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Author Topic: Is bitcoin mining actually legal?  (Read 44819 times)
uSploit
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March 22, 2013, 12:05:49 PM
 #1

It seems all so good maybe even to good to be true.
I really want to start mining and willing to buy a few asic devices. But if this is against the law i dont know.
How would i ever get the money cash Smiley not that i want it to be cash but just to be sure.

Cuz i live in europe and i seem to have more trust in bitcoins then euro lol...

Greetings uSploit
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Warry
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March 22, 2013, 12:08:21 PM
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Well, what would not be legal? Earning money is legal after all. But, let me remind you: officially you have to pay taxes when you earn more than €xxx (not sure what the amount is, it differs for each country).
I'm not saying everyone does this, but that's the only 'illegal' part of bitcoins -> not paying taxes when you have to.
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March 22, 2013, 12:09:05 PM
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Of course it is. But such thing generally depend on your jurisdiction, which is unknown. Do not ask any permission just start mining.

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uSploit
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March 22, 2013, 12:11:18 PM
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Of course it is. But such thing generally depend on your jurisdiction, which is unknown. Do not ask any permission just start mining.


That was kinda the plan Smiley Only wanted to know if anyne should know it or not lol Cheesy
Anyways i still have some old bills from my country hope if euro crashes we get to use those lol Smiley
Gator-hex
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March 22, 2013, 12:14:06 PM
 #5

Bitcoin is legal, just as PayPal, Zynga Dollars, and poker chips are.

It's not illegal to create your own money, only illegal to counterfeit legal tender.

Legal tender has the full backing of the state, bitcoin doesn't.

If you buy goods for BTC 1 / $70 you have legal binding contract recognised by the law and tax man!

If you buy goods for BTC 1, you have no legal backing, and no tax liability. (except in USA who made barter taxable!)

uSploit
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March 22, 2013, 12:18:20 PM
 #6

Dont even know why i asket in my opinion fu.. state sorry for the f word...
Because state asks more money from us then we can get our hands on yes europe sucks that hard.
Thats why im looking for alternative money making ways Smiley
byt411
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March 22, 2013, 12:21:22 PM
 #7

I was wondering about this. Thanks!
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March 22, 2013, 12:25:53 PM
 #8

It's certainly legal, but it may still be too good to be true. It costs thousands to build a machine that will produce a steady income, and that will all be gone when ASIC miners come out. Once ASICs are out, ASIC users will still have to spend thousands to make a profit.
Chet
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March 22, 2013, 12:26:27 PM
 #9

Well since bitcoins are not really 'money' (not legal tender anyway) yet, taxes wouldn't matter unless you sold it for whatever fiat currency. Other than that can't see what difference is between mining bitcoins and knitting a scarf. Smiley)
uSploit
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March 22, 2013, 12:38:08 PM
 #10

Well since bitcoins are not really 'money' (not legal tender anyway) yet, taxes wouldn't matter unless you sold it for whatever fiat currency. Other than that can't see what difference is between mining bitcoins and knitting a scarf. Smiley)

A scarf is less profitable Smiley lol
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March 22, 2013, 12:41:38 PM
 #11

Well since bitcoins are not really 'money' (not legal tender anyway) yet, taxes wouldn't matter unless you sold it for whatever fiat currency. Other than that can't see what difference is between mining bitcoins and knitting a scarf. Smiley)

A scarf is less profitable Smiley lol

I take it you never bought a scarf.
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March 22, 2013, 12:44:40 PM
 #12

....
If you buy goods for BTC 1, you have no legal backing, and no tax liability. (except in USA who made barter taxable!)

Not sure that's correct in Europe, as far as I know any contractually agreed exchange of goods is legally binding. So if you wanted to exchange a pile of rocks for a working bicycle but got a faulty bicycle you could take the bicycle seller to court to get your rocks back.

You have to give the barter transaction a legal tender value then it becomes a swap contract.

uSploit
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March 22, 2013, 02:25:03 PM
 #13

No never bought a scarf. But i think btc ar emore profit though Cheesy
Anyways europe hase strange and many laws. Not sure what to call legal anymore.
Hope it crashes belgium was good on its own lol Smiley
greyhawk
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March 22, 2013, 02:34:06 PM
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No never bought a scarf. But i think btc ar emore profit though Cheesy

Nah, see what happens with scarves is:
 - Designer in Paris "invents" new scarf design
 - The scarf is then produced by 7 year old girls in India for a fraction of a Eurocent
 - In Paris the scarf is now sold for 125 Euro because it says "Designer" on it.
jacobpark
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March 22, 2013, 03:15:35 PM
 #15

Printing more money just devalues the money we have.  Maybe printing money should be illegal, because the last time I checked, the number in my bank account did not go out when more $ was printed...

Bit coin is something new.  Excited about it, but a bit wary.  I'm on board, but cautiously.
Gator-hex
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March 22, 2013, 03:16:48 PM
 #16

I forgot about the Bernard von NotHaus case though, arrested by the FBI and labeled a Domestic Terrorist...

Attempts to undermine the legitimate currency of this country are simply a unique form of domestic terrorism,” U.S. Attorney Tompkins said in announcing the verdict. “While these forms of anti-government activities do not involve violence, they are every bit as insidious and represent a clear and present danger to the economic stability of this country,” she added. “We are determined to meet these threats through infiltration, disruption, and dismantling of organizations which seek to challenge the legitimacy of our democratic form of government.”

http://www.fbi.gov/charlotte/press-releases/2011/defendant-convicted-of-minting-his-own-currency

His crime? He created a gold/silver back dollar, and when they checked, he had every oz he claimed was backing it! $7m worth! (which they now want to seize)

S M I L Y
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March 22, 2013, 03:16:58 PM
 #17

Noob Post #2.

Yes its legal.

Numbers are legal.

Been mining for 1.5 years now and havent been arrested!


-  S M I L Y  <-  Not a lawyer and this is not legal advice!
Donations always appreciated.  BTC->     1LdGtmRodoVtDTfLrzEYxPQU3DzYtaYMeJ
tipton
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March 22, 2013, 04:35:31 PM
 #18

Another noob post. Yes, it's legal.
Herodes
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March 22, 2013, 04:40:17 PM
 #19

It seems all so good maybe even to good to be true.
I really want to start mining and willing to buy a few asic devices. But if this is against the law i dont know.
How would i ever get the money cash Smiley not that i want it to be cash but just to be sure.

Cuz i live in europe and i seem to have more trust in bitcoins then euro lol...

Greetings uSploit

Yeah - just by the gear and get started, but you may want to keep your mouth shut about it, so not to give any people any ideas.
coffeebee
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March 22, 2013, 04:54:04 PM
 #20

Legal depending on where you are mining from  Cheesy
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