AcctingDept / BTCAccountant is on Nostr

"14883c31f088dae688012097dd3b97569963a3da4659cd518abf7d386c9c8011a65acf8e3528a7eb9b8eaeb99069c20cedc76ee0428d673743c23caf622863ac"

Last Notes

2024-10-29 16:05:09

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Thank you, on both counts.

2024-10-11 01:23:35

Does anyone know a good custodial bitcoin service that supports joint marital accounts? We can do 1 of 2 multisig on chain, but we want something like Cashapp where we can hold small balances custodially and then sell to use the debit cards at point of sale.
We are in the USA, and the state of Illinois.
#asknostr #bitcoin

2024-06-24 14:47:02

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1.1 million years ago we were not yet hunting woolly mammoths or dealing with saber tooth tigers. None of our ancestors had yet left Africa. The first ancestors of modern humans to leave Africa did so between 80,000 and 60,000 years ago.

2024-06-22 00:49:12

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The internet broke sales tax. It might be slightly better if the sale was counted on the seller's state, but then you would be forced to pay tax to a state where you may never have even been.

2024-05-31 14:27:08

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I used to work for an online retailer. Sales taxus so much worse with the internet. The point of sale is where the customer customeris when they click buy, and the business had to collect report and remit the correct sales tax to the correct jurisdiction.
We were a small business with two people in accounting, and we spent about half our time trying to figure out the sales tax for many jurisdictions across the US. We had to file every month in a bunch of states, but also a bunch of countries and even a few cities that collect their own sales tax. They each had their own unique set of rules.
I think sales tax probably made the most sense of and tax before the internet, but it is madness now.

2024-05-21 03:08:16

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I have not read the indictment, nor am I am attorney. I also did not use the product. My understanding was that they wrote a protocol that allowed people to coordinate coin joins without their input or knowledge, and loudly boasted that it could be used for money laundering, and that no one could stop it. That is inconsistent with charging more for money laundering services, or at least independent of it.
If they took custody of customer funds for the explicit purpose of launder them, in exchange for a fee, then I am badly misinformed, and concede your point. At least on that charge, although I still think it is a dangerous precedent if they are also charged and convicted because of the code that the wrote.

2024-05-20 23:12:37

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Because they didn't launder money for anyone. They wrote open source code that facilitated privacy on bitcoin, and then loudly speculated that it could be used for money laundering. They might be slimy, but even if they are the precedent that writing code to facilitate private transactions constitutes money laundering is exremely dangerous. The US has a common law system, so precedent becomes law.

2024-01-11 15:24:03

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I agree that the coins should be left as a bounty. Also, that soft fork would undermine the use of bitcoin for very long term store of value. You could always move your multi-generational savings every 80000 blocks, but why force the extra transaction volume, and why would we want money to expire?
Seems like it's actually a good thing to have the bounty, so that white hat hackers have an incentive to find any possible way to break the signature scheme without actually stealing anyone's coins. They could steal, but world probably be worse of, because it would undermine trust in the asset they just acquired. If they find a security flaw, and help patch it, they have earned the bounty.

2023-12-13 21:42:05

The new rules published by US FASB should make it significantly easier for publicly traded corporations and other firms required to follow US GAAP to hold BTC on their balance sheets. This might be more bullish than the ETFs, and is probably healthier.

2023-11-19 09:54:23

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Bitcoin is best for long term savings, but that is not the problem that stable coins solve. If you get paid every 2 weeks, but need to buy groceries, for example, more often than that stable coins could be a literal life saver. Imagine: you just got paid and know that you will need to buy food again in a week, because you don't have refrigeration. Bitcoin could be up or down 30% in a week. Your local currency will for sure be down 20% in a week because of hyperinflation. Your government regularly steals the money in dollar denominated bank accounts, if they're even allowed to exist. USD stable coins will probably preserve practically all of your value over such a short time frame. In the long run USD will go to 0 and Bitcoin will be the only money, but you don't care about the long run, you just care about being able to eat next week. This is an important and valuable use case in a small but growing number of countries.

2023-11-08 16:49:31

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No, you only incur capital gains tax if you receive something in exchange for the eggs with a nominal fair market value greater than the nominal fair market value which you exchanged or invested to obtain the eggs. Capital gains do not result from consumption, only exchange.

2023-09-23 01:22:08

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Assuming inflation doesn't spike again, it should be there in about 40 years. Realistically, it will probably be there much faster, unless bitcoin significantly demonetizes gold before the dollar experiences very high inflation. Remember, gold has gone up more than 500x since 1971.
He's very wrong about bitcoin, not gold.

2023-09-15 02:58:05

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Welcome to Nostr. Please purple pill your fellow commies.
Alice is a blacksmith and Bob is a farmer. Alice makes a sickle, and her only use for it is to sell it. Bob needs a sickle, but does not pay Alice for it. Alice refuses to give it to Bob. Who is the rightful owner of the sickle?
Our answer is that it belongs to Alice, until she voluntarily transfers it. Am I strawmanning you too think that your answer is Bob because it is one of the means of production for him?

2023-07-28 21:11:42

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I that time:
Nostr was built
Free speech is back
A protocol is better than platforms

2023-07-26 11:21:24

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#nevent1q…gsrz
This chain is relevant

2023-06-21 20:37:15

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I think that if they tried to drive the fork solo, it wouldn't matter how much they have. It would just become BCBD, and be much like BSV. Nodes and amount of BTC are really just proxies, like hash rate was. I think the real chain is the one accepted be the people selling the most value. They would be holding the bitcoin backing other people's paper bitcoin, and they are BlackRock, so there might be an attack vector there, if they front loaded it with a massive drive to onboard no coin's to custodial bitcoin, and then controlled the licensed custodians? I'm not sure, but it seems like a viable attack vector.

2023-06-04 01:39:51

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Yes, if it was enough. I don't know their portfollio, but in theory they should be mostly invested in 90-day US t-bills, so that there is little risk of that. I have not looked into tether enough to know if they make their specific allocations public.

2023-06-03 15:26:09

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They claim that they invested their USD on short term treasuries, and then put their profits in BTC. IF they are being honest, that should be fine, and is smart. If they are not being honest then it would blow up in a cycle or two anyway, because fraud doesn't work. No opinion on which is the case.