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Ummmm informing shareholders ahead of the general public is insider trading. So yep, while it's great for shareholders it does nothing to make Bitcoin investing look less like the wild west. I'm against insider trading!
Most jurisdictions have securities laws about this - and most RL exchanges provide (or at least list) acceptable methods for public notification.
Please keep all updates in this public forum. So no to insider trading!
(Yes, I am a shareholder)
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better yet, require atleast 10 posts before you can create a topic.
Thought about that - it'd just increase the troll post parking on other topics. |
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Is there any way to create a filter to make it that we don't need to view topics started by newbies? i.e. people with fewer than 10 posts?
I'm sick of seeing righteous newbies come in to tell us we're doing everything wrong. Aside from making it harder for sock puppets.
I'd also love the ability to filter out topics started by people with a high new topic to posts on other people's topics count. I find that generally topics started by those unwilling to engage on the topics of others to be of poor quality.
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I had a similar problem - so had to create a proxy script to run on my server. Pretty easy to do actually.
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Don't you dare say FPGA in front of ArtforZ, he will scold you into oblivion.
I don't see him here  |
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Search for the term FPGA - this has already been discussed at length in there. The FPGA people already have working implementations. The big impediment to ASIC implementation is the cost not the talent on these forums.
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I'm looking at a bunch of cheap ex-lease machines for rigs. Just gotta check the power supply is up to it, they have PCIe slots I can use and I can fit a card in the case.
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Posting to subscribe.
me too |
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I'm boycotting any pool that changes the reward structure from that orginally planned. I suspect I'll not be the only one. Deflation is a key part of the bitcoin currency.
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Not quite the same thing. Bitcoin hashing takes longer because the data it's hashing is bigger than a simple password and because Bitcoin actually hashes the data twice.
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I doubt you could count bitcoin mining as gambling. The returns are just too consistent. Perhaps you could treat it like a commodity like a mineral mined from the ground.
I've been book keeping on the assumption that mined bitcoins are like inventory being created at a factory. That is it incurs expenses, but has no taxable value until it is converted into local legal tender. Of course I'll change if I receive different advice on how to go.
That's certainly an ambitious argument, personally I don't think the IRS will go for it, but you can give it a shot. I can see them claiming that if bitcoins are used as a currency, when you receive them, it's the same as receiving currency. They definitely are not going to go for the idea they are mined as a mineral, unless bitcoin users are willing to spend big bucks lobbying them into those tax breaks, like the actual mining companies have. I have a feeling we will find out soon whether it even matters, as bitcoin values either seem headed towards the stratosphere or back down to being worth pennies. Oh - there are no tax breaks for mineral miners in my jurisdiction. |
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They'll still need miners to stop rogue claiming ownership (inwards transfers) of coins claimed by one of the banks. And there'll still be the people wanting anonymous exchange.
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I did my sums and decided the risk of mining vs speculating just sat better with me if I mined. If it all went pear shaped at least I had the envy-of-my-friends graphics card :-) so I went with mining. Maybe my worker-ethic is hardwired to prefer production over speculation.
So far, if I'd instead put my money into speculation I'd be 3.3 times better off than I am by mining - but at what risk?
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Yawn. The market will sort it out. Basically the miners left will just stop accepting cheap transaction fees - but will be limited by the competition amongst miners. Once bitcoin hits the max-coin level, if their are big banks doing their own internal transfers then surely bitcoin will be worth so much relative to fiat that even 0.005btc could buy a small car.
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I think the amount of money involved is getting large enough to hold some people (at least moraly) accountable of something goes wrong. I disagree. I agree with the guy disagreeing with OP. OP I disagree. The information is all available for anybody wanting to do their own due diligence before deciding on their comfort levels with bitcoin. |
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I moot a counter-argument for the sake of debate. (I'm generally in favour of guns)
I have gun, you have gun. The first to shoot wins. Therefore the first to abandon the reasoned debate for violence wins.
I don't think that's very civilised.
This results in a social event wherein the violently uncivilized are quickly identified by the rest of society, by reason of their victims. Then, as a method of protecting itself from future violence from such persons, proceed to negate their violent tendencies in an organized fashion. Some would form posses (or hire rough & tumble types) to capture or kill the offender, as well as send the appropriate warning to others with a violent tendency to squash it or face similar consequences; or the offender will eventually encounter someone who is aware of his history and is faster than he is. Thus the old adage, 'an armed society is a polite society'. Agreed - but the original victims of the overly-violent are still dead. The posse system was notorious for it's corruptibility. But the tendancy of people to band together for the common good is, I think, a better claim for the basis of civilisation than the gun. |
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I'm about to hit my first hoarding goal - past that I start to cash bitcoins for fiat to start paying for IRL things. Why have money if you're never going to spend it. I have a few IRL spending things to get then I have a stage two hoarding goal, then more IRL spending.... gotta balance the present desires vs an uncertain future.
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I will also be continuing work on a cooling system to allow for better overclocking.
Let the card burn in a stock speeds for at least 72 hours before attempting an overclock. That 72 hours gives a good indication that the card is going to function just fine - so do this before the warranty is violated by over clocking. |
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It's actually somewhat of a difficult question, because digital currencies in the past were purchased outright with regular currency, not mined in the way that BTC are.
Any gain from sale of BTC that was purchased, not mined, is going to be a capital gain.
Any gain from sale of BTC that were mined, is going to be essentially uncharted territory. I think you can make the argument that since it is 'earned', in the sense that people purchase equipment, configure it to run certain software, pay for electricity, etc. In this case, it would simply be treated as business income. You could then deduct your expenses and arrive at net taxable income. Some expenses would have to be depreciated over time, such as computers which would last longer than one tax year.
It is possible, however, that the IRS might take the position that since bitcoins are 'awarded' in a somewhat random fashion, that they might be considered 'gambling winnings'. If this is the case, you wouldn't be able to deduct any of your expenses used to generate them.
Really it would be great if the IRS would issue a statement on this to give clear guidance, but bitcoins specifically are probably not even on their radar.
I doubt you could count bitcoin mining as gambling. The returns are just too consistent. Perhaps you could treat it like a commodity like a mineral mined from the ground. I've been book keeping on the assumption that mined bitcoins are like inventory being created at a factory. That is it incurs expenses, but has no taxable value until it is converted into local legal tender. Of course I'll change if I receive different advice on how to go. |
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