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

[ChartBuddy]

[ardana123]

Something i've been asking myself. Say you buy a house in only bitcoin without paying taxes on it, followed by a visit from the IRS. You say you bought the house in bitcoin, what can they do? Can they throw you in jail or fine you for that since you used an "erschatz" currency?

[rpietila]

Something i've been asking myself. Say you buy a house in only bitcoin without paying taxes on it, followed by a visit from the IRS. You say you bought the house in bitcoin, what can they do? Can they throw you in jail or fine you for that since you used an "erschatz" currency?

Here (Finland) they would require you to declare a bitcoin sale equivalent to the value of the house, and tax 24% of the gross amount. You cannot escape the capital gains tax.

[strawbs]

Whilst we all know the difficulties associated with trying to withdraw USD from Mt.Gox at the moment, has anyone had any success trying to withdraw in other currencies?

Specifically, I'm hoping to find out whether I could withdraw GBP back into the same UK bank account from which my Gox account was originally funded, without it taking more than a few days. Then potentially jump ship and head over to another exchange. Not 100% sure yet but just considering options.

Any first-hand experiences out there? Cheers guys.

[ElectricMucus]

Getting out of Gox is pointless now, if you don't want to bet that the issue is resolved positively you would have left already.

[rpietila]

Something i've been asking myself. Say you buy a house in only bitcoin without paying taxes on it, followed by a visit from the IRS. You say you bought the house in bitcoin, what can they do? Can they throw you in jail or fine you for that since you used an "erschatz" currency?

Here (Finland) they would require you to declare a bitcoin sale equivalent to the value of the house, and tax 24% of the gross amount. You cannot escape the capital gains tax.

You can in countries without capital gains taxes.

Without going into details, after being born into country with CGT, it is rather difficult to get totally free in a short period of time. Such countries claim the right to tax you for several years even after you have severed all reasonable ties to the original country ("your mother still lives there so we'll tax you...").

[strawbs]

Getting out of Gox is pointless now, if you don't want to bet that the issue is resolved positively you would have left already.

Thanks, but that doesn't answer my question - I'm not seeking speculative replies concerning the future of Gox, just whether anyone has successfully withdrawn anything other than USD and how long it took.  FYI, I am already out of Gox, 100% bitcoin.

 

[Its About Sharing]

Something i've been asking myself. Say you buy a house in only bitcoin without paying taxes on it, followed by a visit from the IRS. You say you bought the house in bitcoin, what can they do? Can they throw you in jail or fine you for that since you used an "erschatz" currency?

They can claim taxes. Not paying due taxes can lead to incarceration.

If you have some of your money in another currency and buy something with it, I don't think capital gains would be involved. This is a question for a lawyer but I can't imagine countries, banks, etc. who have their money in other currencies, must pay capital gains on things for purchases made.

I was under the understanding that taxes are paid when going from currency to currency (depending on country). Here in Germany you have no capital gains on BTC's held for over one year.

IAS

[adamstgBit]

Something i've been asking myself. Say you buy a house in only bitcoin without paying taxes on it, followed by a visit from the IRS. You say you bought the house in bitcoin, what can they do? Can they throw you in jail or fine you for that since you used an "erschatz" currency?

They can claim taxes. Not paying due taxes can lead to incarceration.

If you have some of your money in another currency and buy something with it, I don't think capital gains would be involved. This is a question for a lawyer but I can't imagine countries, banks, etc. who have their money in other currencies, must pay capital gains on things for purchases made.

I was under the understanding that taxes are paid when going from currency to currency (depending on country). Here in Germany you have no capital gains on BTC's held for over one year.

IAS

buying a house, especially if its a second house... you'll get tax... you can try to pay with bitcoin at never declare it... idk i wouldn't...

[StarenseN]

Whilst we all know the difficulties associated with trying to withdraw USD from Mt.Gox at the moment, has anyone had any success trying to withdraw in other currencies?

I know It is for weeks now in EUR, no more issues.

[joesmoe2012]

No USD wires except the priority 5% manually processed wires are leaving gox.

[Its About Sharing]

Something i've been asking myself. Say you buy a house in only bitcoin without paying taxes on it, followed by a visit from the IRS. You say you bought the house in bitcoin, what can they do? Can they throw you in jail or fine you for that since you used an "erschatz" currency?

They can claim taxes. Not paying due taxes can lead to incarceration.

If you have some of your money in another currency and buy something with it, I don't think capital gains would be involved. This is a question for a lawyer but I can't imagine countries, banks, etc. who have their money in other currencies, must pay capital gains on things for purchases made.

I was under the understanding that taxes are paid when going from currency to currency (depending on country). Here in Germany you have no capital gains on BTC's held for over one year.

IAS

buying a house, especially if its a second house... you'll get tax... you can try to pay with bitcoin at never declare it... idk i wouldn't...

You are looking at is as if BTC was an investment. I'm saying you are just holding another currency.
If you go to another country and exchange thousands in that currency and then come home and that currency's value increases, do you pay a capital gains tax on it? I can't imagine that happening.

Now, if you see BTC as a stock, that might be another matter. But, it is a currency.

I don't doubt there can be legal implications, I'm just saying I think it is way too early to speak with any certainty here.

IAS

[JimboToronto]

No USD wires except the priority 5% manually processed wires are leaving gox.

Anyone know how the minimum amount required to qualify for manual processing?

Obviously the whales aren't having any problem moving fiat in and out.

[Odalv]

No USD wires except the priority 5% manually processed wires are leaving gox.

Anyone know how the minimum amount required to qualify for manual processing?

Obviously the whales aren't having any problem moving fiat in and out.

Maybe this whale is MtGox. :-)

[barbs]

Whilst we all know the difficulties associated with trying to withdraw USD from Mt.Gox at the moment, has anyone had any success trying to withdraw in other currencies?

Specifically, I'm hoping to find out whether I could withdraw GBP back into the same UK bank account from which my Gox account was originally funded, without it taking more than a few days. Then potentially jump ship and head over to another exchange. Not 100% sure yet but just considering options.

Any first-hand experiences out there? Cheers guys.

I would like to know this as well, only thing stopping me from moving GBP is I don't want to miss out on trading etc while things are volatile

nothing worse than waiting 4 + weeks for your transfer.

[JimboToronto]

No USD wires except the priority 5% manually processed wires are leaving gox.

Anyone know how the minimum amount required to qualify for manual processing?

Obviously the whales aren't having any problem moving fiat in and out.

Maybe this whale is MtGox. :-)

LOL Thought of that myself.

Maybe someone should start a thread/poll about the identity of the whale(s) who have carried this recent rise. I've seen lots of speculation.

Let's see. We could start with:

Winklevoss
Paypal
Rothschild
MtGox
Uncle Sam
Google
etc

The list goes on...

[Walsoraj]

No USD wires except the priority 5% manually processed wires are leaving gox.

Anyone know how the minimum amount required to qualify for manual processing?

Obviously the whales aren't having any problem moving fiat in and out.

Maybe this whale is MtGox. :-)

LOL Thought of that myself.

Maybe someone should start a thread/poll about the identity of the whale(s) who have carried this recent rise. I've seen lots of speculation.

Let's see. We could start with:

Winklevoss
Paypal
Rothschild
MtGox
Uncle Sam
Google
Walsoraj
etc

The list goes on...

[ChartBuddy]

[joesmoe2012]

there was a whale identification thread going on last week here somewhere.

[Zangelbert Bingledack]

Whilst we all know the difficulties associated with trying to withdraw USD from Mt.Gox at the moment, has anyone had any success trying to withdraw in other currencies?

Withdrawing Japanese yen from MtGox remains smooth and snappy, as of last week. Like 3-4 days.