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1081  Bitcoin / Legal / Re: Bitcoin Is Property Not Currency on: March 26, 2014, 02:08:03 AM

I just do not see how they could successfully legally define any part of the system as "property", in the usual context of "property law". Awaiting the court cases with popcorn ready.

The ruling is very narrow in scope and only applies to tax law.   Bitcoin earned is taxed at the current value when you receive them as normal income.  The profit from Bitcoin that you hold onto will be taxed at lower capital gains rates when you trade them or sell them later.


So when you say "hold onto" bitcoins ... what exactly are you referring to? The private keys, or a password to a Coinbase account, (or god forbid Goxx account), or something else?

It is just not clear what it means to be in possession of the thing you are referring to ...
1082  Bitcoin / Legal / Re: Bitcoin Is Property Not Currency on: March 26, 2014, 02:05:49 AM
So exactly which part of the system is "property"? Did the gurus at the IRS define that precisely?

Is it the private keys, or the blockchain entry, both, either, niether or something else entirely?

And if it is the private keys, what if they have been destroyed because all I have now is a brain wallet?

I just do not see how they could successfully legally define any part of the system as "property", in the usual context of "property law". Awaiting the court cases with popcorn ready.

Well, they just freakin' did it, so you are going to take them to court over the matter, right?

That's what I thought.

Thank you for your input.

My $.02.

Wink

Only idiots tax-slave prisoners of USA need to engage in such 'rebelliousness' ...  Wink

It is amazing, the tax-slaves have just been handed a 28% juice bill for bitcoin wealth creation that had absolutely nothing to do with the government, yet they stand over like mafioso with their greasy palms out.... and the idiots are celebrating like the prisoners just who got a Johnny Cash concert ..
1083  Bitcoin / Legal / Re: Bitcoin Is Property Not Currency on: March 26, 2014, 01:54:46 AM
So exactly which part of the system is "property"? Did the gurus at the IRS define that precisely?

Is it the private keys, or the blockchain entry, both, either, niether or something else entirely?

And if it is the private keys, what if they have been destroyed because all I have now is a brain wallet?

I just do not see how they could successfully legally define any part of the system as "property", in the usual context of "property law". Awaiting the court cases with popcorn ready.
1084  Bitcoin / Legal / Re: Bitcoin Is Property Not Currency on: March 25, 2014, 09:06:22 PM

Tax slaves meet CoinJoin, stealth addressing?
1085  Bitcoin / Legal / Re: Bitcoin Is Property Not Currency on: March 25, 2014, 07:57:11 PM

So Money Transmitter Licenses not needed because it is "Property" not a "Currency"?

1086  Bitcoin / Alternative clients / Re: libbitcoin on: March 21, 2014, 12:35:34 AM
Always good to see progress with important FOSS projects like these ...
1087  Bitcoin / Bitcoin Discussion / Re: **Breaking news** Satoshi Nakamotos identity revealed on: March 18, 2014, 01:44:46 AM
So the more we as a community bother and hound him the more money he will make in the lawsuit?
If I was him, I'd sue too.

I wonder if he will actually go forward with a lawsuit.   If he does, it will definitely be uncovered if he is actually the Satoshi Nakamoto that Newsweek claims.
And how so?

detectives, lawyers, judged, private investigators. that's how

... and then magic happens?
1088  Economy / Services / Re: I will pay 0.15 to first person who dox Leah McGrath Goodman on: March 16, 2014, 07:48:10 PM
http://newsbtc.com/2014/03/14/anger-dies-leah-mcgrath-goodman-continues-defend-story/


I have learned this about the fanatical Bitcoiners: they will see this all in a different light once they reach puberty, she wrote.

This quote completely fits with my impression of most modern journalists (mostly female) of over-grown forms of the annoying kids from the high school yard doing the "he said, she said" gossip, shit-stirring, name-calling routine.
1089  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: March 11, 2014, 09:54:55 PM
NEW YORK (MarketWatch) -- The Financial Industry Regulatory Authority, or Finra, on Tuesday issued an investor alert on bitcoin, saying digital currencies are "more than a bit risky." The agency said the alert was intended to caution investors about the risks inherent in buying and using digital currencies like bitcoin. That includes risks from speculative trading and potential fraud related to bitcoin companies, the alert said. The move came after the collapse of the bitcoin exchange Mt. Gox in late February, which filed for bankruptcy in Japan and the U.S. said it lost customers' bitcoins. "Digital currency such as bitcoin is not legal tender," the Finra alert said, which also warned about the lack of safeguards in place for consumers, the irreversibility of bitcoin transactions, and its association with illegal activities.


http://www.marketwatch.com/story/finra-alert-says-bitcoin-more-than-a-bit-risky-2014-03-11?reflink=MW_news_stmp

Thx FINRA. We were all unaware that bitcoin is a speculative investment.

Everyone here are also aware that most of the bitcoins are owned by anonymous people, who in all probability and considering the history, are drug dealers, computer crackers or confidence man. By trusting your wealth in bitcoin, you are trusting that this criminal element won't dump their coins to acquire your wealth as their own.

Bitcooins are EVIIIIIIIIl, evil i tell you!

Witches and goblins own bitcoins, they are the spawn of the devil himself!

Gees, could you get anymore melodramatic? Most of the early anonymous people are nothing like you think ... the criminal element was late to the party and looks like the real criminals, wall st., regulators and others are just showing up now ... you're arriving in the best company it seems.

How's those sour grapes working out for ya? I heard they play hell on the gutz if you keep scoffing them, ulcers, IBS, all of that ...
1090  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: March 11, 2014, 09:39:54 PM
...coin taint...

Tvbcof, do you expect coinbase transactions (newly-created coins) to be considered taint free, or will the tainting authorities peel off a bit of taint from all the transaction fees included in that block reward?  They'd be introducing the idea of "original taint."  

Right now, blockchain.info considers newly created coins as untainted but this could be changed retroactively.  


Actually, right now there is no such thing as taint.  There are no entities who can compute it, but efforts are underway and they will be successful to some degree on a technical level.  To be successful otherwise simply means forming a relationship with regulators who are working on a 'bitcoin license' for businesses, and I have little doubt that they'll be successful in this sphere.

My suspicion is that there will be a phased roll-in culminating eventually in all BTC values which are not declared as property of a specific individual or entity being tainted.  This would include 'newly minted' BTC which don't comply by virtue of it being a simple and mechanical requirement.

---

If it is not obvious, these are all simply my own conjectures on how things will, or could, proceed.  Take them for what they are worth.  Better yet, formulate your own!  Let's kick them around to figure out how much of a threat they actually are and what we can do about them.



Not sure what this has to do with gold but taint as a technical proposition is all but dead ... dyodd.
1091  Bitcoin / Bitcoin Discussion / Re: When Wall Street will finally jump in? on: March 11, 2014, 09:35:49 PM

Quote
I say bring it on. Let's see what these traders can do on a level playing field without a central bank and their buddies in Congress to bail them out.

Bring it!

let's see what ya got wall st.... men or mice Smiley

I think they are afraid of real free markets after having their own little corrupt racket for decades, coddling them, making them fat, dim-witted and slow.
1092  Bitcoin / Press / Re: [2014-03-10] Economist Nouriel Roubini Declares Bitcoin a Ponzi Scheme on: March 11, 2014, 09:04:12 AM

"Keynesianism is the cult of a government sanctioned Ponzi scheme."

Sour grapes seems to be the favourite dish of the cult when Bitcoin was passed over.

This is a case of 'sour grapes'. That is, since he didn't plant the grapes and he can't have any of the grapes, they simply must be sour.

His lack of vision firmly implants him in the past. Nouriel, welcome to the has-beens-club. You ranted and raved and pounded on the table and absolutely NONE of your proposed reforms has been given anything more than a nod.

Bitcoin comes along and realizes that if the old rules are as corrupt as Nouriel Roubini says they are, why even bother playing by the old rules at all?

This is a new game Nouriel and you get to warm the bench.

couldn't have said it better myself

Just add this:
"LOL, Keynesianism is nothing else than the religion of a government sanctioned Ponzi scheme."
and it's even better.
1093  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: March 11, 2014, 01:22:28 AM
Billyjoeallen has the point go right over his head. Shocker.

My question is a test to see who cares about their ideals and who is just greedy. Judging by your response, it's all about the money for you, which suggests to me your odds of willfully giving anything to charity are extremely low. If that is the case, why should I believe your ridiculous "support through voluntary charity" argument. You clearly don't.

Your question is flawed because it substitutes involuntary action with involuntary action. A question such as "how much do you think you would contribute to charity if you were untaxed" would perhaps be more illuminating (though useless for totally different reasons)

What is involuntary about it? It says "let's say you COULD," not "what if the rules changed." It's a voluntary option to get out of paying taxes, and I think it does a pretty good job of simulating what it would be like if we relied on voluntary contributions. The thing is, you all say that support will come from voluntary contributions, but when it comes time to actually, you know, contribute, all of you will be passing the buck. It's because it's not about the ideal, it's about the money, so stop bullshitting and acting like it's not. If the government charged no taxes, I assume a lot of you would care much less about getting rid of it.

It's only the statists that insist it is "all about the money" ... you know, the ones for who it really is all about the money because they've got their gaping maws shoved under the sipgot, getting their free lunch.
1094  Bitcoin / Bitcoin Discussion / Re: What is the next step for bitcoin? on: March 11, 2014, 01:19:47 AM
Drugs .... drugs, hitmen payments, guns, weapons, money laundering, child porn, hackers, stolen credit card trading, tax evasion and lawyers.

Haven't you been reading the nooz?  Roll Eyes

Bitcoin, doing God's work where noone else will.

The question was about Bitcoin's next step, not the stuff that's so easy you can even do it with cash.  Wink

Ahhh, you mean white collar crime? I heard Wall St. was coming to Bitcoin town. Corzine, Blankfein, Dimon and the other spivs will demonstrate exactly what "doing god's work means" ... Karpeles was a piker.

They don't call it "filthy lucre" for nothing. Money is what money does.
1095  Other / Off-topic / Re: Help Detroit with Bitcoin on: March 11, 2014, 01:15:32 AM
Let's see some specific plans.

Bulldozers not bombs.
1096  Other / Off-topic / Re: Help Detroit with Bitcoin on: March 11, 2014, 12:59:10 AM
Detroit's problems are not at root financial, that is the symptom not the disease.

They are moral, cultural and spiritual. Until those problems are rectified pouring money into a blackhole is sustaining the decay not alleviating it.
1097  Bitcoin / Bitcoin Discussion / Re: What is the next step for bitcoin? on: March 11, 2014, 12:56:45 AM
Drugs .... drugs, hitmen payments, guns, weapons, money laundering, child porn, hackers, stolen credit card trading, tax evasion and lawyers.

Haven't you been reading the nooz?  Roll Eyes

Bitcoin, doing God's work where noone else will.
1098  Bitcoin / Press / Re: [2014-03-06] Some clear words from Gavin to Leah on: March 07, 2014, 09:10:09 PM
On the other hand Leah provides a lot of FREE media attention for Bitcoin. That credit cards ads cost much more - priceless. As longs as Dorian gets compensated, win-win!

Ding, ding.
1099  Bitcoin / Bitcoin Discussion / Re: **Breaking news** Satoshi Nakamotos identity revealed on: March 06, 2014, 10:37:28 PM

razor blades, a bicycle mirror, and 4 pounds of butter cookies....legendary.

he's the man!
1100  Bitcoin / Development & Technical Discussion / Re: CoinSwap: Transaction graph disjoint trustless trading on: March 06, 2014, 10:32:33 PM
Would it be possible to extend this idea into a Tor-like mix-cascade payment network? Both Alice and Bob would choose their own CoinSwap 'circuit' to a rendezvous intermediary, each escrow tx is hash-locked to that of the next intermediary, so that Eva would have to compromise at least three intermediaries to know Alice has paid Bob.

Onion TX routing?
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