How do I avoid uncle sam to stick its hand in my cookie jar and takes the tax share?
What if I don't report it?
Face to face trades. Of course, not paying your share into a system that you benefit from makes you a freeloader (or at the very least a leech). I'll gladly pay the transaction fees/withdrawal fees of trading my bitcoins into USD and then transfering USD to my bank account. I'm paying my share to the system I benefitted from, BTC that is. I didn't benefit from USD. So you don't use roads? You don't take advantage of the electrical grid? You aren't protected by the US army? You won't receive social security? /devilsadvocate Yes, I do... that's why I have a regular job that tax me %28 of my income so, the money that I invest in buying mining equipment or btc has already been taxed... Now this line of reasoning might actually have some legs. I find myself very sympathetic to it. But the gain of that investment wouldn't have been taxed yet. And you can (rightfully) deduct the expense of your investment to avoid being taxed twice on it. Would this be an investment or a method of creating a Bitcoin dividend? Does Bitcoin has official designation under the tax code? I saw the guidance of the U.S. Treasury calling it a "virtual currency" but does that mean the IRS is treating it as that. Until we have official designation under the tax code, I do not believe he should need to declare it at this time. |
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Bitcoin is the only available massively-adapted, recognized and guaranteed facility to preserve your savings . (Period)
EXACTLY - I have been sayings this for quite some time. Bitcoin is becoming a " wealth reserve asset" fast than a " currency". I am glad to see someone else alluding to this point. I agree. |
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How do I avoid uncle sam to stick its hand in my cookie jar and takes the tax share?
What if I don't report it?
Face to face trades. Of course, not paying your share into a system that you benefit from makes you a freeloader (or at the very least a leech). I'll gladly pay the transaction fees/withdrawal fees of trading my bitcoins into USD and then transfering USD to my bank account. I'm paying my share to the system I benefitted from, BTC that is. I didn't benefit from USD. So you don't use roads? You don't take advantage of the electrical grid? You aren't protected by the US army? You won't receive social security? /devilsadvocate Yes, I do... that's why I have a regular job that tax me %28 of my income so, the money that I invest in buying mining equipment or btc has already been taxed... Now this line of reasoning might actually have some legs. I find myself very sympathetic to it. |
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Batch #1 is more than 300, maybe 500-600
No. i think 300, too 300 is the number used on their website and to the community. Just saying "no" does not make this not true. Provide evidence we can evaluate if you think this is wrong. |
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Wow, what are the implications of this? What do we need to do to be compliant?
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well with the prices going up on every batch who knows if they will charge 1500 for b#3
Hopefully we will see price stay the same or maybe slightly less with expanded volume. |
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I know not everyone can keep $1500+ worth of btc in a wallet ready to go but knowing that Avalon may open up batch#3 orders are you filling up a wallet right now with ample funds to make a purchase when it is available? You can only pay with bitcoin it seems and if a lot of people do not have enough coin available some times it takes 2-4 days to get into an wallet. I'm very interested in the Avalon's of course because they are the real thing, not some idea or farse but I'm not sure how to hold the funds. I'd love to buy $1500 worth of bitcoin and stick it in a wallet right now, but in just a few days that could drop to $1200 very easily. Hard to do when it is pinned to a dollar amount, right?
Likely this will increase demand so you should see price around this level or higher. |
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MtGox are currently the biggest exchange, but could be replaced anytime when they make a serious mistake. They only exist by having the trust of the traders.
They don't do filler trades, just check the Euro market depth, sometimes there is a bid-ask gap for hours.
^^^^^^^ |
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Interesting, good find. I assume we will see a newsletter announcement soon.
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orders #108x. Paid in first hours of Feb. 2. Were entered in system by BitSyncom later, right before second wave. I hope the payment date is matter, not order #.
According to BitSyncom, payment date/time matters when determining the order in which units will be shipped for Batch #2. You might have missed this. But order numbers dont matter on batch #2. http://www.btcmu.info/avalon-news/160-avalon-update-march-1st.htmlFor clarification the shipping priority is as such:
Sorted from Highest to Lowest.
Developers - e.g. bitcoin core dev and other bitcoin contributor we feel deserve this treatment.
Trade-Ins/Old Customers - your unit will ship soon as we receive the FPGA and you've paid the difference.
Regular Batch #2 Customers - Unfortunately you are not special.
Nope I didn't miss that but yes, now looking on it, should of quoted this as well. I was just repeating what was said by BitSyncom about in what order they would ship outside of any special designation a particular order may have. Payment date & time (Walletbit is where you would find this out) does matter as well, not order number. |
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MTGOX is Bitcoin's central bank. when someone dumps of coins through MTGOX. MTGOX sells them at an inflated price because they know they have a monopoly on the entire exchange system.
URSAY - I quoted this for you so you can see why I may question the OP's technical knowledge of how exchanges work. With statements like " MTGOX sells them at an inflated price because they know they have a monopoly on the entire exchange system.", it makes someone wonder. See I would assume with this statement, that they are trying to say that their is not a genuine seller behind this theoretical seller. I would think that before this sale happens, the price had been pushed up through consistent buying to bring the price to the level where this transaction would take place. |
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I am not sure if the is our "civic duty" to upend dominant political and economic.
If one is of a more accepting nature when it comes to centralized authority and the power of the collective, then civic duty would be perceived as upholding that authority. If one is more inclined to favor the rights of the individual over the power of the collective, the civic duty would entail defending against that power. I don't fault anyone for their perceptions but I will fault people for not exploring other avenues of political thought. "That" is not what Bitcoin was created for. Bitcoin's creator was explicit in his intentions. Bitcoin is a political weapon creating a new territory of freedom for users. While I don't adhere to all of Satoshi's thoughts, this one is unmistakeable in its clarity. I am open to all forms of political thought to weigh out their benefits and failings. That is why I am here supporting this project. We have needed competition in money for too long. |
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you have the civic duty as a citizen to voluntarily fill out the appropriate forms and report yourself to the government. Failure to do so is a federal crime. We have a civic duty to upend the dominant political and economic system. That's what Bitcoin was created for. I am not sure if the is our "civic duty" to upend dominant political and economic. I for one liked on paper our constitutional democracy, the problem is that our representatives don't actually follow the rules and we can't seem to actual elect someone who will. "That" is not what Bitcoin was created for. It was created and a alternative and given to the people for many purposes. With that said, you can use it for those ends if you would like. |
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If audited, you will have to explain how you sent 1k to japan and received 5 back. Doesnt matter where it came from.
What idiot leaves an auditable trail in Bitcoin? It was created to allow your financial life to be private. Well if someone seized your wallet computer then there would be a trail. Also if you transferred money from your bank to an exchange, that would be a trail. |
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Dalkore,
First post you suggest it's "dangerous" to question the inner workings of the great MTGOX.
Post below that you suggest we question the inner workings and "let you know".
Ehhhhh... what???
I did not say " it's dangerous to question Mt. Gox's the inner workings", I can read what I wrote. I said it is dangerous to speculate about market manipulation when a) you demonstrate a lack of understanding how an exchange works b) not providing evidence of these manipulation, only a "feeling". Try quoting me next time. Thanks D |
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that's an absolute disgrace, they can just decide to steal 9.9% of your money and there's nothing you can do about it.
Wow what a great offer, deposit your cash with us and we'll steal 10% of it to pay off debts made by corrupt bankers
It is showing you the real power and control in the banking system. This could happen anywhere, it was passed as a law and the banks complied. |
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MTGOX is Bitcoin's central bank. when someone dumps of coins through MTGOX. MTGOX sells them at an inflated price because they know they have a monopoly on the entire exchange system. They are making money both on exchange fees and by controlling what the masses think Bitcoin is actually worth. Mark my words.
The problem with your paranoid supposition is the fact that MtGox is not actually buying or selling anything. They just act as a platform for other people to trade bitcoins, and take a slice of each trade as a fee. Eeh, don't they put those 'filler' trades in there to mask the spread? And how is that not a form of participating? Mt Gox may perform "market making" function as well, that is a question you should ask them and let us know. Good question. D |
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MTGOX is Bitcoin's central bank. when someone dumps of coins through MTGOX. MTGOX sells them at an inflated price because they know they have a monopoly on the entire exchange system. They are making money both on exchange fees and by controlling what the masses think Bitcoin is actually worth. Mark my words.
I think you may need to research how a Bid/Ask exchange works. Yes, they may be the market maker but as in the past, if someone sold a bunch of coins, you would see the price drop unless there was more demand on the buy side compared to the sell side. The reason we have seen prices elevate is because of more demand that supply. It is really dangerous to make claims like this, you really do yourself and us all a dis-service. D |
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orders #108x. Paid in first hours of Feb. 2. Were entered in system by BitSyncom later, right before second wave. I hope the payment date is matter, not order #.
According to BitSyncom, payment date/time matters when determining the order in which units will be shipped for Batch #2. |
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Cash for ASIC, bump
$30,000 |
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