if interested..I started the thread below on the assumption of

what is the IRS gonna think of free money from the sky?

https://bitcointalk.org/index.php?topic=2062399.new#new

don't like it much, but wondering how the IRS will take this 'free money' falling from the skies...

(we all know they hate unicorns...thus this does not look good)

anyway, if you are interested (or want a good 'scare')

that's the catch...they are NOT imho just gonna let the 80,000 it was worth at the pump if it goes to say 12 bucks ...tax burden go away (the IRS I mean)

thus what is the senario if you get FREE money...I did not buy it and I did not mine it

Again the article I guote takes the position that you are under the gun on this and just have to cough up the cash...

I guess my new question is..how does the IRS treat this 'heavenly crypto gift" ..... I feel I missing a further angle on what they could do.

Again, hope you all are correct. BUT it is free $$$....but I take everyone's point...

LIKELY, you would not be in any trouble till you wanted to spend it.

But then again, I never expected the IRS in 2013 to call (for tax purposes) bitcoin and crypto LAND either.

If that was true....mining would also not be taxed. The catch is you are getting FREE money out of thin air. The IRS
does NOT take kindly to that, only taxed when it hits your wallet address.

 Also the article above, I quote also makes my point, so it is NOT just me)

I suppose it could be taxed as a 'gift' that would be worse.

I hope you are correct. Just saying this is another wrinkle in taxes with crypto that will be looked at by IRS.

But again, I hope you are right and the IRS does look at this like a 'stock split' ..you don't touch it ..you are OK and
no taxes owed...till you spend it ...like purchased crypto.

Well this is interesting..I have 100 btc ...bitcoin cash came out.....so I made like say 70,000 usd when
(BCH)guessing at $700 usd when BCH, hit the world. Thus according to my CPA and the link below, if you are a US Citizen you need to pay taxes on this supposedly) In that IF you held bitcoin more than 1 year and 1 day at 20% capital gains. If less than, 1 yr and 1 day its at 40% capital gains.

So again, say BTH hit the world at 700 bucks ..that is 70,000 usd and I'd owe the IRS on this pump of money
out of thin air 14,000 usd at 20% capital gains...even if within the week it drops to $12.

link

https://makebitcoingreatagain.wordpress.com/2017/08/02/bitcoin-cash-and-taxes/


MY strategy is to 'ignore' this....in that I HAVE NOT MADE A WALLET YET and as far as income
goes for mining...if it has not hit my (not made yet) bitcoin cash (BCH) address and wallet...that don't exist.


Otherwise, stuff like byteball (based on airdrop of btc address) and say bitcore...or other air drop'd
coins would simply...add value to my account without my knowledge...and then dump after the pump.
With you 'unknowingly' holding the bag...till the nice IRS man told you such

AGAIN THIS IS EVEN IF IT GOES TO NOTHING IN THE FUTURE...STILL, OWE ON THE INITIAL PUMP.
..again this is w/o any action on your part or you making a wallet. Nor any control on alt coins or
further bitcoin forks ...making money on a nice pump and dump racket, at your expense.

Myself, I am going with the idea, that if BCH has not hit my Bitcoin Classic (BCH) address wallet..yet (virgin)
..(does not exist) ...it is NOT income yet (like
mining...taxed when it hits your wallet and btc address, not the instant is it mined) because I shall claim 'cluelessness' of BCH existence until say in the future it is pointed out by the nice IRS man that I DO have free money. I will then 'gush' thank you and pay the taxes
if it keeps value, or I grovel, bit time,  and pay the above taxes, even when or if it dumps to 12 bucks.

This to me seems the ONLY sensible solution, otherwise....EVERYONE with any significant BTC will go to jail I guess..especially if the coin tanks to 2 bucks. I can't see a lot of people mentioning this to their CPA etc.

Can you imagine Satoshi coming out to the world and as soon as he claims from say one of his 100,000 btc wallets,
a previous never used, BTC wallet (if he is a USA citizen) the IRS coming along and saying, hey Satoshi, you also owe on a further 14 million
dollars of air drop'd BCH Bitcoin Cash out of the 700,000 BCH windfall...we will take a 14 million dollar check

Anyway, these are just my thoughts. I agree it is unlikely and unworkable, but the IRS is suing coinbase for ALL its customer base records, 
so that does not mean they will not try to be this stupid about this...this would be a great way to keep your job at IRS ..stupid or
not..all that shiny money to the IRS coffers!

Thoughts?

(Again all this is speculative and unlikely to amount to anything...but does get one's attention)

Thanks for reading this unlikely horror story and rant.

Take the poll, please.

It's pure speculation. I got 2 on order, due to I need equip deprec this year

I can give 50% in taxes on mining income this year. Or get 100% equip deduction
On all my income with equip. With the 25% in real money back on taxes I know I
Can't cover with equip this year, it is a 25% more gamble to get proper equip, than
just handing 50% over in all taxes on mining income. Think 'hamster wheel'.

Only reason I'm considering more than the original 2 ordered

Well obviously, I did not know wtf I was talking about

Now I'm conflicted...my main notion is to hold it in case everything goes pear shaped with the 2mb hard fork being
blocked by bitcoin core or other silly stuff.

thus a fork did happen I'd keep the worth of my 100 btc in say a 60/40 split on 2 forks...IF miners got disgusted with

the 2mb fork not happening in a couple months

like insurance ..ie just keep it

than again see my quoted post...I obviously don't know wtf I'm talking about

Well another angle is this to bleed some $$$ (and at least get some nas hd's etc out of it)

Has anyone MADE one of their ..whatever they are called hosting nodes with NAS hd's etc?

I could do that see if it even pays to pursue this whole asic miner

If that backbone decentralized storage does not hold water in tossing together a unit with the software

then perhaps this is all a pipe dream....I don't expect to make any money..but would be nice to see if

the damn thing works in the manner at this time they say it does

At least I could burn some hardware $$ that way..see if that gave me some confidence in their vision

right now it is like asic mushroom farming in the basement...it smells like S*it.....but I am in the

dark and don't know enough about mushroom farming to tell how it works and hangs together

maybe need to get my hands dirty on such a box (and it bleeds $$$ out of my need for equip this year

with little risk...at least I'd have a crap load of Hd's for like forever )

I just have issues sending $$$ to people who don't bother to market...its a business...I don't care if you sell
hot dogs on the street...you have to have SOME communication on your product..this is silly, the lack of any info
on main page etc .it is PR 101 for crying out loud.

If they can't do that, it makes a guy wonder if they will "flub' the asic mnfg process and I won't even get a doorstop.

prohashing (even when it does not work well) and you can get paid out in any coin..even bitcoin cash (shudder) if you so desire

Anyone from Siacoin listening to this thread? You want to sell more ASIC's give me a reason to 'drink more of the kool-aid" (I already have TWO on order)

I mean ..update your product count on your page it has been 1350 or whatever for a month...

post some 'naked ASIC chip pictures"  If you don't have any yet show me a 'naked case' or a 'line drawing' or something

Looking for a reason to go 'stupid' and buy more ..but not seeing any real reason to do so...

looking for pre-order abuse..er  I mean reasons to pre-order more of this beast...but getting discouraged.....

(I needs some equip depreciation in mass quanities)

you have a point..me ..it gives the tax man 50% or give 50% to equip and get another 25% back towards taxes I know I will pay in real $$$ this year (yeah been that good)
the 50% comes from 28% tax rate IRS 12.2% soc sec tax as home business and the 10% for state taxes....thus 50% more or less.
so with 50% gone regardless equip or taxes...and I'd get all my equip deducted off gross this year (28% back from that in real money I'd pay taxes on) I'd pay 100% towards
my gross income on ALL EQUIPMENT and take the 25% bet of MORE risk rather than just pay the 50% to the tax man.

Then again, it is still a gamble...but by god, I'd go down fighting...

To your point, however ..with out the above haunting me I take your point..my situation is different.where no matter what I do $$$ are gonna fly out the door somewhere

perhaps to your point, you are correct...and even I should NOT look at the next batch either...but damn it I need equipment in MASS QUANTITIES!!!!

(be careful what you wish for newbies ..you may surely get it )

ah...mass quantities...!!!!

Just so I can beat myself up...was it really 1 1/2hrs or less than that?

Trying to tell from posts but I'm on DST etc and others don't do such...so hell they may have

sold out NOT in 1 1/2hrs but 1/2 hr?

curious

Ok...I don't want to sound like a frigging loon...

but I was on the bitmain site under my account ..looking at how to ship to my data center instead of my home address.

got hung up on the SS# needed, so figured I'd jump out and ask him how he wants to handle that when it shows up at

his doorstep.

As I was getting out there were L3's for sale (this was 5:40am or so USA CST)....

I freaked...

updated my wallet and went back after 5 min and they were gone.....


was it a glitch or did i just miss the infamous Bitmain 5:30 am dump stuff in china at 18:00 their time again?

I mean really....

So I'm thinking it was just a 'thumb'd mistake' by someone on the www page doing mods???

don't tell me it that L3+'s are selling out in like 5min?

anyway, just what I stumbled into....

frack

edit: just looked at previous posts looks like it I missed it and it sold out ..damn..seems from previous postings it lasted 1 1/2 hours before being gone..

so close FML

lol it's pumping. BCH. $318. Lol

FML

I envy you guys. No way am I gonna be fast enough to catch this falling knife

In your honor. You can listen to this.

https://m.youtube.com/watch?v=ILt5HZnPz5o

Yeah imho, it's headed down to the cellar to die

My theory is the folk pushing bcash will cash out first. The drop will be epic pump and
dump from the inside. I'm not even going to bother to try and cash out on this cluster,
The logjam on sells wil drive it down to 12c within the day. Why bother.

Sent an email to get on Bitmain's mailing list.

Got a form letter saying the D3 was out of stock and to look at twitter or facebook etc.

Must be getting 'slammed' with emails and plain not bothering with email notifications anymore.

I suppose if everyone is rushing to your inbox.

Just thought it was interesting.

heh..man ..it must suck to work the phones and email at Bimain at this point in time.

How much of a 'tweak' did they do?

Can I fire up the KNC 550gh Jupiter Bitcoin Miner from 2013 again? (raring to go...not likely to move from doorstop status ...poor baby)