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401  Bitcoin / Bitcoin Discussion / Re: KryptoTax for Miners ? Similar tools? IRS Notice 2014-21 q8 on: April 03, 2014, 12:49:49 PM
What about for mining coins, I have some rigs that point to blockchain.info and some that point to my Qt wallet....

At the current moment (and to my limited understanding), the IRS mandate only affects those situations from where you selling bitcoin to go into fiat, and vice versa.

If you read IRS Notice 2014-21 question number 8 it reads:

Q-8: Does a taxpayer who “mines” virtual currency (for example, uses computer
resources to validate Bitcoin transactions and maintain the public Bitcoin
transaction ledger) realize gross income upon receipt of the virtual currency
resulting from those activities?
A-8: Yes, when a taxpayer successfully “mines” virtual currency, the fair market value
of the virtual currency as of the date of receipt is includible in gross income. See
Publication 525, Taxable and Nontaxable Income, for more information on taxable
income.


That is pretty definitive to me!

I seriously doubt IRS has even the system in place to accomplish this type of tracking.  

In fact, they simply don't unless they literally monitor mining pools. Good luck with that.

 All they can see is me sending bitcoin into Coinbase and buying/selling.
402  Economy / Speculation / Re: A Chinese look at the situation in China on: April 03, 2014, 12:25:41 PM
would you mind sharing with us an update of the situation. espcially with the litecoins and the non-enforced ban etc.
What's the general feeling in China now?

<snip>

One thing you can be sure, as it been tested with time: we have few idealists in China, to support bitcoin as an idea that can make the world a better one. We have few idealists for any ideas since culture revolution and the 89' Tiananmen square. Not even the China Dream campaign represent any idealism more than an anodyne. The few idealists in existance are not supported by the society in whole, and even among them there seems to be more communism idealists. In fact, under the zeitgeist the word idealism translated directly meant something different than we hitherto discussed: it (为理想奋斗) means being confident that you can be wealthy against all odds = willing to invest labour and is risk-seeking, and that kind of "idealists" we have lots. This offers you a backdrop for your speculative thinking. That is, if the world really scraps bitcoin, we won't be there to keep the tide.

One day your people will wake up and take that God-given right to liberty of person and freedom of decision.  

That generation of patriots did it in the US many years ago, and you will do it too.
403  Bitcoin / Bitcoin Discussion / Re: KryptoTax for Miners ? Similar tools? IRS Notice 2014-21 q8 on: April 03, 2014, 12:11:17 PM
What about for mining coins, I have some rigs that point to blockchain.info and some that point to my Qt wallet....

At the current moment (and to my limited understanding), the IRS mandate only affects those situations from where you selling bitcoin to go into fiat, and vice versa.
404  Economy / Economics / Re: so btc value is finished? on: April 03, 2014, 12:00:32 PM
The problem is that you never know what news can push it up or down. Who know what tomorrow holds.

It sure as hell won't be about the damn Chinese government doing this or that with their laws about Bitcoin.  

News from China has been about the only type of negative press in the Bitcoin sector at all (except for Gox and some of the minor exchanges).

OTOH, if you look at market news coming out of non-Communist markets like the US, it's been all positive.

Communism can take a hike.  
405  Economy / Economics / Re: China Banning BTC. Any thoughts for the soul especially the mind? on: April 03, 2014, 11:54:44 AM
My thought is that our free market does not need communism to thrive.

I am upset that the chinese have been ruining BTC and been doing a great job doing it. How is adoption going to happen if they keep dumping and pumping.

China is irrelevant as a market for Bitcoin growth.  Same with Russia.  They are communist societies run by the .01%.  They are centralized to all hell and back.

The Chinese and Russian peoples need to grow up and figure out that their forms of government are economically invalid and institute free market reforms.




406  Bitcoin / Bitcoin Discussion / Re: KryptoTax for Miners ? Similar tools? IRS Notice 2014-21 q8 on: April 03, 2014, 11:43:10 AM
https://bitcointaxes.info/ will take a ledger .csv or similiar format from any of the exchanges they support and do your capital gains calculations for you.

They support Coinbase, so all i do is generate my transactions history from CB and feed it into bitcointaxes and they output the calculated cap gains number.  Their minimum free account does it.
407  Economy / Speculation / Re: I'm Out on: April 03, 2014, 01:21:30 AM
Taking a bite out of the $1.5 trillion dollar a year payment processor fee / money transmitting business... yeah, the Bitcoin protocol is worth every penny of that sum saved.

Once China becomes mostly marginalized from their speculating on the market, things will settle back down.....and head right on up to that $750-$825 range.  

US investors are... lurking in the wings.  Wink
408  Bitcoin / Bitcoin Discussion / Re: Is the community ready for a global trade ban of bitcoin? on: April 02, 2014, 11:33:34 PM
Bitcoin doesn't appear ready for an incoming China ban, let alone the world.
The China "market" was a naive pipedream.  China has some of the most stringent capital control measures in the world.  Bitcoin is simply a bad fit in China.

They are just a bunch of ignorant narrow-minded speculators who simply want to make some bucks.   They could care less about the Bitcoin technology and innovation.  Hell, they could care less about the idea of innovation, period.  Their government is Communist, for pete's sake.

Glad they are out.  Maybe now the price will settle up and stay there.

I disagree.  The China market grew because of capital controls in China, and seemed to be away around them for people that live under that government.   I hope Chinese citizens push their government to start loosening these controls.


We can definitely agree that there needs to be another revolution in China....just a "democratic" one!

China has so much potential...yet the people over there allow the .01% to dictate everything in an iron-clad fashion.  

When will they wake up and take back their lives and country>?
409  Bitcoin / Bitcoin Discussion / Re: Do you realize ... on: April 02, 2014, 10:56:24 PM
It was 100% naive to think that Bitcoin would have been allowed to operate in China in the first place.

Their government is Communist.  It's centralized heaven over there.
410  Bitcoin / Bitcoin Discussion / Re: Is the community ready for a global trade ban of bitcoin? on: April 02, 2014, 10:48:31 PM
can the Chinese government stop people from buying bitcoin on the street? nope.
it is not possible to ban bitcoin, but im sure the banking elite will do everything in their power to stall their money printing machine's demise.

They can force their financial institutions and payment processing platforms to not allow the conversion of btc into yaun.

As much as no-one enjoys admitting it, it's still a fiat world.  That will change in the future, but for now...
411  Bitcoin / Bitcoin Discussion / Re: Is the community ready for a global trade ban of bitcoin? on: April 02, 2014, 10:29:09 PM
Bitcoin doesn't appear ready for an incoming China ban, let alone the world.

The China "market" was a naive pipedream.  China has some of the most stringent capital control measures in the world.  Bitcoin is simply a bad fit in China.

They are just a bunch of ignorant narrow-minded speculators who simply want to make some bucks.   They could care less about the Bitcoin technology and innovation.  Hell, they could care less about the idea of innovation, period.  Their government is Communist, for pete's sake.

Glad they are out.  Maybe now the price will settle up and stay there.
412  Economy / Speculation / Re: I'm Out on: April 02, 2014, 10:20:24 PM
Look at the fundamentals. The attention to taxation is bullish. The fact that they are addressing it says that Bitcoin has arrived and is making an impact.

Bull run isn't over.

Central banks still printing like crazy.



2014 is the year of regulation. it was clear that this will happen and it will help BTC in the long run in my view.

Yep.  Real companies are able to get involved now.  There are certainly taxation compliance issues and integrating those fixes into business models, but there's nothing but smart people working in the Bitcoin tech sector and it will be done.

A whole new sub-sector of Bitcoin is starting up: tax services!
413  Bitcoin / Bitcoin Discussion / Re: Bitcoin is the biggest inovation in finance since the lydians used gold as money on: April 02, 2014, 10:02:00 PM
+1, and that's why the Bitcoin protocol and its derivatives are here to stay.  It's not a matter of "if" anymore, it's a matter of "when".

It's about transforming/optimizing/improving formerly closed sectors with new technology.  It's about innovation, invention, and redefinition.

It's not about speculating to make a quick buck.  This is why China exiting the market for the most part is the best news in a long time.  No more/fewer speculators = less volatility. They could care less about the technology of the protocol. There was never a market in China either way.  It was a naive pipedream for anyone to think the Chinese government with some of the tightest capital control measures in the entire world would allow the most efficient money transmitting system in the history of mankind to operate with impunity.
414  Bitcoin / Bitcoin Discussion / Re: Fed Bank VP on bitcoin: Banks must adapt or die on: April 02, 2014, 11:19:04 AM
China is the reason for 90% of the volatility in the bitcoin market.  They don't care about the technology, they just want to speculate and make a buck.

Bitcoin will rise back up to $750-850 and pitch a tent for the long term not long after 4/16.

Fortunately, venture capitalists and tech entrepreneurs are finally winning the battle against the fringe anarchists and libertarians for the soul of Bitcoin .

It's about the tech, not about the coin and its ability to go "off the grid"!

Does Bitcoin have a soul?
Are you sure?
lol +1, I stopped reading at the word "soul".

This is an internet forum, not a church. Reasoned observation and empiricism or GTFO.

Good, then you read 85% of the post.

Glad to see i can still offend so easily.  Grin
415  Bitcoin / Bitcoin Discussion / Re: Fed Bank VP on bitcoin: Banks must adapt or die on: April 02, 2014, 03:01:56 AM
China is the reason for 90% of the volatility in the bitcoin market.  They don't care about the technology, they just want to speculate and make a buck.

Bitcoin will rise back up to $750-850 and pitch a tent for the long term not long after 4/16.

Fortunately, venture capitalists and tech entrepreneurs are finally winning the battle against the fringe anarchists and libertarians for the soul of Bitcoin .

It's about the tech, not about the coin and its ability to go "off the grid"!

416  Bitcoin / Bitcoin Discussion / Re: Wal-Mart Sues VISA for $5 Billion Over...(Guess What?) on: April 01, 2014, 12:39:30 PM
Just like the Vietcong outlasted the US military in Vietnam, so shall Bitcoin technology outlast the banks and all of their expensive tastes.

Bleed 'em dry!

You make no sense whatsoever. What the fck does this has anything to do with banks and their expensive taste?



Expensive taste = itemizing every single portion of their business model and charging an associated fee.

Think outside the box, son!
417  Bitcoin / Bitcoin Discussion / Re: Wal-Mart Sues VISA for $5 Billion Over...(Guess What?) on: April 01, 2014, 03:00:27 AM
Just like the Vietcong outlasted the US military in Vietnam, so shall Bitcoin technology outlast the banks and all of their expensive tastes.

Bleed 'em dry!
418  Alternate cryptocurrencies / Mining (Altcoins) / Re: [ANN] Primecoin GPU miner: 1.2 chains (6.7 XPMs) / day on: March 31, 2014, 12:13:12 PM
What is the trick to setting this thing up?

What are the command line flags?
419  Economy / Service Discussion / Re: USD markets coming to cryptsy soon on: March 31, 2014, 11:17:10 AM
Cryptsy's reputation isn't exactly stellar these days.

I personally have never had issues with them, but others have.

Would be an interesting experiment to see just how much trust they leverage from the community as a whole.
420  Bitcoin / Bitcoin Discussion / Re: All our base are belong to Chinese on: March 31, 2014, 01:18:30 AM
Okay so if the news from China was real, why is China buying all the coins while everyone else is holding/selling?

If the news was legit, the last thing the Chinese would be doing is *buying more*.

Apparently they know its not legit news?

-B-

Wouldn't that be a kicker.  Grin

On a side note, being able to see where coins are going in real time is indicative of just how innovative the Bitcoin protocol truly is for providing a transparent means of transmitting units of value.  Try something like this with the current banking system.

It's marvelous.  
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