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If I have an LN Invoice to pay, I'ld rather pay with my USD balance if I could -- not a taxable event, no cost basis tracking. That's the point.
No, bitcoin going up (or down) does not change the balance of your USD account on CashApp.
You have a USD balance, and a BTC balance. Just like with most any other exchange.
But when you pay an LN invoice, and choose to have it come from your USD balance, you have no exposure to BTC/USD exchange rate fluctuation, and thus no gains. You are simply instructing Cash App to settle in bitcoin after taking that amount from your USD wallet.
Now if you were to buy BTC first, and then at a later time pay an LN invoice (or withdraw), then yes -- that can be a taxable event.
Not tax advice, but Cash App doesn't treat paying for an LN invoice with USD as a taxable event either. Neither does Strike.
They already had zero fee when paying an LN invoice from your USD balance. Why would I buy bitcoin with my Cash App USD and pay a fee when I can just create an LN invoice and pay that invoice from the same USD funds, ... with no fee.
So with this fee-free payment of LN invoices, they cannibalized their fees for explicit selling bitcoin. Except today my monthly volume of exchange into BTC on Cash App is 5X the level (in USD terms) than when I had to explicitly purchase BTC and pay their fees.
Thanks Jack!!!
It’s time to scrap AML / KYC entirely.
The idea that politicians should know how citizens spend their money is a new and deeply flawed idea.
An entire generation has been fooled into thinking this is a necessary part of finance and the world continues to double down on an unworkable system.
Only 30 years ago when I started my career as a stockbroker/ financial advisor I could call you on the phone and sell you MSFT or IBM stock and I did not need your DOB or your social security number. You didn’t even need to have money in the account.
The 1990s to the post 9-11 Patriot Act (which was a horrible law) saw a radical increase in AML /KYC requirements. These seem to get worse every year.
In my office when we were first required to take a drivers license, the older brokers were incredulous: “What do you mean we need an ID for someone buying stocks?!? What’s next, you need an ID to buy gas or groceries?”
[...]
The company will establish a $135 million nonreversionary settlement fund to compensate a proposed class of more than 100 million Americans who used Android-powered smartphones with cellular data plans provided by mobile carriers between Nov. 12, 2017, and the date of final judgment.
Settlement class members will receive a pro rata payment of up to $100 per person after deductions for attorney fees, costs, incentive awards and administrative costs, according to the plaintiffs.
The proposed settlement class excludes California-based Android users who are covered by a separate proposed class action pending in state court on behalf of approximately 14 million users in the state.
As part of the Google settlement, the company will revise Google Play terms to explain that certain data transfers occur “in the background, when you are not directly interacting with your device,” may rely on cellular data when a device is not connected to Wi-Fi and cannot always be disabled.
Fantastic Frontline PBS documentary on the journalistic pursuit to understand and follow Alex Saab:
All in Spanish:
Alex Saab ARRESTED . Operation "in tandem" w/FBI
#1426530
Alex Saab ARRESTED . Operation "in tandem" w/FBI
#1426530
Nearly everyone is on the take, in one manner or another. Ask your Uber or Taxi driver where to have dinner? The driver gets something from the restaurant for dropping you off there. So, of course, where you end up does not necessarily match what you requested, but where the driver gets the greatest commission.
There are few places where alcohol is served. When you find one and ask to be seated, and then finish your drink (and signal for the bill), you might learn it is a "private club", and you owe an additional $30 for the membership (you took the seat, so you accepted). Yes, that happened.
LOL!
Source