Will Dollar worth 0.0001 BTC one day

[nahtnam]

If anything the person who bought at 100 should be less willing to sell, due to the income taxes.

I agree the income taxes are good reason not to sell. Better is spend the coins

You almost certainly still owe the income taxes when you spend the coins, at least in the US.

So what should we do? Put them on a hard drive, throw it away and say that we never had them?

[hellfrozenow]

If anything the person who bought at 100 should be less willing to sell, due to the income taxes.

I agree the income taxes are good reason not to sell. Better is spend the coins

You almost certainly still owe the income taxes when you spend the coins, at least in the US.

Hard to imagine how I would do it, but dont worry, the goods/services Im going to buy with my Bitcoins are with tax anyway

[nahtnam]

If anything the person who bought at 100 should be less willing to sell, due to the income taxes.

I agree the income taxes are good reason not to sell. Better is spend the coins

You almost certainly still owe the income taxes when you spend the coins, at least in the US.

So what should we do? Put them on a hard drive, throw it away and say that we never had them?

I didn't say unwilling to sell. If Bitcoin is trading at $1000/BTC and you paid $1/BTC and you're in the highest US tax bracket and pay 20% on your capital gains, you should realize that instead of getting $1000/BTC, you're only really getting ~$800/BTC. A little less when you factor in the investment tax surcharge or whatever that new Obama tax is called, probably.

That is still not bad. Its better than moving to a different country, being a citizen there and then selling.

[imamanandyou]

If anything the person who bought at 100 should be less willing to sell, due to the income taxes.

I agree the income taxes are good reason not to sell. Better is spend the coins

You almost certainly still owe the income taxes when you spend the coins, at least in the US.

So what should we do? Put them on a hard drive, throw it away and say that we never had them?

I didn't say unwilling to sell. If Bitcoin is trading at $1000/BTC and you paid $1/BTC and you're in the highest US tax bracket and pay 20% on your capital gains, you should realize that instead of getting $1000/BTC, you're only really getting ~$800/BTC. A little less when you factor in the investment tax surcharge or whatever that new Obama tax is called, probably.

That is still not bad. Its better than moving to a different country, being a citizen there and then selling.

Especially since if you did that you'd still owe the taxes. http://www.irs.gov/Individuals/International-Taxpayers/Expatriation-Tax

Actually you have to give up your United States citizenship 

[nahtnam]

If anything the person who bought at 100 should be less willing to sell, due to the income taxes.

I agree the income taxes are good reason not to sell. Better is spend the coins

You almost certainly still owe the income taxes when you spend the coins, at least in the US.

So what should we do? Put them on a hard drive, throw it away and say that we never had them?

I didn't say unwilling to sell. If Bitcoin is trading at $1000/BTC and you paid $1/BTC and you're in the highest US tax bracket and pay 20% on your capital gains, you should realize that instead of getting $1000/BTC, you're only really getting ~$800/BTC. A little less when you factor in the investment tax surcharge or whatever that new Obama tax is called, probably.

That is still not bad. Its better than moving to a different country, being a citizen there and then selling.

Especially since if you did that you'd still owe the taxes. http://www.irs.gov/Individuals/International-Taxpayers/Expatriation-Tax

Actually you have to give up your United States citizenship  

If you give up your US Citizenship (and you meet the income/asset minimums), you owe the expatriation tax.

If you don't give up your US Citizenship, then you owe the capital gains taxes when you sell.

Pretty much the only way to avoid the taxes altogether is through that other inevitable event - death. That is, if you're high income or high net worth and didn't plan ahead (like Apple Computer or all the other numerous corporations who avoid paying income tax).

Thank god im still a minor. No taxes for me!

[Meta4X]

It all comes down to one factor, will BitCoin become mainstream?  If so, there is little reason to suspect the value of BitCoin won't explode compared to the dollar.  If we see a time where BitCoin is used for even a small fraction of commerce (e.g. 10%), the demand for BitCoin is going to skyrocket.

This, of course, is purely conjecture.  There are a fair number of issues with BitCoin that are fundamental to the nature of the coin itself.  First and foremost, one of the biggest boons of BTC is the irreversibility of transactions.  This is also one of its biggest detractors.  It is all too easy for a party to solicit BitCoins for a transaction and fail to deliver.  If the customer fails to receive the product or service or is dissatisfied with what they've received, they are entirely at the mercy of the solicitor to make things right.  Once larger organizations begin accepting BitCoin, public opinion may be sufficient to hold their feet to the fire, but this recourse will not have much impact with smaller organizations or individuals.

[imamanandyou]

Actually you have to give up your United States citizenship  

If you give up your US Citizenship (and you meet the income/asset minimums), you owe the expatriation tax.

Lol, this could happen only in United States.
Im happy Im not United States citizen, seriously, it is a joke  

[lambdaE]

This, of course, is purely conjecture.  There are a fair number of issues with BitCoin that are fundamental to the nature of the coin itself.  First and foremost, one of the biggest boons of BTC is the irreversibility of transactions.  This is also one of its biggest detractors.  It is all too easy for a party to solicit BitCoins for a transaction and fail to deliver.  If the customer fails to receive the product or service or is dissatisfied with what they've received, they are entirely at the mercy of the solicitor to make things right.  Once larger organizations begin accepting BitCoin, public opinion may be sufficient to hold their feet to the fire, but this recourse will not have much impact with smaller organizations or individuals.

Actually Bitcoin irreversibility is a good feature. You have to pay only if you are sure you wont need reverse the payment. Cash on delivery is my prefered method of ordering goods anyway

[nahtnam]

Thank god im still a minor. No taxes for me!

Oh they'll still put you in jail.  

They will put me in jail for making millions of dollars? Cant I just tell them I dont know how to file taxes and they would give me a few months to figure it out?

[MoneyGod]

Thank god im still a minor. No taxes for me!

Oh they'll still put you in jail.  

They will put me in jail for making millions of dollars? Cant I just tell them I dont know how to file taxes and they would give me a few months to figure it out?

yes you are right but I think no country have rules for miners to pay taxes and miner which is on bitcoin is more weird then others they cannot check you   

[pand70]

Btw winklevoss said that bitcoin might hit 40000$ / btc so he is even more bullish than this thread. 

[oyeTorry]

Btw winklevoss said that bitcoin might hit 40000$ / btc so he is even more bullish than this thread. 

I think Bitcoin might hit over 1 mil in 20+ years, but it is only one possibility out of many

[phife]

as long as normal people won't buy them and use them as a curreny, then no. It's way too volatile to be used as a viable currency. Atm, it's a speculators paradiese, alongside all the altcoins. But i guess this investment thing will be over sooner than later. There are mayn people who use altcoins to make a quick buck.

[LightningBlade]

Yes, bitcoin price is going strong....

[MoneyGod]

Yes, bitcoin price is going strong....

but currently is crushing badly and going down and more down why what is reason behind this any have some idea about this

[Onews1990]

Good point... look at http://www.coinflation.com/

A penny from 1982 is worth more than a penny.

A US nickel will always be worth something,

because right now, well it's made out of nickel.

[udet4food]

Yes, bitcoin price is going strong....

but currently is crushing badly and going down and more down why what is reason behind this any have some idea about this

China again.  3rd party processors cannot be used to deposit/withdraw at Chinese exchanges, so only bank wire can be used

[db4pril]

we hope.

[t3xasdolly]

Btw winklevoss said that bitcoin might hit 40000$ / btc so he is even more bullish than this thread. 

Increassing 10x in value is not too bullish considering the possibilites of Bitcoin future

[waqas]

now I am watching today its touch many time 650 barrier and still going down is this going to touch again 500$ or just stopping for rise again