JanaBB
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Activity: 14
Merit: 0
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August 09, 2015, 09:27:06 PM |
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Going all in on Bitcoin is just too risky an investment at this stage in the game. Don't get me wrong, Bitcoin has made great strides over the years, but it's still a young concept. If someone is 100% set on working within the Bitcoin community full time, the safest way to achieve this is as an entrepeneur within the community part time, and quitting your day job if/when you get a successful business model in place.
i agree, it is still risky but if you have your own company, including bitcoin to your payment system is innovative and can be profitable:) |
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The grue lurks in the darkest places of the earth. Its favorite diet is adventurers, but its insatiable appetite is tempered by its fear of light. No grue has ever been seen by the light of day, and few have survived its fearsome jaws to tell the tale.
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jambola2
Legendary
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Activity: 1120
Merit: 1038
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August 09, 2015, 10:08:02 PM |
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*snip*
Canada has an amazing policy on this currently. So i am very content with this.
Then again, it's really hard for any government to crack down on you if you have BTC and bought something online with it, sooo.
Is it that big of an issue?
Would probably depend on how sizable your salary is. If you earn a lot yearly (100k+) in the form of Bitcoin, and spend it on a lot, you might be audited and get into trouble for tax evasion. |
No longer active on bitcointalk, however, you can still reach me via PMs if needed.
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VirosaGITS
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Activity: 1302
Merit: 1068
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August 09, 2015, 10:31:29 PM |
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*snip*
Canada has an amazing policy on this currently. So i am very content with this.
Then again, it's really hard for any government to crack down on you if you have BTC and bought something online with it, sooo.
Is it that big of an issue?
Would probably depend on how sizable your salary is. If you earn a lot yearly (100k+) in the form of Bitcoin, and spend it on a lot, you might be audited and get into trouble for tax evasion. Ah well, that's at least partially true, if you gain marketable value in Canada you're suppose to declare it as other - trading value gain. But BTC itself has no legal value. So basically you'd have to declare the value of the BMW you'd be buying as a capital gain, yeah.  |
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richardsNY
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Activity: 1232
Merit: 1091
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August 09, 2015, 11:06:03 PM |
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Definitely not. Bitcoin needs to find stability first. Don't want to see my income goes 10% down in value a day after.
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Abiky
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Activity: 3192
Merit: 1359
www.Crypto.Games: Multiple coins, multiple games
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August 09, 2015, 11:53:50 PM |
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Definitely not. Bitcoin needs to find stability first. Don't want to see my income goes 10% down in value a day after.
It makes me wonder if it's a good thing to make Bitcoin's price pegged to the value of fiat currencies...I don't know if it could be a bad thing but it would be interesting now that 1 Bitcoin would be equal to 1 USD. Just my opinion, although I like the current value of Bitcoin. It is much higher than fiat  |
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VirosaGITS
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Activity: 1302
Merit: 1068
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August 10, 2015, 01:01:40 AM |
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Definitely not. Bitcoin needs to find stability first. Don't want to see my income goes 10% down in value a day after.
It makes me wonder if it's a good thing to make Bitcoin's price pegged to the value of fiat currencies...I don't know if it could be a bad thing but it would be interesting now that 1 Bitcoin would be equal to 1 USD. Just my opinion, although I like the current value of Bitcoin. It is much higher than fiat So, i have 500$ worth of BTC, you want me to now have 500 BTC? What happen if the US drop? I lose in BTC? The whole idea is for a decentralized system. Beside the fact what you suggest is not possible, I don't see the point or the advantage. BTC isint a USA thing, so ... =/ |
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QuintLeo
Legendary
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Activity: 1498
Merit: 1030
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August 10, 2015, 01:40:00 PM |
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Fiat currencies aren't pegged to anything, they've been floating against each other for decades now.
Why would you try to peg bitcoin to ONE of them, that makes ZERO sense.
Hint - fiat currencies aren't "stable" either, they do vary over time and often vary a LOT against each other even in a short timeframe.
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I'm no longer legendary just in my own mind!
Like something I said? Donations gratefully accepted. LYLnTKvLefz9izJFUvEGQEZzSkz34b3N6U (Litecoin)
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Abiky
Legendary
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Activity: 3192
Merit: 1359
www.Crypto.Games: Multiple coins, multiple games
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August 10, 2015, 01:45:18 PM |
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Fiat currencies aren't pegged to anything, they've been floating against each other for decades now.
Why would you try to peg bitcoin to ONE of them, that makes ZERO sense.
Hint - fiat currencies aren't "stable" either, they do vary over time and often vary a LOT against each other even in a short timeframe.
I think that pegging Bitcoin to the value of Gold would be a great idea.  |
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BitcoinRichman
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August 10, 2015, 01:47:21 PM |
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Definitely not. Bitcoin needs to find stability first. Don't want to see my income goes 10% down in value a day after.
you can sell your bitcoin to $ in 1 day or you can y\sell your bitcoin before price go up |
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VirosaGITS
Legendary
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Activity: 1302
Merit: 1068
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August 10, 2015, 03:23:38 PM |
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Definitely not. Bitcoin needs to find stability first. Don't want to see my income goes 10% down in value a day after.
you can sell your bitcoin to $ in 1 day or you can y\sell your bitcoin before price go up Mhm, i've told that to my friends who were evaluating their possible interest in Bitcoin. The "I dont want to hold BTC when it can drop to crap from a day to the next." is hella common. I tell them if you're that afraid, then just hold the currency in USD on the exchange, then switch it back to BTC when you are ready to use it. But then "its too complicated". =/ |
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thejaytiesto
Legendary
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Activity: 1358
Merit: 1014
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August 10, 2015, 04:06:43 PM |
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*snip*
Canada has an amazing policy on this currently. So i am very content with this.
Then again, it's really hard for any government to crack down on you if you have BTC and bought something online with it, sooo.
Is it that big of an issue?
Would probably depend on how sizable your salary is. If you earn a lot yearly (100k+) in the form of Bitcoin, and spend it on a lot, you might be audited and get into trouble for tax evasion. If he works as a freelancer programmer and gets paid directly on his address and doesn't attach his name to his address publicly, uses different addresses per client.. then it's pretty much impossible for the gov to know you own any Bitcoins. If he buys stuff directly with Bitcoin that isn't real state based as in a terrain, house or vehicle, and he sticks to buying just "stuff" like a phone, videogames, whatever, I don't think the gov is going to ask for the shop about it. Has this ever happen? it seems very farfetched. Audit would start if he constantly converts big amounts of BTC into fiat. |
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mskryxz
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August 10, 2015, 04:51:18 PM |
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Quit my job and started working full-time for 100% pay in bitcoin starting in 2014. Best decision ever.
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dollarneed
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August 10, 2015, 06:17:51 PM |
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Quit my job and started working full-time for 100% pay in bitcoin starting in 2014. Best decision ever.
wooow super nice decision,you've quitted from your job and now its almost 1 year right? how was it? anyway may i know? what kind of job that you have before? and how its compare with your job right now? |
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tommorisonwebdesign
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August 10, 2015, 07:13:36 PM |
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*snip*
Canada has an amazing policy on this currently. So i am very content with this.
Then again, it's really hard for any government to crack down on you if you have BTC and bought something online with it, sooo.
Is it that big of an issue?
Would probably depend on how sizable your salary is. If you earn a lot yearly (100k+) in the form of Bitcoin, and spend it on a lot, you might be audited and get into trouble for tax evasion. Ah well, that's at least partially true, if you gain marketable value in Canada you're suppose to declare it as other - trading value gain. But BTC itself has no legal value. So basically you'd have to declare the value of the BMW you'd be buying as a capital gain, yeah. In my case, it would not be that big a deal. I am just beginning to earn a stable stream of bitcoins now so it's not like it would be taxed anyway. |
Signatures? How about learning a skill... I don't care either way. Everybody has to make a living somehow.
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mrhelpful
Legendary
Offline
Activity: 1456
Merit: 1002
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August 10, 2015, 07:16:51 PM |
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*snip*
Canada has an amazing policy on this currently. So i am very content with this.
Then again, it's really hard for any government to crack down on you if you have BTC and bought something online with it, sooo.
Is it that big of an issue?
Would probably depend on how sizable your salary is. If you earn a lot yearly (100k+) in the form of Bitcoin, and spend it on a lot, you might be audited and get into trouble for tax evasion. Isnt it holding bitcoin itself is tax evasion since you can just use it as a off-shore practice. This also follows on you can mix the coins as well to make even harder, outside from using multiple address. |
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techgeek
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August 10, 2015, 08:48:50 PM |
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*snip*
Canada has an amazing policy on this currently. So i am very content with this.
Then again, it's really hard for any government to crack down on you if you have BTC and bought something online with it, sooo.
Is it that big of an issue?
Would probably depend on how sizable your salary is. If you earn a lot yearly (100k+) in the form of Bitcoin, and spend it on a lot, you might be audited and get into trouble for tax evasion. Ah well, that's at least partially true, if you gain marketable value in Canada you're suppose to declare it as other - trading value gain. But BTC itself has no legal value. So basically you'd have to declare the value of the BMW you'd be buying as a capital gain, yeah. In my case, it would not be that big a deal. I am just beginning to earn a stable stream of bitcoins now so it's not like it would be taxed anyway. Well technically everyone is making earnings from bitcoin and trading for cash is not taxed lol. Its being off the radar and most people would like to avoid tax which most are by not linking to their checkings account. |
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jones techbit
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August 11, 2015, 03:04:06 AM |
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I would like to think that I will make bitcoin my fulltime job, so that I would have no need to quit my daytime job in order to pursue a bitcoin-related job
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malphite
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August 11, 2015, 04:12:07 AM |
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I would like to think that I will make bitcoin my fulltime job, so that I would have no need to quit my daytime job in order to pursue a bitcoin-related job
thats everyone honestly.. but to achieve this, i think personally you have to achieve something that pays you already well in fiat form that scales. like being a famous youtuber, etc. outside from owning your own business that does well. |
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malzahar
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August 11, 2015, 04:27:58 AM |
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Quit my job and started working full-time for 100% pay in bitcoin starting in 2014. Best decision ever.
how do you pay for bills? or what do you do to make enough that equals to your full time job? do you sell stuff for btc? or do you other things like day trading? |
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bitbaby
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August 11, 2015, 04:36:17 AM |
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To go full time on Bitcoin one would need to either start a mining farm to generate bitcoins or start up another sort of business which deals in Bitcoin and can provide enough return to live one life on it and it's not easy to do that. Mining farms setup would require a good amount of knowledge and capital and it's same for any sort of Bitcoin related business.
And until one has those I don't think it's a good idea to quit your job, the better plan is keep working and buy a little bit of bitcoins from a portion of what you make every month.
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