Coward. You disagree with a corrupt system but state you'll do nothing to change or stand up to it.
Proud to remain a coward. Smart criminals don't get caught. Dumb criminals get caught. Really dumb criminals don't require a confidential informant to inform the government of their activities. |
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No. How about you describe in detail to us idiots how screwed up and schizophrenic the Federal government really is? It's quite clear the Federal Judge is saying it is legally to be treated as money. Are you saying the IRS is basically a criminal organisation that can use its very own legal definitions to extort wealth from the USA citizenry? How does that work?
Umm, ya. They even have their own court in which to sue you for your unpaid taxes. I never advocated or endorsed the system, I just want to stay out of jail and be able to live a public life without having to go underground as a criminal. The federal judge ruling is a framework that applies to a different area of the law, for money laundering, not taxes. [edit] You seem to be arguing base issues to which the rulings apply: 1) The government demands a tax on your income 2) The government demands that you don't transfer money without their supervision The invention of bitcoin never invalidated these laws. It's just the government clarifying how bitcoin applies to these laws. |
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You do know that the IRS ruling and the federal judge's ruling are two different things, applied to narrow scopes in the law. The case you cited applies to AML/Money Transfer laws, while the IRS ruling allows bitcoin holders with long term capital gains to be taxed at a lower capital gains rate. |
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The IRS seems too want to have it both ways here. Tax it as money when paid (unlike other property like stocks options as I've demonstrated) AND tax it as capital gains when spent or sold
You make it sound like it's double taxation, when it is not. I do some work for somebody, and they give me a collectible baseball card in compensation. I am obligated to pay tax on the income, based on the value of the card when it was given to me. If I choose to hold onto the card, and realize a capital gain when it sold later at a higher price, then I am obligated to pay taxes on that gain. |
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Is it possible to give IRS more work than they want. What if you buy lots and lots of chep things (micropayments is a feature of bitcoin we want to keep) or just move bitoins back and forth between different wallets and report every single transaction individualy. Then send these thousands of small transactoins of cents or less to IRS to handle. Since this is possible with bitcoin what would happen.
I' m lucky not to be a US sitizen.
That really doesn't work. Paying taxes is mostly by voluntary reporting. When you file a tax return, you will report your gains in one line on the tax return, in the dividend section, maybe two if you have long term gains. If the IRS audits you (a low probability event), then you would supply the records supporting that claims you made on the return. The IRS will see larger transactions reported (over $600) just as if you used cash. If they don't match up, then you have an issue with the IRS. The IRS really isn't going to care about all of your small transactions, and you would only need to show them if you get audited. |
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visa and mastercard made problem for wikileaks too. don't use them, they are front business of people who are against bitcoin.
What facts do you have that tell Visa&MasterCard are against Bitcoin? It would be logical to assume that Visa/MasterCard are against Bitcoin because is it a competing payment system that would cut into their profits. They are going to fight it, or find a way to adapt and live with it, such as providing bitcoin to Visa/MasterCard gateways. I personally think that Visa/MasterCard should fade away, by deeming themselves to be the arbiter of who can trade on the system (i.e. Wikileaks, Russian citizens using certain banks) I think the Target data breach helps the world know just how insecure their system is. |
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I'm not sure what you are asking the government for, making gains from holding bitcoins was always taxable. If you traded gold instead and made gains, you'd still be liable to pay taxes on those gains. The IRS did bitcoin holders a favor by saying long term gains could be taxed at a lower capital gains rate when you hold it for more than a year. Is that what you are complaining about, or are you complaining about having to pay taxes? Everyone does that. |
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perhaps bitcoin will prosper in the real free countries of the world, Hong Kong, Singapore, Australia, Switzerland, New Zealand.
its obvious the debt ridden USA has deteriorated into financial tyranny.
The legal requirement to pay taxes is really nothing new since 1924 in the USA. Al Capone's conviction and prison sentence was evidence of that. What is the most onerous is the provisions from the Patriot Act, which brought in the KYC/AML laws, probably the strongest in the world. Now the rest of the world is beginning to discriminate against Americans, since they don't want the long arm of the IRS violating their sovereignty. i.e. Switzerland. |
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J_dubbs is 100% correct in everything he's saying. http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/A-Brief-Overview-of-DepreciationEven if a taxpayer meets the preceding requirements for a property, a taxpayer cannot depreciate the following property:
Property placed in service and disposed of in same year.
Equipment used to build capital improvements. A taxpayer must add otherwise allowable depreciation on the equipment during the period of construction to the basis of the improvements.
Certain term interests. Sure, if you sell it to a fool that will never make money from it. Documenting a sale or a donation to a electronics salvage operation would help as well. But if it is never "disposed of", then I would follow IRS guidelines not to raise red flags as a precursor to an audit. That's just me, and I do not claim to be a CPA or a tax attorney. I'm just a guy that fills out my own schedule C. |
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Somalia is an example of post-Gov chaos, NOT a libertarian experiment.
Ah, so it doesn't fit the philosophies of extremist libertarian manifestos. In what ways has the failed state of Somalia differed in the practice of utopia-libertarianism? I honestly want to know. |
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Asking a person to describe "Utopia" for a diverse group of people like the Libertarian party is impossible. The differences between what two individuals consider Utopia can be very different.
Somalia is closer an an Anarchist utopia than a Libertarian utopia. The difference being that most Libertarians are moderates rather than Anarchists.
Good, you seem like a reasonable person with realistic ideas about changing our current system of government. I have some libertarian principles, by I would never be welcomed by the extremists that believe our government is sure to collapse in 2 years, and that bitcoin is going to completely destroy the USD. Instead, I invite them to set up shop in Somalia, where there exist no effective government, no taxes, no regulations, and lots and lots of guns. |
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You claim Somalia is a failed state with no effective government, yet you admit you haven't even been there. Those who have actually been there, reported from there, such as Unreported World's "The Master Chef of Mogadishu" crew, show Al Shabaab insurging against the government and trying to assassinate them, a government composed partially if not mostly of former ex-pats and refugees. Why would Al Shabaab insurge against a non-threat, non-effective government? Why would ex-pats and refugees return just to circlejerk and get suicide bombed? Why is Mogadishu Central Prison run, if not to lock people in?
How bloody effective does a government need to be before you stop saying it's not?
Just to be clear, we are talking about Al Shabaab that held control of Mogasihu only 3 years ago, until the predecessor of the currently anointed government (founded only in 2012) forced them out. So yes, 3 years of holding most of the capital city under regular attack from insurgent forces, but not the country, is a small start towards Somalian statism. |
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That IP address is owned by Microsoft. Just something to keep in mind, blockchain records the node that first relayed the transaction to them. It doesn't really know who originated the transaction. Blocks mined from known public pools are marked that way, usually because blockchain attempts to stay in connection with them, and secondly, because most pools inscribe an ID sequence in the block. |
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Bitcoin is slowly breaking down our shared myths: "deflation is bad," "money must be issued by a government," "people should not be free to transact with each other," etc., etc. Bitcoin will break down some libertarian myths too.
I think it is better to focus on ideas rather than labels. Labels divide, ideas unite. When you settle into an ideology, it seems to be an excuse to stop thinking.
Exactly! Bitcoin is usable currency that relies on no central government, a novel invention and a great idea. Do I believe that it will replace all centralized government currency? No. But it will live along side of it. |
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Statistics are irrelevant to this argument about who can or cannot legally get a gun under the laws of the State, which is covered by gunpolicy.org with cites. Texas with its Jim Crow laws is another example of a State that is covered in "but there's liberty here!" bullshit.
You site statistics, then say statistics are irrelevant? I'm confused. Somalia is a failed state with no effective government. The gun laws of the ineffective government don't really figure into the equation. |
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Sorry, but you sound really pathetic. Like you're the type to wait for the crosswalk light to switch to "walk" even if its in the middle of the night, and well lit and no cars for over a mile in every direction.
Do you really think the Feds are gonna bust down your door for streaming the final season of "Breaking Bad"?
Copyright law in the United States is moving towards more and more criminal provisions. People who violate such laws should be aware of that, and not all of them are going to admit it in public. Just like people that take illegal drugs. As I have said before, I am sympathetic to a lot of libertarian principles. Let me be a little less subtle. Smart criminals are the ones that never get caught. Dumb criminals are the ones that get caught. Really dumb criminals are the ones that don't even require a confidential informant to inform the authorities of their actions. I actually do wait for the crosswalk to light to switch so I can have legal right of way. I'm usually not in that big of a hurry crossing the street. Crossing with the light in the crosswalk allows me punitive damages in court if someone chooses to hit me. It's just a weird thing I do, hopefully it will never pay off. |
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Have you even been to Somalia? What are you basing your knowledge of its current condition on? "Captain Phillips" with Tom Hanks??
I refuse to see that movie, because it glorifies the mighty power of the US Navy brought to bear on a bunch of skinny teenagers. I read a lot; but no, I have never been there, have you? |
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The official government has no control outside of the capital and very little control inside the capital. Sure, it is the officially recognized government of Somalia. The gun statistics are based on household surveys done in limited geographical (safe) areas. "Knock, knock, knock. Hi, I'm doing a survey and would like to know how many guns you keep in the house. Thanks you for your time and honest answer, have a good day." Try doing that in Texas and say with a straight face that you can interpolate the true gun ownership statistics in Texas. |
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- No system of government will ever create wealth. Different governmental systems only protect the interests of different people. A Libertarian government affords little protection and favors an individuals right to choose for themselves. The protections afforded by other forms of governments come in the form of restrictions and have a high cost. The cost of regulation is a piece of freedom + the financial draw of regulatory oversight. Everybody is losing money just to protect a few people from themselves, essentially.
- The distribution of guns should not be "socialized" because that would imply that the guns weren't owned by the person carrying it. Guns should be owned diversely by society, if a warlord wants to steal your food supply then the people should outnumber the warlords... Allow the people equal access to power and the oppression will end. Gun ownership is power; think of Yin and Yang. The guns will exist and the power is real; the people deserve equal access to that power necessary to protect their lives and equalize the distribution of power. The force of the people should exceed the force of the government ALWAYS and at every point.
Are you then arguing that Somalia is or is not a libertarian utopia? I regard it as the closest thing in the world in this point and time. You are adding on to an argument in which the other poster doesn't believe it is because the people are poor and violent, and I am arguing that from a libertarian point of view, the absence of government and increased gun ownership solves these problems. However, I don't see many idealistic libertarians flocking to this paradise. |
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I know what you mean, I think. I could be more polite, right? Well, the problem is it's very frustrating and damaging to see so much bad advice. I literally had someone compare this to owning a bakery and depreciating on an oven. Some guy who has never mined Bitcoin ever takes one accounting class and learns about depreciation and they think it applies to everything, very annoying to watch it spread and be recited as gospel. The very important rule with capitalizing equipment is that it MUST have a useful life beyond 1 year. Without getting into WHY depreciation is good for real businesses with that type of equipment we can just eliminate the static and just say "no". This ASIC gear, historically speaking, cannot be projected for a useful life beyond 1 year, and therefore it cannot be put on a depreciation schedule. Now, if someone wants to do that they can, but they will end up showing excessive profits that do not really exist. At this point someone would need to try to make a case FOR depreciating because the reasons why not to are so pronounced.
I am the oven guy, and I was speaking to you as if you were ignorant of the concept of depreciation, and I apologize for misunderstanding. My position is that a standalone mining rig would be considered by the IRS to be in asset class 00.12. While, logically, it shouldn't, as you have pointed out it may (although a high enough rise in $/btc or an anomalous drop in the hashrate may invalidate that assumption) have a useful life less than a year. I, not wanting to take an aggressive stance against IRS rulings, would put my mining rig in the asset class 00.12. And, yes, I am a miner with a recently purchased rig. |
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