Congress to Debate Gold and Silver Income Tax Exemption

 The battle to end taxation of constitutional money has reached the federal level as U.S. Representative Alex Mooney (R-WV) today re-introduced sound money legislation to remove all federal income taxation from gold and silver coins and bullion.

The Monetary Metals Tax Neutrality Act (H.R. 1089) backed by the Sound Money Defense League and free-market activists – would clarify that the sale or exchange of precious metals bullion and coins are not to be included in capital gains, losses, or any other type of federal income calculation.

“My view, which is backed up by language in the U.S. Constitution, is that gold and silver coins are money and are legal tender,” Rep. Mooney said.

“If they’re indeed U.S. money, it seems there should be no taxes on them at all. So, why are we taxing these coins as collectibles?”

Acting unilaterally, Internal Revenue Service bureaucrats have placed gold and silver in the same “collectibles” category as artwork, Beanie Babies, and baseball cards – a classification that subjects the monetary metals to a discriminatorily high long-term capital gains tax rate of 28%.

Sound money activists have long pointed out it is inappropriate to apply any federal income tax, regardless of the rate, against the only kind of money named in the U.S. Constitution. And the IRS has never defended how its position squares up with current law.

Furthermore, the U.S. Mint continuously mints coins of gold, silver, platinum, and palladium and gives each of these coins a legal tender value denominated in U.S. dollars. This formal status as U.S. money further underscores the peculiarity of the IRS’s tax treatment.

A tax neutral measure, the Monetary Metals Tax Neutrality Act states that “no gain or loss shall be recognized on the sale or exchange of (1) gold, silver, platinum, or palladium coins minted and issued by the Secretary at any time or (2), refined gold or silver bullion, coins, bars, rounds, or ingots which are valued primarily based on their metal content and not their form.”

Under current IRS policy, a taxpayer who sells his precious metals may end up with a capital “gain” in terms of Federal Reserve Notes and must pay federal income taxes on this “gain.”

But the capital “gain” is not necessarily a real gain. It is often a nominal gain that simply results from the inflation created by the Federal Reserve and the attendant decline in the Federal Reserve Note dollar’s purchasing power.

Under Rep. Mooney’s bill, precious metals gains and losses would not be included in any calculations of a taxpayer’s federal taxable income.

“Inflation is a regressive tax that especially harms wage earners, savers, and retirees on a fixed income,” said Jp Cortez, policy director at the Sound Money Defense League. “We are encouraged to see legislation targeting the evils of the Federal Reserve System.”

“The IRS does not let taxpayers deduct the staggering capital losses they suffer when holding Federal Reserve Notes over time,” said Stefan Gleason, president of Money Metals Exchange, a precious metals dealer recently named “Best in the USA” by a global industry ratings group.

“So it’s grossly unfair for the IRS to assess a capital gains tax when citizens hold gold and silver to protect them from the Fed’s policy of currency devaluation.”

Source

New Mt. Gox Bitcoin Distribution Timeline

Announcement of Order to Change Schedule for Civil Rehabilitation Proceedings

MTGOX’s Bitcoin exchange users (“Users”) have delivered a large number of proofs of rehabilitation claims by post. Accordingly, the Rehabilitation Trustee requires a significant amount of time to seek correction of deficiencies in Users’ filed claims and to investigate the details of filed claims. In light of the foregoing, on January 23, 2019, the Tokyo District Court issued an order to change the submission deadlines for the statement by the Rehabilitation Trustee of approval or disapproval, among other matters, as below (“Order”). According to the Order, the submission deadline for the statement by the Rehabilitation Trustee of approval or disapproval on rehabilitation claims regarding Users’ rights to make claims against MTGOX for return of cryptocurrency and money (“Exchange-Related Rehabilitation Claim(s)”) has been changed to March 15, 2019. The period to examine proofs of rehabilitation claims regarding Exchange-Related Rehabilitation Claims has also been changed from March 22, 2019, to March 29, 2019. Concerning rehabilitation claims other than Exchange-Related Rehabilitation Claims, the submission deadline for the statement of approval or disapproval and the period to examine proofs of rehabilitation claims remains unchanged. Finally, the submission deadline for the proposed rehabilitation plan has been changed to April 26, 2019.

Source

DayTraderCoin Swap

DayTradercoin is upgrading to a masternode coin. Please follow the instruction below for the swap process.

 

Instructions for the swap:

– Go to “datadir” folder and backup the entire DayTraderCoin folder. Copy it to your desktop for now.
How to find your datadir:

Windows: go to search and type %appdata%
Linux: it should be in “/home/YourUserName/.DayTraderCoin”

– Make an account on http://chainswap.net/dtc-swap/
– Open old wallet and send your coins to the swap deposit address.
– Once coins confirm shutdown the wallet.
– Go back to the datadir and delete the entire “DayTraderCoin” folder.
– Download the new wallet. https://github.com/xSevithx/DayTraderCoin-MasterNodes/releases/download/2.1/DayTraderCoin-qt.exe
– Generate a new address. New DTC address start with a “9”
– Got back to your http://chainswap.net/dtc-swap/ account and navigate to “settings” then paste your address and submit.
– Once you get your coins then you can delete the DayTraderCoin folder that was backed up to the desktop.

Don’t forget to backup your wallet!

Tezos

 

                                                                                       Click Image to Enlarge

 

The Tezos foundation has recently announce the beginning of beta testing and the highly anticipated launch of the XTZ tokens. Fairly classic chart pattern going on at the moment with the pre-launch futures pricing. Seasoned traders will likely be buying the dips in this mark-up process into the actual launch day. Resistance could be met upon launching if the price is near a double top. If price is trying to break out for another leg higher then opening day mania would be in the cards.

 

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Disclaimer: http://www.coinstreetnews.com/disclaimer/

Holdings: Yes, the author does hold XTZ tokens.

Coin Street News Expansion

Expansion:

Coin Street News (CSN) has long been just the 1 main group of traders with relatively low numbers compared to our competitors. We are  strong believers in 1-on-1 time and that mentorship deserves a high quality atmosphere. In 2014 and 2015 the DTC project was a great compliment to the CSN ecosystem. Supply and demand dynamics lead to a few quality rallies for the coin. Sadly DTC was part of Bittrex’s first mass delisting. We pleaded and were willing to meet all requirements. For what ever reason our request fell on def ears and the coin and project has been off in the wild. With our ideas for expansion we see new revenue streams and also the chance to revive the DTC project. Let’s take a broad stroke look at those revenue streams.

 

CSN Lite

In the coming days we will be launching CSN Lite. It will be a smaller, cheaper, monthly service offered in high volume “alt seasons”. Though we are firm believers in 1-on-1 time we have a massive back log of lower cap traders that just want the basics. They have zero desire to be a fulltime traders and are just looking for a small amount of education and quality charts to learn from.

 

After years of refining CSN Main’s serivices and signals, mixed with the huge demand and backlog for our services, we have found a way to present our vision in a “lite” version of the main idea we grew from. We started out as a service for low cap people, but as time progressed we lack the ability to take people on at a low rate because there is not enough hours in a day to service the demand. We hope that this new approach will allow low cap traders to flourish much like how people in CSN Main have throughout the years.

 

Altcoin Academy

In the coming weeks we will launch a trading academy for low cap traders as a compliment to CSN Lite. Anyone can take the courses without having to join CSN Lite. The Academy is a way for newer low cap traders to learn info quickly and then join CSN Lite during key trading months. This serves the part time trader, swing trader, university students off on break, etc etc. Not everyone can be or wants to be a full time trader, we get that, and this is our high quality solution to this situation.

 

DTC Revival

DTC is getting a whole new platform with much higher quality technical aspects & code to it. We will be using revenue streams from the ideas above plus another more technical aspect to create demand. We will not buyback & burn and DTC was not an ICO. We will support the market and if our buys get hit we will lock up supply. This is the route we went last time that created a nice supply & demand regime which created a few good rallies with the market holding a baseline value of 3-5000satoshi for 2 years. We were always extremely happy with the marketplace.

 

The coin has been delisted during this swap and technical upgrade process. We will be selling DTC in an OTC manner over the next month before relaunching. CSN is extremely excited to give this project another go. The Dev has come highly recommended and has already been paid in full. The swap platform and coin have been created and we are a short time away from initiating the process. We will announce contact info on the swap process and OTC deals in the near future.

 

Thank you for joining us on our new journey through expansion. There is always some growing pains along the way, however CSN’s track record for delivering a high quality product in the crypto space is second to none. We will rise above any hiccups and deliver these 3 products to the marketplace in the coming weeks.

 

Make sure to subscribe to the mailing list and join the free chat room to get charts as soon as they are published.

 

Free Public Telegram Group: https://t.me/joinchat/DBtrr0JbYH1w3DuFkmmvPA

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We’re Back!

HELLO!!!

When I last blogged BTC was $720 ish and I thought Trump could still win. Wow has the world ever changed since then. As the world changed and the BTC price went into a raging bull market the public site was put on hold to focus on trading and the core members group. Great profits have been made and time permits a return to blogging again. Stay tuned as CSN rolls out some awesome things over the coming weeks. Join the free public Telegram trading room to be eligible for any first come first serve offers.

Join here:
https://t.me/joinchat/DBtrr0JbYH1w3DuFkmmvPA

Trump has a Betting Chance

trump-headshot

 

 

Every meaningful statistic has Clinton beating Trump in the election. I myself think she is the locked-in “chosen one” that can’t lose the election. But there is one huge elephant in the room most people have not even realized is there….gambling.

 

Currently Clinton is leading the odds with an over 90% chance of winning & over 80% of the money on her becoming president. If we were analyzing a stock and knew 90% of the public was long you can bet your bottom dollar the correct call would be short. The phrase “the house always wins” means that the game is crafted in a way in which the public does not win the majority of bets it places.

 

This is the part when someone reading this article says “well this is politics not stocks, gambling, etc. That was my first reaction too…..but then I started doing research.

 

The first very alarming realization was that as betting has grown so have the amount of “surprise” election results. I have noticed this as a growing trend here in Canada and is seen through out the world. Provincially the NDP blew a 20pt lead to lose an election a few years ago. The last 2 Provincial elections in Alberta yielded surprise results too. The most shocking would be the last Federal election where the NDP started with a huge lead, gave it back to the conservatives, then out of no where the NDP crumbled and the longshot 3rd place Liberals destroyed everyone on election night.

 

Globally we very recently all stood shocked as the UK voted YES to the BREXIT vote when all polls said the NO vote was going to win. Have pollsters lost their touch, or could it be more….dare I say, nefarious? It could be the more nefarious answer due to one blinding fact, betting on political outcomes is a growing business and the political process should not be tied to these types of actions.

 

It is a well known fact that a handful of corporations comprise the economic web of trade & commerce that spans the planet. We also know these huge corporations and banks donate to the political process, lobby politicians directly, and also have ties to the media. It almost seems as if the media crafts public opinion and then rich political donors bet against the favorites as they already know the statistics are not true. That seems very far fetched, but if a World Series can be manipulated 100yrs ago then it could happen to the political process of today. I for one feel that betting should not be allowed on anything that involves democratic rights.

 

So here we sit hours before the historic election. Clinton with every single statistical data point in her favor, and Trump with all the contrarian betting odds in his favor. I personally feel Clinton has this in the bag. But, and big but, but if she loses then it is clear that the gambling industry and media/polling services are illegally colluding. The pattern of surprise election results with growing gambling books needs to stop.

DayTraderCoin (DTC) Rebranding

dtc_logo_2d(1)

 

The DayTraderCoin (DTC) team has been wanting to expand into its targeted markets but has run into the problem of finding reliable trustworthy developers to bring ideas to fruition. The team thinks this stumbling block may finally be removed. As of today October 1 2016 the team will be rebanding so that the coins image & functions properly reflect its target audience. Stay tuned for more updates.

BFX Exchange

Bitfinex Token

Bfx TOKEN

BFX Token
Click image to enlarge

 

Now that the Bitfinex saga has moved forward we finally have the IOU token to trade. BFX is paired with BTC and USD on Bitfinex and for leverage trading on Bitmex. US users can only sell the token and not buy it. Non-residents can freely trade this market, and we will be.

The price opened into a small rise and since has slipped into a descending triangle formation. It is currently right on the key horizontal support level. A breakdown of this level is important as the last low was a lower low. The last needs to hold or else price will touch down to the support trend of the triangle while the StochRSI hits oversold. The safest long of this trade is in the near term a pop above the yellow rectangle or waiting for a breakout above the desending triangle’s upper resistance line.

 

Charts are powered by Coinigy

BTC Tip-Jar: 18BBg2dhuvxqwoH9u1sVeEwMgMqESAZ79a

Disclaimer: http://www.coinstreetnews.com/disclaimer/

 

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