In the US, you owe taxes on the value when you receive it and then again if there are gains when you sell it.
Are you really declaring your ownership of BTC? OMG.  Not as such. If you receive it as payment (as I do) you have to pay the normal income taxes on it at the rate of the bitcoin at the time. Then if you sell it later you need to take into account capital gains or losses and pay taxes on only that differential amount. It's one reason I use LIFO accounting: I can fix things for people, take bitcoins, then convert some into cash to set aside for taxes and for buying equipment/parts/shipping. Normally the fluctuation is minimal short term so no STCG taxes and no screwing with the old stuff (which has appreciated but I'm using LIFO). Bit screwy this year with the bouncing, but still not bad. (One of the 500 or so people who actually paid all taxes on bitcoins earned last year. It was kind of a silly return but accurate) |
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50btc is about double the price (100k). For that amount they should include a hooker and a mint. |
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Hm. I wonder if this can help the issue of providing a stable blockchain for the Martian colonies. I want to be sure I can withdraw Bitcoin at any Mars ATMs. |
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So I think I'm feeling ready to make the move to accept bitcoin as an advertised method of payment in my jewelry business. I've been toying with the idea and suggesting it to customers for awhile now for the reaction. In July, about 70% had heard of it, 1% had some but wouldn't use it, and around 30% who had heard of it said "not for me". This week I noticed a much broader interest in bitcoin from my customers which turned into short conversations and several eavesdroppers approached me later to ask more about it.
My customers are largely middle and upper middle class.
I have a 17 day show starting this week and I've already printed the sign. BTCitcoin Accepted Here!
Very cool. I did some gold buys with a coin store and I found I spent a lot more when I was using Bitcoin (at $600-$800 a coin I sometimes kick myself but that's life). Let us know how it works out, more merchants should do this. LF: Merchant who accepts bitcoins. |
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Back to serious... yep.. I am having some similar dilemmas... not with the mining part but just ongoing questioning of some issues with fast price appreciation.. partly a problem of having what you wish for coming true.
Just remember what happened to the boy who got everything he wanted. "He lived happily ever after" |
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One year ago 2 bitcoins would buy one ounce of Gold.
One month ago, 2 bitcoins would buy a fun little sports car.
One year from now......
Hodl.
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Sure, I'm still fixing Titans and such, will PM you.
C
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Not sure, but I have noticed that if the Pi goes out it can take out the CPU on the miner. Is there a place where I can download the miner firmware for a reflash; I'm going to try replacing the CPU.
C
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Even with my high net worth I bought an 1800 dollar car. Cars are bad investments unless you are trying to get some sort of business clients by displaying your wealth so that they will invest their money in you. Or to get a mate.
I'd have to agree. If you want a good Porsche I'd recommend the 928S myself, nice solid cars that have 300+HP under 10k. 911's are nice (I had an E for a number of years) but their prices are kind of silly at this point. Or a Boxter, they go pretty cheap and aren't bad.... |
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Coming up on 4k. We call this the beginning.
C
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Indeed. I used to wonder if BTC would pass silver. Then be on parity with gold. Now I'm waiting for parity with BRKA....
Give it time.
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I can't wrap my head around the ATH,s flashing past either. So I play a mental game and say
the price corrects 1/3 back to say from current price $3,750 to $2,475. But then that number freaks
me out, because I remember $650 btc last summer. Stuck in a loop. My head hurts.
In 2013 at $150 usd it was easy to think. Tulip money. Easy come easy go.
Er. Now. Not so much.
I know. I just woke up and was thinking about you as I looked at today's price. Are you also wiggling in glee like a happy little glowworm right now? |
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Oh, if you think so you are doing it wrong (The Vegas thing). It's not you who needs to do the spending on gambling, but all the other losers who's uncontrolled spending give you access to great hotels, services and shows for ridiculous cheap prices. I never ever gamble unless some rare occasion for fun and getting more value in free drinks than the (very little) cash spent on the game. I fucking love Las Vegas and its hot/dry summer which is very similar to my place, so I feel at home  Just got back from Vegas. Somewhat crowded, hookers are busy, and the bitcoin ATM is no longer on the darn strip. Annoying. Personally I play craps, specifically dont pass/don't come bets with odds. It's pretty much the closest you can get to true even odds on the strip, it's impossible for the house to cheat, and you can watch people place stupid bets with the stick man. Great way to people watch for a few hours. But I will have to consider Thailand for my next vacation. |
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Does any of this help the 'magic' gen tarkin firmware from going in and doing some kinda diagnostic ..to get dead dies back in some manner (or say comes back with a list
of recommended settings to attempt)
At this point, the only thing I can't fix is boards with a specific type of hard-shorted hashing die caused by major voltage spikes or way too much heat. Everything else (blown supplies, shorted 12v rails, blown drivers (a lot of these), blown fpga's, blown power controllers, dead crystals, etc) can be fixed. you and lightfoot really need to get out more....find some new asics to toy with...contact bitmain or something ...god knows enough of the stuff could use some tweaks or how to fix ..that you guys know how to do..if given the proper specs and motivations
Hm..... I've thought about that. I have worked on Bitmain's S7/S9 series, Avalon A6/A7's, Bakali's, and even some MAT systems in addition to KNC. Vendors don't seem to want to talk (I don't know, maybe liability, maybe trade secrets, maybe because I publish what I find to help others on this forum) but if a vendor wanted me to help them I'd be happy to do so. As long as it's with the understanding that my goal is to help miners mine, and if that includes telling miners to slow down their systems, watch out for these issues, etc so be it. Otherwise I can reverse-engineer enough to figure out pretty much any problem on my own (as evidenced by my fixing all these kinds of systems). Takes time, but keeps me out of trouble so to speak, and to be honest it's an intellectual challenge.... :-) C |
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Tarkin, something to be aware of: I think each supply is programmed slightly differently to take advantage of a master clock signal. The supplies beat at 180 degrees out of phase with each other, which is why you can't swap a top and bottom supply in a pair for a die. However I think each supply actually beats off an 8 phase clock. In other words:
First pair beats 0,180
Second pair beats 45,225
Third pair beats 90,270
Fourth pair beats 135,225
Result is the board runs like a friggin 8 phase power supply. No wonder the filter caps are small.
But it means each supply is programmed to be what it is based on it's position on the board. very clever.
C
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This is interesting:
So I've been thinking about the power supplies and some of Tarkin's thoughts. He discovered that the supplies have different programming and I was wondering why. Why are the supplies programmed differently and what can you do with that?
Out came the scope to take a look at the phase varience on each supply. We know that two supplies should beat 180 degrees out of phase with each other, that's the master/slave relationship on each side. Provides smooth power for the chip with less capacitors required.
What I see now is that they had a master clock signal coming from one of the supplies, and the 4 pairs adjusted their phase to be 180 degrees from their pair as well as 45 degrees offset from each other pair.
In other words, the first set fired at 0 and 180. The second set fire at 45 and 225. The third set fire at 90 and 270, and the fourth fire at 135 and 315. That way the 12 volt rai sees an 8 phase power supply pulling from it, which once again makes for a smooth ride.
It also means you can't swap supplies without knowing the exact position, and why new supplies don't work right. Fascinating.
Meantime I fixed some more boards, most complex was one that had two supplies blown and 3 of the 4 drivers. Interesting.
C
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I guess I should bitch about it being stuck at 3,250 but I really am not sure how I should do this....
Whee?
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Note to self: Do not pay hookers in bitcoin cash. The slow transaction time will mean you could be in for hours of chit chat.
Use litecoin.
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Got to say it's nice to see Bitcoin above 3100. Now I can start thinking about what 5k bitcoin will look like.
C
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Wow, looks like a good evening. Do I want to go to work Monday?
C
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