ACTUSDC
Achain / USD Coin
crypto Composite

It's not just bitcoin, every good investment is long term, and every good piece of investment advice emphasises this reality, but you're right that most people just don't seem willing or able to actually understand and ACT on that. The thing that made bitcoin particularly difficult was believing in it when it was way down for years at a time. Back in 2015, there was most certainly a chance it could drop and never recover. Holding through that was a huge test of resolve and conviction.

It's not just bitcoin, every good investment is long term, and every good piece of investment advice emphasises this reality, but you're right that most people just don't seem willing or able to actually understand and ACT on that. The thing that made bitcoin particularly difficult was believing in it when it was way down for years at a time. Back in 2015, there was most certainly a chance it could drop and never recover. Holding through that was a huge test of resolve and conviction.

It's not practical to be taxed so it isn't being taxed, but this is potentially billions of tax revenue lost - if we apply the same to Monero then what ? Everybody will start using it and as soon as it gets more diversified miners it will be as invulnerable as Bitcoin is in regards to 51% attacks. So yes - if the IRS has failed to tax personal purchases/sells, we should try and replicate it in the crypto space too if they don't care about it that much.
Gold is different, but my point stands for personal trades, they probably go unreported, nobody is losing sleep over the unreported ones though, because they are such a small percentage of the whole amount being traded - negligible losses, it would probably cost more to track these and I do feel it would infringe on people's privacy, not that it already hasn't been trampled.
You pay a flat 20% fee afaik if you move somewhere else and make any gains overseas while having US citizenship, if we combine it with 0% tax havens, it's just the 20% - still less than staying in the US. You don't need to renounce your US citizenship to establish residence in these places.
OK, if you SELL everything now (pay your 30%+ taxes on your gains), and move to Puerto Rico, I think it starts counting from that point on, you just have to rebuy once you are there and realize the capital gains there after 2-3 years - the bona fide residency starts the moment you get a property there and start living there, you just have to exercise after 3 years+ and before 2036 when ACT 60 expires.
What if you buy 100 labubus as you can buy 100 bitcoins ? You are still a person, you are still doing it out of the love for collecting, yet you are treated differently. What if I buy post stamps ? What if I buy all the fiat currency bills from different countries ? We are talking normal people here, yes some of them might have bought 10,000 BTC in 2010, but shouldn't we reward such risky/smart behavior ? Why only the labubu lovers. If someone makes $50k from labubu sales and buys gold from a private person, more power to them, it would get inherited as btc does and it's not the government's business to police that, it's inefficient and keeps the small people down. I'm sure some people will get to that place with BTC and we are talking millions upon millions, but it's not a business, it's generational wealth and they should be FREE to enjoy it if they can hide it correctly. Again at that point it makes much more sense to move to a crypto tax heaven, sell with 0% tax after renouncing your US citizenship. You can always re-buy a golden lottery visa and become a citizen once again $5 million could be chump change compared to the tax implications.
I realize how capital gains work for the most part, the problem is it's 90% your own risk with the money you were already taxed on, the government does little to nothing to protect it, at least in the case of Crypto, stocks has SOME protections, yet they do nothing against Market Makers and naked shorting that they are involved in - it seems like a feature, rather than a flaw.
I'm not arguing it gets taxed more, I'm arguing it gets taxed at all, why do they deserve any of the cut in that case ? Let me claim $1 million in loses one year and then if I make $1.5 million the next year tax me on the difference $500k -> that would move it towards fair territory, but the government doesn't want to play fair, what's with this ridiculous $3k per year limit ?
To be fair my gains would be taxed at a rate higher than my tax brackets if I sold right now, so I don't think it's lower, unless I was making a lot more money from my salary to be in a higher bracket. Maybe lowering ALL capital gains to a total of 10-15% (no extra fake taxes) would make it better.
Was just making a point that labor, no matter if is the risky or non-risky type involves your skills and puts you in the 90% of the population category - thus normal tax brackets apply to that income. After that income gets taxed, you decide to invest it to help a business or to support your favorite Crypto project - the risk is inherent there, but the money was already taxed once. Any gains on it shouldn't be taxed IMHO, maybe some scenarios exist for special people with huge net worth + primarily income from investing -> those are by far the lowest % of cases though, most normal people do not operate on that level, definitely not with Crypto either.
The tax man needs an upgrade, people should be able to have their taxes calculated automatically, it should be kept fair, people should be able to decide how their taxes are allocated without having to elect tiers upon tiers of politicians which in term do NOT represent the will of the people perfectly as the system is severely outdated. All of these can be solved with the blockchain and having more informed citizens, we have AI that can summarize topics, yet we are stuck in 1776 with laws made for muskets and tea.