Bitcoin Tax

[dhenson]

If you are vocalizing an emotion, then how am I to assume that is not your current state of mind?  Why would one vocalize that which is not on ones mind?

[bitrebel]

If you are vocalizing an emotion, then how am I to assume that is not your current state of mind?  Why would one vocalize that which is not on ones mind?

I thought actors did that every day. And they get paid millions, too.
I'm certainly not actor, nor are my emotions an act, but don't we do that everyday in life?
Is not life a stage, and we are all actors in it?

I am not angry with this OP. I am angry with the current state of the world. I would like to see it improved.
If I care to act out an emotion, in a virtual world, would anyone seek to deny that to me?

Why would you or anyone?
Are not my emotions valid?

Thanks

BTW...are you actually educated about my reply, or do you choose to remain ignorant of it, while persecuting me, or trying to judge or guide me in some moral aptitude test?

[rovchris]

My understanding, in the United States -

A) If you sell a good or service, you are suppose to report the cash equivalent for tax purposes. This is income tax. You do this is you are paid in cash, bitcoins, or comic books. Doesn't matter.

B) If you hold onto the bitcoins and they increase or decrease in value, that increase is capital gains or the decrease is a loss. That gain or loss is only reported when you convert to fiat.

That's my understanding. I am not an accountant.

It all depends if you make a profit. You can not pay tax if you net gain is zero otherwise you would be earning negative amounts each year!


Also if you are employed or self employed (i.e. a company)

Bitcoin's themselves have no intrinsic value accept what you assign to them. If someone wants $500 dollars for a bitcoin and you want a $1000 then they are worth $1000 to you and $500 to them.

What is the value of 1kb or hard disk space?

Also if you are paid in gold it would be considered an asset of the company and you would pay Fiat when you liquidate it.

[bitrebel]

If you post some absolutely disgusting, repugnant, oxymoronic bullshit like "Bitcoin" and "Tax", in the same threat header and do not expect some kind of public whipping....

Then you are ignorant or stupid.....

[rovchris]

If you post some absolutely disgusting, repugnant, oxymoronic bullshit like "Bitcoin" and "Tax", in the same threat header and do not expect some kind of public whipping....

Then you are ignorant or stupid.....

Too true - there have been quite a few threads over the past few days with people insisting on paying tax.

JUST USE DOLLARS if it makes you feel better being exploited, do not piss on our party.

[wijawara]

Great, but I am not arguing if we shld be tax or not or how to it is done.

I am interested in knowing if the fact that bitcoin tax is being impose lend weight to bitcoin as legitimate currency for anyone or not.

I'm sure there are some people questioning/ridicule your bitcoin 'investments' but will this stop if they know taxes are actually being paid for it? This should also affect the see-saw btc price level.

To me, this have separated bitcoins from other e-currency, fun-fair tokens, see shells,

I know, no one like taxes.

[rovchris]

Great, but I am not arguing if we shld be tax or not or how to it is done.

I am interested in knowing if the fact that bitcoin tax is being impose lend weight to bitcoin as legitimate currency for you or not.

I'm sure there are some people questioning/ridicule your bitcoin 'investments' but will this stop if they know taxes are actually being paid for it? This should also affect the see-saw btc price level.

I know, no one like taxes.

The truth is this - the taxes you pay represent no value.

You pay for food, clothes, cable tv without complaining because you feel that there is value in what you pay for.

All the state has to do is stop wasting our money and offer some value. People would then pay happily.

The governments power stems entirely from money - the only way we can force them to change is by denying them the revenue.

By paying tax on Bitcoins the current situation would only get worse.

When in history have governments reduced taxation? If there is any money left over they just spend it and then increase taxes the following year.

Fast forward 20 years and we will be paying 80% tax unless something is done.

Think of it like this - how much have you personally contributed to the war in Iraq that was based on a total lie (Weapons of mass destruction) a million people were killed because of that lie. It is no different to paying a hit man you were complicit in the murder of those people by providing the revenue for the weapons and army personnel.

[doom309]

what concerns me about some of the "entrepreneurs" who are invested big in btc and pushing for its mainstream adoption, is that they keep saying regulation etc (ie more govt involvement) is going to help achieve this, and to address the op's question, say, letting the fiat tax system overarch into btc - will somehow make btc more legitimate?

i dont think btc's legitimacy has anything to do with whether or not its regulated or taxed, its legitimacy starts, surely, with us, the community, the users of cryptocash

now, if govts want to tax btc, then fine, let them try, but for goodness sake dont make it easy for them !!!

tax is a game, let irs and any other country's tax authorities learn for themselves how to play it, at present, the way i see it, im only going to be taxable on any fiat profit i make on the fiat i put into btc, if i sell btc to get fiat back, if i do no converting back to fiat, then there cant be any tax, because you cant pay fiat taxes in anything other than fiat

i hear you bitrebel, i agree the world is a mess, and i know why, and things like btc are a chance for a better world to eventually come about, capitalism is not the problem, banks and government are, and tax is what feeds the beast

so, no one should be breaking the law, educate yourself about what you can and cant legally do, but dont let the trojan horse of govt/tax/govt regulation in

if you do, then btc will be destryed and the last 4 years wouldve been a waste of time

[franky1]

so, no one should be breaking the law, educate yourself about what you can and cant legally do, but dont let the trojan horse of govt/tax/govt regulation in

+1

by allowing in a government does not make the currency more or less legal. all it does is move the power of ownership away from the people and towards the government that the regulators are native to.

EG if bitcoin gets regulated and taxed by UK's FSA/HMRC. it will become UK's property. but that does not change its status in australia, canada, thailand, mexico, etc. so why adopt UK regulations as its still foreign to the rest of the world

EG if bitcoin gets regulated and taxed by USA's FINCEN/IRS. it will become USA's property. but that does not change its status in australia, canada, thailand, mexico, etc. so why adopt USA's regulations as its still foreign to the rest of the world


imagine bitcoin as its own country. you don't have to follow the laws of another country!

i would say though that we do develop our own moral compass to ensure that the currency continues to have value. EG training people how to spot scams. how t secure their wallets from thefts. how to operate online stores with cold wallet and remote management to limit online hacks thefts. how to limit the abilities of DDOS'ers.

and to remember you do need to obey the laws of other countries if your business is going to touch their fiat. and that should be the only time you need to obey their regulations. when THEIR fiat is being used.

[Rez]

FUCK YOU!!!!

I'll lighten up when YOU.... DO SOMETHING to change the world to make it better!!!!, Instead of posting feel good messages on forum boards.
Are you okay with the world the way it is? Are you happy with this situation we have upon us?
If you are, then FUCK YOU, TOO!!!

I think we've determined that there is, in fact, a point in which one has had too many energy drinks.