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Dogecoin is crashing!!!!!!!!


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1 minute ago, Bearcat-Doug said:

Why? There’s no longer any need to tax citizens. What we have discovered in 2020 is that whenever the government needs money they can just create it. 

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Wow what a typical left leaning asshole stunt that is, doubling the tax rate?  Yeah that always makes things better, take more and more, then watch what happens when those so called evil rich people want to guard their gains.  They'll take it out on those who run society under them.  Then get the blame for being jerks, perfect political circle jerk.

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11 minutes ago, OptOut said:

This should be interesting to watch... all the massive spikes of the last 18 months, teetering so precariously on the edge of the precipice... I wonder what the knock on effects will be in certain other speculative markets...

dis gon b gud popcorn GIF

I’m pretty sure there’s going to be capital flight. All the wealthy people are simply going to take their money with them and invest it less tax burdensome economies. Like Southeast Asian countries. 
 

The government is already preparing for the possibility of this, Janey Yellen has been leading international conversations on how all countries around the would should consider having a minimum tax rate on corporations. This is precisely because she knows these taxes will cause capital flight out of America, so she wants to make other countries look less attractive than America.

Problem is, there’s really no incentive for emerging economies to increase their corporate taxes (besides the USA told them so). Their low corporate tax rates that they offer is precisely the reason that foreign companies have decided to do business with them which caused them to be emerging economies in the first place.

I think we’ll see more money leave America and go into countries like India, Malaysia, Brazil, Indonesia, Thailand, Myanmar, Kazakhstan, Mexico, etc..

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Taxes would be a great idea if they could be spent efficiently. Unfortunately the people who decide what kind of programs to spend it on don’t have the kind of specialization that private businesses have. 
 

Private businesses are forced to become efficient to survive in a competitive environment. If they fail, they go out of business. Government programs are funded by a guarantee tax revenue stream. Regardless of whether the program is effective or a complete failure, the taxes keep coming in to fund government programs. In the American model, there’s no incentives in place to make government programs operate efficiently.
 

Andrew Yang is a democrat, when he was campaigning in 2020 its clear that he understood the problems associated with things like corporate taxes and wealth taxes. He said things like “we‘ll get Amazon to pay taxes,” knowing full well that the American consumers would actually be the ones paying the taxes and Amazon would simply be calculating and collecting the taxes. He made it clear that wealth taxes do more harm than good and there’s plenty of historical proof of this concept in other European countries. Unfortunately you don’t get ahead in politics by understanding things, having real solutions and telling the truth 😤

 

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Reading the Reddit about Dogecoin is equal parts depressing and hilarious right now. Saps who bought in with every penny they have like YESTERDAY, lol! There was a big media push in the last few days, seems like a couple of the big HODLERS decided today was the day to dump.

Who would have thought a sketchy financial tool started as a joke and with the vast majority of the value held by a handful of like a dozen individuals could be so open to blatant manipulation and abuse? 

High Quality Im Shocked GIF

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1 hour ago, OptOut said:

Reading the Reddit about Dogecoin is equal parts depressing and hilarious right now. Saps who bought in with every penny they have like YESTERDAY, lol! There was a big media push in the last few days, seems like a couple of the big HODLERS decided today was the day to dump.

Who would have thought a sketchy financial tool started as a joke and with the vast majority of the value held by a handful of like a dozen individuals could be so open to blatant manipulation and abuse? 

High Quality Im Shocked GIF

Sounds like this grading company I know.

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3 hours ago, Tanooki said:

Wow what a typical left leaning asshole stunt that is, doubling the tax rate?  Yeah that always makes things better, take more and more, then watch what happens when those so called evil rich people want to guard their gains.  They'll take it out on those who run society under them.  Then get the blame for being jerks, perfect political circle jerk.

The US is very lucky their capital gains tax has been so generous for so long.

Come here and you pay 100% tax on any gains within the first year and then 50% thereafter. I don’t mind because I know where my taxes are going every year and it means we get decent healthcare, roads etc. 

Let’s be honest, if someone has extra money to afford to buy stocks and Bitcoin they’re doing pretty well for themselves.

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4 hours ago, Shmup said:

The US is very lucky their capital gains tax has been so generous for so long.

Come here and you pay 100% tax on any gains within the first year and then 50% thereafter. I don’t mind because I know where my taxes are going every year and it means we get decent healthcare, roads etc. 

Let’s be honest, if someone has extra money to afford to buy stocks and Bitcoin they’re doing pretty well for themselves.

Not always. There are people that put every spare dollar into it or worse, take out loans/max out credit cards to buy it hoping to get rich. There's a reason the majority of lottery tickets are purchased by low income people. When people feel hopeless, they don't always make the most rational financial decisions.

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4 hours ago, Shmup said:

 I don’t mind because I know where my taxes are going every year and it means we get decent healthcare, roads etc. 

Exactly. I have no problems paying taxes. What I don't like is how my money is spent. Politics aside, it is asinine that we do not have a universal healthcare here in the US. 

We can, however, always seem to find enough money for bailouts or to fund the next fighter jet.

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I agree that as a person who is politically progressive, it isn't taxes I dislike, it is how those taxes are spent by politicians on both sides on the stupidest shit imaginable. 

There was recently a situation where I live in FL where a local tax increase was proposed, under the stipulation that it would be spent, and could ONLY be spent on improving the public transit system. It passed, which the county politicians never thought would happen. A year later, after collecting almost 200 million dollars, the tax was overturned as "unconstitutional" because it wasn't allowed to be moved around by the local politicians due to the publically voted stipulation. Now that 200 mil is floating in limbo and public transit still sucks. Our politicans literally came out and said "This doesn't let us be corrupt. This makes us irrelevant. This is unconstitutional!" FFS 🤦‍♂️

Edited by KokiriChild
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6 hours ago, KokiriChild said:

I agree that as a person who is politically progressive, it isn't taxes I dislike, it is how those taxes are spent by politicians on both sides on the stupidest shit imaginable. 

There was recently a situation where I live in FL where a local tax increase was proposed, under the stipulation that it would be spent, and could ONLY be spent on improving the public transit system. It passed, which the county politicians never thought would happen. A year later, after collecting almost 200 million dollars, the tax was overturned as "unconstitutional" because it wasn't allowed to be moved around by the local politicians due to the publically voted stipulation. Now that 200 mil is floating in limbo and public transit still sucks. Our politicans literally came out and said "This doesn't let us be corrupt. This makes us irrelevant. This is unconstitutional!" FFS 🤦‍♂️

Yeah I admit that it does make a difference having faith in the tax system when you don’t live in a corrupt country.

Every year when I get a tax statement it tells me where my taxes went which fosters faith in the tax system.

From what I’ve read of this tax though it only applies to million plus. So the middle class are fine. Also it will fund education, which from what I’ve read, is an absolute shit show in the US.

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7 hours ago, Bearcat-Doug said:

Not always. There are people that put every spare dollar into it or worse, take out loans/max out credit cards to buy it hoping to get rich. There's a reason the majority of lottery tickets are purchased by low income people. When people feel hopeless, they don't always make the most rational financial decisions.

I had a quick look and it only applies to a million plus. So this should be ok for low/middle income earners.

I think the market over reacted. Not sure about dogecoin but I think crypto and stocks will bounce back and forget about it.

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16 hours ago, Tanooki said:

Wow what a typical left leaning asshole stunt that is, doubling the tax rate?  Yeah that always makes things better, take more and more, then watch what happens when those so called evil rich people want to guard their gains.  They'll take it out on those who run society under them.  Then get the blame for being jerks, perfect political circle jerk.

Do you get a boner every time you attempt to use the term left leaning with negative connotation? 

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Regarding DOGE, this is nothing new. BTC had a crash, and all altcoins follow, most of which crash harder than BTC because they mostly trade in BTC on exchanges.

DOGE was one of the first meme, pointless coins and for years it's crashed hard after a BTC crash. This doesn't surprise me one iota. Figuratively and cryptographically.

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