|
462
|
Bitcoin / Legal / Re: Japan Debates Its Bitcoins Tax
|
on: December 19, 2017, 05:22:41 AM
|
of course it can be taxed, if a citizen that use bitcoin want to declare his revenue from it, it will be taxed like any other fiat money
taxing directly bitcoin is a bit more difficult for the government if their citizenz are not willing to help by declaring their income per year
I highly doubt that someone would declare his income himself as most of the investors of bitcoin are using it as a tool for merely tax evasion. Expecting complete income declaration from such people is highly difficult considering that no govt. Can tax merely a private key or wallet address. Why wouldn't it be taxed. It is money. These kinds of debates are a good thing for bitcoin and can help with further adoption by making newcomers see it is treated like a real currency.
What makes you say that its money? Its merely a commodity or more precisely an investment if we look properly. A currency is easily transferable moreover for the purposes of tax must be valid in eyes of law too. Bitcoin shows no such traits. It can only be taxed once it is realized in form of local currency. Most Japanese (like most westerners, I think) are still pretty much unaware of the profound significance of the blockchain, much less how it might change the world. The typical Japanese person knows very little about bitcoin, though there are enough buying it to strain the exchanges now.I think many see it as a way of hedging against a collapse of the yen, though I expect purchases will pick up.
I think you are mistaken. Japan highly appreciates bitcoin and blockchain moreover the fact that japan is the birthplace of bitcoin makes them even more attracted towards it. I think japanese people know much more about it than any westerner and they have incorporated its use much widely than western world. Even the japanese authority openly appreciates the beauty of blockchain and bitcoin. |
|
|
|
|
463
|
Alternate cryptocurrencies / Altcoin Discussion / Re: Beware MERCATOX.COM Exit Scam!
|
on: December 18, 2017, 08:58:33 PM
|
its been 5 days that i put 20 btc into mercatox to buy XRB since price was increasing fast and and I could not lose the opportunity. When i bought they dont let me withdraw saying that the wallet of the coin was under maintenance. Have a lot of people with the same problem and they do not even respond to emails, tickets, 0 SUPPORT TO THE CLIENT .. now the site went offline GREAT
MAINTENANCE FOR 5 FUCKING DAYS ARE YOU KIDDING ME?
You better run before i hire a hitman to find you son of a bitch
20 btc is really too much trust on one single exchange I would rather settle without doing trade than to trade with such a risk. Even if the wallet would not have been on such maintainance its impossible to withdraw such a large amount in one single day considering that exchanges have high verification rules regarding it. |
|
|
|
|
464
|
Economy / Trading Discussion / Re: How much the Blockchain System worth?
|
on: December 18, 2017, 05:37:08 AM
|
Blockchain system espeically the bitcoin blockchain system comprises of a supply of 21 million bitcoins out of which more than 4 million are yet to be mined. So value of anything is determined by its future earning potential. If someone becomes the owner of such system he can take away all the remaining unmined bitcoins. Therefore setting up a value of say 100 bitcoins for the whole system is like undermining its importance. I think systwm is worth atleast a million bitcoins. |
|
|
|
|
467
|
Bitcoin / Bitcoin Discussion / Re: ♨♨♨ Bitcoin's Price Is Too High ♨♨♨
|
on: December 15, 2017, 07:02:47 PM
|
We've mined 17m of the 21m bitcoin already. In that time bitcoin has gone up 6 million times its original value! That makes no sense at all. Even 1000x - 10000x increase would be rather absurd Bitcoins price is WAYYYYY TOOO HIGH!!! Only 1% of the world has adopted the coin so far. It makes no sense that the first 1% to adopt (aka miners and HODLers) should get up to a 6 million times return on their money. While someone adopting today would get a one times return. That's simply not feasible. The remaining 99% of the population will not agree to deflate their own purchasing power by 6 million - they will just continue to use Fiat. That's the biggest problem that will prevent bitcoin from scaling. https://www.youtube.com/watch?v=F7luAHdv61kHeres a great video from Crypto Daily discussing the problems of bitcoins price They are not losing purchasing power they are just late to enter the market. Not everyone can set up mining rig and begin mining cryptos. People are still buying it merely for returns and not for making it as a mainstream method of settlement. So its price is destined to go high its nothing like too high. |
|
|
|
|
468
|
Bitcoin / Legal / Re: how does one sell their btc in a country where it's illegal ?
|
on: December 15, 2017, 06:59:42 PM
|
how do u sell large stach of btc in a country where it's illegal
?
any ideas
There is no way that you can sell it to your bank account there are almost 100% chances that you would get tracked. Try to sell it using cash with person of any other country. Or if not in cash try that he sends such sum of money using his personal bank account and you transfer him BTC strictly using a private key wallet only not any exchange where you give out your name. |
|
|
|
|
469
|
Alternate cryptocurrencies / Altcoin Discussion / Re: ☃☃☃ Tether Is Very Fishy ☃☃☃
|
on: December 15, 2017, 06:54:14 PM
|
|
First of all what is the source that they buy bitcoin with such tether? But yes, I Never thought this way isn't it making bitcoin to a bubble itself? because bitfinex is the largest exchange we all know that and bombarding BTC price using bitfinex is quite easy. But if suddenly the tether backing conspiracy come to any conclusion bitcoin could scrap back to scratch. Is it the real people buying bitcoin or only bitfinex buying it with their tether?
|
|
|
|
|
470
|
Economy / Economics / Re: Question on Bitcoin fluctuation
|
on: December 15, 2017, 06:44:15 PM
|
Hey there just had a really important question regarding how bitcoin fluctuation can affect what I have in my wallet at any given time.
For instance, say I have $86 worth of Bitcoin in my wallet and I bought it when it was about $7,000 for 1 Bitcoin, then the price jumps all the way up to $16,000 for 1. Shouldn't this effect what I had in my wallet? The $86 dollars worth would either increase or decrease depending on the situation?
Thanks.
P.S. kind of a newbie
use coinbase
There is no rocket science in it. You don't have $86 in your wallet you had certain fraction of btc in your wallet which were equal to $86 at the time when 1 BTC was worth $7000 but now as the price has increased all the way to 17500 you still have same amount or say fraction of btc in your account. All what has changed is that today these are valued in market at such a higher price. |
|
|
|
|
471
|
Economy / Economics / Re: Bitcoin as a Medium of Exchange
|
on: December 15, 2017, 06:36:52 PM
|
Many true Bitcoin enthusiasts actually prefer to use Bitcoin as a medium of exchange. They aren’t interested in investment or speculation or trying to sell at a profit.
Instead, they see Bitcoin as a way to engage in free association of trade without the need for governments to regulate the exchange. With Bitcoin, it’s possible to pay for goods and services instantly by transferring the digital money straight from your wallet to someone else’s digital wallet.
No! No! No! a currency which takes 13$ for a transaction and wants an hour to get confirmed that money has been received by the other person is just useless. Adopting it as a mainstream method of settlement would mean anarchy and nothing else than that. Okay one could surely spend this amount for something worth $100 but do you really think one can send $10 or $20 in form of bitcoins? The transaction fee would overtake the amount itself. |
|
|
|
|
472
|
Economy / Economics / Re: Israeli PM: Bitcoin Could Replace Banks
|
on: December 15, 2017, 06:31:14 PM
|
I think this is the first time a PM makes such a statement. https://cointelegraph.com/news/israeli-pm-bitcoin-could-replace-banksIn a video published on Tuesday, Israeli Prime Minister (PM) Benjamin Netanyahu claimed that the operation of traditional banks will eventually become obsolete and could be replaced by Bitcoin. He based his claim on the trustless nature of Blockchain technology and on Bitcoin’s continuous, notable growth this year.
In the video, Netanyahu stated confidently that banks will eventually become outmoded and be replaced, though when and by what exactly remains to be seen:
“Is the fate of banks that they will eventually disappear? Yes. The answer is yes. Does it need to happen tomorrow? And do we need to do it through Bitcoin? That’s a question mark.”
...
“The truth behind what I just said is what’s propelling Bitcoin upwards.”
However, the prime minister also expressed doubt in the ability of Bitcoin to continue growing at such an astonishing rate, stating:
“There’s nothing like this, that will continue rising at this rate, it can’t happen.”
I’ve tried to watch the video to see if the article is interpreting well Netanyahu’s statements, but it seems it is in Hebrew and I can’t understand anything. We have seen people of this forum saying that thanks to bitcoin, banks won’t be needed any more, but I don’t remember an important politician making statements like that. What do you think about? Wow! he surely isn't one of the biggest leaders of the world but surely PM of Israel giving such statement could increase people's confidence upon it. Traditional banking system is obsolete and it needs some replacement for sure. Blockchain surely gives out the best answer as it favours none. What you will be shown in a block would be real nothing fictitious like the banks generally do. |
|
|
|
|
473
|
Bitcoin / Bitcoin Discussion / Re: Japanese company will start paying salaries in Bitcoin
|
on: December 15, 2017, 06:15:06 PM
|
TOKYO: A Japanese company will start paying part of its employees’ salaries in Bitcoin, as it aims to get better understanding of the virtual currency, a spokeswoman said on Friday.
GMO Internet, which operates a range of web-related businesses including finance, online advertising and internet infrastructure, will start paying up to 100,000 yen ($890) monthly by Bitcoin to its employees in Japan from February next year.
“Employees can receive salaries by Bitcoin if they want to,” company spokeswoman Harumi Ishii told a French wire service.
“We hope to improve our own literacy of virtual currency by actually using it,” she said.
The offer will be open to around 4,000 employees of the GMO group in Japan, she said.
The company started a Bitcoin trading and exchange business in May.
And next month, it will join the so-called “Bitcoin mining” business — gaining the right to receive new Bitcoins as a reward for helping keep the network secure by approving transactions.
World Bitcoin prices have surged globally this year, soaring from less than $1,000 in January to $17,000 this week.
Copied from a news site.
First of all please try to quote the source from where you have picked such news. Then yes Japan is really making a leap forward for widespread use of bitcoin considering that japan is the birthplace of bitcoin itself. But still this thought makes me quite confused as this salary payment would cost company a hell lot of fees and same would be the case with the people too. I don't think currently bitcoin is efficient enough for a widespread use. |
|
|
|
|
474
|
Bitcoin / Bitcoin Discussion / Re: Lost private key.
|
on: December 15, 2017, 04:31:53 PM
|
|
It depends on the type of wallet you use. Some wallets store your private key with them so you just need login id pass to enter the wallet and make transactions but if you are on a standalone private key wallet then you have surely lost your funds forever there is no way one can gain access to a wallet without private key nor do we have such technology which could do a brute force attack to guess up the private key.
|
|
|
|
|
476
|
Bitcoin / Development & Technical Discussion / Re: Transaction Cost Problem
|
on: December 14, 2017, 05:10:59 PM
|
The current satoshis needed per byte to make a normal transaction successful is around 293 which give around $10 for an average transaction.
The high fee is an issue which everybody is pissed of. Bitcoin is not meant for any micro payments at the moment. Although it will be done in the future with the help of the lightning network it is just a waste of money to spend high fees on micro transactions. It is better to avoid small transactions and just hold the BTC until the lightning network is fully established. The development is going with a successful testing recently. I think people should stand together and join hands towards the development of BTC. Why should just a small group of people do all the hardwork and let the other enjoy it's benefits.
All these things are reducing the daily usage of BTC I think its becoming even costly for the campaign and bounty managers to pay off their participants. Considering the lightning network what if people or miners continue to oppose it? in search of hefty fees which could earn them more money? We saw very much the same thing with segwit2x. If we want to see btc as a mode of settlement it should send small amounts with relatively less fees. |
|
|
|
|
477
|
Bitcoin / Bitcoin Discussion / Re: HARDWARE WALLET - ITS YOUR MONEY PLEASE SECURE
|
on: December 14, 2017, 05:04:27 PM
|
Guys,after going through the pain of loosing my BTCs HAckers I keep learning more and more about the Cryptoworld.Watever amount of Cryptocurrenices you have secure them in your HArdware Wallets,its your money guys keep them safe,let them not drain out for these lazy hackers ! Invest safe and stay safe ! You don't need a hardware wallet for maximum security. 99% of people getting ripped off are keeping all their BTC on a web wallet or in an online trading account. Following these rules will eliminate most Bitcoin rip-offs: - Stop using web wallets
- Don't keep all your BTC in your trading account (if you trade)
- Store your Bitcoin using a method where you have possession of your private keys. You can use the bitcoin-core client if you're willing to download 150GB of data. Or you can use one of the thin clients. Electrum is a good example: Make a new wallet with a deterministic seed phrase, print it and keep it somewhere safe. If your computer is stolen or destroyed you can regenerate the wallet from the passphrase.
- Stop using Windows. The Windows world is full of viruses and trojans that can steal your wallet.
- Use a Linux computer with whole-drive LUKS encryption for Bitcoin.
- Practice good internet hygiene. Don't download porn or torrents on the same computer as your Bitcoin. Keep your Bitcoin on a separate computer. Bitcoin is money and it's serious business.
- If you're a profitable trader move your profits from the trading site to your secure wallet. Don't keep all your eggs in 1 basket.
I agree with you these are the most important things one should take care of while holding BTC. The biggest problems what I find the newbies is that they put all their eggs in one single basket which makes all their eggs prone to anger if the basket breaks. Instead create multiple private keys and store your btc in different wallets. Keep nothing more than 0.2-0.5 BTC in one wallet even that is quite a lot for some people. Understand that BTC cannot really provide anonymity to your funds anyone can trace money in your account just through your addy. split up your holdings. |
|
|
|
|
478
|
Bitcoin / Bitcoin Discussion / Re: Man loses $22,000 in cryptocurrency scam
|
on: December 14, 2017, 04:40:12 PM
|
So once again we see a demerit of decentralization. Man loses such a huge sum and all he could do is regret because no law in the world caters problems related to crypto currency scam even if they cater there is absolutely no chance that they would be able to effectively trace any such persons. |
|
|
|
|
479
|
Bitcoin / Bitcoin Discussion / Re: What to do if Bitcoin Price Crashes
|
on: December 14, 2017, 04:37:08 PM
|
You have combined the most horrible nightmare with the most dreamy thought together. If bitcoin crash to less than a dollar I could barely buy a Mcd Meal with my bitcoins. That would surely be the saddest day of my whole life and dont be much surprised if you see thousands of people doing suicides that day. And yes 2.5 Million USD woah that could make me the richest person in the town for sure. |
|
|
|
|
480
|
Bitcoin / Bitcoin Discussion / Re: ICICI bank India accept bitcoin
|
on: December 14, 2017, 04:10:40 PM
|
|
Are you kidding? because if ICICI bank which India's second largest bank would have started accepting bitcoins are new channels would have flourished with this news. Indian media is giving their claims against bitcoin and suddenly ICICI to accept it really doesn't makes any sense and that also when RBI is clearly stating Bitcoin as not legal. Its absolutely rubbish.
|
|
|
|
|
Show Posts
