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Author Topic: I am pretty confident we are the new wealthy elite, gentlemen.  (Read 598620 times)
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October 28, 2014, 08:51:22 AM
 #2021

Some interesting points in this thread

How about someone who mined 10,000 btc and then stopped in  2009

He wakes up someday and there worth £10,000,000

How much tax should be pay?  Would cashing out in another country life china for example be a better idea and leave the money in a Chinese bank?
 
Another possibility is someone else has 10,000 now worth £10,000,000
 but he paid £5,000,000  to get them, how much tax should he pay?

They are both in the same position but got there by very different paths, the early adopter spent only his time and maybe cpu but the person who traded his way into wealth spent a lot more to get there.....

I'd speak to an accountant or financial adviser.
No way would I be paying 50% tax.

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October 28, 2014, 09:04:37 AM
 #2022

great prediction!
I wish I knew about bitcoin in 2011.
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October 28, 2014, 09:20:28 AM
 #2023

Some interesting points in this thread

How about someone who mined 10,000 btc and then stopped in  2009

He wakes up someday and there worth £10,000,000

How much tax should be pay?  Would cashing out in another country life china for example be a better idea and leave the money in a Chinese bank?
 
Another possibility is someone else has 10,000 now worth £10,000,000
 but he paid £5,000,000  to get them, how much tax should he pay?

They are both in the same position but got there by very different paths, the early adopter spent only his time and maybe cpu but the person who traded his way into wealth spent a lot more to get there.....

I'd speak to an accountant or financial adviser.
No way would I be paying 50% tax.

In France I think they take 50% after your earnings are in excess of a certain amount
Ireland do it as well for around 45% for highest earners and I'm sure these are not the only ones

I wouldn't like to pay anything on them to be honest because btc was always a gamble in the early days
before it had the community backing it has now

If it goes to zero and I lose all my money is the government going to credit my losses??  Didn't think so....
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October 28, 2014, 09:42:40 AM
 #2024

Some interesting points in this thread

How about someone who mined 10,000 btc and then stopped in  2009

He wakes up someday and there worth £10,000,000

How much tax should be pay?  Would cashing out in another country life china for example be a better idea and leave the money in a Chinese bank?
 
Another possibility is someone else has 10,000 now worth £10,000,000
 but he paid £5,000,000  to get them, how much tax should he pay?

They are both in the same position but got there by very different paths, the early adopter spent only his time and maybe cpu but the person who traded his way into wealth spent a lot more to get there.....

I'd speak to an accountant or financial adviser.
No way would I be paying 50% tax.

In France I think they take 50% after your earnings are in excess of a certain amount
Ireland do it as well for around 45% for highest earners and I'm sure these are not the only ones

I wouldn't like to pay anything on them to be honest because btc was always a gamble in the early days
before it had the community backing it has now

If it goes to zero and I lose all my money is the government going to credit my losses??  Didn't think so....


whatever your country, there will be varying rules about what is taxable or NOT, and how it is taxed.  So for example, if something is supposed to be reported as taxable income, then you can also count that as taxable loss, but usually you can ONLY offset losses from taxable income from other sources in order to reduce your total tax liability (accordingly there would be a limit for how much you can claim each year and some countries are going to allow some roll over of losses into subsequent years).  Accordingly, there may be ways to get out of paying taxes or to minimize the amount paid, and certainly, it seems that some countries do allow for escaping of taxes if the gain is realized outside of the country.  Certainly, the more money at stake may cause one to consider more creative ways to avoid or at least minimizing the quantity of taxes paid.

I get the sense that in the future, there are going to be a lot of bitcoiners persecuted and/or prosecuted for tax evasion... so hopefully, each of us can find means upon which we can reasonably minimize such persecutions and/or prosecutions (when we evolve into "the new wealthy elite, gentlemen.")




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October 28, 2014, 12:12:16 PM
 #2025

All of the banks already did fail between 2008-2010 and that didn't start the apocalypse. Is there another impending bank catastrophe that I'm unaware of on the horizon? Massive bank failures like 2008 aren't likely to happen again in my lifetime. As for running to a safe place, where exactly can we go? I could list the countries affected by the 07-12 recession but the list would go on for multiple pages. So the idea is, in the next world financial crisis everyone in the world should grab a bunch of bitcoins and head to the Philippines?
All of the banks already did fail between 2008-2010 and that didn't start the apocalypse. Is there another impending bank catastrophe that I'm unaware of on the horizon? Massive bank failures like 2008 aren't likely to happen again in my lifetime.
While I'm no credentialed economist, I'm very worried about the next collapse. The solution to the last bubble popping was to inflate a new bubble that made the earlier one look tiny. When this one pops, I don't think they can create new money fast enough to make it through the next collapse.
I dunno, I've been hearing about how bad the economy is and how fucked we are for 60 years. In that time I've seen things be pretty screwed up but they always recover. I remember the gas lines and ration cards like it was yesterday. The price of oil rose from $3 per barrel to $12 overnight and everyone was saying it was the end of the world. There were 2-3 block long lines of cars parked at gas stations that didn't have "out of gas" signs posted. I was young, just got my first car and remember how pissed I was because I still had to walk to work. I wouldn't spend a lot of time fretting about something that's not likely going to happen. There are plenty of real problems to worry about in our daily lives.
http://tcavanagh411.files.wordpress.com/2013/09/gas-crunch.jpg
You seem like a pretty bright guy, tell me what you think about this: http://realitybloger.wordpress.com/2012/03/20/the-fallacy-of-the-dollar-crash/

Come on ! It is not because we didn't had a collapse for 60 years that we will not have one anytime soon.
No Great Empire or Kingdom or State ever lasted.
There absolutely no FIAT money that didn't go down to zero in value with time.
Please, don't be that short sighted.
The fall of the banks will be the fall of the economy.

There is no doubt that one day, the US Dollars will be nothing more that a bad-ass-wipe.
The only unknown is when ?
IMO this system cannot last 50 years more. This is impossible.

If you want a bargain, used boats are everywhere. You can buy an older but well built 50+ ft coastal cruisers for the price of a new SUV nowadays because banks won't finance used boats. I don't know why more people don't live on boats.

Great idea.

Here's my bag so you don't ask : Bitcoin, tenX, iexec, byteball and pepecash
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October 28, 2014, 12:38:12 PM
 #2026

Wow, I was just going through some of the first posts in this thread. I wish I would have known about Bitcoin back in 2011. I've been a big fan of Bitcoin ever since I first found out about it. I would have been accumulating them left and right if they were that cheap!
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October 28, 2014, 01:27:12 PM
 #2027

Wow, I was just going through some of the first posts in this thread. I wish I would have known about Bitcoin back in 2011. I've been a big fan of Bitcoin ever since I first found out about it. I would have been accumulating them left and right if they were that cheap!

I wish I knew about BTC in 2011-2012 too.

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October 28, 2014, 03:52:51 PM
 #2028

Wow, I was just going through some of the first posts in this thread. I wish I would have known about Bitcoin back in 2011. I've been a big fan of Bitcoin ever since I first found out about it. I would have been accumulating them left and right if they were that cheap!

Today's price might appear to be a steal in a few years time.  Smiley

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October 28, 2014, 11:12:43 PM
 #2029

Wow, I was just going through some of the first posts in this thread. I wish I would have known about Bitcoin back in 2011. I've been a big fan of Bitcoin ever since I first found out about it. I would have been accumulating them left and right if they were that cheap!

Today's price might appear to be a steal in a few years time.  Smiley

Yes, or the other way round...but hopefully yes.

Smiley
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October 28, 2014, 11:27:08 PM
 #2030

Wow, I was just going through some of the first posts in this thread. I wish I would have known about Bitcoin back in 2011. I've been a big fan of Bitcoin ever since I first found out about it. I would have been accumulating them left and right if they were that cheap!

Today's price might appear to be a steal in a few years time.  Smiley

The potential is tens of thousands of Dollars a coin in a few years if things go right; even if the probability that things go right happens is less than 1% it may profitable to invest in Bitcoin

It makes me think of venture capitalists which bet on tens or even hundreds of start-ups that each have less than 5% chance of making it but when they do they can cash in big

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October 29, 2014, 02:47:48 AM
 #2031

I was very lucky to purchase some bitcoins today. I think you are spot on. If less than 50 million will be made, the value per bit coin will be ridiculous in the coming months...

Less than 21 million, actually.

yeah, let's hope more people know about BTC and accept its existence.
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October 29, 2014, 06:12:28 AM
 #2032

Wealthy? Maybe some of us. Elite? Meh. Gentleman? Lol .. Have you read posts from bitcoin users?
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October 29, 2014, 07:27:54 PM
 #2033

It makes me think of venture capitalists which bet on tens or even hundreds of start-ups that each have less than 5% chance of making it but when they do they can cash in big

In the industry, they are known as "vulture capitalists" - a bitter joke on their propensity to liquidate the assets of a startup if its odds of dominating its market drop lower than they like, and also on their propensity to run the companies sort of like crash-test dummies; you either dominate the market, or you get liquidated.  There is no room in their universe for a company that remains viable and makes fairly reliable small profits. 

The risk profile is very different for the vulture capitalists, who have maybe one percent of their assets invested in a company, and the company founders/employees, who are typically "all in."  The vulture capitalist is going for the market-domination windfall, but the people on the ground would really be much better served by remaining viable and making fairly reliable profits.  So there is a certain disconnect between the business decisions that each would prefer to be made.

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October 29, 2014, 11:30:01 PM
 #2034

It makes me think of venture capitalists which bet on tens or even hundreds of start-ups that each have less than 5% chance of making it but when they do they can cash in big

In the industry, they are known as "vulture capitalists" - a bitter joke on their propensity to liquidate the assets of a startup if its odds of dominating its market drop lower than they like, and also on their propensity to run the companies sort of like crash-test dummies; you either dominate the market, or you get liquidated.  There is no room in their universe for a company that remains viable and makes fairly reliable small profits.  

The risk profile is very different for the vulture capitalists, who have maybe one percent of their assets invested in a company, and the company founders/employees, who are typically "all in."  The vulture capitalist is going for the market-domination windfall, but the people on the ground would really be much better served by remaining viable and making fairly reliable profits.  So there is a certain disconnect between the business decisions that each would prefer to be made.



The funders chose to get the venture capitalists cash to grow and often also get their expertise : they had an idea and build a customer base and now they get hundreds of thousands of dollars or even millions of dollars to hire, pay themselves a salary and get a chance to make it; it is a pretty good deal that they can chose not to take which would be very stupid

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October 30, 2014, 01:01:59 AM
 #2035

Wow, I was just going through some of the first posts in this thread. I wish I would have known about Bitcoin back in 2011. I've been a big fan of Bitcoin ever since I first found out about it. I would have been accumulating them left and right if they were that cheap!

Today's price might appear to be a steal in a few years time.  Smiley

The potential is tens of thousands of Dollars a coin in a few years if things go right; even if the probability that things go right happens is less than 1% it may profitable to invest in Bitcoin

It makes me think of venture capitalists which bet on tens or even hundreds of start-ups that each have less than 5% chance of making it but when they do they can cash in big

At least venture capitalists invest in multiple start ups and don't face ruin when a particular company closes. I have seen people go all-in on bitcoin here. They could be very rich soon, or face bankruptcy.  Grin

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October 30, 2014, 12:07:15 PM
 #2036

Wow, I was just going through some of the first posts in this thread. I wish I would have known about Bitcoin back in 2011. I've been a big fan of Bitcoin ever since I first found out about it. I would have been accumulating them left and right if they were that cheap!

Today's price might appear to be a steal in a few years time.  Smiley

The potential is tens of thousands of Dollars a coin in a few years if things go right; even if the probability that things go right happens is less than 1% it may profitable to invest in Bitcoin

It makes me think of venture capitalists which bet on tens or even hundreds of start-ups that each have less than 5% chance of making it but when they do they can cash in big

At least venture capitalists invest in multiple start ups and don't face ruin when a particular company closes. I have seen people go all-in on bitcoin here. They could be very rich soon, or face bankruptcy.  Grin

Yep, very sad situation.



Smiley
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October 30, 2014, 12:31:54 PM
 #2037

Wow, I was just going through some of the first posts in this thread. I wish I would have known about Bitcoin back in 2011. I've been a big fan of Bitcoin ever since I first found out about it. I would have been accumulating them left and right if they were that cheap!

Today's price might appear to be a steal in a few years time.  Smiley

The potential is tens of thousands of Dollars a coin in a few years if things go right; even if the probability that things go right happens is less than 1% it may profitable to invest in Bitcoin

It makes me think of venture capitalists which bet on tens or even hundreds of start-ups that each have less than 5% chance of making it but when they do they can cash in big

At least venture capitalists invest in multiple start ups and don't face ruin when a particular company closes. I have seen people go all-in on bitcoin here. They could be very rich soon, or face bankruptcy.  Grin

Yep, very sad situation.




We helped create a bunch of rich geeky twats. That should count for something

Forgive my petulance and oft-times, I fear, ill-founded criticisms, and forgive me that I have, by this time, made your eyes and head ache with my long letter. But I cannot forgo hastily the pleasure and pride of thus conversing with you.
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October 30, 2014, 02:23:58 PM
 #2038

Wow, I was just going through some of the first posts in this thread. I wish I would have known about Bitcoin back in 2011. I've been a big fan of Bitcoin ever since I first found out about it. I would have been accumulating them left and right if they were that cheap!

Today's price might appear to be a steal in a few years time.  Smiley

The potential is tens of thousands of Dollars a coin in a few years if things go right; even if the probability that things go right happens is less than 1% it may profitable to invest in Bitcoin

It makes me think of venture capitalists which bet on tens or even hundreds of start-ups that each have less than 5% chance of making it but when they do they can cash in big

At least venture capitalists invest in multiple start ups and don't face ruin when a particular company closes. I have seen people go all-in on bitcoin here. They could be very rich soon, or face bankruptcy.  Grin

Yep, very sad situation.




We helped create a bunch of rich geeky twats. That should count for something

Hundreds of thousands of Dollars for most, millions for some except a handful that is sitting on 10m$ or more; it is something but we are not there yet; when the price will be a few thousands Dollars in 2015 it will be great, the sentiment will be very positive again and we will get massive exposure

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October 30, 2014, 02:30:59 PM
 #2039

Hundreds of thousands of Dollars for most, millions for some except a handful that is sitting on 10m$ or more; it is something but we are not there yet; when the price will be a few thousands Dollars in 2015 it will be great, the sentiment will be very positive again and we will get massive exposure

What makes you think bitcoin will be a few thousand next year? I think many people said it would be at that this year.
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October 30, 2014, 03:15:52 PM
 #2040

Alright me too

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