Korbman (OP)
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Activity: 1064
Merit: 1001
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March 25, 2014, 10:31:12 PM |
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Each block is stacked on top of the previous one. Adding another block to the top makes all lower blocks more difficult to remove: there is more "weight" above each block. A transaction in a block 6 blocks deep (6 confirmations) will be very difficult to remove.
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BCB
CTG
VIP
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Activity: 1078
Merit: 1002
BCJ
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March 25, 2014, 10:37:32 PM |
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LiteCoinGuy
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Activity: 1148
Merit: 1010
In Satoshi I Trust
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March 25, 2014, 11:34:28 PM |
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more clarity but is it good or bad? we will see
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Bit_Happy
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Activity: 2100
Merit: 1040
A Great Time to Start Something!
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March 26, 2014, 12:35:59 AM |
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The federal government will tax digital money such as Bitcoin like property, not currency, the IRS said Tuesday in its first significant guidance on the virtual coin.
Although Bitcoin may operate like coin and paper currency and can be used to pay for goods and services, no country accepts it as "legal tender," the Internal Revenue Service said in its notice.
"Virtual currency is treated as property for U.S. federal tax purposes," the notice said. "General tax principles that apply to property transactions apply to transactions using virtual currency."
....The fair market value would be calculated as the U.S. dollar value on the date payment was received.
^^^^
The fair market value should be based on what you sell them for (actual income) ....
EDIT: This could be great when BTC goes up, and really bad when BTC goes way down.
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fryarminer
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March 26, 2014, 01:53:58 AM |
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Sounds reasonable. Gold isn't a currency either is it?
Seems rather complicated to report for taxes though.
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marcus_of_augustus
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Activity: 3920
Merit: 2348
Eadem mutata resurgo
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March 26, 2014, 05:53:29 AM |
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Sounds reasonable. Gold isn't a currency either is it?
Seems rather complicated to report for taxes though.
I think you'll find gold and silver referred to as the only "lawful money", as per the Constitution. |
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howardb
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March 26, 2014, 08:56:55 AM |
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Not to intelligent IMHO, they have set themselves up for a forced future U turn as whether it is legal tender or not will be irrelevant if defacto most people in the world come to use it at some future date.
The comparison with gold is not really valid, as you cannot carry out trade with gold (normally anyway).
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aigeezer
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Activity: 1450
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Cryptanalyst castrated by his government, 1952
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March 26, 2014, 05:18:09 PM |
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The story: "The federal government will tax digital money such as Bitcoin".
The rest is peripheral, no matter how shiny.
Can they do it? Can they tax global entities? Can they tax mathematics? Can they tax abstractions? Can they tax global mathematical abstractions in their little corner of the world?
Time will tell.
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howardb
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March 27, 2014, 08:54:50 PM |
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The story: "The federal government will tax digital money such as Bitcoin".
The rest is peripheral, no matter how shiny.
Can they do it? Can they tax global entities? Can they tax mathematics? Can they tax abstractions? Can they tax global mathematical abstractions in their little corner of the world?
Time will tell.
Of course they can tax it, simply passing a law requiring all bitcoin wallet addresses of US citizens and corporations to be declared for tax purposes would suffice. How many people then choose to avoid tax by not declaring is another question all together, but I suspect most would rather not risk prison, and 'most' is all you need. |
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marcus_of_augustus
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Activity: 3920
Merit: 2348
Eadem mutata resurgo
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March 28, 2014, 01:56:46 AM |
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The story: "The federal government will tax digital money such as Bitcoin".
The rest is peripheral, no matter how shiny.
Can they do it? Can they tax global entities? Can they tax mathematics? Can they tax abstractions? Can they tax global mathematical abstractions in their little corner of the world?
Time will tell.
Of course they can tax it, simply passing a law requiring all bitcoin wallet addresses of US citizens and corporations to be declared for tax purposes would suffice. How many people then choose to avoid tax by not declaring is another question all together, but I suspect most would rather not risk prison, and 'most' is all you need. So will that be Litecoin wallets also? Namecoin, peercoin, primecoin ... really? |
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Kosta#
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Activity: 55
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March 28, 2014, 04:59:38 AM |
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....The fair market value would be calculated as the U.S. dollar value on the date payment was received.
^^^^
The fair market value should be based on what you sell them for (actual income) ....
EDIT: This could be great when BTC goes up, and really bad when BTC goes way down.
but then if you sell property for less than you paid for it, the loss should be tax-deductible, is it not? |
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PCUser
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Activity: 37
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March 29, 2014, 05:43:49 AM |
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....The fair market value would be calculated as the U.S. dollar value on the date payment was received.
^^^^
The fair market value should be based on what you sell them for (actual income) ....
EDIT: This could be great when BTC goes up, and really bad when BTC goes way down.
but then if you sell property for less than you paid for it, the loss should be tax-deductible, is it not? Good question! I think they haven't thought about it as I have understand in case you sell property for less than you pay the same tax so you loose, and if you sell it higher than you win and pay less |
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Bit_Happy
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Activity: 2100
Merit: 1040
A Great Time to Start Something!
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March 29, 2014, 05:54:19 AM |
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....The fair market value would be calculated as the U.S. dollar value on the date payment was received.
^^^^
The fair market value should be based on what you sell them for (actual income) ....
EDIT: This could be great when BTC goes up, and really bad when BTC goes way down.
but then if you sell property for less than you paid for it, the loss should be tax-deductible, is it not? Correct. Somehow I misread it..... A simple way to pay taxes on actual fiat income would be nice. |
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iamahappyminer
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Activity: 111
Merit: 10
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March 29, 2014, 08:08:48 AM |
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Sounds reasonable. Gold isn't a currency either is it?
Seems rather complicated to report for taxes though.
I think you'll find gold and silver referred to as the only "lawful money", as per the Constitution. The current fiat money is nothing and that's why I love btc as is it close to gold it's decentalized and noone is able to mine a lot of coins ! So I can understand why bitcoin is not a currency - as it is more than it |
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Leogheo
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March 29, 2014, 02:54:22 PM |
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I feel myself stupid as I used to think it is something like a currency not a property ! and now i am confused with the US government decision
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blackvoice
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Activity: 56
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March 29, 2014, 03:51:56 PM |
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great news with the government admit virtual currency community will grow up fast and strong |
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bitbouillion
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March 29, 2014, 07:59:12 PM |
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Sounds reasonable. Gold isn't a currency either is it?
Seems rather complicated to report for taxes though.
I think you'll find gold and silver referred to as the only "lawful money", as per the Constitution. Try to pay taxes in gold or silver. |
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marcus_of_augustus
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Activity: 3920
Merit: 2348
Eadem mutata resurgo
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March 29, 2014, 08:47:08 PM |
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But, but but ... Federal Judge Rules Bitcoin is a currency ... http://techcrunch.com/2013/08/07/bitcoin-clampdown-continues-as-federal-judge-says-its-a-currency/A federal judge in Texas has declared that Bitcoin is a currency and should therefore be regulated just like U.S. dollars The only limitation of Bitcoin is that it is limited to those places that accept it as currency. However, it can also be exchanged for conventional currencies, such as the U.S. dollar, Euro, Yen, and Yuan. Therefore, Bitcoin is a currency or form of money, and investors wishing to invest in BTCST provided an investment of money. This a Federal court ruling. It seems pretty well spelled out ... someone must be smoking the SR products at the IRS? |
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cryptoanarchist
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Activity: 1120
Merit: 1003
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March 30, 2014, 04:05:31 AM |
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But, but but ... Federal Judge Rules Bitcoin is a currency ... http://techcrunch.com/2013/08/07/bitcoin-clampdown-continues-as-federal-judge-says-its-a-currency/A federal judge in Texas has declared that Bitcoin is a currency and should therefore be regulated just like U.S. dollars The only limitation of Bitcoin is that it is limited to those places that accept it as currency. However, it can also be exchanged for conventional currencies, such as the U.S. dollar, Euro, Yen, and Yuan. Therefore, Bitcoin is a currency or form of money, and investors wishing to invest in BTCST provided an investment of money. This a Federal court ruling. It seems pretty well spelled out ... someone must be smoking the SR products at the IRS? They're incredibly inept. Most IRS workers look like they shop for groceries at WalMart: Big, Fat dumbasses with the emotional maturity of 10 year olds. |
I'm grumpy!!
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