Wait... So if I keep my BTC that I bought at say $4 and don't cash it into fiat it is not liable to CGT since it is not actually 'money'?
If that is the case, I can just buy items with BTC and sell them for fiat on fleabay?
You're still going to have to report the income you make on ebay. No matter how you try to get around it...when you exchange BTC for gain of USD you will have taxes to pay. Other than some kind of illegal, money laundering scam there's just no way around paying taxes on the gains in your investments. It's going to be hilarious when all the "get rich quick" BTC buyers are sitting in Federal prison for trying to get around paying the government with stupid (and Felonious) schemes |
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If you are planning to cash out, and you have a good amount of BTC...it might be a good idea to look into setting up a business for selling off your BTC. You'll give away a whole lot less US Dollars if you can write off all of the expenses for getting and selling the BTC. I'm no CPA and surely no lawyer, but even a simple minded moron like me knows that it's a bad idea to "cash out" millions of dollars in product for your own personal gain. Of course, a simple minded moron like me also understands that it's not a good idea to "cash out" a growing currency for a dying one.  |
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I explained bitcoin to my accountant yesterday...he was very interested. I told him to wait a couple weeks before he looks into it more, otherwise he will get sucked in and be late getting taxes in for all his clients.
He told us to count all our sales as a regular income, and then later when we cash out to deal with capitol gains at that point.
Everyone keeps talking about cashing out...I don't get it! The only time you owe the IRS a dime is when you make money...meaning US DOLLARS!!! If the whole idea of BTC is to create a new currency that's free market...why "cash out"? As soon as everyone cashes out, the government gains and BTC loses! While the whole BTC theory and concept is great...the "cash out" mindset is what will ultimately keep it from ever succeeding. People just can't think outside of Dollars...at least not here in America! |
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Their server was overloaded due to traffic spike over the last two days, they are switching to a dedicated server as we speak. This is from their twitter account and the official thread.
Nice!! Way to do the footwork! On behalf of everyone who has coin at Vircurex...Thank you for lowering anxiety! |
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how about a kickstarter to kickstart a bitcoin kickstarter
Hey...great idea!! I wonder if Kickstarter will accept that as a project  |
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I just trusted my wallet to Vircurex yesterday to buy some DVC. Knowing my luck, they probably did get hacked.  Good thing I only put in what I could afford to lose. My bet is on DDOS...they've been happening frequently....We were all pimply faced little brats at one time DDOS attacks, while disruptive and irritating, are nothing of any grave concern. Probably not a server in the world that hasn't been hit by DDOS at one time or another. No sense in hitting the panic button just yet. Things like this are for the better of the entire currency system really, it helps make networks more secure. Of course, I agree that all the effort would be much better spent on disrupting the threats to our world. But then, who knows for certain what the real threats are? |
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Aggghhh!
I keep getting message to setup CFG file!
No idea how to do so!
I see the CFG file, I click to open it and it brings up a blank screen...that's it!
Click the Phoenix2 .exe file again and same message..."Looks like first time running Phoenix. Please edit Phoenix.cfg file". Same thing over and over for two days.
Can someone please help me understand where I'm going wrong?
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Worth what?
It all depends on your idea of worth and what you plan to do with the card.
Mining with GPUs is on the way out. I was only introduced to BTC and this whole idea a few days ago and I can already see that GPU mining is about finished. As the difficulty grows, more powerful machines are going to be necessary for making any gains.
Avalon seems to be the up-and-comer and I read something about a Butterfly (?) system that's going to be even faster. If this type of currency proves stable over the long haul then you can bet your life there will be even more efficient/speedy machines created in the future.
So....if mining is your only reason for buying a new GPU then I would have to say absolutely NO...it's not worth it.
However, I can always find other projects and hobbies that would benefit from better, faster, more GPUs. Personally, I would like to buy another GPU...but I've been wanting one anyway.
Maybe it's worth it for you...maybe it's not! All depends on your plans for it...at least that's the way I see it.
At the moment I'm a LTC miner I don't think it woulda killed you to read that >.> I did! It makes no difference what you're mining. Faster machines will become the standard for mining. Like I said, if it's worth it for you...go for it! Again...as I said...I would buy another GPU, simply because I can use it for other things if this digital currency suddenly loses it's appeal. Your situation may differ and no one can answer the question for you. I was simply trying to help...no need to get snotty! I only said what I said because of Mining with GPUs is on the way out. I was only introduced to BTC and this whole idea a few days ago and I can already see that GPU mining is about finished. As the difficulty grows, more powerful machines are going to be necessary for making any gains. ASIC's cant do LTC so, yeah. And if I don't get my ROI in a month or two I'll simply sell the GPU. It'd be brand new, 2 months old with warranty. I'd lose 15-20bucks at most on it. Perhaps you missed the part in my post where I said that I'm also new. In fact, I just heard of Bitcoin for the first time in my life, 3 days ago. So...I too have much to learn. I was just offering some assistance in weighing out some things you may or may not have considered. Being new to this, I didn't know that LTC can't be mined with ASIC. Still much for me to learn and understand. If I were a gambling man, I would bet that LTC will eventually be mined by ASIC or something of similar efficiency. Hey...if you do get the 5770 and decide it's not worth it and wanna get rid of it, remember me. I might be interested in buying it to run Xfire with my current one. |
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Ooops...I did miss the part that you're thinking of buying a 5770. For the low cost, why not? Of course, if that's a lot of money for you right now and it's going to cause the rent to be late...then absolutely not! Again...too much info is absent from your question and your circumstances for anyone to answer for you. I can tell you that I'm using a 5770 now and I get about 185Mhash/s. Hopefully that helps a little more in your decision making. |
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Worth what?
It all depends on your idea of worth and what you plan to do with the card.
Mining with GPUs is on the way out. I was only introduced to BTC and this whole idea a few days ago and I can already see that GPU mining is about finished. As the difficulty grows, more powerful machines are going to be necessary for making any gains.
Avalon seems to be the up-and-comer and I read something about a Butterfly (?) system that's going to be even faster. If this type of currency proves stable over the long haul then you can bet your life there will be even more efficient/speedy machines created in the future.
So....if mining is your only reason for buying a new GPU then I would have to say absolutely NO...it's not worth it.
However, I can always find other projects and hobbies that would benefit from better, faster, more GPUs. Personally, I would like to buy another GPU...but I've been wanting one anyway.
Maybe it's worth it for you...maybe it's not! All depends on your plans for it...at least that's the way I see it.
At the moment I'm a LTC miner I don't think it woulda killed you to read that >.> I did! It makes no difference what you're mining. Faster machines will become the standard for mining. Like I said, if it's worth it for you...go for it! Again...as I said...I would buy another GPU, simply because I can use it for other things if this digital currency suddenly loses it's appeal. Your situation may differ and no one can answer the question for you. I was simply trying to help...no need to get snotty! |
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Worth what?
It all depends on your idea of worth and what you plan to do with the card.
Mining with GPUs is on the way out. I was only introduced to BTC and this whole idea a few days ago and I can already see that GPU mining is about finished. As the difficulty grows, more powerful machines are going to be necessary for making any gains.
Avalon seems to be the up-and-comer and I read something about a Butterfly (?) system that's going to be even faster. If this type of currency proves stable over the long haul then you can bet your life there will be even more efficient/speedy machines created in the future.
So....if mining is your only reason for buying a new GPU then I would have to say absolutely NO...it's not worth it.
However, I can always find other projects and hobbies that would benefit from better, faster, more GPUs. Personally, I would like to buy another GPU...but I've been wanting one anyway.
Maybe it's worth it for you...maybe it's not! All depends on your plans for it...at least that's the way I see it.
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I never got much excited for Bitcoins ... Bytecoins however, is the way of the future in my opinion. I became so stoked about this that I made a logo you can use if you want to.  Featuring: Octagonal base referring to the Bytecoin root in the byte instead of the bit. Green theme, as in the green we will make as Bytecoin soars. Horizontal currency indicator lines, showing the break from Bitcoin. Vector format PDF: http://www.sendspace.com/file/rc7r2aI like the octagon for sure, shape wise is perfect. Not loving the color or the internals but definitely a step closer and I love how you took the time to put logic behind the name and the design. Great job! Maria 2.0 Edit: I look at it and the more I do, the more I like it. Green is perfect!! Can it be taken up a notch?? I agree...the green is good! Being a noob to this world myself, I totally get the metaphorical symbolism. I still think the whole thing could/should have been much...MUCH bigger! |
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I'm getting 185Mhas/s on a 5770 that I started mining just a couple days ago.
I'm a little confused by the readings I'm getting. The only thing the 5770 is doing is mining, I switched to my i5 GPU for display.
GPU-Z is telling me that the 5770 has a 0% load...does anyone know if this sounds logical?
I had switched to the 5770 for mining only, in the hopes of pushing it to 100% mining production. The stats seem to imply that very little to nothing is being used to complete mining operation.
Of course I have much to learn about this whole thing. I'm low tech and only 2 days into learning about cryptocurrency.
Still, makes no sense to my feeble mind that the GPU has 0% load.
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AnonyMint, I think I am contributing to your point, correct me if I am wrong, but your theorized enhancement involves lessening the effect of the ASIC devices, is that right?
Not just lessening, in theory eliminating. Hard-disks is something all of us have and need. And there is another angle to this... I am hoping we can store the cloud in our cloud! I want to eliminate Google and facebook. I am also working on a distributed social network and cloud storage. No more data jails and government invasion of our privacy. We will own our data! I have big ideas, but those can't build, talk. So I will need to stop talking soon. What I am saying is that I want to create jobs for the world. I want to fix this mess we are in. Not just me of course, I mean just providing a few key innovations, and then world of all of you will do it. Thinking maybe it's time you head on to bed! Although I love the ideas, I'm all for anti-establishment, anti-government, anti-corporate empire...Hell...anti-ANYTHING!  Thinking big is the only way to think! However, I think you've reached the point of delusions of grandeur here....maybe it's time for sleep Good stuff though! |
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OK...after a little more research, I'm really liking this idea!
With a little more planning, the launch could have been something of epic proportions.
Imagine...the entire world watching the clock for the countdown to open the "Bytecoin.info" web page and launch their mining operations.
Maybe could have had Ron Jeremy hosting the launch of the Genesis Block!
Think BIGGER! Think EPIC!
The more people who join in, the better. How many people are expected to be there for a launch when one forum thread is the largest platform of information distribution?
Failure!!! This could have been HUGE!!
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Thank you for that info. I already added those flags, that's what boosted me to +/- 185Mhash/s. The bad news is that my card isn't a Reference card, so it doesn't allow for much tweaking. The slightest change in clock speeds and it craps out. So....I suppose that 185Mhash/s is the most I'll be able to achieve. Seems odd though, since the GPU-Z monitor is stating no GPU load at all....I don't know, it really sucks being a tech-dimwit!  |
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I already downloaded the newest driver for that card but it still doesn't work :S
Man...the AMD cards are a PITA! I've had so much trouble with mine when updating firmware and installing. I don't know for certain, but I'm guessing you're going to need to uninstall the Catalyst (which isn't easy at all) and then reinstall. The things are finicky and if you do something out of order, you will never get it working correctly. Did you install the drivers before inserting the card? If so, I think you'll have to do an uninstall/re-install. The driver must be installed first (if I remember correctly) There's tons of info around the interwebs that offer guidance in uninstalling. You may want to Google a few searches on proper installation of the card. What ever you do...do not attempt to uninstall the Catalyst without following a good step-by-step guide! I did that once and it ended in a complete reformat of my HDD. Sorry I can't offer more. Perhaps someone will give you some better info before you begin uninstall/reinstall....it really is a time consuming pain! |
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Total newb here...please bear with me... OK, so I was first getting about 130Mhash/s when I began mining a couple days ago using GUIMiner. Then I found out about flags, which upped my rate to about 185Mhash/s....which is better than some I've seen using this card. Thinking I would get even faster rate by using the i5-2500K GPU for my monitor, I switched over to it and now running only mining on the HD 5770. The thing is, I'm still only getting 185Mhash/s and GPU-Z is telling me that the card is only on +/- 10% load. Is there any way to get faster Mhash/s by pushing full GPU power to mining? That's what I intended to do when switching to the i5 GPU. (FYI (in case it's not obvious)...I'm not the most technically advanced human in the world. Please try to post answers using small words ) |
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You will have to download the Catalyst driver from AMD. At least I think that's where I got OpenCl (I'm not all that tech savvy). I have the same card and it's working fine. I was actually just about to post a question about mining with this card when I saw this post. Was going to go ahead and post my question here, but I won't hijack your thread |
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