Received all my namecoins today!  (too bad they lost 70% of the value since, lol) |
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Thanks, another hypocrite ignored.
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Bids are piling up.... could it be all bears have sold and placed their bid now.... ready for rally time?  [source] |
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I send my first email to admin@bitparking.com on the 13 April, the second on 8 May and today the 3rd one. I never get answer from him. First I think he has a lot to do.....give him time and be patient But after 2 MONTH nothing to hear from admin@bitparking.com makes me start loosing patient Whats going on doublec? I sent him an e-mail on april 8th and second e-mail on april 22nd, but never got a reply either. Thanks for informing us. |
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How do you deal with capital gains? Ignore it? I would have some... but I lost most of my private keys in an unfortunate boat accident. Wow that blows... Sorry to hear that man  I think you missed the implied "wink wink" EDIT: Also, he was illustrating the point of how easy it is to LEGALLY avoid taxes, provided you have lots of money. The more money you have, the easier it is to take advantage of legal structures specifically put in place to help rich folks avoid taxes. So that they can then donate to the political campaigns of those who put the legal structures in place. Hmm, I see. But in that case, it doesn't really illustrate the point, because one doesn't have to pay capital gains on unrealized gains. It's when you convert to fiat that the capital gains will have to be paid. So if you claim to have lost your coins in a boating accident, one day you may want to convert them to fiat, and then you'll have some trouble explaining how you gained those coins. Maybe you cheated on income taxes? I can't see how that would be an advantage. Sure, that bit was referring to the remainder of his post, where he did illustrate several ways rich folk can legally avoid taxes - methods generally unavailable to lower-income brackets. I may have been a bit hasty in my quote-pruning. As for the boating accident - cashing out through an exchange (and your bank reporting the >$10,000 deposit to your bank account to the IRS per regulation) isn't the only way to cash out. Yah, but cashing out is another discussion. I'm really only talking about trading. Quite impractical to do big scale "day trading" through OTC. There is no doubt rich people are able to get around taxes easier though. |
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How do you deal with capital gains? Ignore it?
I would have some... but I lost most of my private keys in an unfortunate boat accident. Wow that blows... Sorry to hear that man I think you missed the implied "wink wink" EDIT: Also, he was illustrating the point of how easy it is to LEGALLY avoid taxes, provided you have lots of money. The more money you have, the easier it is to take advantage of legal structures specifically put in place to help rich folks avoid taxes. So that they can then donate to the political campaigns of those who put the legal structures in place. Everything is going according to plan.  Hmm, I see. But in that case, it doesn't really illustrate the point, because one doesn't have to pay capital gains on unrealized gains. It's when you convert to fiat that the capital gains will have to be paid. So if you claim to have lost your coins in a boating accident, one day you may want to convert them to fiat, and then you'll have some trouble explaining how you gained those coins. Maybe you cheated on income taxes? I can't see how that would be an advantage. The thing is, since these exchanges operate within legal boundaries and the owners are known and probably documented by law enforcement agencies, we are somewhat safeguarded if our fiat were be stolen or abused by the owners of the exchange. There are systems in place in the real world which would combat criminal endeavours to steal our fiat. Bitcoin has none of those. It might all turn to shit tomorrow, that's the harsh truth of it all, and you wouldn't be able to do a damn thing to prevent it. Your coins might even get stolen from the exchange, and you wouldn't be able to do squat. You might be a "bitcoin believer", but i prefer to be realistic about this whole thing, and i think that's the smart thing to do as well instead of putting blind faith into all of this.
Most likely situation, if this were to happen: DOJ swoops in, seizes/restrains bank accounts, presses civil case to recover assets... then after several years, account holders get paid pennies on the dollar out of a remission fund. If you feel safe with fiat on the exchanges, don't. (Same goes for BTC, obviously) This. |
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I'm happy to see that even with all the "bearish" talk, most of you still have your BTCs. This means we can go much, much lower.  |
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How do you deal with capital gains? Ignore it?
I would have some... but I lost most of my private keys in an unfortunate boat accident. Wow that blows... Sorry to hear that man Also, not everyone lives in the US.
Some have special retirement accounts protected from taxation.
Other can deduce borrowed money when it's paid back.
I might have earn them with my business which accept Bitcoin and paid income tax then.
Really, taxation is a complicated game.
And as usual, those with the less money are those who will pay more.
I'm not living in the US either, but about 97% of my BTC value is pure profit. If I sold out now I would have to pay ~30% in capital gains. That would require one hell of a trade to just break even (ok, maybe no biggie if I had balls like you). I could technically ignore reporting it, it's kind of a gray area, but I donno, the tax man would probably eat me alive if I did that.  Oh well, guess I'm stuck holding, for the longest time.  If you are planning to transfer "for good" significant funds to your personal account to realize fiat denominated profit, it's always better to declare it and pay for it. Not because of some sort of perverted morality, just because you will avoid potential problems in the future. As Frozenlock said, as usual those with less money are those who pay more. Everything depends on how big are the gains you want to "cash out". If those gains are big enough, you can easily build a structure that will make you save a lot of money. But if they are not, you end up paying more. You "cannot afford" to save on taxes I'm just talking about selling and leaving fiat on mtgox. Technically you then have converted to money and will have to cashout ~30% of it from mtgox to pay taxes. Then, you'll have to try to make those 30% back by trading. That means it's sort of silly to sell unless you're up for one hell of a trade, or unless you sell no more than the amount you originally put in (which is what I've done so far, in those few trades i've done). |
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This is a funny thing... capital gain tax on a number (private key). I wonder when they will tax the alphabet.  Screw it, they can tax my brainwallet when they pry it from my cold dead neurons. |
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How do you deal with capital gains? Ignore it?
I would have some... but I lost most of my private keys in an unfortunate boat accident. Wow that blows... Sorry to hear that man Also, not everyone lives in the US.
Some have special retirement accounts protected from taxation.
Other can deduce borrowed money when it's paid back.
I might have earn them with my business which accept Bitcoin and paid income tax then.
Really, taxation is a complicated game.
And as usual, those with the less money are those who will pay more.
I'm not living in the US either, but about 97% of my BTC value is pure profit. If I sold out now I would have to pay ~30% in capital gains. That would require one hell of a trade to just break even (ok, maybe no biggie if I had balls like you). I could technically ignore reporting it, it's kind of a gray area, but I donno, the tax man would probably eat me alive if I did that. Oh well, guess I'm stuck holding, for the longest time. |
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Oh wait, no... I think I have some Bitbills laying around. I just don't want to destroy them to get the private keys.  How do you deal with capital gains? Ignore it? |
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i'm all out ladies..  Don't forget to pay capital gains on those fiats before buying back in. |
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 i bought again Again I'll ask: Are you all in yet? I think the more interesting question is, are you all out?
Sure I am.
I even short when I can. Yesterday made me a nice profit. As Proudhon would say, 2011 profoundly changed me. Damn. I can't even sell 5% of my stash without trippin. |
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i bought again Again I'll ask: Are you all in yet? I think the more interesting question is, are you all out? |
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A lot of support here, 32k won't even drop us below $90, while a ridiculous ~9k is enough to bring us back to $110. Rally time? edit: in fact, 32k in the other direction will bring us to $125. Wow |
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time to catch the " last chance to sell above 100 " cheap coins. First your 180$ trolling now this, are you getting away with it only because you have 10x more posts than Jaroslaw? What if he's not trolling and you will have to panic buy at $180? Maybe that's what worries you the most |
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don't you mean
go, Go, GO?
I mean crash to the floor so greedy me can buy cheaply and assume that bubble is over. Where's your bids? How much are you going to buy? I assume you are all fiat now? All fiat, I have them proportionally spread out in 30-60 area. seems like a fair price to me. That's more than 30% up on January's price which is pretty good.  |
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Those who are intermediaries in the transfer of virtual currencies from one person to another person, or to another location, are money transmitters that must register with FinCEN as MSBs, unless an exception applies. Pretty depressing really. Liberty Reserve operated as an online money transmitter deliberately designed to avoid regulatory scrutiny and tailored its services to illicit actors looking to launder their ill gotten gains.
According to the allegations contained in a related criminal action brought by the U.S. Department of Justice, those illicit actors included criminal organizations engaged in credit card fraud, identity theft, investment fraud, computer hacking, narcotics trafficking, and most relevant for today’s purposes, child pornography.
The action taken by FinCEN was designed to protect the financial system from the risk posed by Liberty Reserve an online, virtual currency, money transfer system that was conceived and operated specifically to allow and encourage illicit use because of the anonymity it offers. They could replace "Liberty Reserve" with "Bitcoin" and it would still be just as accurate, more so actually. I recently heard a banker say that there is a reason that financial institutions have to obtain licenses. It is a great bestowal of trust that enables banks to be part of the U.S. financial system, to be part of the global financial system. Yeah... "A great bestowal of trust". It has nothing to do with preventing competition. no no. The saddest thing about this entire document is that they never mentioned that foreign companies / individuals are exempt as long as they do not deal with US. Guess nobody is really exempt from the almighty world police of USSA. I would like to close with a challenge to our great innovators: extend your focus to devising creative solutions for preventing the abuse of virtual currencies by criminals, such as those who would exploit children The "think of the children" card, honestly, it's getting kind of old. We all stand to benefit from such innovation, and the related transparency and integrity to our financial system Oh, the sweet sweet irony. Come on, it's not that bad - they seem to be quite positive about the potential for Bitcoin, but just require US exchangers to be registered and regulated. They specificaly mention they are not out to get Bitcoin, and the quote you took out of context was used in her speech to specifically point out the differences between Bitcoin and LR. So to say "you could substitute LR for Bitcoin in that sentence" is woefully disengenuous. It is apparent that Gox is making a best effort to comply with the regulations, and it looks like that has been heard loud and clear by FinCEN. As for the children angle -- well this is a meeting specifically about that, what do you expect? It must suck to be around you, since it seems you are wilfully pessimistic about everything. It's very naive of you to believe these guys have good intentions. They are saying whatever sounds good publicly, but if they had good intentions, liberty reserve wouldn't be closed. It provided a very valuable service that no banks could compete with. Bitcoin, is liberty reserve on steroids. The unstoppable version of liberty reserve. Of course they're not in favor of that. |
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