Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[Cablez]

Will there be a round 2 of yesterdays madness?  I don't think i can take it.

[1714591756]

1714591756

[derpinheimer]

Im going to pretend yesterday never happened, because it made absolutely no sense that bids and asks filled in quickly enough to hold off constant 4k-8k market orders in both directions..

CONSPIRACY!

[fr33d0miz3r]

All hail for the great evil empire.

taxes, Taxes, TAXES!!!

[giszmo]

Im going to pretend yesterday never happened, because it made absolutely no sense that bids and asks filled in quickly enough to hold off constant 4k-8k market orders in both directions..

CONSPIRACY!

Whale humping. Some iceberg order bot running amok. Whatever. Time will tell.

[Nightowlace]

A word to the wise:
http://www.forbes.com/sites/irswatch/2013/06/25/reminder-fbar-filing-due-by-june-30/

FBAR reporting requirements are due for all folks in the US who have a foreign account that had a value over US$10K in 2012 with the IRS.  
Penalty for non-reporting can be as much as 50% of the value of the account per year (not profit) though are much lower for provably innocent mistakes.

To reiterate, it doesn't matter if you cashed out anything or took any profit or just held it all in BTC, it is the value of the account and it being in a foreign nation that triggers the report requirement.
Call your tax attorney to understand your situation, don't take my advice.

What has your accountant said about this? I will call mine tomorrow, but I was under the impression that the US Government still has not classified BTC as a currency which wouldn't require filing.

[Voodah]

A word to the wise:
http://www.forbes.com/sites/irswatch/2013/06/25/reminder-fbar-filing-due-by-june-30/

FBAR reporting requirements are due for all folks in the US who have a foreign account that had a value over US$10K in 2012 with the IRS.  
Penalty for non-reporting can be as much as 50% of the value of the account per year (not profit) though are much lower for provably innocent mistakes.

To reiterate, it doesn't matter if you cashed out anything or took any profit or just held it all in BTC, it is the value of the account and it being in a foreign nation that triggers the report requirement.
Call your tax attorney to understand your situation, don't take my advice.

What has your accountant said about this? I will call mine tomorrow, but I was under the impression that the US Government still has not classified BTC as a currency which wouldn't require filing.

My understanding is that if there is $10,000 in the account at any point during the year you would need to file the form. So if you import BTC to Mt. Gox and sell it off for $10K, you have $10K in the account. Or if you transfer $10K to the account to purchase BTC.

So what happens when you buy BTC with those 10k and now you don't have 10k anymore and you're lying in your statement..?

How is this handled with forex?

( just curious, not an american..)

[adamstgBit]

If you need a reason to send some fait to the exchange

[Nightowlace]

A word to the wise:
http://www.forbes.com/sites/irswatch/2013/06/25/reminder-fbar-filing-due-by-june-30/

FBAR reporting requirements are due for all folks in the US who have a foreign account that had a value over US$10K in 2012 with the IRS.  
Penalty for non-reporting can be as much as 50% of the value of the account per year (not profit) though are much lower for provably innocent mistakes.

To reiterate, it doesn't matter if you cashed out anything or took any profit or just held it all in BTC, it is the value of the account and it being in a foreign nation that triggers the report requirement.
Call your tax attorney to understand your situation, don't take my advice.

What has your accountant said about this? I will call mine tomorrow, but I was under the impression that the US Government still has not classified BTC as a currency which wouldn't require filing.

My understanding is that if there is $10,000 in the account at any point during the year you would need to file the form. So if you import BTC to Mt. Gox and sell it off for $10K, you have $10K in the account. Or if you transfer $10K to the account to purchase BTC.

It actually says exceeds $10,000. Wonder if I file if I were to have exactly $10K and not a cent more.  

Well next year is going to suck ass!

[ChartBuddy]

[Nightowlace]

Well next year is going to suck ass!

Didn't know you were from the U.S. Thought you were European for some reason.

I like to pretend I am European does that count? Haha.

I am usually on the forum pretty late. Hence the name. Maybe that's why?

[Nightowlace]

Well next year is going to suck ass!

Didn't know you were from the U.S. Thought you were European for some reason.

I like to pretend I am European does that count? Haha.

I am usually on the forum pretty late. Hence the name. Maybe that's why?

lol could be. I'm really not sure. I think I read something from you before that made me think that.

I've actually gotten that before. I don't know what it is. Maybe I am just not the "typical" American.

Anyway's I would like for another whale war so I can scoop up some $100 coins.

[Nightowlace]

For all those watching Moody I have the 25.34449000 @ $100.50 here's to hoping!

[derpinheimer]

For all those watching Moody I have the 25.34449000 @ $100.50 here's to hoping!

Now both of our bids are there [and someone else], we can be bidbuddies (until I panic cancel it)!

185.3077   100.50

[Nightowlace]

For all those watching Moody I have the 25.34449000 @ $100.50 here's to hoping!

Now both of our bids are there [and someone else], we can be bidbuddies (until I panic cancel it)!

185.3077   100.50

That's awesome!

[QuestionAuthority]

I'm looking for another drop to $2. Can anybody work that out for me. lol

[Nightowlace]

Well next year is going to suck ass!

Didn't know you were from the U.S. Thought you were European for some reason.

I like to pretend I am European does that count? Haha.

I am usually on the forum pretty late. Hence the name. Maybe that's why?

lol could be. I'm really not sure. I think I read something from you before that made me think that.

I've actually gotten that before. I don't know what it is. Maybe I am just not the "typical" American.

Anyway's I would like for another whale war so I can scoop up some $100 coins.

That's probably good, because I think non-Americans have a bad idea about what a "typical" American is... (even Americans can have a bad idea about what a typical American is haha)

I would be careful scooping up $100 coins at this point...when it breaks $100 it can go much lower

Sadly I agree. We are a "have to have it right now without working for it, self absorbed, lazy, uneducated, throw away nation". American Idol contestants receive more votes than presidential elections. People care more about what is going on with the Kardashians than they do with our weakening economy, lack of jobs, and highly overstepping intrusive government.

It's too bad. Once upon a time this country stood for something, there were freedoms, the people decided. No they just cower in fear and allow all of our civil liberties get stripped away in the name of "protecting us from terrorists"

Oh I need to stop, I could go on for days.

[Nightowlace]

I'm looking for another drop to $2. Can anybody work that out for me. lol

I'd quit.

I've always though $50 was a great entry point for "new money" I stand by that. I would be happy at any price point between $50-$120. Once you cross either of those points without a strong global bitcoin economy, or volatile trading people sideline their fiat and watch the show. We need to continue our growth and steady increase in price. With that said I will still trade the shit out of bounces all the way up and down. However if we go below $50 I might sideline my fiat and watch the show myself. 

[ChartBuddy]

[Nightowlace]

Well next year is going to suck ass!

Didn't know you were from the U.S. Thought you were European for some reason.

I like to pretend I am European does that count? Haha.

I am usually on the forum pretty late. Hence the name. Maybe that's why?

lol could be. I'm really not sure. I think I read something from you before that made me think that.

I've actually gotten that before. I don't know what it is. Maybe I am just not the "typical" American.

Anyway's I would like for another whale war so I can scoop up some $100 coins.

That's probably good, because I think non-Americans have a bad idea about what a "typical" American is... (even Americans can have a bad idea about what a typical American is haha)

I would be careful scooping up $100 coins at this point...when it breaks $100 it can go much lower

Sadly I agree. We are a "have to have it right now without working for it, self absorbed, lazy, uneducated, throw away nation". American Idol contestants receive more votes than presidential elections. People care more about what is going on with the Kardashians than they do with our weakening economy, lack of jobs, and highly overstepping intrusive government.

It's too bad. Once upon a time this country stood for something, there were freedoms, the people decided. No they just cower in fear and allow all of our civil liberties get stripped away in the name of "protecting us from terrorists"

Oh I need to stop, I could go on for days.

I often find myself quoting posts and pics on social networks and adding the caption 'Merica! If you're from here you will understand.

[Nightowlace]

Okay goodnight all. Sweet dreams of waking up to more coins.