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Also...Check out Bitcoin-Brokers.com.
You can buy coins at many local banks through their process.
Also localbitcoins.com
These are both escrow type services, but localbitcoins also works to facilitate face to face meets.
JohnK and BCB are also good for escrow
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So you imagine the future with a radically different sociopolitical structure, but you imagine everything in it will be the same as things are now? Why not:
- Public transportation replaced with suspended rails going through the city and country, with pods, that you can rent, automatically traveling under them to preset destinations (patented idea, replaces road maintenance with something much cheaper).
http://en.wikipedia.org/wiki/SkyTranLolz. Another freeloader project sucking misguided government grants  "Unimodal hired a NASA subcontractor to build simulations of the vehicle and dynamics using funding from a US DOT grant." --your wikip link. Subscriptions to road areas in the same way that you can buy a London metro ticket that gives you free ride within limited areas.
Lolz. Wholly owned by Transport for London (TfL), which "is the local government body..." Another ugly statist institution. On the transports, why not skip to the google autonomous car mods. The only element that could be arguably considered government are the GPS satellites, which if they were private instead could be something to reduce the cost and improve quality of satellite radio by sharing a Low Orbit platform. They would be on sale today if not for government regulation. |
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Consumer demand has been pretty constant, but that is a very tiny fraction of the demand. Almost the entire market is central banks.
Right, people are not selling their physical gold. All the selling is in the futures, derivative, and ETF markets etc. All of the "dumb" money is getting out of gold. More smart buyers are buying more physical (me.)  Soon, smart countries will be buying more physical gold, i.e. China. Once the price gets low enough, it will slingshot back to the old highs and beyond. So the demand is still the same, if not higher, within the physical market. Gold is going to go up so fast when the s*it storm comes. Those who sold in the recent correction will probably stay out and not rebuy, that's how fast it's going to move. imho China has been scooping up retail gold. A lot of it. The Chinese new generation very much like the bling factor, and nothing has the bling factor like gold.   Also Chinese government is encouraging it. They have removed the tax on gold panda coins this year. http://numismaster.com/ta/numis/Article.jsp?ArticleId=26693India did last year http://online.wsj.com/article/SB10001424052702304363104577389443337247370.htmlbut raised it again this year. China is one of the top miners, and exports almost none of it. |
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Most of what is "public" is less public than the private open spaces.
Some have suggested that Nixon's "environmental movement" took vast amounts of private land for the government away from the owners for environmental reasons, and essentially so that they minerals and oil and trees could be sold to back the national debt, when we left Bretton Woods.
So ironically, the more that is public, the more funding there is for the war engines.
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New links added to initial post. An article by Andrew Schiff and the "bitcoin" word reared its little head on Tues.
Thanks for the updates. Schiff is big on precious metals, speaking of which the price has been manipulated sharply lower as of late. Hells yeah! The laws of supply/demand, aka common sense, say gold is going to skyrocket. When gold gets so low that mining companies can't produce it at a profit, supply diminishes. But demand is the same or higher, do naturally the price will go up. It's a no brainer. Good stuff! Price could go lower too. Maybe 1100. Don't be ridiculous. Saying gold demand is always the same or higher is like saying the demand for bitcoin is always the same or higher while the price was going down from $30 to $2. Almost the entire market cap of gold and bitcoin is speculative and monetary value. Also, the price of gold is capped because there is $150t worth of it that is recoverable on the ocean floor using technology that is not cost effective at current price levels. I would highly recommend quitting listening to the Schiff if you are getting these ideas from him. Yeah, and there's infinite gold in space too, that should drive the price to the floor. The transformers are going to come with quantum technology and produce fake bitcoins that are valid. Ocean mining is the future, yes, and that's bullish for gold. It will require more capital and drive the price up. You can't compare gold with bitcoin when talking about current supply/demand economics. Bitcoin is too new, too volatile. Gold is predictable...in the long run. So I am to understand that you think the demand for gold was constant while it was losing value for the 2 decades prior to the turn of the century, and that the demand was also still constant during the price increase of this last decade? Consumer demand has been pretty constant, but that is a very tiny fraction of the demand. Almost the entire market is central banks. |
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All 7 points were pretty much valid. I see nothing wrong with the article.
It's actually pretty much a pro- BTC piece from the foundation (through Murck). Good for them, good for us, good for BTC (I hope). I hope people will read it rather than just doing word association with ABA and BTC, then jumping to dark conclusions. Having read it, I am still apprehensive. First it is obliviously America-centric, secondly it is written by and for people who are "officers of the court" - people with a vested interest in working within the system. If frictions build, they will of necessity continue to work within the (American) system, and it is possible that BTC - inherently global - cannot do so. If the American system adapts to BTC, all may go smoothly. That's how I saw it. There is a lawyer on both sides of every case. The more they understand Bitcoin, the better for Bitcoin. The Calif C&D order is a classic example of lawyers NOT understanding it, or the players involved. So I see this as positive. What was the Foundation meant to stop doing? Organizing conferences? |
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Back to capitalism.
It is an error to dismiss the negative connotations of the word.
It's an error to dismiss the many negative connotations of transgenderism, sexual ambiguity, and homosexuality, yet... Capitalism is intrinsically linked to wage slavery and violently private posession of all public resources.
It's not really wage "slavery," since if you don't like the wage, just go find another job. You won't have a posse tracking you down, hogtying you, and bringing you back to your old position. There's slavery, and there's the personal choice to work or not. By the way, how do you have private possession of public resources? Who decided they are public or private, and why are they conflicting with each other? I am often prevented from taking personal posession of public property by capitalists and cops. New boss, old boss. wage slavery, abject poverty or luck and access to resources. These three options are all capitalism offers. I guess you can also make your own luck (being entrepreneurial and taking risks) so I guess it's not all bad. I like the meritocratic parts of both systems. Reportedly even the Zuccotti free food folks at the Occupy Wall Street stopped serving when they were overrun by the homeless beggars in the community? http://www.nypost.com/p/news/local/manhattan/zuccotti_hell_kitchen_i5biNyYYhpa8MSYIL9xSDLSo hunger and sunburns maybe could happen anywhere. "The hideous thing about meritocracy is it tells you that if you've given life your all, and haven’t got to the top, you’re thick or stupid. Previously, at least, you could always just blame the class system." - Laurie Taylor |
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Yes, certain people are interested in keeping the price around $100.
If the market really wasn't comfortable with that, the price wouldn't still be there. So you can't really say that it's "artificial." The people putting up the walls don't have unlimited powah.
Ya no doubt about this. Incidentally, since the charter of the Federal Reserve has as its mechanism the manipulation of the value of the dollar vis-a-vis other currency, now that Bitcoin is in that category according to FinCEN, the fed could decide on any given day to blow over the market in any direction that suits them. They could short it to nothing and wait for weak hands to sell and then grab it all back. They can print as much dollars as they like so you can't fight and win, all you can do is weather the storm. There are whales, and there are leviathan. Like the shao lin priest, they walk through walls. Look for, they can not be seen, listen for, they cannot be heard. It only took about US$30 billion to break down the gold bull market. Bitcoin is peanuts to that. Stay nimble. |
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Incidentally, since the charter of the Federal Reserve has as its mechanism the manipulation of the value of the dollar vis-a-vis other currency, now that Bitcoin is in that category, they could decide on any given day to blow over the market in any direction that suits them.
They could short it to nothing and wait for weak hands to sell and then grab it all back. They can print as much dollars as they like so you can't fight and win, all you can do is weather the storm.
There are whales, and there are leviathan.
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The question is does this apply for equal barter income? Even if they do, is there any tax liability if you exchange $2000 worth of BitCoin for $2000 worth of Gold there is no profit therefore shouldn't be any taxes.
Or I guess the taxable event already has occurred when you barter so the income is realized when the exchange occurs. For example:
1. You exchange $100 of BitCoin for $100 dollars of Silver.
2. You pay tax on $100 of income.
3. If you sell your Silver for Fiat for $100 as you have already claimed the $100 in income. You should theoretically only pay tax on any gains above $100
If there are any accountant's/lawyers here can you please clarify this?
The taxable event there occurred before #1. Gaining the Bitcoin can be taxable, and you can deduct your costs (mining, electricity and etc) if you kept good records and itemize. The other exchanges are no more taxable than exchanging dollars for euros (they are not income, they are exchange). Income tax applies to earned income. #3 may be taxable if there is a gain, and it would be at capital gain rates, however depending on the type and amount of silver, it may or may not have a reporting requirement. (The New Liberty Dollars do not trigger such a reporting requirement as they are outside the CFTC list) The gain incurs tax liability either way though. But don't rely on my advice, listen to your own (paid for) tax lawyer. It makes sense, but I'm not 100% sure. With your example a mining company that mined 1000oz of gold would list profits on that 1000oz even if they didn't sell any? But it could very well be that way. Or another example it's like a company producing shirts, they produce 100 shirts but haven't sold any, that is not income. The difference being that Gold is classed as a currency, and as of this year's guidance, so are virtual currencies. Where did you get this information? Gold is a commodity or a physical good. The only metals that are classified as currencies are ones physically produced as legal tender from the treasury. Neither can a digital currency be classified as legal currency, unless it is produced from the Treasury. Yes, gold is also a commodity. Most all currency are also commodities really. Monex vs comex notwithstanding. The information comes from the Bank for International Settlements (BIS) located in Basel, Switzerland. This international central banking consortium meets and agrees on what are currencies and how they are exchanged globally. There isn't a higher authority, unfortunately. They rank currency assets into Tiered classes. Central banks exchange these and that forms the basis for relative currency valuations. The Basel III agreement eliminated the Tier 3 (highest risk) Gold is treated as Tier 1. Under Basel II "gold bullion held in own vaults or on an allocated basis to the extent backed by bullion liabilities can be treated as cash and therefore risk-weighted at 0%" Basel III rated it at 50% http://en.wikipedia.org/wiki/Basel_IIILegal Tender is a special class of "currency". It has value based only on the force of law which requires that it be acceptable to settle a debt, and to pay tax. It is the least valuable form of currency and is considered soft. So a debt is incurred for eating a meal at a restaurant. The restaurateur may not refuse the local legal tender for settling that debt, they may however accept anything else that they like instead to settle that debt. |
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It is a pain but have to go through this... I think Bitcoin will stand up well to the scrutiny, and likely benefit from it too. |
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Like someone else said, "Land of the free".  *placing myself on the NSA watchlist* Someone should bomb the Statue of Liberty. The US lost the right to claim anything related to liberty years ago. Noooo! She's beautiful! |
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I've been waiting to see some concrete name-recognition numbers. This is very useful.
I'd be interested to see how much that number kicks up if you select out the elderly population respondents. Never free a mind and all that...
The most important number in all of this: 0.6%
That equates to 1.9 million US bitcoin users.
Unfortunately the sample size is too small here as that means that just 6 respondents out of the 1000 polled had used bitcoin. It could be way off the true number.
There is a higher percentage of schizophrenia. The 6 could have hallucinated using it. |
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Page 2, "Please advise us in writing within twenty (20) days of the date of this letter as to what steps you have taken to comply with this order." So they date it May 30 then send it out 20 days after it was dated. What the hell...
Governments operate on a, "heads I win, tails you lose" basis. They should have PDF'd the envelope as well. These come certified mail, so signature at receiving is required. |
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this is not good; for the US.
No. Good for the world! The moar Chinese, the better. The moar Americans, the better. The moar people, the better. Does it matters who adopts bitcoin? +1 China has most favored trade status with US. Doing trade with individuals > doing trade with governments. This is good for Chinese individuals, good for US individuals, and good for Bitcoin. People don't start wars, governments do. |
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Dollar cost averaging for the win.
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This FBAR report is mostly going to be useful for folks that have never had a lot of money, and suddenly have a whole bunch and can't show where it came from. The assumption is going to be something criminal if you get audited. This is a way to put it in the clear and spend it without worrying that you are going to get hit with anything unexpected later. (If you are US). Its how they got Heidi Fleiss, taxes and money laundering, not so much the prostitution.
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Oh, just thought of something else. Regarding my statement above, I would need to file that form...unless Unless I export the bitcoins (value of $5K) to a wallet after purchasing. Then price doubles to $10K. But, the bitcoins are in my wallet, no longer in the account. So the account value never exceeded $10K. The value of my wallet did though!  Yes. That avoids the filing requirement. (If it never reached US$10K in value on foreign land). There are other ways to avoid it, but that would suffice. IRS rules are often weird that way. They seem designed to encourage some arbitrary behaviors vs others. Do you guys realize that if one of your foreign accounts ever reaches over 10k, you need to report all your foreign accounts irrespective of their balance? I have foreign account 1: 11,000$, f account 2: 2,000$ f account 3: 500$ f account 4: 0$ I need to report account numbers of all 4 accounts I have foreign account 1: 100$, F account 2: 200$, f Account 3: 5,000$ don't need to report any account numbers on the 3 accounts True. Well put. But also if Foreign acct1 =6000 and foreign account 2=6000, the sum is over 10K and its triggered. |
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