Do "capital gains" add to your total income for the purpose of determining your tax bracket or are they taxed at the rate of your income-only tax bracket?
I do not believe capital gains adds to your total income for determining your tax rate. So what about students and the like, who perhaps have no income or have income so low as to qualify as exempt? I would assume they'd pay at the lowest bracket, right? This is correct. In 2011 for a non-married individual, if you make less than $34,500 you would pay 0% capital gains taxes. So, before you sell your bitcoin, ask for a reduction in your salary, then wait a year  Or just retire, then wait a year. |
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That's hilarious! Do it, please!
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We're talking about the US government which owns computers powerful enough to create a greater proof of work than the rest of Bitcoiners combined, not some Russian script kiddy in a basement.
The bitcoin network has, in collective, surpassed the total (estimated) hashing power of the top 500 (not secret) supercomputers on Earth. Even taken as a given that the US government actually does have this much computational power in total, it would be a non-trivial issue for any branch to assert control of the computational power of the others for such a project. And by the time this could be arranged, the power of the network will have quintupled once again. IMHO, this was once a real concern, but no longer is. This is no longer the most likely attack vector by any government agency, their attacks will come in the public view, not in the dark reaches of the Internet. |
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If they can craft transactions that are really heavy, that could obstruct the network for a while ?
Yes, but then the miners would be laughing at the attacker, because he would have to be paying them for the privilage of attacking the network. This kind of attack ends once the money runs dry. |
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I won't say who via twitter but a #Hacker, #engineer, #entrepreneur. #Consultant had this to say
"You could shut Bitcoin down with a DDoS that would cost under $1 million to execute."
That statement is not true. A DDOS attack would, at worst, prevent the network from normal function while the attack was ongoing. It couldn't do any lasting harm to the currency system or the network, a non-trivial portion of which does not exist in any "publicly" accessible form that can be dossed at all. |
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From Wikipedia: The main chain consists of the longest series of blocks from the genesis block to the current block.
And thank you Bitter for making it quite clear who exactly doesn't know what he's talking about.
I would hope that you would know that Wikipedia is only as accurate as those who contribute articles, which in this case is not very accurate at all. The main chain is the one with the greatest total proof-of-work, not necessarily the longest. I could make a longer chain in the dark with one GPU and a hacked client (to set the block interval to one-hundreth of a second) running at a difficulty of one; but as soon as I attach my client to the rest of the network, my chain is going to cease to exist. |
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No, none at all. If you wanted anonimity, you shouldn't have come here. |
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That's not really how it works. Hoarding is the worst thing people can do for Bitcoin. If entry into the market is hard, people will lose interest and with it the Bitcoin's value will drop, causing a sell-off (a sell-off would be inevitable at that point, but to what degree is debatable).
"hording" is not relevant. A liquidity trap is impossible with bitcoin, as it's infinately divisible with near-zero effort. The market exchange price is a direct reflection on how difficult it is to aquire bitcoins. |
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Already blocked by Fox for copyright infringment, at least on youtube.
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Maybe an FPGA setup, but even that's questionable.
I'm sorry, but I have to ask. Do you know what a FPGA is? It stands for a field-programmable gate array. It's an electronic circut that can be programmed at the hardware level, in the field. |
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What Atlas has done here...
I hope you realize that Atlas is parodying himself. |
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I just sent this off to Ron Paul. It's not a treatise on the subject, but I think if we all petition Ron Paul and other like-minded (are their any?) congressional members
Um, his son, Rand; perhaps? |
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People who have to heat in winter with electric will always benefit from mining.
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"So how do I take the money out into Australian Dollars?"
With a brick&mortar business, he could accept bitcoin at the current exchange rate, and simply offer to trade those bitcoins for AUS money at the counter at whatever rate that he wanted to. He could even put up a little website with the going rate, say 1% over the market price. For those bitcoiners who live within travel distances, many would gladly pay the premium for an in person exchange. It makes people feel better. |
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Bitcoins represent a new paradigm in online exchange. It is decentralized, anonymous system of exchange that is a true revolution in the way people trade over the internet.
You said Bitcoins is anonymous. Is that true in its standard form or is it true when someone takes the willful decision to launder his bitcoins? Bitcoin is only anonymous with great care from the user, and advance planning. The key is that it's possible to be anonymous with bitcoin, while also being fairly convient online. This is not a possible combination with any other existing payment method. Can't even paypal be used in that way? If Sam buys socks for John, and John buys drugs for Sam at Silk Road by paying Silk Road's Skype account, haven't they just been laundering paypal credit? No, because there is no way to hide the connections between Sam and John from Paypal, and by proxy the government overseers. Sam and John are both known persons to Paypal, whereas Sam and John are just long numbers to the Bitcoin blockchain. Didn't Sam or John bought their bitcoins from some taxreporting company or individual? Possibily. Sam or John could be a miner themselves, or purchaused bitcoin from someone in some thier world nation who couldn't care less about reporting rules. |
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Bitcoins represent a new paradigm in online exchange. It is decentralized, anonymous system of exchange that is a true revolution in the way people trade over the internet.
You said Bitcoins is anonymous. Is that true in its standard form or is it true when someone takes the willful decision to launder his bitcoins? Bitcoin is only anonymous with great care from the user, and advance planning. The key is that it's possible to be anonymous with bitcoin, while also being fairly convient online. This is not a possible combination with any other existing payment method. Can't even paypal be used in that way? If Sam buys socks for John, and John buys drugs for Sam at Silk Road by paying Silk Road's Skype account, haven't they just been laundering paypal credit? No, because there is no way to hide the connections between Sam and John from Paypal, and by proxy the government overseers. Sam and John are both known persons to Paypal, whereas Sam and John are just long numbers to the Bitcoin blockchain. |
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All the presentations are archived at agora.io
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Bitcoins represent a new paradigm in online exchange. It is decentralized, anonymous system of exchange that is a true revolution in the way people trade over the internet.
You said Bitcoins is anonymous. Is that true in its standard form or is it true when someone takes the willful decision to launder his bitcoins? Bitcoin is only anonymous with great care from the user, and advance planning. The key is that it's possible to be anonymous with bitcoin, while also being fairly convient online. This is not a possible combination with any other existing payment method. |
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Inflation creates a reason to mine, which reinforces the system. Once you remove inflation the argument trends into waters of possibility. It may be possible to defend the system, but it's much more difficult and the arguments revolve around unclear means. There's absolutely no reason to favor deflation, there is reason to favor inflation.
There is a lot of reason to favor deflation. Let's disregard the wild exchange rate fluctuations for the moment, since we're assuming deflation exists. If I offer you payment in BTC and you expect it will deflate, and I also offer to pay you in some inflationary currency, which would you rather take, absent anyone forcing you to use one currency over the other? I'm not at all convinced an inflationary currency can be competitive without some sort of (coercive probably) immediate incentive for people to use it. Listen please explain to me how mining is benefited in an deflationary currency. Bitcoin is not deflating. Bitcoin is inflating at roughly 40% APR, and will not actually be deflating until at least 2129. This is a non-issue in my lifetime. |
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Personally, I want Charles Schumer to say the name "Bitcoin" and "currency" together in front of the media as often as possible. I don't know if Bitcoin is ready for the US government or not, but I'm ready to find out. In the meantime, any of the talking heads blathering on about Bitcoin adds credibility.
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