casascius
Mike Caldwell
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The Casascius 1oz 10BTC Silver Round (w/ Gold B)
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March 19, 2013, 07:38:15 PM |
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If you have a lot of coin and want the US dollar instead, just post an ad saying you'll accept a wire transfer. Use an escrow. Somebody out there already wants your coin right now but doesn't want to dick around with MtGox and their interest is bigger than the limits of those like BitInstant. And, you'll probably be able to move it all with no slippage, and they'll be happy to buy with no slippage.
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Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable. I never believe them. If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins. I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion. Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice. Don't keep coins online. Use paper or hardware wallets instead.
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The Bitcoin network protocol was designed to be extremely flexible. It can be used to create timed transactions, escrow transactions, multi-signature transactions, etc. The current features of the client only hint at what will be possible in the future.
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Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
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Explodicle
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March 19, 2013, 07:58:30 PM
Last edit: March 19, 2013, 11:06:05 PM by Explodicle |
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Until we have official designation under the tax code, I do not believe he should need to declare it at this time.
That's a very dangerous strategy opinion! If you need to buy a lot of USD, make sure you talk to an accountant. I've never sold bitcoins for dollars and hope I never will. I had no idea I was interested in money until I had the opportunity to use it freely without running afoul of arbitrary, confusing, detailed, and sometimes retroactive rules. It was a chilling effect; the potential gains from managing money properly were outweighed by the risk of imprisonment if I messed up. Every time an accountant or lawyer said "it depends" I cringed. No way do I want to go back to that minefield. |
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RodeoX
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Activity: 3066
Merit: 1147
The revolution will be monetized!
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March 19, 2013, 08:04:19 PM |
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buy goods and service with bitcoin directly.
Agreed. That's the cost of transferring your wealth into "uncle sam" system. Use Bitcoin directly. Now is a good time for a real BTC debit card. +1 Why everyone wants to "cash out" when you worked so hard to get better cash is beyond me. you can buy almost anything with BTC these days. |
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Dalkore
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Activity: 1330
Merit: 1026
Mining since 2010 & Hosting since 2012
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March 19, 2013, 09:23:20 PM |
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Until we have official designation under the tax code, I do not believe he should need to declare it at this time.
That's a very dangerous strategy! If you need to buy a lot of USD, make sure you talk to an accountant. I've never sold bitcoins for dollars and hope I never will. I had no idea I was interested in money until I had the opportunity to use it freely without running afoul of arbitrary, confusing, detailed, and sometimes retroactive rules. It was a chilling effect; the potential gains from managing money properly were outweighed by the risk of imprisonment if I messed up. Every time an accountant or lawyer said "it depends" I cringed. No way do I want to go back to that minefield. This was just an opinion not a strategy. I agree however, you should talk to a qualified financial professional about these questions. You don't want to be caught in a tough position. D |
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phelix
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Activity: 1708
Merit: 1020
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March 19, 2013, 09:58:50 PM |
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See the FinCEN statement? If you use bitcoin to directly buy things, you don't need to pay anything  This might work out like a turbo for the Bitcoin economy. |
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CleverMiner
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Activity: 66
Merit: 10
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March 19, 2013, 10:12:17 PM |
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Your title is wasting my time,
Why 100$ and not 47$, should simply be "avoiding Tax on USD withdrawal" or something UNinteresting.
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Fuzzy
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March 19, 2013, 10:22:32 PM |
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See the FinCEN statement? If you use bitcoin to directly buy things, you don't need to pay anything This might work out like a turbo for the Bitcoin economy. Like "under the table", but in this case, "around uncle Sam". |
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ErisDiscordia
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Activity: 1133
Merit: 1163
Imposition of ORder = Escalation of Chaos
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March 19, 2013, 11:32:51 PM |
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Of course, not paying your share into a system that you benefit from makes you a freeloader (or at the very least a leech).
a system that you BENEFIT from? hahahahaha |
It's all bullshit. But bullshit makes the flowers grow and that's beautiful.
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evolve
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March 19, 2013, 11:36:55 PM |
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Yeah. Benefit.
As in Fire department, police, military, roads, education, food safety and other consumer protection, social safety net, etc.
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Sage
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March 20, 2013, 02:25:10 AM |
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Solution: Avoid the dollar like the plague to humanity it has become.
If you're selling bitconi move to gold, silver, platinum, litecoin, namecoin (whichever you feel is the best deal). Do it direct without ever touching the dollar.
If you're so pessimistic about the dollar, you should try using Argentinean Pesos for a while, you'll be back to loving the dollar in no time  I'm not only pessimistic, but ethically and morally opposed to all forms of enslavement. Fiat enslavement being the most insidious. That system can only exist if we support it. I keep my wealth out of all forms of fiat, doing my part to starve that system to death. |
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xxjs
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March 20, 2013, 04:16:06 AM |
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Turning this thread back on topic.
Things getting interesting once we past $100, because at that point the bitcoin has to rise a dollar a day, else it gets boring, and a dollar a day is also a nice alliteration, which is a mighty bullish signal.
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DoomDumas
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Activity: 1002
Merit: 1000
Bitcoin
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March 20, 2013, 01:31:06 PM |
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You won't receive social security?
/devilsadvocate
Most of us won't...that Ponzi scheme is unsustainable on its current course. /reality +1 I like the /devilsadvocate followed by /reality sad but true ! |
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ErisDiscordia
Legendary
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Activity: 1133
Merit: 1163
Imposition of ORder = Escalation of Chaos
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March 20, 2013, 03:35:27 PM |
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Yeah. Benefit.
As in Fire department, police, military, roads, education, food safety and other consumer protection, social safety net, etc.
I would argue that with the exception of fire department and roads, none of these listed here are beneficial for me in their form and the former two can be provided by other parties than the government. |
It's all bullshit. But bullshit makes the flowers grow and that's beautiful.
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MarlboroMan
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Activity: 56
Merit: 0
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March 20, 2013, 03:53:34 PM |
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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. |
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SgtSpike
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Activity: 1400
Merit: 1005
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March 20, 2013, 04:00:59 PM |
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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. |
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SgtSpike
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Activity: 1400
Merit: 1005
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March 20, 2013, 05:11:30 PM |
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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.  It will indeed be interesting to see where Bitcoin takes us insofar as government attempting to enforce taxation on it. |
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niko
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March 20, 2013, 05:14:35 PM |
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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.
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axus
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March 20, 2013, 05:44:14 PM |
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Send it all to Coinabul, they will get your BTC profits squared away.
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Amitabh S
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Activity: 1001
Merit: 1003
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March 20, 2013, 05:46:48 PM |
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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.
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Explodicle
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March 20, 2013, 07:33:17 PM |
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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. |
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