More importantly, how do the gray aliens figure into this?  |
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My favorite quote:
"I could understand a long-term uptrend based on worries about paper money," he said. "But there's no real catalyst for the market to go up as vertically as it has."
Not to mention europe financial crisis.
lol, because the world economy is going so swimmingly? And why $15USD? No explanation of that valuation. I guess that is just where his hand landed as he groped around his anus for a number. |
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You only report realized USD profits. If you sell off your bitcoins, subtract what you spent for them. If you don't sell your bitcoins, you are fine. It's the same rules as gold coins.
I'm not a lawyer, but this is my understanding and what my financial advisor thinks. |
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That is good financial advice. Sell your assets for $15 when the market is supporting $130+ sales.  |
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I have. Under a section labeled "Current projects and areas of interest".
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It has also come out this morning that whack-o mass killer James Holmes's psychiatrist tried warning people of the danger. She described him as violent and a danger to society. She warned that he was off his meds and had threatened her. She even deactivated his student ID. WTF more could she do? No one listened and he was allowed to go on a killing spree. Now the same people who sat on their hands have decided that disarming law abiding citizens is the answer.  As if a rule about guns would make a difference to an insane person. The fact is Holmes researched theaters to find one that does not allow guns, specifically to avoid legal gun owners. Ridiculous. http://www.latimes.com/news/nationworld/nation/la-na-james-holmes-documents-20130405,0,6067279.story |
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I always thought "gay bashing" was kinda gay. I could care less about what consenting adults want to do in the bedroom. But gay bashers can't seem to stop thinking about it.  |
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Why does your friend assume you are not going to pay taxes? Consider yourself lucky to only pay 20% on any gain in value. The money you work your butt off for, that is income, likely costs you 30+%.
It sucks that it costs like 30% of your paycheck but what sucks more is the stress brought by overly complicated tax code. If all 300 million people pay a simple tax of 1000 bucks a year to the US gubernment, they would have something like three hundred billion dollars to work with every year. Very simple tax and plenty of money for the government to run. Alas, our government is not a lean, efficient machine. Hundred of billion of dollars are lost every year to inefficient military research program, pointless wars, jails, porks, paperwork for social security, and enforcement cost for the US' byzantine tax code. It's not the concept of taxes that irks me. It's the foolishness with which our government incompetently fritters it away. |
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It is also not at all likely that BTC will become ubiquitous to the point of being used by everyone on earth, and exclusively. It is most powerful as a way to send money over the Internet, but local currency is here to stay.
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Why does your friend assume you are not going to pay taxes? Consider yourself lucky to only pay 20% on any gain in value. The money you work your butt off for, that is income, likely costs you 30+%.
Look, paying taxes is like praying to god except its real. Enough people stop paying and the world crumbles.
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I don't want to be the test case you speak of rebuilder, so I only keep a tiny amount accessible via any device. I just wonder if this could trip someone up one day. Even though we all know that in practice it would be impossible to contain bitcoins geographically.
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Hi and welcome. P.S. I don't hate you. Your just doing your thing.  |
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What about the value of the work already done? It would take millions of dollars worth of electricity to remake the blockchain and vast numbers of computers to crunch the numbers again. What is that worth?
I think you misunderstand how Bitcoin works. There is really no value to the blockchain, it is a fundamental part of Bitcoin but it has no value on it's own. If you set up Bitcoin2 tomorrow you would start with a fresh blockchain. Oh I am well aware of how it works. I am just saying that all the infrastructure and the proof of work in the blockchain must have some value. I have no real idea how to monetize it however. |
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drrussellshane, that sound reasonable. I would argue the same thing.
Now let me put on my devil horns and complicate things. What if I were carrying Casascius physical bitcoins? They are really just stores of private keys in a coin form. Is that different?
And I would keep my mouth shut like you recommended. I can only imagine how long it would take to explain bitcoin to an agent at the border.
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you are right. but let me ask, do you loan out coins based on collateral or just pure instincts?
I'm a science guy, so math means a lot more to me than gut feelings. I would loan money if I had secured collateral greater than the value of the loan. This is tricky to do in practice, but imagine Bob wants a 4 BTC loan from me. We are able to meet in person and he gives me a gold ring as collateral. I then loan him the value of the ring, perhaps it's 5 BTC. I have to loan him a bit more so that he can be assured that I don't run off with the ring. however, I would only charge the agreed interest on the 4 BTC. Upon successful payment of the principal and interest the ring is returned and everyone is happy. Any bitcoin loan does have one additional, unique factor. What if Bob borrows the bitcoins intending to buy some later to pay his loan and the price skyrockets? If he had made a 30 day loan last month for 1 bitcoin. That one coin cost $45 when the loan was made, but he must spend $130 today just to pay the principal. What an awful deal for him! He would be better with a payday loan or even a mafia loan-shark. Basically, bitcoin loans are a bad idea. |
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I feel like no one is going to loan a newbie 4 BTC. Just my 2 cents
with all the comments and suggestion, there is no hope of a loan for a newbie. from my understanding, there is a high risk of fraud and no guarantee of repayment. its kinda logical, if one gets scammed the first time, it will be hard to give out a loan even if the you are genuine. That's about it. It is no different than a guy on the street asking for $500 with only a promise that he will meet you on the street a week from now. Would you do that? |
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What about the value of the work already done? It would take millions of dollars worth of electricity to remake the blockchain and vast numbers of computers to crunch the numbers again. What is that worth?
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I travel internationally a lot. I know that if I cross a border with $10k or more that I must declare it. But what about my bitcoins? I have a smartphone account that allows me to spend my coins, and some might say that I possess those coins on my phone. I know this is technically incorrect. However, what would customs say?
The fact is I could march right out of the airport and buy a Land Rover with my coins. Does this mean that I brought a store of wealth into the country? If you think yes or no, please provide a legal basis for your thinking.
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At this stage I no longer care about stupid reporting. Bitcoin has succeed in finding a path to the main stream. Players with strong hands, deep pockets, and keen minds are moving into bitcoin and some sophomoric reported is not going to dissuade them.
Let the fools talk and suppress the price a little longer. More cheep coins for us, right?
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Some interesting data there giarc. Thanks for your contribution to the forums. |
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