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I noticed the same. I wonder wtf?
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2. every 5-10 years, bitcoin doubles in amount. Granted, it'd be making new bitcoin out of thin air but kind of a built in way to accumulate more bitcoin.
I don't recommend inflating bitcoin. It dilutes it's value and is unnecessary. |
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Your best bet is to not convert it to fiat at all if you can avoid it. I know some need to recover cost from purchasing miners etc., but if you hold you can avoid taxes and enjoy the bull run.
Not converting to fiat does not make you immune from taxes. That would be considered tax evasion, and if they catch you there will be penalties and possible jail time depending on how severe. The above is exactly correct. With all the advances in the reporting over at Coinbase, I would not be surprised if we start receiving 1099s from them by the end of 2014 How would Coinbase figure out the 1099? If you sell bitcoin through them, how will they figure out which bitcoin you sold. What if you transferred bitcoin to your account from another account and then sold it? They could issue a 1099 showing your sold one bitcoin at $700 but who's to say how much you paid for that? I'm afraid I see oppressive regulation coming our way. The good news is, nice the IRS really starts to crackdown on bitcoin, the publicity will be good and enlighten the public about inflation, the fed and government controls. I hope. |
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Anarchy > Capitalism. Anarchy means without hierarchy. It means no man belongs to any other, to any degree without consent. It also means you economically illiterate communists and socialists can all band together in shared misery... while us capitalists will associate and contract without whomever we choose as well.
But who will keep people from killing each other? Some kind of basic order is necessary. The right to life has to be enforced by someone. I agree. Government is necessary to protect the rights of its citizens. And nothing more. |
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If I buy a crate of tomatoes today and the price drops and I sell them for a loss tomorrow, can I write off the loss if I only buy and sell tomatoes as a hobby, not my primary business?
If I sell them at a profit, do I have to report the income?
I am not in the business of buying and selling bitcoin, do I have to report gains and losses to the IRS every time I spend them for goods and services?
Now here's the kicker...if the IRS says I must report the realized gain every time I spend them, then can I write off the loss that Hasfast will never send me my miner?
Need a knowledgable US CPA.
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So the OP states whatever private parties/corporations do such as bailing out others is okay, just not to dare consider bailing out governments.
Interesting.
So TARP Bill was wrong? But it was the private sector begging for tarp was it not? Even CNBC 'money honey' begged everyone to sell, sell, sell, on live TV 'so they will pass TARP'
But it's okay to bailout GM and even a private equity firm called Chrysler Corp? really? NO? O, because it's government bailouts. Hey, great, we agree on something else OP.
But the secret multi-trillion dollar bailouts by the privately held FED corp. were perfectly fine with the OP?
Even though us 'little people' are forced to pay for the ruling wealthy elites backdoor bailouts, much less others getting bailouts even though they too ended up being wiped out along with the banks, wall street and the insurance companies and pension funds? (everyone was wiped out...in 2008-2009, then bailed out, essentially).
And the FED paying zero taxes is perfectly fine?
And the FED forcing all of us to pay usurious rates of interest on every last dollar in circulation into perpetuity is perfectly fine?
And so it must be perfectly fine with the OP that we're all slaves to the likes of those that believe just like himself, of course him included?
So the FED, whom lost, and all the ruling wealthy elite, whom lost, all lost everything, as in insolvent, bankruptcy, LOSERS...they can always be saved, but everyone else must play naked capitalism? Is that correct OP? IF so your a fascist or communist.
Your story falls apart OP.
Relentless greed, insider trading, frauds, etc. are not the solutions, their the problems.
Limited governments sounds great, but someone still has to pay for it.
END THE FED and suddenly no, we wont have to pay any more income taxes. But those like the OP seem to think the Fed is wonderful?
Don't like it? Then try and change it.
Sure; I want half my lifetime income (the money) I have paid in taxes all my life to support bums like you OP, for your entire lives. Damn straight.
Sure; I am sick of supporting parasites and many other bums like you OP.
And very soon those like myself will be doing tap dances on your head and forcing those just like the OP to pay up and be locked away.
We're not going to allow you in anymore. Your going to be forced to carry your own water. O the horror...
As for capitalism and solutions: Yes, built on the backs of labor and limited supplies of resources.
Just don't try and explain that to those like the OP, they can't comprehend reality. Their apparently sociopaths and psychopaths.
What next OP? exterminate the handicapped, the disabled, the mentally ill, and other groups, maybe even races or nations that refuse to cower to your demands?
Why not just exterminate the criminals and crimminally insane like yourself OP? Wouldn't that make much more sense? (just kidding, sorta).
All while what? You (OP) apparently worship the criminal banking cartel that now holds almost the entire world in financial debt bondage?
Go back to the drawing board OP. We will rip you apart here, your in way over your head.
BTW: Review Norway. It has a viable solution to make everyone that is half reasonable happy, but it too is based on limited resources unless we get off this rock called earth. Yet it is the sole guiding light so far. Model society off Norway and that's a darn fine start for everyone. But then the OP has no clue about any of that (real, decent, honorable, Capitalism, in a realistically true social democracy).
Fascists and Communists all hate me, I am their worst nightmare. Just like the Fascist Banksters.
END THE FED.
End all debt based fiat.
Bitcoin is Monetary Freedom.
The OP sucks.
nuff said.
Where, in any of my posts, did I say all that? Are you reading the correct thread? Go back and read them again. Geesh. |
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Capitalism protects me from being abused or forced to work for someone else. Sorry to break this news to you, but it doesn't. Unless you think dieing by starvation is acceptable as alternative. There are others forces than those by persons. So you can talk about "non aggression principle" all day, the fact is you are completely ignoring those other forces even when they can be just as cruel as the "aggression" you hate so much. It doesn't matter how noble the intent, it doesn't matter whether you are helping childhood cancer or keeping one person from starvation, to use force to take the product of somebody else's labor is to commit an immoral act. The moment you violate this simple primary, you open up the proverbial slippery slope to more and more regulation, taxation, enslavement. There is always some sad story that has to be alleviated. There is always somebody making gobs of money "they don't really need" to use the force of government to steal from. The world has a huge entitlement class. There are billions in taxation stolen from productive citizens worldwide to "provide relief" for the poor. Has it helped? I say no. Even if it does help few, it's not worth it. Immoral = immoral. No matter how big or how small. A million tiny wrongs do not make a right. |
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To answer a few questions…..
OP I have a few questions for you.
1. Do you believe in bailouts for failure?
No. Not government bailouts. Never.
2. Do you believe in Bonuses for failure?
No. Not for government entities. If private organizations or corporations want to give bonuses for failure, that's their concern. Unless I am a stockholder, I couldn't
care less.
3. Do you believe the wealthy deserve to be saved from ruin through bailouts for failure?
I don't believe anybody deserves to be saved from failure if that means others have to pay for it.
4. Do you believe others should be bailed out while still others are forced to pay for those bailouts?
Nope.
" Sure, society needs to care for those that can't or wont, but not "reward" them. "
Oh, heck no! That's the immorality of altruism working. If private individuals want to help the less fortunate, that is allowed. Forcing somebody to be charitable is wrong. Immoral. Evil.
Finally, the last few posts kept using the word "greed" like it a bad thing. It's not. To quote Gordon Gecko, "Greed is good. Greed works." Greed is each person looking out for themselves and striving to accumulate as much wealth as possible. This is what drives innovation and industry. I want everybody who is capable of achieving stellar success to get there, because they lift up average people like me in the process. Capitalism protects me from being abused or forced to work for someone else.
People who achieve wealth through government subsidies and favors are helping nobody but themselves. They lack the ability to succeed on their own and rely on pull and influence to get ahead. They are the immoral product of altruism.
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Capitalism itself has no moral standpoint, it doesn't say anymore than "money is power, try to achieve wealth by doing stuff". It doesn't care if you achieve it by exploiting others or by being a great inventor. But people do. "Then, as usual, people in power started placing restrictions on citizens[...]" , you are even saying it yourself. Guess what will happen then. The neutral capitalism will be shifted by those who gained power first. This will lead to some form of government/restrictions for other people. -> true unrestricted capitalism can only exist for a short timeframe. The only moral purpose of government is the protection of individual rights, thereby increasing freedom. By guarding a right for someone, you are also restricting someone else. Think about this sentence: When you are born into this world all pieces of land are already owned by someone else. I have to disagree on a few points. Capitalism is based on a rational view of the nature of man. Man cannot exist and live as man in the absence of freedom. That is why the dominate philosophy of this century has led to the decay of the US and western society. That is the philosophy of altruism. Excuse me while I channel my inner Ayn Rand…Altruism leads men to believe that it is a virtue to sacrifice oneself for others. Even a little bit is considered noble. This leads to man feeling guilty for not "giving more" than they already do. We look at monks, who give everything to serve others and live in poverty, as the ideal to live up to. This becomes a problem when men achieve political power, the power to initiate the use of force against men. This power is given to the politicians by the very people who elect them into office. With the philosophy of altruism permeating our society, it is now very easy for these men of power to use that power to force men who "haven't given enough" to "do the right thing." Unrestricted capitalism will only be able to exist for a short while until the philosophy of altruism is no longer taught. The correct philosophy for man to exist qua man (as a man and not a slave) is Objectivism. Objectivism teaches rational self-interest and the ultimate value and virtue. Objectivism is the only philosophy based on reason and man's use of it to guide his decisions. Under true and unrestricted capitalism, individual rights are the most sacred (if I can use that term) asset a country can preserve. No law can be written that violates a man's natural rights and no man can violate the rights of another without breaking the law in doing so. The initiation of force is given exclusively to the government and man can only use force for self defense or the defense of others. Those in power cannot pass laws that violate rights, period. This leads to a very narrow scope of government, namely police, military and a system of courts. Any other use of government force will violate man's right to property. Everything else - education, infrastructure, social programs, etc are all immoral. To supply one little old lady with a government pension check seems like a noble deed. But that deed is based on a million tiny little uses of force to take the money from somebody else who actually earned it. I'll stop here. "When you are born into this world all pieces of land are already owned by someone else." The answer is you will get a job and earn some bitcoin and buy it from somebody who wishes to sell it. You may inherit it as well. There is nothing wrong with inherited wealth. I don't fret that men like BIll Gates and Warren Buffet have loads of money. They have made our lives infinitely better through their innovations and skill. Their massive wealth was well earned and I admire them for it. But wait a few generations and see how much wealth the heirs of Bill Gates will have. I predict very little. It will get spread out through the population because few men create that kind of wealth and even fewer can keep it. Have many Kennedys and Rockefellers have the same power and money their ancestors had? None that I know of. |
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Capitalism has created more wealth than any other political system in history. The US started out as a capitalistic society. It has been degraded and attacked since the beginning and now is far from capitalist. But in those first 150 years, it did more to increase the wealth of the world than the previous 2500 years.
Plus it is the only moral system of government. Every others system violates a man's natural rights in some way or another.
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If individual rights are being violated, that is not capitalism. Capitalism protects individual rights.
Morality, simply put, it not using force or threat of force in transactions. Capitalism, pure capitalism, does not allow the initiation of force in interactions between men. Every other form of government see force to take from men the product if their labor.
Socialism, dictatorships, royalty, fascism, you name it. These all violate men's rights for "the good of society" and are therefore immoral.
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I've seen a lot of talk on these boards bashing capitalism. I want to remind people that capitalism is the only moral system of government and it has never been tried completely.
When the US was formed, capitalism flourished briefly. Then, as usual, people in power started placing restrictions on citizens and began the immoral taxation to pay for any number of programs. A central bank was even formed in the early 1800s that lasted for several years. Despite the slow encroachment of oppressive government, the US lead the world in innovation and wealth accumulation during the 1800s and most of the 1900s. This was all due to capitalism and limited government.
As a liberterian, a TRUE liberterian, I see the immortality of taxes. I recognize the evil of using government force to take the product of a citizen's effort and use it for….anything. ANYTHING. The only moral purpose of government is the protection of individual rights, thereby increasing freedom. Forcibly taking wealth from somebody and giving to somebody else is wrong/immoral/evil.
Bitcoin thankfully takes the power of money creation out of the hands of governments which is why there are so many libertarians on this forum.
I could talk about morality and philosophy all day long but this probably isn't the right forum. I just wanted to point out that true unrestricted capitalism is the moral engine that drives wealth creation in this world.
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Is there any way to tell which addresses belong to Satoshi? For that matter, is there a way to search all public keys and order them from greatest to least in terms of number of btc?
That would be interesting.
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I've heard that bitcoin can only handle about 7 transactions per second. Is this true? Seems to me that would be a limiting factor in worldwide adoption of bitcoin. Has this been addressed by developers?
What if bitcoin were adopted by every nation, every person. The only currency. Can this be done?
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Unless you believe that inflation is the increase in the money supply. In that case, it absolutely is causing inflation because it IS inflation. The fact that you have not seen prices rise just means they haven't risen enough to get your attention. But they WILL rise. It is inevitable.
THAT is what is so insidious about the theft of purchasing power through inflation. Even when people recognize it, they don't ascribe it to the government's monetary policy.
The stock market turn around and increase was greatly caused by inflating the money supply. If your 401K is doing well, it's NOT REAL. When the fed stops making money, there WILL be a correction. It will come with the market falling or prices rising. Either way, we all loose.
I'm putting as much spare money as I can into crypto, mostly bitcoin. It is fast becoming a store of value better than gold.
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Oh no! the U.S. stock market is manipulated, it will crash to zero tomorrow!
Wake up Chicken Little.
you are total idiot, i dont even know why am i wasting my time with this post, but ok, it said that we should help the weak (in your case stupid) ones: Does the MAJORITY OF THE POPULATION know that the stock market is manipulated? NO! What will happen when the majority finds out, and realizes that the price is overburn? The price will fell... oh... and what did the majority of bitcoin world found out now... that the price is manipulated... Really i said it many times here, if you do not have anything usefull to contribute, dont contribute at all. Be nice We all have something in common, our love of bitcoin. We also have different backgrounds and levels of knowledge. So please, let's be nice to each other. |
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Let's not forget that bitcoin is merely a PROTOCOL for transfer of assets. Currency is just the first asset that attached itself to it. Relax gentlemen. Collect and use bitcoin for bitcoin's sake. This exchange rate manipulation will be small potatoes when the true value of bitcoin is realized. Bitcoin continues to have the following going for it. Limited supply and a secure protocol. Bitcoin cannot be manipulated. It cannot make judgements on its owner. It continues to evolve at 25 bitcoin per block. Safe and steady. Every store, every restaurant, every hotel I go to, I ask the same question. Do you take bitcoin? (To the chagrin of my girlfriend). I encourage everybody to do the same. Spread the word about bitcoin. That will increase its use, increases it's price, and finally increase its stability. When the 21million bitcoin are finally spread out across the planet,I believe it is unlikely that any one individual or group of individuals will be able to manipulate its price. Hoorah for bitcoin!  |
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People are poor because there's not enough spending. No spending, no jobs.
Wow, that is scary statement. I hope you are not referring to government spending. Reminds me of a few years ago when I heard a Congressman say "We have to spend our way out of this recession."
If the masses spend their money, the economy improves. When the government spends the peoples money, the economy declines.
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No government can completely control bitcoin, however they can heavily influence it. Just look at China. Even a single announcement from their bank, causes panic and price dropping a good margin. The US government is also holding the second largest amount of btc from the silk road bust I believe. If they want to directly crash the price, they can dump it into the market at any moment.
I sincerely hope they do. The price will crash (temporarily) and I could scoop up a lot of btc at bargain basement prices. )) |
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