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

[Fatman3001]

Ok, I've just spoken to the Norwegian tax authorities about how to classify my Bitcoin mining business and they've basically sent it back to me and asked how they do it in other countries(?!?!?!). Do any of you know what industry code / tax bracket a bitcoin mining business registers under in your country?

Haha, just tell them it is a non-taxable event in any sane country. It's like finding a piece of gold in your backyard if you are hobbyist.

Well, my three year goal is 2MW draw on the power grid. That requires some paper work. And if I can get it in the right tax bracket / industry code, I'll have to pay less tax on electricity.  Regarding sane, Norways default response is always to tax first, ask questions later.

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[Fatman3001]

Ok, I've just spoken to the Norwegian tax authorities about how to classify my Bitcoin mining business and they've basically sent it back to me and asked how they do it in other countries(?!?!?!). Do any of you know what industry code / tax bracket a bitcoin mining business registers under in your country?

Maybe you could ask a swedish miner? KnC? (I know you don't like them because their bad/late delivered miners, but they could actually help you on this one.)

Perhaps, but they're not a pure Bitcoin mining company so I think they've avoided this problem by primarily being a chip manufacturer. I will look into it, but I'm still interested to hear if anyone here knows something.

[fonzie]

Nice fake support you got there on Finex.  He chickens out way too early to be taken seriously though. 

[tarmi]

yes, excellent opportunity to sell.

[shmadz]

yes, excellent opportunity to sell.

Good luck in flat market. Hope you can stay profitable.

Wait a minute, I thought you sold already? How many coins do you have Mr whale frog?

[LFC_Bitcoin]

yes, excellent opportunity to sell.

Why the hell would anybody be happy to sell now?
It'd be awful trading to sell now, if you're going to sell at least wait until there's some good news & a subsequent pump.
Come on tarmi you're not going to convince people to sell at this price, you'll have to get your cheap coins another way.
If anything I'd say now is a great opportunity to buy, you bears have failed to take us below 230 for any sustained period, we may have already reached the bottom.

[ChartBuddy]

Coin
Explanation

[Asrael999]

Ok, I've just spoken to the Norwegian tax authorities about how to classify my Bitcoin mining business and they've basically sent it back to me and asked how they do it in other countries(?!?!?!). Do any of you know what industry code / tax bracket a bitcoin mining business registers under in your country?

go with software as a service (if that category exists) and it is favourable
You are running software CGIMiner, BFGMiner,etc to provide a transaction confirmation service to the blockchain and bitcoin community.

[Asrael999]

An interesting detail from here

http://www.bloomberg.com/news/articles/2015-05-20/bank-regulator-lawsky-to-exit-with-new-york-6-billion-richer

Ben Lawsky stands down as New York's financial supernintendo

'The 45-year-old regulator plans to set up his own consulting firm in New York, advising financial institutions on matters related to technology, cybersecurity and virtual currency.'

Teensy conflict of interest there. He creates the problem and then charges for the solution.

Ok so we all get what he's doing to make money. However I think this is a very bullish development. He stepped down and is creating his own firm to handle regulation on digital currencies like bitcoin, meaning he knows bitcoin is here to stay and there is money to be made in the sector.  Lawsky talked to higher-ups and big dirty bankers and likely knows what is coming down the pipe for bitcoin from a regulation and banking perspective.  If he stepped down and decided to start a law firm that handled other financial regulations that did not include virtual currency, then that would have been a huge red flag of bad things to come for bitcoin.

Its not bullish for bitcoin - it is bullish for crypto adoption. Lawsky knows that the financial services industry will seek to create a replacement for the payments network , ideally (from their perspective) a quasi-walled garden which only authorised participants (banks and payments agents) can access - they can then use blockchain tech to deliver many of the cost saving benefits of bitcoin to themselves and some to the customer base. A closed loop blockchain is perfectly feasible for the financial sector to implement. It would be centralised to the effect that it would be operated only by one industry - but decentralised in that each firm would keep a copy of the ledger and there would be multiple copies. If each Financial Institution is regulated to be only able to operate a specific number of nodes and there are multiple (a hundred or so) operating institutions then the network would be protected against 51% attacks by law.

[YourMother]

yes, excellent opportunity to sell.

Why the hell would anybody be happy to sell now?
It'd be awful trading to sell now, if you're going to sell at least wait until there's some good news & a subsequent pump.
Come on tarmi you're not going to convince people to sell at this price, you'll have to get your cheap coins another way.
If anything I'd say now is a great opportunity to buy, you bears have failed to take us below 230 for any sustained period, we may have already reached the bottom.

I remember not too long ago when a price below $300 was simply unacceptable. Everyone was thinking that there was an unknown form of energy involved in keeping it above $300. I remember when the delusional bulls were eating that wall like it was made out of chocolate and vanilla.  





People live on short memory. It looks like $200 is the new trend and it's just a matter of time before they will get to accommodate with little above $100. Time is passing by and i still don't see the user base growing significantly.

[hdbuck]

Ok, I've just spoken to the Norwegian tax authorities about how to classify my Bitcoin mining business and they've basically sent it back to me and asked how they do it in other countries(?!?!?!). Do any of you know what industry code / tax bracket a bitcoin mining business registers under in your country?

Lel are you actually asking how to be taxed?! Wtf is wrong with you people.

[gentlemand]

Its not bullish for bitcoin - it is bullish for crypto adoption. Lawsky knows that the financial services industry will seek to create a replacement for the payments network , ideally (from their perspective) a quasi-walled garden which only authorised participants (banks and payments agents) can access

So the future of crypto is as an inter bank payment network only accessible by a few hundred or thousand players?

I think he'd be out of a job pretty rapidly then. Once it's ticking away nicely that's that.

[soullyG]

Ok, I've just spoken to the Norwegian tax authorities about how to classify my Bitcoin mining business and they've basically sent it back to me and asked how they do it in other countries(?!?!?!). Do any of you know what industry code / tax bracket a bitcoin mining business registers under in your country?

Lel are you actually asking how to be taxed?! Wtf is wrong with you people.

Not wanting to go to jail? 

[Asrael999]

Its not bullish for bitcoin - it is bullish for crypto adoption. Lawsky knows that the financial services industry will seek to create a replacement for the payments network , ideally (from their perspective) a quasi-walled garden which only authorised participants (banks and payments agents) can access

So the future of crypto is as an inter bank payment network only accessible by a few hundred or thousand players?

I think he'd be out of a job pretty rapidly then. Once it's ticking away nicely that's that.

and as a seperate blockchain for use by a global decentralized stock exchange, and as a tax collection mechanism with tax collection and point of transaction, and a lot of other uses. But there does not need to be one only, and it does not need to be bitcoin, and it does not need to exist yet or be invented in the wild. You think the finance industry doesn't have as many or more smart people than the bitcoin community and cannot see the advantages of the tech, and of the potential competitive threat?
Plenty of places for Lawsky to pocket outrageous consultancy fees before he retires to various board positions with various financial firms advising them how to make a blockchain that is more fit for payments purposes than bitcoin, or for asset management, etc etc.

[Bagatell]

Plenty of places for Lawsky to pocket outrageous consultancy fees before he retires to various board positions with various financial firms advising them how to make a blockchain that is more fit for payments purposes than bitcoin, or for asset management, etc etc.

He's an attorney not a dev.

[Asrael999]

Plenty of places for Lawsky to pocket outrageous consultancy fees before he retires to various board positions with various financial firms advising them how to make a blockchain that is more fit for payments purposes than bitcoin, or for asset management, etc etc.

He's an attorney not a dev.

yes and the finance industry doesn't need advice on regulation and legal implications.

[Bagatell]

Plenty of places for Lawsky to pocket outrageous consultancy fees before he retires to various board positions with various financial firms advising them how to make a blockchain that is more fit for payments purposes than bitcoin, or for asset management, etc etc.

He's an attorney not a dev.

yes and the finance industry doesn't need advice on regulation and legal implications.

I was referring to the bold part.

[phoenix1]

Plenty of places for Lawsky to pocket outrageous consultancy fees before he retires to various board positions with various financial firms advising them how to make a blockchain that is more fit for payments purposes than bitcoin, or for asset management, etc etc.

He's an attorney not a dev.

yes and the finance industry doesn't need advice on regulation and legal implications.

Coindesk article says he will not be advising any companise that are regulated by NYDFS, which sounds like any company that would be affected by the BitLicense ... hmmmm

Notably, a source told that publication that Lawsky has no intention of working with companies that the NYDFS regulates, a list which would likely include a number of US-based bitcoin startups serving New York.

Also says he is leaving at end of June, and they are still going with end of May target for Bitlicense

When reached for comment, a spokesperson for the NYDFS said that the agency still anticipates releasing the final version of the BitLicense before the end of May

Thats only 10 days away, so you'd have thought they would know if the target was more or less achievable by now

http://www.coindesk.com/lawsky-consult-digital-currency-nydfs/

[ChartBuddy]

Coin
Explanation

[hdbuck]

Ok, I've just spoken to the Norwegian tax authorities about how to classify my Bitcoin mining business and they've basically sent it back to me and asked how they do it in other countries(?!?!?!). Do any of you know what industry code / tax bracket a bitcoin mining business registers under in your country?

Lel are you actually asking how to be taxed?! Wtf is wrong with you people.

Not wanting to go to jail?  

ah yea jail for your pocket mining money.. bad bad sheep! worst than peadophiles or all the tax evading millionaires XD