forwardsteps 🧡 - Nostr Hypermedia

Am listening to @Bitcoin Mechanic 🧡🙏 Thank you for your work. You care and you're doing your best to keep this a balanced conversation from a logical perspective. No name calling and all that angry garbage. 🫂

Forwardsteps 5 months ago

Am watching this important video now! Friend sent it to me. https://www.youtube.com/live/R0M2TL7RARw

Forwardsteps 5 months ago

I asked ChatGPT the following and received this lengthy response. How disgusting is this? Absolute theft. The Australian government barely knows the difference between Bitcoin & crypto and avoids any discussions on the topic, yet I’ve done all the study and have the proof of work, yet they believe they have rights to it. Just see how they calculate it though! Yet, if I sold a home that I lived in and downsized to another home, no CGT payable at all. Talk about manipulating a market. Yes, capital gains tax (CGT) may still apply in Australia, even if you only sell an amount of Bitcoin equal to the original AUD you spent to acquire it. Here's a detailed breakdown: 🧾 Capital Gains Tax in Australia — Key Concepts In Australia, under the ATO's crypto tax rules, capital gains tax applies whenever you dispose of cryptocurrency, which includes: • Selling crypto for fiat (e.g., BTC → AUD) • Swapping crypto for another crypto • Using crypto to buy goods/services The capital gain is calculated as: Capital Gain = Sale Price (in AUD) - Cost Base (in AUD) Where: • Cost base = the original amount paid in AUD (plus certain fees) • Sale price = the market value in AUD when you sold the crypto 🔍 Your Scenario • You spent AUD (from 2021 to today) to buy Bitcoin at various points. • Now, you’re selling only that same AUD amount worth of Bitcoin today. • The idea is: "I’m just withdrawing what I put in — not profit, right?" However, the ATO does not see it that way. ❗ What matters is not how much AUD you're withdrawing — but the cost base of the Bitcoin you're disposing of. 📈 Example Let's say: • In 2021, you bought 0.1 BTC for $5,000 AUD • In 2022, you bought 0.2 BTC for $10,000 AUD • Total AUD spent = $15,000 AUD • You now own 0.3 BTC Today, 1 BTC = $90,000 AUD You want to withdraw $15,000 AUD worth of Bitcoin, which at today’s prices is about: $15,000 ÷ $90,000 = 0.1667 BTC Now you’re selling 0.1667 BTC, but that BTC may have a lower cost base, depending on which parcels you are deemed to have sold. 🧮 CGT Accounting Methods ATO allows two main accounting methods for determining which Bitcoin you sold: 1 FIFO (First In, First Out) – default 2 Specific Identification – if well-documented Using FIFO: • You sold 0.1 BTC from 2021 (cost base = $5,000) • And 0.0667 BTC from 2022 (cost base = $3,333) So your total cost base = $5,000 + $3,333 = $8,333 • You sold for $15,000 AUD • Therefore, capital gain = $15,000 - $8,333 = $6,667 ✅ That gain is taxable, even though you only withdrew the amount you originally invested in AUD terms. 💡 Key Insight CGT is based on the value of the crypto disposed, not the AUD amount you originally invested. So even if you're "just pulling out your original investment," you're likely doing so at a gain, and that gain is taxable. ✅ Exceptions / Reductions You may be eligible for: • 50% CGT discount if you held the crypto for more than 12 months • Capital losses from other assets to offset gains But the gain is still assessable income and needs to be reported. 🧾 ATO Compliance The ATO has strong crypto data-matching programs with Australian exchanges and expects full reporting. ✅ Summary Action CGT Triggered? Selling Bitcoin for AUD ✅ Yes Selling only up to your original investment value in AUD ✅ Yes, if done at a higher price than your cost base No capital gain? ❌ Only if sold at cost base or a loss

Forwardsteps 5 months ago

#126 Of 365 Forward Steps Notes Wisdom On The Web Our brains are brimming with electrical activity every single minute of our lives. Our brainwaves differ from each other by their frequency. From the busy Beta waves of normal waking conditions, to the deep Delta brainwaves of sleep. Theta brainwaves sit on the cusps between relaxed Alpha and the deep sleep of Delta. It is here that you are in the perfect state for accelerated learning and that is why Theta binaural beats are used in John’s recordings. These powerful hypnosis recordings go deep into your unconscious mind to maximise your hidden potential. (Link is below) https://www.selfimprovementgift.com/forwardsteps/personal-transformation/ Life Power Tip Failure is, when you do not dare to act, not when you do. “At Happy Computers you are expected to make mistakes. When Microsoft set up their new research institute in Cambridge, the head of the center was told: ‘If every one of your projects succeeds, you will have failed.’ No failure means your people haven’t been allowed to experiment in unknown territory.” Action Learn something new. Perhaps search online for something you have wondered about. Challenge For one week, say yes to anyone who directly asks for your help. Quote If you knew what I know about the power of giving, you would not let a single meal pass without sharing it in some way. -Buddha Clearing Embrace what it means to be ‘on time’ and practise the habit. Question In daily actions, are you conscious to the Pareto Principle (20/20 Rule)? Affirmation I choose to feel more, and more enthusiastic. Uplifting Extra Ever wondered whether you have any way of experiencing higher or altered states of consciousness? Perhaps you’ve had times where you perceived life in a totally different way or believed there must be realms of experience and perception, far greater and more amazing than those of everyday life. (Link is below)