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It seems all over the world there are news articles appearing in each country. The price went from 13-266 earlier in the year and after all that news coverage it spiked to our current levels later. Now I think the recent news of bitcoin has reached many more people.... orders of magnitude more than before. I wonder if that will impact the price.
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In the year 2014 William shatner acquires a bitcoin and proceeds to make a delayed transaction that won't actually occur until 2200. In that year the receiving end of the transaction is some future descendant in his family.... and it just so happens to be a young male who wants to buy an outrageously expensive starship.... which is still less than 1 BTC.
hmm is 2200 too soon?
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capital gains essentially makes it so that if the dollar loses value you still have to pay because if you are holding something that doesn't lose value (bitcoin) while the dollar does... then as soon as you try to 'use' bitcoin you are charged with the difference.
It depends on your overall tax situation. There are tax brackets with 0% long term capital gains (in the US). true but the gains count towards your income. I think you have to make under something like 32k a year. but it also means you have to hold btc for longer than a year before you spend it |
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the only good news really is that while you still pay a cost because of inflation at least it's not a compounded cost. And maybe it will be mostly unenforceable except for large purchases (like a house)
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#2: When do my gains become taxable?
Your gains are taxable in the year that they are realized. Realization occurs when you exchange bitcoins for any type of other property; such as cash, merchandise, or services. This includes everything from haircuts to yachts. Essentially, any transaction involving the exchange or sale of bitcoins is a realization event and triggers taxable gain.
Because I've seen a lot of misinformation on this point, I want to make myself perfectly clear. If you own bitcoins that have appreciated in value, you cannot use them to purchase a goods or services tax free. Such a purchase is an accession to wealth, and is therefore taxable. This is no different than if you had sold the bitcoins for cash and used the proceeds to purchase the goods or services directly. Yet, one would be taxable while the other would not? The IRS would never tolerate such a blatant loophole, and neither would the courts. In fact, we already have a long line of IRS rulings and Supreme Court cases rejecting identical arguments made for other types of assets. The outcome for bitcoins will be the same. http://www.reddit.com/r/Bitcoin/comments/1uccfz/i_am_a_tax_attorney_here_are_my_answers_to_the/ |
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What the hell are you smoking? who's going to tax you for spending btc?
you mean a capital gains tax when spending it? Well it's true. I don't know if it will be enforceable though. But it is still bullshit |
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what if you buy coins and then buy more coins and then later you sell coins a year after you bought the first batch and the amount of coins you sell are less than the amount you initially bought. can you then prove that the coins you sold where from the first coins you bought and therefore longer than 1 year?
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is there anything legally preventing credit card companies from saying to a bitcoin merchant "stop accepting bitcoin or we will raise your fees" ?
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capital gains essentially makes it so that if the dollar loses value you still have to pay because if you are holding something that doesn't lose value (bitcoin) while the dollar does... then as soon as you try to 'use' bitcoin you are charged with the difference.
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as someone else said it depends on the time frame but if its in the next 5 years i'd just keep my car. It's a 2011 TDI vw golf... love it!
okay the newer porsches look cool......
I wouldn't buy a tesla because I think battery technology is too shitty. I almost didn't even buy a smart phone because of how bad battery technology is
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it's in a businesses best interest to behave nicely. If they rip people off they cannot succeed ultimately as a business. It is in a customers best interest (selfish interest) to behave maliciously. They don't have a reputation they have to keep. They can rip off a business and move on. So it makes sense to have the burden of trust placed with the customer rather than the business.
That aside..... it's perfectly possible to have chargebacks with bitcoin. If a site like ebay accepted bitcoin they could keep transactions off the blockchain and therefore reverse when they want to.
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It seems to me the greatest problem bitcoin faces isn't governments..... it is banks. That is because in the scheme of things the power of banks are above governments (The major banks). That's why I don't think the chances of bitcoin surviving much longer are too great......
but it seems like others just think the banks are waiting for clearer regulation rules. So which do you fall under? Do you think banks are hostile towards bitcoin because of unclear regulation or because of their wanting to retain ultimate power?
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I was wondering if anyone has already made a chart that shows the volatility by basically showing the difference in terms of % from the high and lows on a given day.
In other words..... the chart would show historically over time how much the value of bitcoin actually fluctuates in terms of percentage.
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The government of the most powerful country in the world just basically shut down the largest Bitcoin exchange in the world and this is it? We are back? Amusing.
We are going a long way down now. This seems to be just the start of government regulation.
+1 See you guys sub $10 in 2014. Ok Porc. See you in regret land. LOL @ China being the most powerful country in the world. The most powerful country in the world is AMERICA. Deal with it. We control the money and the military and because of that, we control the oil. Our government and regulators and innovators have given the "ok" to bitcoin. Come to think about it, instead of meeting you, we will just wave to you above $2000 in 2014.  Lol. You are praising a falling star (crashing would be more accuarte). The US is the biggest debtor of them all. Huge liabilities, big government mentality, anti free market philosophy is on the rise and Obama is a socialist in office. The FED is printing like there is no tomorrow. Americans are consume (debt financed) and produce nothing. China on the other hand is one of the largest creditors, is liberating its markets (as it has been burned by communism), and is actually moving away from the dollar (China has been propping up US consumption and living standards). Once the yuan is free floating (not pegged to the dollar) and once the dollar crashes, you will hopefully wake up! The Chinese save (one of the highest saving rates in the world) and produce! China is the future. Even bigger LOL at you thinking that the US government will be more friendly to bitcoin, if it feels threatened by it (dollar monopoly=power remember?). we americans produced twerking.... |
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sub 10 isn't possible. even sub 100 isn't. But there is no way we are going up... a bubble of the magnitude we witnessed can't correct itself this fast..........
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I was wondering that since due to the nature of bitcoin microtransactions aren't really ideal on the network... and since most tipping might involve microtransactions wouldn't it make sense to have a site where you could load your bitcoin into an account and then tip from there. The site itself would be non profit and it would use the feature of bitcoin where you can include a bunch of outputs (tips) in just a single transaction.... and so it could do one of these transactions periodically .. maybe once an hour or every 4 hours or once a day... and basically making the ability to micro tip anyone bitcoins possible?
this could really come in handy for instance for things like bloggers or journalists that want a tiny tip for people who like their articles
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Any one else notice that when trading fees on gox are reduced some incredible volatility tends to happen? I think for the next month it's going to be a scary ride for bitcoin and wealth will be sucked out of the ecosystem to the point where the price inevitably drops to the 300's. A bubble of the magnitude that we just experienced doesn't just get corrected in a few days I think.
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I'm still trying to wrap my head around decentralized exchanges. But I thought I would give a shot at trying to understand them by explaining why I think they could be powerful.
The way I understand decentralized exchanges is that they use "soft connections" and regular exchanges use "hard connections" . For instance... to get money on a typical exchange you need to have a bank linked to that exchange. And you need to then send money to that bank physically. You could wire it from another bank or use a third party payment processor which still goes through the bank. That's a "hard connection"
A soft connection is more flexible. You don't need to send money directly to an exchange for it to appear there. For instance....... say you have an exchange called Gringo. Gringo "trusts" this gas station over in some city 1000 miles away. They trust them with a certain amount in monetary value. When someone goes into that gas station... it acts as a decentralized exchange because the customer could simply hand 100 dollars over to an employee inside and then the gas station could send a communication to the exchange that the money is there. Instantly that person could have money on the exchange and ready to buy bitcoin even though none was actually sent because there is a soft connection between the gas station and the exchange. This is a powerful idea because it means that if banks started colluding and cutting off money supplies to exchanges you could circumvent it.
So how then does the money actually get to the exchange? Well that's where things get interesting. You could do it the old fashioned way and take it by donkey. You could just take whatever amount of money you accrue in a weekly period and send it through the mail each week. You could do something similar to banks and hire an armored truck to do it. But there is another more clever way that Ripple uses. Essentially what happens is more and more people join the network and instead of having to send money to the exchange........ debts and credits are analyzed across the network and they are then balanced out.
For instance suppose someone sends a bitcoin to the exchange and it happens to be the bitcoin that was bought with the money from the customer at the gas station. Where does he get his money? Well if he is also part of the network.... if he is in debt to say.... his tailor.... and his tailor was in debt to the gas station because they have a mechanic that fixed his car... then instead of having to actually move this money at all the debts and credits could be offset and the effect would "ripple" through the network, balancing out debts and credits in whatever optimal ways are possible. The person selling the bitcoin would get his debt to his tailor erased... the tailors debt to the mechanic would be erased and the gas station would turn the money over to the mechanic.
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i installed the latest version of armory and also bitcoinqt on my 13.10 ubuntu. I looked and found that bitcoinqt was installed in /usr/bin
when i go to the settings for armory and tell it to look in that directory it still says it cannot find the software
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