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

[10c]

First step to becoming a recognized currency: pay your taxes in BTC! Way to go Orange!

I actually had a nice long chat with the IRS (about 45 min) about this and have spoken with about 5 devisions of the IRS in that call.
They didn't know how to handle this yet and advised me to write a letter about it and make an appointment.

I actually wanted to go through with this but am still waiting for community support. I have some funds but not enough to see this through.

[stereotype]

Well actually Dutch government wants some coins too.
official statement from minister of finance (Dijsselbloem)
source: http://www.nu.nl/internet/3495285/inkomsten-in-bitcoins-worden-belast.html
He happens to be head of EU finance at the moment as well.
also Canadian government wants coin.

Wow. They actually asked a parliamentary question. Onwards and upwards.

I wish  they didn't. The longer governments (especially mine) stay in the dark the better. They will fight when they notice they are losing power ...

I think the secret is out.... http://www.ft.com/cms/s/2/42ca6762-bbfc-11e2-82df-00144feab7de.html#axzz2W1SYnNEA

[hlynur]

Once they start there will be no end. In no time you will have to prompt your peers for permission before adding them to peers.dat.. put a big warning sign saying THIS IS NOT MONEY on any physical bitcoins.. register all your addresses with the ECB.. their imagination has no end. They even regulate how deep your tractor is allowed to make tracks on your own farmland.

eu even regulated to what degree a banana has to bend to sell it as that. (no joke!)

http://en.wikipedia.org/wiki/Commission_Regulation_%28EC%29_No_2257/94

thanks for nitpicking (ok it's not the bending per se)
that's what you get for readings news without doing own research.

but still a lot of of these regulations are ridiculous and many biological farmers can't sell their whole crop but just the amount that fits to those partly exaggerated standards.

[10c]

They can only regulate as far as we allow them to...
but I do think if the IRS makes it official and governments accept BTC this would be a bullish sign for mass adoption.
and we all know what that means...

[KS]

Once they start there will be no end. In no time you will have to prompt your peers for permission before adding them to peers.dat.. put a big warning sign saying THIS IS NOT MONEY on any physical bitcoins.. register all your addresses with the ECB.. their imagination has no end. They even regulate how deep your tractor is allowed to make tracks on your own farmland.

eu even regulated to what degree a banana has to bend to sell it as that. (no joke!)

http://en.wikipedia.org/wiki/Commission_Regulation_%28EC%29_No_2257/94

thanks for nitpicking (ok it's not the bending per se)
that's what you get for readings news without doing own research.

but still a lot of of these regulations are ridiculous and many biological farmers can't sell their whole crop but just the amount that fits to those partly exaggerated standards.

Not interested in nitpicking, just thought I'd post a wikipedia link rather than the EU regulation.

[stereotype]

They can only regulate as far as we allow them to...
but I do think if the IRS makes it official and governments accept BTC this would be a bullish sign for mass adoption.
and we all know what that means...

They have to accept it.
End-of-year business accounts around the world, are being presented to their respective tax offices, with a declaration of this strange new thing called Bitcoin.
They need to get with the program, if they are to tax their citizens effectively. If the declarations are sizable, we will start to see some precedents with regards to tax, soon.

[hlynur]

Not interested in nitpicking, just thought I'd post a wikipedia link rather than the EU regulation.

never mind
but thanks for the info, now i learned something about regulation of fruits in eu.
you never know when that gets useful.

[ChartBuddy]

[Ivanhoe]

What's that coming over the hill? Is it the taxman?

[ardana123]

and it's happening again

[ardana123]

or not

[Its About Sharing]

This is the "unknown" type of stuff that can make BTC run again. Another Cypress and we all saw what that did to BTC.

Actually, no, we didn't.

Maybe you work better with pictures.  

"On 25 March 2013, a €10 billion bailout was announced in return for Cyprus..."
Note, it was talked about before it happened. Just look at mid to late March and what followed. Clearly no coincidence.

Sorry, not seeing. Do you have any proof? Or just a guess presented as a fact?

My bad, must have been one of those coincidences...

Look, i'm not saying it is completely impossible but not one person so far has been able to prove the connection. I was just checking if you were the first. And you weren't.

There are some things that are difficult to prove. But, it seems like the Bitcoin community has mentioned the Cyprus event time and time again. I remember that time
well and following the story and just seeing Bitcoin ramp up and then after the official Cyprus announcement it started the parabolic rise.
No, we don't have proof. That is where poets come in, communicating things like love (not provable) with poetic words. Poets, poets, anyone???

[420]

so this forum's gonna tell me people ain't watching mad bitcoins channel

http://www.youtube.com/user/madbitcoins/videos

[MAbtc]

~ 2k coins dumped in last 20 min. Waiting for more volume!

[Its About Sharing]

Well actually Dutch government wants some coins too.
official statement from minister of finance (Dijsselbloem)
source: http://www.nu.nl/internet/3495285/inkomsten-in-bitcoins-worden-belast.html
He happens to be head of EU finance at the moment as well.
also Canadian government wants coin.

Wow. They actually asked a parliamentary question. Onwards and upwards.

I wish  they didn't. The longer governments (especially mine) stay in the dark the better. They will fight when they notice they are losing power ...

I think the secret is out.... http://www.ft.com/cms/s/2/42ca6762-bbfc-11e2-82df-00144feab7de.html#axzz2W1SYnNEA

A quote from the article:

Also under consideration was the idea of creating a regulated exchange, which would be the world’s first.

Not exactly what we want, but that would sure allow more people to come in as it would add certainty.
I mean, there are exchanges that follow regulations now, but I'm sure they are hinting at something more "official"...

[KS]

Not interested in nitpicking, just thought I'd post a wikipedia link rather than the EU regulation.

never mind
but thanks for the info, now i learned something about regulation of fruits in eu.
you never know when that gets useful.

What? Are you kidding? Bent bananas? I can see a million uses right there!

[Its About Sharing]

Little bit of a wall on Bitstamp

$107.00   130.10962618   $13,921.73

[stereotype]

Well actually Dutch government wants some coins too.
official statement from minister of finance (Dijsselbloem)
source: http://www.nu.nl/internet/3495285/inkomsten-in-bitcoins-worden-belast.html
He happens to be head of EU finance at the moment as well.
also Canadian government wants coin.

Wow. They actually asked a parliamentary question. Onwards and upwards.

I wish  they didn't. The longer governments (especially mine) stay in the dark the better. They will fight when they notice they are losing power ...

I think the secret is out.... http://www.ft.com/cms/s/2/42ca6762-bbfc-11e2-82df-00144feab7de.html#axzz2W1SYnNEA

A quote from the article:

Also under consideration was the idea of creating a regulated exchange, which would be the world’s first.

Not exactly what we want, but that would sure allow more people to come in as it would add certainty.
I mean, there are exchanges that follow regulations now, but I'm sure they are hinting at something more "official"...

That quote was closely allied to Max Kaisers announcement of his desire to open a London exchange.  

[Pale Phoenix]

They can only regulate as far as we allow them to...
but I do think if the IRS makes it official and governments accept BTC this would be a bullish sign for mass adoption.
and we all know what that means...

They have to accept it.
End-of-year business accounts around the world, are being presented to their respective tax offices, with a declaration of this strange new thing called Bitcoin.
They need to get with the program, if they are to tax their citizens effectively. If the declarations are sizable, we will start to see some precedents with regards to tax, soon.

I don't think this is the case. Businesses have transacted in foreign currency for a very long time, but in most countries, you still can't pay your taxes with it. There are long standing accounting rules for handling the conversion of foreign currencies to your home currency and the recognition of the profit/loss derived from the conversion.

I don't see why Bitcoin would be any different. The IRS doesn't want to deal with currency risk in the collection of taxes.

Edit: I stand corrected. Apparently there are people who live overseas and send checks denominated in foreign currency to the IRS in payment of their taxes. However, the IRS puts the currency risk back on the payor, so if there is a shortage after they convert it to USD, the taxpayer owes the balance.

http://www.accountingweb.com/article/tigta-addresses-irs-trouble-processing-foreign-currency-tax-payments/221519

[10c]

Well the major problem I see with taxing bitcoin income is the same one we have right now.
How do you value a coin?
so I earned 10 coins today-> this can buy me a nice tv today but tomorrow the same tv costs 15 coins.
so I earn 40 coins a month what taxbox does this fit? 45% or 52%? and why am I in a certain taxbox while coins increase or decrease in value?