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Author Topic: Things getting interesting once we past $100  (Read 17261 times)
deathcode
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March 20, 2013, 03:58:41 PM
 #41

How do I avoid uncle sam to stick its hand in my cookie jar and takes the tax share?
What if I don't report it?


Face to face trades.

Of course, not paying your share into a system that you benefit from makes you a freeloader (or at the very least a leech).
I'll gladly pay the transaction fees/withdrawal fees of trading my bitcoins into USD and then transfering USD to my bank account.
I'm paying  my share to the system I benefitted from, BTC that is. I didn't benefit from USD.
So you don't use roads?  You don't take advantage of the electrical grid?  You aren't protected by the US army?  You won't receive social security?

/devilsadvocate

This. What your trying to do is one of the main reasons government is against Bitcoin. Pay your shit like the rest of us and be thankful your in a country like the United States.

I pay my taxes every year, bitcoin however is outside the government control. Worst case scenario I will withdraw in a tax haven account.

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SgtSpike
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March 20, 2013, 04:00:59 PM
 #42

How do I avoid uncle sam to stick its hand in my cookie jar and takes the tax share?
What if I don't report it?


Face to face trades.

Of course, not paying your share into a system that you benefit from makes you a freeloader (or at the very least a leech).
I'll gladly pay the transaction fees/withdrawal fees of trading my bitcoins into USD and then transfering USD to my bank account.
I'm paying  my share to the system I benefitted from, BTC that is. I didn't benefit from USD.
So you don't use roads?  You don't take advantage of the electrical grid?  You aren't protected by the US army?  You won't receive social security?

/devilsadvocate

This. What your trying to do is one of the main reasons government is against Bitcoin. Pay your shit like the rest of us and be thankful your in a country like the United States.

I pay my taxes every year, bitcoin however is outside the government control. Worst case scenario I will withdraw in a tax haven account.
So if everyone uses Bitcoin, then how will all the services that are paid for with taxes be completed?

And don't get me wrong - I think the government could easily be 1/10th the size it is now, but I do believe that SOME form of government is essential for maintaining services like fire dept, police dept, roadways, utilities, national defense, etc.
deathcode
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March 20, 2013, 04:17:59 PM
 #43

How do I avoid uncle sam to stick its hand in my cookie jar and takes the tax share?
What if I don't report it?


Face to face trades.

Of course, not paying your share into a system that you benefit from makes you a freeloader (or at the very least a leech).
I'll gladly pay the transaction fees/withdrawal fees of trading my bitcoins into USD and then transfering USD to my bank account.
I'm paying  my share to the system I benefitted from, BTC that is. I didn't benefit from USD.
So you don't use roads?  You don't take advantage of the electrical grid?  You aren't protected by the US army?  You won't receive social security?

/devilsadvocate

This. What your trying to do is one of the main reasons government is against Bitcoin. Pay your shit like the rest of us and be thankful your in a country like the United States.

I pay my taxes every year, bitcoin however is outside the government control. Worst case scenario I will withdraw in a tax haven account.
So if everyone uses Bitcoin, then how will all the services that are paid for with taxes be completed?

And don't get me wrong - I think the government could easily be 1/10th the size it is now, but I do believe that SOME form of government is essential for maintaining services like fire dept, police dept, roadways, utilities, national defense, etc.

adapt, adapt, adapt....

did Mp3 killed the music industry? No, just tower records...
did movie streaming kill the movies industry? No, just blockbuster...
will bitcoin kill the governments? No, just some financial institutions...

everyone evolves and adapts...

SgtSpike
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March 20, 2013, 05:11:30 PM
 #44

How do I avoid uncle sam to stick its hand in my cookie jar and takes the tax share?
What if I don't report it?


Face to face trades.

Of course, not paying your share into a system that you benefit from makes you a freeloader (or at the very least a leech).
I'll gladly pay the transaction fees/withdrawal fees of trading my bitcoins into USD and then transfering USD to my bank account.
I'm paying  my share to the system I benefitted from, BTC that is. I didn't benefit from USD.
So you don't use roads?  You don't take advantage of the electrical grid?  You aren't protected by the US army?  You won't receive social security?

/devilsadvocate

This. What your trying to do is one of the main reasons government is against Bitcoin. Pay your shit like the rest of us and be thankful your in a country like the United States.

I pay my taxes every year, bitcoin however is outside the government control. Worst case scenario I will withdraw in a tax haven account.
So if everyone uses Bitcoin, then how will all the services that are paid for with taxes be completed?

And don't get me wrong - I think the government could easily be 1/10th the size it is now, but I do believe that SOME form of government is essential for maintaining services like fire dept, police dept, roadways, utilities, national defense, etc.

adapt, adapt, adapt....

did Mp3 killed the music industry? No, just tower records...
did movie streaming kill the movies industry? No, just blockbuster...
will bitcoin kill the governments? No, just some financial institutions...

everyone evolves and adapts...
Fair point.  Wink  It will indeed be interesting to see where Bitcoin takes us insofar as government attempting to enforce taxation on it.
niko
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There is more to Bitcoin than bitcoins.


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March 20, 2013, 05:14:35 PM
 #45

How do I avoid uncle sam to stick its hand in my cookie jar and takes the tax share?
What if I don't report it?


Face to face trades.

Of course, not paying your share into a system that you benefit from makes you a freeloader (or at the very least a leech).
I'll gladly pay the transaction fees/withdrawal fees of trading my bitcoins into USD and then transfering USD to my bank account.
I'm paying  my share to the system I benefitted from, BTC that is. I didn't benefit from USD.
Then why are you exchanging coins into USD?

They're there, in their room.
Your mining rig is on fire, yet you're very calm.
axus
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March 20, 2013, 05:44:14 PM
 #46

Send it all to Coinabul, they will get your BTC profits squared away.
Amitabh S
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March 20, 2013, 05:46:48 PM
 #47

I would just do the following:

keep my funds (USD/BTC) always in exchange. sell coins when high, buy when low. Always keep my coins and funds with myself and exchange.

Take out Fiat as and when needed (and only that much) without depending on market of BTC.

Coinsecure referral ID: https://coinsecure.in/signup/refamit (use this link to signup)
Explodicle
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March 20, 2013, 07:33:17 PM
 #48

So if everyone uses Bitcoin, then how will all the services that are paid for with taxes be completed?

And don't get me wrong - I think the government could easily be 1/10th the size it is now, but I do believe that SOME form of government is essential for maintaining services like fire dept, police dept, roadways, utilities, national defense, etc.

Natural resource taxes, particularly land. You can hide your bitcoins but you can't hide a plot of land. Land taxes also feature negligible deadweight losses and limited maximum revenue, so the government will do less damage and "starve the beast" would actually start working.

Even farther in the future, there are private alternatives for those public goods:
* roads would be paid by tolls
* fire/police would be paid by insurance
* utilities are already privatized in some places
* national defense could be paid by crowdfunding
Those are just off the top of my head - I'd be willing to bet that the market will think of better solutions than us armchair economists can.
deathcode
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March 20, 2013, 07:45:16 PM
 #49

So if everyone uses Bitcoin, then how will all the services that are paid for with taxes be completed?

And don't get me wrong - I think the government could easily be 1/10th the size it is now, but I do believe that SOME form of government is essential for maintaining services like fire dept, police dept, roadways, utilities, national defense, etc.

Natural resource taxes, particularly land. You can hide your bitcoins but you can't hide a plot of land. Land taxes also feature negligible deadweight losses and limited maximum revenue, so the government will do less damage and "starve the beast" would actually start working.

Even farther in the future, there are private alternatives for those public goods:
* roads would be paid by tolls
* fire/police would be paid by insurance
* utilities are already privatized in some places
* national defense could be paid by crowdfunding
Those are just off the top of my head - I'd be willing to bet that the market will think of better solutions than us armchair economists can.

Theorizing about the future of the govenrment is permitted but ultimately a fallacy.
That's why I love bitcoin.
I was an early adopter of MP3 technology and I saw how it changed the way we buy/download and listen to music and I knew it was going to be revolutionary from the day I opened WinAmp for the first time in my 486 and it would barely play a 128mbps mp3 file without skipping.
I had the same feeling when NetFlix started shipping movies to your house and ultimately streaming.
I know bitcoin will put a lot of stress in the economy of governments in the future and will force the government to adapt.
MP3 forced the record companies to adapt because there was no way to stop the proliferation of MP3s (I still remember when they were talking about making MP3 illegal)
No government will be able to stop bitcoin. They might be able to stop the exchange markets and ultimately people will rely on bitcoin alone with parallel economies and a black market for exchanges. If a government like the USG tries to stop the exchanges, then all they will do is show the world that they are threatened by bitcoin and the USD will lose a lot of trust, so they will shot themselves on the foot.

CleverMiner
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March 20, 2013, 08:21:53 PM
 #50

Your title is wasting my time,

Why 100$ and not 47$, should simply be "avoiding Tax on USD withdrawal" or something UNinteresting.


If we hit $100 my btc capital will hit 6 figures. So please do stop reading if I'm wasting your time. Better yet, do not post anything else on this thread. Thank you

The title !  It has nothing to do with the OP !
deathcode
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March 20, 2013, 08:36:24 PM
 #51

Your title is wasting my time,

Why 100$ and not 47$, should simply be "avoiding Tax on USD withdrawal" or something UNinteresting.


If we hit $100 my btc capital will hit 6 figures. So please do stop reading if I'm wasting your time. Better yet, do not post anything else on this thread. Thank you
The title !  It has nothing to do with the OP !

Sue me!

interfect
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March 21, 2013, 05:45:04 AM
 #52

I don't think you're going to get BTC value into a bank account without the government noticing all this income into your bank account that you didn't pay taxes on.

If you want a decentralized exchange you could try Ripple's internal BTC/USD market (in Bitstamp IOUs for each), but it's rather thinly traded.
deathcode
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March 21, 2013, 05:49:46 AM
 #53

I don't think you're going to get BTC value into a bank account without the government noticing all this income into your bank account that you didn't pay taxes on.

If you want a decentralized exchange you could try Ripple's internal BTC/USD market (in Bitstamp IOUs for each), but it's rather thinly traded.

Well, the case is hypothetical as BTC is not yet trading at $100+ and I'm not sure I'll be selling then either.. it's just too tempting to give wells fargo a junk of cash and cancel my mortgage Smiley on the other hand, my APR is 4.6 so I guess BTC is "out-profiting" that APR ... Smiley
 

Jack1Rip1BurnIt
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Trust me, these default swaps will limit the risks


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March 21, 2013, 06:12:58 AM
 #54

@deathcode

Alright dude...for the last time. Coinabul. Check 'em out. You should be able to easily figure it out. Or you aren't as clever as some of your comments suggest.

Successful trades with bels, misterbigg, ChrisNelson, shackleford, geniusboy91, and Isokivi.
bitjet
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March 21, 2013, 07:15:17 AM
 #55

How do I avoid uncle sam to stick its hand in my cookie jar and takes the tax share?
What if I don't report it?


Face to face trades.

Of course, not paying your share into a system that you benefit from makes you a freeloader (or at the very least a leech).
I'll gladly pay the transaction fees/withdrawal fees of trading my bitcoins into USD and then transfering USD to my bank account.
I'm paying  my share to the system I benefitted from, BTC that is. I didn't benefit from USD.
So you don't use roads?  You don't take advantage of the electrical grid?  You aren't protected by the US army?  You won't receive social security?

/devilsadvocate

You did not ask me, but I feel compelled to answer.

Roads: Irreverent. Fuel Tax, local extortion taxes pay for these things.
Electric Grid:  Irreverent. Electric grid is payed for and maintained by people who buy electricity.
US army: NO. The military in it's current state is currently creating a tangible threat to the US through current actions around the globe that protect corporate interests, not those of US citizens.
Social Security: NO.  Is payed for through your voluntary contribution into the SS system. I have never paid a dime into it therefor I am not eligible.

CENTRA

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█████     █████          ▄████▌    █████
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 ▀████▄     ▀██████████████▀     ▄████▀
  ▀█████▄     `▀████████▀▀     ▄█████▀
   `██████▄                  ▄██████
     ▀███████▄▄          ▄▄███████▀
       ▀██████████████████████▀
           ▀▀▀█████████████▀▀

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bitjet
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March 21, 2013, 07:20:13 AM
 #56

How do I avoid uncle sam to stick its hand in my cookie jar and takes the tax share?
What if I don't report it?


Face to face trades.

Of course, not paying your share into a system that you benefit from makes you a freeloader (or at the very least a leech).
I'll gladly pay the transaction fees/withdrawal fees of trading my bitcoins into USD and then transfering USD to my bank account.
I'm paying  my share to the system I benefitted from, BTC that is. I didn't benefit from USD.
So you don't use roads?  You don't take advantage of the electrical grid?  You aren't protected by the US army?  You won't receive social security?

/devilsadvocate

This. What your trying to do is one of the main reasons government is against Bitcoin. Pay your shit like the rest of us and be thankful your in a country like the United States.

Yeah, shut up slave! You're in 'merica. The government owns all of your profits but graciously allows you to keep some of them. You should be grateful. I mean you could end up in a country where they don't respect your right to own property.

CENTRA

            ▄▄▄██████████▄▄▄
        ▄▄████████████████████▄▄
      ▄███████▀▀         ▀▀███████▄
    ▄█████▀                  ▀██████
   █████▀      ▄▄▄█████▄▄      ▀█████▄
  █████     ▄██████████████▄     ▀████▄
 █████     ██████▀▀  ▀▀██████▄    ▀████
▐████     █████          █████     █████
█████    ▐████                     ▐████
█████    █████                     ▐████
█████     █████          ▄████▌    █████
 ████▌    ▀█████▄▄    ▄▄█████▀    ▄████▌
 ▀████▄     ▀██████████████▀     ▄████▀
  ▀█████▄     `▀████████▀▀     ▄█████▀
   `██████▄                  ▄██████
     ▀███████▄▄          ▄▄███████▀
       ▀██████████████████████▀
           ▀▀▀█████████████▀▀

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gopher
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March 21, 2013, 07:49:58 AM
 #57

Your title is wasting my time,

Why 100$ and not 47$, should simply be "avoiding Tax on USD withdrawal" or something UNinteresting.


If we hit $100 my btc capital will hit 6 figures. So please do stop reading if I'm wasting your time. Better yet, do not post anything else on this thread. Thank you

Mr just-about-to-make-it-Bitcoin-millionaire, +1 to CleverMiner's post, and you can bullshit yourself as much as you want, but this still does not change the fact that you are concerned about paying tax on your USD withdrawals.

I'm afraid the only legal way to do it is to avoid widrawals in USD alltogether.

One way of doing that is to open OKPay wallet, get their reloadable-MC (make sure it is not US but Euro), deposit your Bitcoin milions directry with them for a small fee, then use your shiny new card to spend your rishes anywhere you see MC logo

Now, can you say "Thank you, gopher"?
lebing
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March 21, 2013, 03:33:36 PM
 #58

How do I avoid uncle sam to stick its hand in my cookie jar and takes the tax share?
What if I don't report it?


Face to face trades.

Of course, not paying your share into a system that you benefit from makes you a freeloader (or at the very least a leech).
I'll gladly pay the transaction fees/withdrawal fees of trading my bitcoins into USD and then transfering USD to my bank account.
I'm paying  my share to the system I benefitted from, BTC that is. I didn't benefit from USD.
So you don't use roads?  You don't take advantage of the electrical grid?  You aren't protected by the US army?  You won't receive social security?

/devilsadvocate

This. What your trying to do is one of the main reasons government is against Bitcoin. Pay your shit like the rest of us and be thankful your in a country like the United States.

I pay my taxes every year, bitcoin however is outside the government control. Worst case scenario I will withdraw in a tax haven account.


Yeah, one used to be able to do that... now not so much. Heard of FATCA?

Bro, do you even blockchain?
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March 21, 2013, 03:44:34 PM
 #59

@deathcode

Alright dude...for the last time. Coinabul. Check 'em out. You should be able to easily figure it out. Or you aren't as clever as some of your comments suggest.

Coinabul has a shitload of scam complaints against them right now. I wouldn't trust them.
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March 21, 2013, 03:52:00 PM
 #60

Yeah, one used to be able to do that... now not so much. Heard of FATCA?
FATCA would be rendered irrelevant by widespread bitcoin adoption. If the US government tries to crack down on bitcoin with capital controls they won't be able to stop people with significant bitcoin holdings from spending them in other countries.
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