The 1 Bitcoin Show- More IRS letters for weak hands, 750 BTC house sale loss, wealth concentration?

Hello everyone this is adam meister the
bitcoinmeister the disrupt meister welcome to the one Bitcoin show today is
August the 15th 2019 strong hand one Bitcoin equals one Bitcoin now your
wealth and bitcoin offended by selling bitcoin is the next bitcoin being a
beast unconfessed skateable world’s reserve cryptocurrency
alright tomorrow is Friday that means this week at Bitcoin trace mayor will be
the guest he returns to the show after a nine-month absence he is back it’s gonna
be a good one tomorrow I’d say about in 24 hours I don’t know
what time each Coast time it’s gonna be on around 4 o’clock two o’clock three
o’clock something like that I don’t know we’ll figure it out but trace mayor
Friday this week in Bitcoin gold and holders you’re gonna love it
I’ll just I’ll leave it at that the stock market isn’t doing so well
area people are in do mode oh so we’re the financial markets are in them it’s a
catastrophe even Bitcoin went down hey guys you got some weak hands are getting
five-digit realm oh yeah so it goes into the four digit realm have a freaking
strong hand that’s what happens yeah there’s all sorts of panic out there
we’ve been through this before we’ll be through it again
bitcoin is fine oh god how many times I have to explain to that we can it’s a
million pound that like button that’s what this show is all about getting
those hands as strong as possible okay hey if you got questions you can have in
the super chat I will answer them in a future show yeah we’re still having uh
some difficulties with the youtubes I’m working on stuff people do not worry
alright continuing what is this tweet oh this is about real estate Bitcoin this
is a good one Bitcoin is Asian sent this one out in 2015 I sold 800
Bitcoin to buy a house for my family in 2018 I sold my house and bought back 50
Bitcoin people who think I’m crazy sell it for selling my house please know
that my only regret is to have sold my Bitcoin investment in real estate is how
garbage is now garbage comparing to Bitcoin yeah dude you spent eight
hundred Bitcoin on a house which you sold for 50 Bitcoin
you should never bought that house you an eight hundred Bitcoin man oh but that
is why you do not that’s why you have a strong hand sure you thought you had a
lot of money in 2015 little did you know you should have had
that 20/20 having mentality going you should at least have a twenty sixty and
having mentality going dude but yet 800 Bitcoin for a house unbelievable but yet
to this day people think he’s crazy for selling his house for 50 ax for giving
up his house no dude a house oh my god the expenses involved in a house I have
gone on and on about how happy I am to not be a homeowner anymore the the the
freaking there’s stress there’s stress and things will always happen roofs will
always leak every home I have ever owned I hadn’t replaced the roof everyone
everyone alright so but yeah dude I’m glad you got back in the Bitcoin though
it’s it’s never too late I had 800 Bitcoin once though I mean that is like
that would give me nightmares if you know I only have 50 Bitcoin if you went
for having 800 Bitcoin and no house to 50 bitcoins that house really uh that uh
that messed things up there just think of it that way guys okay ranked travel
around the world like I do Hey and by the way supporting the show
you can do the super chats I got links below of course all sorts of
crypto see links below best thing you can do is
follow me on Twitter at Tech Balt it’s free TCH be alt and retweet everything
or just to retweet this show and speaking of that there is a great
flashback tweet to 2016 I link to it below retweet that I also there is a
poll that I have out there what is your favorite uh bitcoinmeister saying
there’s four options strong hand offended by selling one big point equals
one bitcoin bitcoin is the next bitcoin i think so far strong hand is winning
and offended by selling is is less is the least the funny thing is someone who
started pointed out on Twitter they thought if I if Bitcoin
hadn’t been dropping in fiat price that offended by selling would be doing
better because there’s some weak hands out there that have been selling because
they they’re panicked and so they don’t like offended by some yeah a fair and
again I’d be told that people are offended by offended by selling dude I’m
sticking with that one I’m offended by son you shouldn’t be selling I’m
offended I mean you think that guy that sold is uh that lost seven hundred fifty
dollars worth of 750 Bitcoin because he bought a house he’s offended by selling
count mental and fun but that’s that’s a real story that’s that’s keeping it real
people if you ever think you need to sell think about that guy and so yeah
the poll is linked below I think it expires like in eighteen hours or
something so vote in the poll and retweet it it’s linked to below Oh God
so coin desk and the block crypto are coming out with more IRS letters oh oh guys
these letters are actually being sent out to people they’re very specific in
nature okay they’re people who do that they sold their big coat they were
trading it appears they kept on going back into the fiat realm and they didn’t
report they report it properly I mean what do
you expect to happen you’re playing in their fiat realm
you got to play by their rules you’re valuing your wealth and Fiat you sold
your Bitcoin for fiat numerous times who have back and forth back and forth it’s
complex how to report that stuff and you didn’t do it right and part I’m not a
blame her here okay I’m I want to say this you know personal responsibility is
new counterculture the bottom line is you knew what you’re getting into when
you’re going back and forth to the Fiat there is a little bit of a buck here I
love but I like big butts and I cannot lie no I don’t well I’d like healthy so
um I just wanted to quote that but uh-huh you keep yourself in shape you
want you expect a partner that keeps himself in shape but again dadier wealth
and bitcoin don’t value your wealth in women or whatever there’s someone out
there that’s well anyway okay so let’s go he’s a good guy but he’s valuing his
uh wealthy now 1099 k’s were sent out they were the exchanges sent out 1099
forms when they probably should not have and people received these 1099 Kade
forms and they were inflated numbers on it they sit said that they made a lot
more selling their bitcoin than they did because the exchanges said 1099 paid
forms that did not account for them correctly so that’s part of the issue
here but the people when they got to 1099 K form some people at least they
basically just ignored them they didn’t try to can test them and say wait a
second you know if you say I made a twenty
thousand dollar profit I made a zero dollar profit but instead they they just
ignored it and since they made a zero dollar profit they didn’t report
anything and this is where many people are getting into some trouble now now
again the United States Hasnat they don’t have a clear tax
policy that’s why these exchanges sent out the wrong forms to people and
accounted for things incorrectly so this is what happens for all you people are
wanting to just sell at the top you didn’t people in South the top
person was they value their other Bitcoin but because they didn’t want to
get into this mess okay it the changes aren’t some the Alpha right information
because they weren’t given the right information
it hasn’t been clarified correctly by the United States government yet you
play in the fiat realm you’re playing by these rules which are really ambiguous
nebulous non-existent rules arbitrary quite quite arbitrary and this is this
is what happens so yeah if you’ve gotten these letters I answer the letter and
try to explain the situation because I think a lot of people do have legitimate
explanations especially when it comes to this 1090 K aspect of it but if you’re
just some dude and there are people like this that are getting these letters that
just didn’t feel like reporting anything and they were like trading back and
forth on exchanges that had their social security numbers I mean you’re you
ludicrous I mean what were you thinking I don’t know IV people some people got
into this because they thought that it was done totally anonymous even though
they’re giving away their social security numbers they thought it was a
way to get around taxi when you playing in their realm in the Fiat when you’re
valuing your wealth at VI when you’re selling things for Fiat you pay taxes
that’s there you go big boy this is where the big boys play that’s part of
the game that’s part of that’s part of being a grown-up in a in in Western
society again you don’t have to worry about any of that stuff if you just buy
and hold for God’s sakes and that’s what I’m all about baby all right uh yeah I
mean it’s bureaucratic bureaucratic incompetence you want to play in the
realm of bureaucratic incompetence that’s why you getting these letters now and yeah
by the way a lot of people are like these are just corn based customers coin
because I think it’s the nine-point base guys I there’s a lot of exchanges that
have social security numbers and have to be track of exactly what you were doing
going Gemini you touch Fiat it’s not just I mean not like I’m I’m not trying
to get coinbase off the hook or whatever I mean you know
what you signed up for you gave your social security number
you’re buying you’re going in the Fiat he’s such a such easy targets and I
predicted this a while ago that it was a honeypot for the IRS okay all the stuff
to coinbase in Gemini no I knew people would think wouldn’t properly report it
or not report it when they’re going back a million times
Fiat to Fiat to the Bitcoin Fiat to litecoin like when the Bitcoin to fiat
the like Fiat EF EF EF epi all this fiat gotta sell a theater for Fiat advice
pick one all right now what I want to know I got a question here going back to
coinbase and to Gemini I want to know how many customers they have yeah that
you know bought Bitcoin there okay sold Bitcoin there and then removed over $600
I think $600 is like some key taxable number I’m not even sure I’m not an
accountant and then removed $600 of Fiat from those platforms I want to know how
many people there are that did that because I think this is so many people
why to get into this dudes so in case it is so impatient so impulsive I want to
know the impulsive nature of the coinbase of the Gemini customer how many
people just had weak hands couldn’t wait until 2020 having and bought bought
Bitcoin and at some point removed over $600 with a Fiat after selling Bitcoin
from one of these things because there’s there’s your trigger right net day I
mean that’s right that you’re not going to be able to get no one is gonna be
able to every single person who did that I
assume gotta let every single person this is so predictable and we’ve talked
about this every time so but again don’t just don’t freak out about it
beat be honest because they have all they know what you did and if you got an
and again going back to that 1099 k thing again a lot of that information on
the 1099 k wasn’t correct so you got to show how you really did not make as much
as they say and I link to those articles below which we go over all this stuff
you should read them if you’re worried all right and again guys during this
time of IRS Fudd because I’m sure some people are saying oh you see what I knew
there were some people that car damaged or we say you see again you should have
known this re victorious time of IRS Fudd a stock market fog of the whole
economy is falling apart by gold aside this is when you you this is when you
know you you’re big you’re playing with the big boys if you can keep your hands
strong during such a time period if you’re not tempted to saddle during this
to period I mean there’s nothing you your great your elite and I just want to
say hello to all my elite friends hello to all you guys who’ve never saw in a
freaking Bitcoin for Fiat pound that like button as you value your wealth in
Bitcoin and I want to stress to everyone I wanna to all my elite people we had it
yesterday’s video which is linked to below where I interviewed flad who
writes for who who is from Romania and and I before the show I was like dude
you got some hot women in your nation I’m in Baltimore I I knew of some some
hot Romanian women just want to throw that out there he agreed now but and
many people don’t know this I mean their subspace a stylist Romanian women they
try to be like the French for me this is not a known sting you gotta be worldly
dudes now again now your wealth in Bitcoin don’t those Romanian women that
I that I knew back in my day if they knew about the Bitcoin thing they’d be
talking to me again and you don’t wanna be losing your
your wealth because again bitcoin is popular and he was saying there’s some
popularity in Romania so no doubt some of those you know is there’s all these
uh so-called players here in the wet and west of it yeah I’m gonna go to oh so
the Eastern European country get myself some of these Eastern European ladies
yeah go go ahead you’re gonna end up they may know how to value their wealth
they value their wealth in whatever you Bitcoin and Fiat whatever they can get
from you and I’m sure some of you we can the guys are very wealthy enough in uh
ladies who travel over there you’ll make that unfortunate mistake and give up
some of your precious I mean yeah just because you have Bitcoin you can’t be
tempted out of it by some of those temptresses out there but again we can
talk more about this Saturday show no I’m just rambling and again if you find
the love of your life you get her some Bitcoin instead of a diamond ring and
she says yeah you know you know you you’ve got the right one baby uh-huh
so I I do want to say watch yesterday’s video were flagged he has never been on
the show before very informative type of stuff and I try to bring you the best
guests in the space again I’m bringing you tres tomorrow you all know tres but
it’s it’s not all about getting tres and getting Seidman and toned I mean there’s
a god I’ve had some good guest lately it’s not it’s not all about that it’s
you really learn from these dudes that you’ve never heard you learn from
everybody but again there’s me some guys in that debuted I mean new rad was on
here before people so I mean it and again GTS is on here and people still
don’t know who she is and they should he’s awesome but yeah yesterday’s show
was very very good again it wasn’t this week a big one it’s just random
Wednesday I’m interviewing plaid so heroes for brick my magazine is
interesting interesting fallow different type of video so that’s what we had
yesterday we did have an interview video Thursday’s you’ve missed it so and one
thing that he brought up and I’m not gonna get into this drama that the guy
out there who’s in Tim who wants to do who said he wants to do the be hack
script of dividend I’m not gonna say his name but
Vlad is not a fan of his and Vlad did didn’t have at the end of the show
yesterday Vlad was talking about it and alluded to an article that he wrote
about the be hex guy so I’ve linked to that article below and
I linked to another article about that article below and again you know there’s
a lot of short the one thing that got brought up on yesterday’s show is that
Vlad said that in a tweet she said that reputation is very important in this
space and I said I think it is among the 20 percenters but so many people have
they don’t have long term memories at all they forget so easily and that’s why
someone like the B hex guy can keep on gettin you know could see could say one
thing and they completely change his whole philosophy he stands for nothing
and what philosophy wants and he goes through another philosophy and again if
you if the dude is gonna create a crooked game then we can get it for free
great but I think what Vlad had a problem with and a lot of people don’t
don’t buy that thing it’s trash throw most of them are complete jokes all
coins but if they’re gonna give in to you for free
to determine it and people going to actually give you big coin I feel bad
for the people who would give you a big coin for these things but that’s the way
the 80% are they have no long-term memories they don’t believe in the
reputations of anyone I had a bad reputation he changed his philosophy who
cares he’s talking about a the B hex better but he says he’s a billionaire
jump on his bandwagon so again I’m not gonna get into that drama and stuff I
didn’t say any names their flag did say some names and if you guys care about
that stuff you can it’s linked to below it’s basically is a complete waste of
time if they ever come out with the crypto dividend been great I’ll get it
for free in turn in a Bitcoin great great otherwise yes waste of time
yeah all right Makara just mentioned me core Nick Carter’s got a tweet out there
he destroys the wealth concentrate bought it in the thread that I linked to
below given that wealth does not equal power in Bitcoin worrying about the
concentration carries sinister undertones yeah it’s fun
it’s insinuating it insinuates that the outcome in Bitcoin is wrong the outcomes
in Bitcoin are wrong and may need to be remediated if you believe in free market
money you believe in free market outcomes
okay so rich holders can’t change Bitcoin okay or Elsa BT was a B to X
whenever that darn thing was back in the day like for a Segway segment 2 X 8
segment 2 X would have won okay there were a lot of rich holders that wanted
wanted that to be the real Bitcoin and it totally failed I can’t be chewing I
can’t remember what we called it now oh my god that was that that was after be
cash there was going to be that crypt of dividend the segment – axe fork they
wouldn’t want it if rich holders weren’t know that rich holders can’t change
Bitcoin right so there’s what’s wrong with being a ritual why vilified rich
holders wealthy holders that’s what happens in the free he said in free
markets have free market outcomes yes wealth tends to go toward the
smartest to the people who defer gratification it goes to one side wealth
is not equally distributed it’s not fair freedom is not fair okay it any quality
happens worry about yourself as an individual wealth inequality is envy
it’s jealousy who cares if the rich are getting richer you get you become one of
the 1% and again I said this on the previews in a recent show the
opportunity is still out there in Bitcoin to be one of the wealthy Bitcoin
hole others to be one of a where it’s
unequally distributed toward you so yeah this is a this wealth concentration
it’s fun it’s it’s total fun they have no power
don’t be jealous of them do not be envious of them just you try to try to
improve your own lot as an individual okay you are an individual don’t worry
about the others other people don’t worry about the collective oh the masses
are so poor are so in such bad shape in Bitcoin the mass is the point 1 BTC
holders all right worry about them no good why who cares
we’re by yourself you’re fine one Bitcoin if they hold on long enough
they’ll be great and it’s about the Furber it’s about long-term thinking but
again it for some is about virtue signalling train so the thing is this
subject matter has come up because people are trying to build reputations
off of this nonsense off of this virtue city and so ignore them they’re trying
to build this is what you should you should remember the people who tried to
do stuff nonsense like this and no you want nothing to do with people who want
to create such fun in Bitcoin but most people will forget anyway and the person
doing this is a female and so most guy isn’t mrs. most people in Bitcoin or 95
95 % people in Bitcoin are men many would just drool over her and say ooh oh
yeah so what she defies she flooded she’s a woman now just forget everything
and listen to her in the future remember you can do that you’re not gonna hold on
your Bitcoin very long if he got that if you got your an 80% if you got that
mentality but and good for her good for her as she can you you know and being a
minority in this space if she can trick dudes into pumping her up and making her
well known she gotta do what she’s got to do is where the big boys play and she
she if she does had a rat bra round up the 80% uh fancy satin graphics of
followers because of ridiculous wealth concentration flood she’s gotta do what
she’s gonna do is the free market you guys bid
if that’s the way she wins that’s the way she wins her money
oh well that’s uh you guys yeah again if you’re twenty percent of you know not to
you don’t have to waste time with something like that and it’s just it’s
pure but it’s pure just to build up a phone okay
night naming names so but you renew Carter’s up again Nick Carter’s on the
right side of history on this he bristle nothing yeah I talked about the super
chaps Omi’s ear mob rudolph had to say this bitcoin will create new industries
I’ve said that before at the same way hey the internet created businesses that
could not have been imagined before mit coin will destroy businesses the
same way the internet transformed industries that were once considered
irreplaceable count out like one dude I love that kind Golden Age baby we are in
the Golden Age and yeah it’s going to create bitcoins then create industry we
cannot imagine right now just like the internet created businesses that we
could not it again you could not imagine Twitter in the year 2000 could you could
you imagine Twitter in the Year 2005 yuvan that and it’s it’s huge what it
would a huge company change the it changed the world
don’t be jealous of the dude don’t be a hater of him he changed the world you
can change the world too as individual put your mind it’s a good use like that okay yeah I talked about between the
tree all right here is actually a tweet by blood he famous fourteen-year-old
youtuber who recently got deep platform is now accepting Bitcoin donations
though she’s probably still too inexperienced to distinguish between
Bitcoin to be cash this is extremely bullish okay the word spread about
censorship resistant money yeah it’s awesome yeah so she had 14 I have never
heard this person before but that’s what happens you get you got kicked off of a
platform stay in motion just list the Bitcoin address under say hey they
kicked me off support me that’s great and then you could say whatever you want
it just like how I mean video you’re hearing things you talking
about I don’t hear many people bring up these type is something right yeah
because I don’t work for anyone I can’t get fired they can’t cancel the Meister
they can’t cancel the bitcoinmeister I’m well you I mean YouTube you can kick me
off for whatever ever again also I had my big point they cannot cancel me
you’re the bitcoin you can always say what you want to and no one can take
that away from art and Oh John someone in the in the in the comments section
brought up when I brought up veritasium how I I just like I don’t know how
anyone could ever got into that ICO I warned people about it and someone
pointed out hey Adam did you know that web bot was pumping that and guess what
no I didn’t know that cuz I don’t waste my time on that nonsense and so yeah the
people who blindly followed the web bot got what they deserved
with that okay if you you know you if you thought some magical some magical
computer news you believe the magical computer has said verities iam with some
awesome thing this is what you get again it’s it’s ridiculous the people up again
everybody wants a guru everyone was to Phi I mean 80 percenters excuse me I
want to follow blindly some guru it sounds too good to be true
that makes wild predictions and then points to only the wild predictions he
got right and this is what ends up happening it’s happening again again a
lot of people if you make enough predictions you’re gonna get some of
them right and especially during good times when everything’s pumping but this
is this is when you learn you’d learn your hard lessons dude it’s it’s real
simple behind the whole Bitcoin okay and yeah some of these wacky gurus they’re
staying by big points sometimes and they’re looking great when they’re and
that’s great okay great you’re saying but then that’s it then they they take
it to a new level they’re saying buying verities you an aliens are gonna land in
Israel these are things they said hey eighty percent are gonna do what they
want to do and follow that kind of nonsense but yeah I didn’t know I didn’t
know he did they pumped a varity Z because I spend my time
you know actually paying attention to legitimate people and learning and and
and figuring out ways how to get more Bitcoin encouraging and you’re learning
about having some stuff I don’t know about verities him I knew about heavens
and Wyoming the proclamation this is linked to is it Caitlyn long and they’re
having a big event there in September the governor and I mean tres is going to
talk about this on the show tomorrow by the way because he’s been really big
into getting they’ve really gotten some good legislation over there and the
governor Mark Gordon proclaimed September 19th to 22nd to be Wyoming
blockade stampede and Caitlyn was very happy in the video about this and you
know it does say something when a governor is talking about big coin and
yeah sure what Wyoming has the smallest population United States or second
smallest but it is a state and I give them there they’re all supposed to every
state supposed to be a little different it’s his experiment in every state I’m
glad they’re experimenting with with blocked with Bitcoin and cryptocurrency
there so unfortunately they have to say blockchain all the darn time but
whatever I’m not gonna put the governor on a pedestal or anything you know
they’re bureaucrats elected officials then but Caitlin was happy about it and
I’m happy for Caitlyn for working so hard and for to make Wyoming very big
point friendly in the game well tomorrow show trace really gets he’s gonna get
deep into that I’m really close to having a 1400 videos on disrupt meister
nikon now let’s go check out this replace or comm if you want to see my
1400 video archive okay yeah baby I got some conviction and that is the
system a new video every day except for the second day of Rosh Hashana tears
over and and that’s it’s a and my videos are all now the Bitcoin really and
having a strong hand and again you you developed your own system and you know
this is a this is we talk about this type of thing on Saturday show so
definitely watch Saturday’s beyond Bitcoin shows if you want to know about
systems over go but that is my system the system works
for me I keep following system it brings it brought a lot of positivity into my
life a lot of awesome experiences a lot of great opportunity so create your own
system and stick to it and you feel that you feel real good all the days that are
the hardest it is to stick to the system and you do it you feel great
ok does it every day is another another accomplishment when you can you stick
into the system that you create for yourself the big coin rabbi has a tweet
he says download breeze tech lightning wallet and you are on the Lightning
Network ready to spend and receive payments in 120 minutes this is great
fast non-custodial onboarding experience lightning alright and it’s a breeze dot
technology BR e ez dot technology and again yeah it looks like it’s for phones
I don’t have a phone but hey I like the Bitcoin rabbi and I know a lot of you
guys like lightning and if it’s only spending like fractions of a Satoshi or
whatever it may be whatever the breakdown is experiment I guess I’m
still offended by some but uh my podcast I linked to one below about reviving
dead crypto dividends that some people really liked it’s linked to below and
finally I’m gonna leave you with a note from last week’s this week a big point
guess tone babies he says ripple will be the
Enron of the cryptocurrency industry that’s pretty good right there town
that’s hardcore town that like button ripple will be the Enron of the
cryptocurrency industry hey but some of you 80 percenters you think that’s a bad
coin Bank coin is good at it it’s only it’s only 50 cents or whatever it is so
much cheaper than Bitcoin yep you guys newbies to the end I guess newbies to
the end with that a unit bias there already but Enron of cryptocurrency
ripple found out like one out Adam I should be clear my sir
this right Meister destroy Channel bang FL button and whatever abandoned Bell
button found that like button see you tomorrow Friday this week in
Bitcoin trace mayor click on their squares that you see to check out the
links below to see all my most recent shows see

16 thoughts on “The 1 Bitcoin Show- More IRS letters for weak hands, 750 BTC house sale loss, wealth concentration?”

  1. i don't think i ever cashed out per say. most of the bitcoins o bought were sent to another bitcoin address for goods or transferd to my trezor which i still had since 2013

  2. With the volatility this week I was wondering how many more people just got added to that tax letter list hahaha. I just got back from a job I don’t need so I could buy the dip ?

  3. I got the IRS letter today on reporting virtual currency transactions. In my case it's Letter 6174. I don't need to respond to it IMO.

    Yes, i had a Coinbase account and I was informed that I was one of the 13,000 folks that had his/her info sent to the IRS about a year ago. I never sold a crypto-currency at Coinbase however. I did sell some BTC other places however, but not much, and always with the intent to acquire more for a cheaper price. I also claimed and sold my B-Cash (to get more BTC) and had to report it on my 2017 tax return and pay taxes. Regardless, I have reported all of my sales and matching purchases of crypto assets each year since 2013. Based on this, it appears that these letters were sent to an overly broad audience.

    I'm not too worried about an eventual IRS audit because I have good records. The only real concern is if the IRS were to become piggish and unreasonable and try to gets overly technical and demanding and become disrespectful, despite good explanations and proof regarding my crypto history and current situation.

  4. hey Adam – supposedly one has made it on you tube when they hit 100 K subscribers- so if you hit 20K that will be the 20 percenters ?

  5. so if you buy something and never plan to sell it aka hold or hodl. then price does not matter. Funny how all these hudler's are worried about price if you're a true hodlr and don't sell then price is irrelevant

  6. Pretty soon you will start to see people having to take out loans to pay their crypto taxes. So how much do you really gain in the end? You play their game they will get you nothing is anonymous nothing is private that is all a farce you have all been conditioned to believe

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