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How many times have you pronounced bitcoin dead? I lost count.
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And if you mined then sold bitcoin face-to-face, the IRS wouldn't know.
You guys don't think. Someone down the line of the coin's history won't be anonymous, then they are culpable for all activities on the coin unless they can provide the identities of whom they bought from and sold to. This will cascade right back to you the miner. Once the IRS starts attacking, no one will accept or sell coins without knowing the identity of the counter-party. The government is sitting back letting the wildwest go on so as to let electronic money become popular. Then they will crack their whip and it will done. There will be no difference between Bitcoin and 666. Everything is on the public ledger. Much worse than cash. I will accept them. I'll just spend them when I'm living in another country. All the IRS can do now is drive bitcoins out of the country. That is no benefit to them. in that case you also should not accept dollars, you know almost every dollar has cocaine traces on them? sometimes even enough to cause police dogs to smell it. now, how many times had the IRS contacted you for having cocaine in your wallet? I also accept cocaine cover bills for payment. In fact, if there is a lot of blow on it I prefer them. |
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I know it's debatable, but I think bitcoin does have intrinsic value based on it's utility and privacy.
What utility? Sure I can buy a few goods and novelties online with it, but I can't pay for food, gas, rent, insurance or any of those sort of things with it unless I convert it back to USD. And what privacy? From what I've been reading on here, almost every exchange requires you provide photo ID, proof of residence, a bill of some sort or paystub, etc. Aside for the "big/important" things like insurance and rent, I've never had to provide any of those things when buying things online. What privacy? You are right about both these things. Most can't pay YET. Although I buy lots of things all the time and it's growing exponentially, and the real estate I'm buying with my imaginary money will be rented for bitcoin. Bitcoin is far, far more private than PayPay, credit cards, or whatever else your using on the internet. Those methods expose your financial information to strangers. Bitcoin is simply better money than the USD. A stock is a promise to pay back with interest on a capitol investment. Erm... no. That is a bond. A stock is a fractional ownership in an enterprise, which is, if you chose the stock well, a productive entity in the real economy with employees, market and assets. Ok, a stock is more of a hope for future profit then. |
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And if you mined then sold bitcoin face-to-face, the IRS wouldn't know.
You guys don't think. Someone down the line of the coin's history won't be anonymous, then they are culpable for all activities on the coin unless they can provide the identities of whom they bought from and sold to. This will cascade right back to you the miner. Once the IRS starts attacking, no one will accept or sell coins without knowing the identity of the counter-party. The government is sitting back letting the wildwest go on so as to let electronic money become popular. Then they will crack their whip and it will done. There will be no difference between Bitcoin and 666. Everything is on the public ledger. Much worse than cash. I will accept them. I'll just spend them when I'm living in another country. All the IRS can do now is drive bitcoins out of the country. That is no benefit to them. |
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Hmmm. and if it doesn't fail you keep the bets, right? lol
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Also, unlike stocks BTC has a value outside of what you can sell it for.
You mean intrinsic value? You are mistaken. It's stocks that have intrinsic value (at least good stocks). That value comes from owning market share, production capacity, etc. All value of Bitcoin comes from trust. That said, trust can be a pretty powerful force. I know it's debatable, but I think bitcoin does have intrinsic value based on it's utility and privacy. A stock is a promise to pay back with interest on a capitol investment. A promise made by one entity that may fail. Bitcoin has the backing of all it's users and is less likely to fail, because there is no central failure point. |
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If government already taxes Bitcoin owners, then it was faster than I thought
There has never been a time when the growth in value on a bitcoin is not taxable in the U.S. The law is quite clear that anything you buy and sell at a higher price is taxable, bitcoin is no exception. Of course, the IRS is way behind the curve on this and may be able to do little about taxes. I think it is a good practice to pay capitol gains when converting to $USD. Failure to do so may bite you later. You might have to pay back taxes and fines later that could wipe you out. I think it is so everywhere throughout the world, but could they really trace you down, and what about the case when you mined bitcoins yourself (paid for electricity and bore other costs)? I'm not now talking about Silk Road and all that underground shit, but if you sold your coins at Coinbase, how would they even know in the first place? Yeah, I doubt they have people who know how to track coins. And if you mined then sold bitcoin face-to-face, the IRS wouldn't know. Not sure about coinbase, but if they are compliant they will report ?some/all? sales for $USD. If you think about it, when you cash out for USD and the exchange deposits in your bank account or writes you a check, that is a business record that is linked to you. |
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this is good news for those who feared a China domination of bitcoin. Oh, and I think it is only financial institutions that are barred, not merchants.
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Is this a textbook double top? I don't see it as anything else. Could someone with experience weigh in?
I have experience noticing that speculation about bitcoin is usually wrong.  |
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If government already taxes Bitcoin owners, then it was faster than I thought
There has never been a time when the growth in value on a bitcoin is not taxable in the U.S. The law is quite clear that anything you buy and sell at a higher price is taxable, bitcoin is no exception. Of course, the IRS is way behind the curve on this and may be able to do little about taxes. I think it is a good practice to pay capitol gains when converting to $USD. Failure to do so may bite you later. You might have to pay back taxes and fines later that could wipe you out. |
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Why they are doing this is simple. It is now more profitable to launch bitcoin banking services than to limit bitcoin's expansion. You and I know that we don't need a bank with bitcoin. But the next wave of users will not understand the technology and may very well be wooed into BoA online wallets and exchanges. The profits will be sick!
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Hi and welcome fellow bitcoin peer; and fellow science geek.  You mention mining for fun. I hope it is fun for you because mining has become a "go big or go home" game. Still could be interesting and informative. Cheers Hi. I haven't bought a rig or anything. I have a pc which is always on (whether it mines or not) and has a decent graphics card. I mine altcoins, which should work to about $20-$40 per month. I pay a fixed rent with electricity included, so I'm not really losing anything except for a graphics card that is aging faster. It is just for giggles mostly, but I also want to understand all aspects of bitcoin, so in that way it does have some value for me. I do thank you for the warning. Sure. I don't want to be discouraging, I just see a lot of new accounts here thinking they are going to get rich off their Dell PC. Sadly, those days are gone. But mining as a learning tool is always profitable. Now if your basement tinkering produces a quantum super-position hasher, please do PM me. lol |
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I don't know BTC-E, but if they can put it on a USPS money order or do an ACH bank deposit it should be cheaper than a wire transfer. Some other exchanges offer this.
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I mean if you bought really low, and you haven't sold ANYTHING, then I think you're being irrational. Sell just a little, even if you think it's going to $10,000
That makes sense also. If you cash out, or save via spending the amount you put in, you can't lose. |
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My second home is Belize. It's a great place to live for ex-pats.
isn't belize kind of a hellscape.. the island life may be nice, but don't expats get kidnapped for ransom there? Na. I worried more about that in Panama. While there is some crime, especially around Belize city, it's not scary if your used to America. Or like Elwar, Afghanistan. I have been going there now for about 30 years and never had a problem with violence. I did once get shaken down by customs though. |
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I really don't know. But since the total number and supply of bitcoin is known to all, perhaps it is already figured into the price. Maybe?
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You are the bank and your computer is doing bank stuff. Just as a side comment, I use torrent seeding etiquette when DL-ing the blockchain. That is to say, I keep the client running twice as long as it took to receive the chain. That way I'm not leaching off the network. (which is allowed) |
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They have been saying "cash out" since we hit parity with the dollar. I will not be cashing out ever. I will buy with bitcoin instead.
That's the right way of thinking because most of the die hard bitcoiners just hoard and don't spend or investing on anything whatsoever. And that's the worst thing that can happen to bitcoin. Everyone that hopes for bitcoin to happen and sits on top of a large stack must invest in services around bitcoin. I think of it as having and eating my cake. Almost everything I buy with bitcoin I get at a discount simply because the coins are worth more when I spend. I don't want dollars, I want better money, I want bitcoin. |
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They have been saying "cash out" since we hit parity with the dollar. I will not be cashing out ever. I will buy with bitcoin instead.
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My second home is Belize. It's a great place to live for ex-pats.
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