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Smoother/better UI than SMF.
Also, some folks were talking about wanting to have a "no noobs allowed" section on this forum, where it was paid membership only (i.e. pay 0.1BTC or something small, but something that noobs generally wouldn't have). I would likely implement this if there was enough interest in it.
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I believe inventory only applies to tangible goods. Don't take my word for it though.
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For context, I'm in the UK, but I suspect the answer will apply regardless of the jurisdiction.
I'm of the understanding that if you buy BTC and then sell for profit at a later date, you're liable for Capital Gains Tax. But what's the tax situation if you're mining coins, and then selling them on your local exchange? My intuition is that it can't be CGT, because you didn't buy the coins in the first place - in the extreme case, you bought a mining rig, which was then used to produce coins, which you later sold. But I find it impossible to believe that you don't have to declare income gained like this. So what does it fall under?
It would simply be classified as ordinary income, which is taxed as your normal income tax rate. At least, in the US. And you could claim electricity, rig-building, and any other expenses as deductions against the income. |
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Wow, I would have thought that'd have gotten more interest. Too many posts required? Posting in the wrong section of these forums maybe?
Anyone have any ideas for ways to improve the forum as it sits? Or have some promotional ideas? I need a good way to kickstart this in the pants!
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The only issue you'll run in to is there are a LOT of devs here. But, since Bitcoin is such an up-and-coming thing, there are a lot of opportunities and new businesses springing up as well. I have experience with being paid bitcoins as a dev, and it works quite well really.
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Sgtspike,
$3K a month is pretty darn good, what's your setup like? Multiple PCs? What pool (if any) do you use?
Thanks!
6 PC's, running the following cards: (1) 4650 (3) 5830 (2) 5850 (1) 5870 (1) 5770 Nets me 1950MH/s, which brought in $108 worth of bitcoins for me yesterday on deepbit. Of course, I'm making the assumption that price and difficulty will remain similar to extrapolate that income across the whole month, but in actuality, it does seem to follow fairly closely. you all are missing the mark here. The market price has already been somewhat set by Vladimir who is clearly competent, clearly not running servers out of his spare bedroom and prone to downtime, and is offering 1Ghash/month/$600-$650 . I would expect someone with unknown credentials that is not running large scale racks to be much close to $500/month/ghash.
Agreed. It's just not for me though. I'd rather mine and sell the coins myself. I'll probably make very close to $1000 of coins before the next difficulty increase even comes around. |
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Intriguing offer, but I think I'll have to pass. At current difficulty/price rates, I'm making just over $3k/month. I understand that things could take a turn for the worse, and this is a good way to hedge that risk, but I'd rather take the risk.  |
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Ok, promotion time!
The first 10 people that make 20 LEGITIMATE posts (non-spammy), and then private message me with their bitcoin address on bitcoinforums.com get 0.2 BTC! That's $0.28/post, easy money!
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I think I have a problem in the making. My circuit breaker would occasionally start buzzing, but it never actually tripped. I have been counting on the assumption that the circuit breaker will trip if I have too much plugged in so I thought it wasn't dangerous. But just adding up the wattages on everything that's plugged in gets me to like 2kW when it's all on a 15A breaker, so I'm sure I'm overloading it at least a little.
The buzzing isn't constant or anything, and I will eventually move some of the equipment once everything has been built, but should I be worried at the moment?
Yes. You should never load a circuit with more than 80% continuous load. The wiring isn't built to carry that much load, and could be overheating and on the way to starting a fire. That said, you should verify the ACTUAL power draw of each of your rigs before coming to conclusions. For instance, a GTX295 "requires" a 680w PSU minimum, but the actual draw from the wall of a full-fledged system under load running a GTX295 is only 487w, according to tomshardware.com. |
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I tried using a 5850 on Server 2008. Couldn't get it to work. I don't know if I just didn't find the right drivers or what, but I couldn't get my miner to detect the presence of the GPU. I've gotten it working just fine on the other 6 machines I mine on (with XP, Vista, or W7 installs) though...
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Honestly, I really hate SMF and vBulletin (they look like they're from the 90's), and I'm not a huge fan of phpBB, because of how easily hackers/spammers seem to get into it. To solve this problem, I went ahead and created my own bitcoin forum, based on Xenforo. Xenforo is a very modern and smooth up-and-comer in the forum development arena. I already have a forum for an established gaming community that I run in Xenforo, and everyone loves it. It really works quite well. The goal of the forum is to provide a mature, stable, and clean (of spammers) environment for discussion of everything related to Bitcoins. I am also considering options for paid membership, or paid moderation, to help keep spammers/scammers at bay, but that is entirely up for discussion. So, check it out and register before someone else takes the screenname you want! www.bitcoinforums.net |
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Thank you EU for our 230 V power. Hey US, enjoy your doubled current drain at your wall socket  *shrug* 6 one way, a half dozen the other. |
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I like the subtitle: "Shock: people buy drugs with currency" Lol, that is pure win right there.  |
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I was thinking about creating another bitcoin forum. Mainly for purposes of competition/duplicity - if this forum goes down, but another well-used one is still up, discussions can continue there.
So say I set up another forum. Should it be entirely paid? Or VIP/paid sections with free sections for newbie members?
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Aristotle defined the characteristics of a good form of money:
1.) It must be durable. Money must stand the test of time and the elements. It must not fade, corrode, or change through time.
2.) It must be portable. Money must hold a high amount of 'worth' relative to its weight and size.
3.) It must be divisible. Money should be relatively easy to separate and re-combine without affecting its fundamental characteristics. An extension of this idea is that the item should be 'fungible'. Dictionary.com describes fungible as:
"(esp. of goods) being of such nature or kind as to be freely exchangeable or replaceable, in whole or in part, for another of like nature or kind."
4.) It must have intrinsic value. This value of money should be independent of any other object and contained in the money itself.
Does bitcoin pass the test?
So it can be used as a medium of exchange in barter transactions like silvery disks (money) is used in barter transactions. But does it make it a currency that is redeemable, is backed and will be accepted by issuer? No. It's an asset as Australian Tax Office will view it - used in barter transactions - a good old digital good / commodity used in barter transactions. It is misleading to call it a currency. It can be used like money (metal disks) as a medium of exchange. But it is not a bill with a signature on it together with a promise. Unless its a non-redeemable currency not backed by any promise by any issuer and just by your own definition - you can however not force the currency definition on anybody. Some would prefer crypto-commodity. A currency doesn't need to be backed by anything to be a currency. currency (ˈkʌrənsɪ)
— n , pl -cies
1. a metal or paper medium of exchange that is in current use in a particular country
2. general acceptance or circulation; prevalence: the currency of ideas
3. the period of time during which something is valid, accepted, or in force
4. the act of being passed from person to person
5. ( Austral ) (formerly) the local medium of exchange, esp in the colonies, as distinct from sterling
6. slang ( Austral )
a. (formerly) the native-born Australians, as distinct from the British immigrants
b. ( as modifier ): a currency lad
Call it a crypto-commodity all you want, but no one else will. Everyone else will call Bitcoins a currency, because that's what it is. |
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One interesting thing to note... dummy plugs are usually NOT required if you run a single card system with no monitor attached.
I realize that but I'm adding a second card and we all know what happens in WINBLOWS With current btc to dollars it really hurts to get screwed so bad for 3 resistors on a $1 plug didn't mind a little for time & postage but $50 hurts especially not getting anything Either negotiate with the seller or buy them at radioshack. Problem solved. No reason to spend $50 on them... |
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How about 1950MH/s? That seems to be my average...
What is your offer for payment?
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...
Could a small sell-off from such a wealthy individual cause this much volatility?
Maybe, more likely has to do with the fact it went from about $1.50 to $31.90 in a little over 1 month. Lol, this. |
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So are you just trying to determine if a Senator COULD shut down the exchanges, like they want to do? |
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