from a local restaurant and paid in Bitcoin using a prepaid card. Welcome to the future.
SovereignHominin retweeted
In light of the basement military prison discovered near Kyiv, it's time to remember Gonzalo Lira.
SovereignHominin retweeted
Happened to me with a simple and small wire transfer between accounts. We basically live in a digital and physical prison, without really realizing it, at least not most people not really realizing it. Look at a border crossing. That's pretty extreme.
Yo @BitcoinMagazine did your customer info get hacked? Getting phishing emails on both email accounts I have used with you in the past directing me to bitcoinmagazinereports.com where there is a PDF link which I wouldnt open.
So fucked...
The golden rule has always been "Not your keys, not your coins." But if they are your keys, the system will make it a living hell to turn them into cash.
Here is the exact reality you will be facing when the new IRS and compliance laws kick in right after January 1st, 2027.
If you try to off-ramp your cold storage crypto to a bank account, you will hit a regulatory wall:
🔸 An immediate Anti-Money Laundering (AML) account freeze
🔸 A 24% forced IRS confiscation on your total gross sale
🔸 The tax nightmare of proving your own "noncovered" cost basis
Thread 🧵👇
Anyone one else just learning about this 25% withholding BS?
Crypto users are NOT ready for what the new tax reporting system looks like.
Starting with the new 1099-DA regime, exchanges are reporting your crypto sales directly to the IRS.
And here's where it gets ugly:
If your exchange doesn't have a valid TIN/SSN for you, backup withholding can be 24% of the GROSS SALE PROCEEDS.
Not 24% of your profit.
The SALE.
Sell $100,000 of crypto?
Potentially $24,000 withheld, thats even if you only made a $5,000 gain.
Then there's the separate COST BASIS problem.
Move crypto:
CEX → Wallet → DeFi → Wallet → CEX
and the receiving exchange may not have the basis information necessary to report what you originally paid.
So the IRS could receive:
$100,000 proceeds
Basis: NOT REPORTED
That doesn't automatically mean another percentage gets withheld, but now YOU have to prove the basis on your tax return.
Crypto spent years building instant asset portability.
Tax data never caught up.
2027 is going to expose that bottleneck in a massive way.
If you are a very active traders, it wouldn't be a bad idea to track your basis at the end of each day.....
SovereignHominin retweeted
You had to be blind, deaf, dumb, and at a minimum half retarded to not see this coming.
Karma is a bitch and you can't say I didn't warn you.
God help us all
SovereignHominin retweeted
Most people never learned this in school - I didn't.
It should be abundantly clear why this isn't taught.
The Founders believed government power was limited to what the people authorized and any overreach was a usurpation - theft of power.
Nobody in his right mind would hire someone and then let that person decide the extent of his or her own authority.
That's how Americans have treated the Federal government for most of its existence, though, waiting for the government to define its own authority.
The worst idea I've heard in a long while...
Texas Democrats have a once-in-a-generation chance to finally end the absurd rural Texas property tax exemption (ag-exemption). It would be political malpractice to ignore this chance to finally fix public school funding. @GinaHinojosaTX @VikkiGoodwinTX @VoteAnnJohnson
SovereignHominin retweeted
A vote today is as good as a petition to King George III in the 1770s. There is no political solution.
SovereignHominin retweeted
To Paraphrase myself: "Election days seem to bring out all the clueless Sheeple who believe in government... so petty, annoying & sad" #VacateTheVote
To Paraphrase myself:
"Election days seem to bring out all the clueless #Sheeple who believe in government... so petty, annoying & sad"
#VacateTheVote
SovereignHominin retweeted
Can't wait for the Democratic Senate hearings:
Senator: Mr. Lutnick, why were you on the island?
Lutnick: Same reason you were, Senator.
Senator: My time is up.
