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Robert Paulson
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March 28, 2014, 03:54:46 PM |
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If bitcoin fails to get those "morons" on board bitcoin will not be used or accepted by almost anyone and thus become valueless and useless.
No, it won't. You see, Bitcoin has utility beyond "daily spending". I don't really understand why that is so hard for you to comprehend. i can't think of anything bitcoin does better than fiat besides buying drugs on silkroad. anything else i can do more easily with a credit card. |
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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin Core, which will follow the rules of the network no matter what miners do. Even if every miner decided to create 1000 bitcoins per block, full nodes would stick to the rules and reject those blocks.
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Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
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zolace
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March 28, 2014, 03:57:05 PM |
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I feel bad for the miners but for anyone else you could sell your bitcoin for cash, they cant tax cash exchange.
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2tights (OP)
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March 28, 2014, 04:11:05 PM |
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Actually I think this is very positive, since it defined digital property first time in human history. Bitcoin is the first non-duplicatable digital property, and since it is half anonymous and can move oversea in seconds, the taxation need a whole new set of rules, or simply becomes impractical
domain names aren't digital property? |
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2tights (OP)
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March 28, 2014, 04:11:48 PM |
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I feel bad for the miners but for anyone else you could sell your bitcoin for cash, they cant tax cash exchange.
Yes, it is... I think you're saying they can't enforce it, right? |
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g4c
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March 28, 2014, 04:40:35 PM |
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If bitcoin fails to get those "morons" on board bitcoin will not be used or accepted by almost anyone and thus become valueless and useless.
No, it won't. You see, Bitcoin has utility beyond "daily spending". I don't really understand why that is so hard for you to comprehend. i can't think of anything bitcoin does better than fiat besides buying drugs on silkroad. anything else i can do more easily with a credit card. Well, you aren't thinking hard enough. It's an asset that is solely under the control of the private key holder. If you can't see the ramifications of that, then perhaps Bitcoin isn't for you. word. also to those saying they are "happy to pay tax": I have just introduced a global taxation myself, the taxation scheme is set up so that I can fund my efforts to make the world a better place, as such: all Bitcoin holders MUST send me 1% of their total holdings to this address, payments MUST be made annually. 1JQb5ds6VAY8LcQiBPwBuUjSrawW9k98nA Pay the tax and be happy. Oh what's that you say "why the fuck should I pay you?"... yeah, now you're getting it. I have nothing against paying toward utilities I use, refuse collection, road mantainence etc. but to be taxed on your wealth seems a little shit, especially when you realise those with all the gold pay virtually zero tax, they didn't get rich paying taxes, believe me! |
CORTEX7 Multi exchange Bitcoin trading client for Win, Mac, Nix, Android.
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Robert Paulson
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March 28, 2014, 04:41:20 PM |
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If bitcoin fails to get those "morons" on board bitcoin will not be used or accepted by almost anyone and thus become valueless and useless.
No, it won't. You see, Bitcoin has utility beyond "daily spending". I don't really understand why that is so hard for you to comprehend. i can't think of anything bitcoin does better than fiat besides buying drugs on silkroad. anything else i can do more easily with a credit card. Well, you aren't thinking hard enough. It's an asset that is solely under the control of the private key holder. If you can't see the ramifications of that, then perhaps Bitcoin isn't for you. its a bunch of binary data replicated worldwide. bitcoin is not an asset if no one uses it as a currency. |
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chuckscap
Member
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Activity: 118
Merit: 10
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March 28, 2014, 04:50:57 PM |
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The U.S. Government was not going to embrace bitcoin as a currency. Given that there were only two options. 1. Figure out how to tax it. 2. Make it illegal. They are taxing bitcoins like gold. If you mine gold and keep it under your cabin floor in sacks (or mine bitcoin and keep it in your wallet) when you cash it in, you have to pay income tax (not capital gains) on the amount you cashed in. If you trade and make a profit, you need to keep track of your losses and gains and pay capital gains tax on any net profit for the year, just as if you were trading in gold, wheat or any other commodity. Sales tax for internet sales should be the same as it is today. Most internet purchases don't impose sales tax, it will be the same for those taking bitcoin.
Overall, given the option to ban it by the U.S. or tax it, I prefer the latter.
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Regards,
Chuck
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Mitchell
Copper Member
Legendary
Offline
Activity: 3920
Merit: 2198
Verified awesomeness ✔
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March 28, 2014, 04:54:20 PM |
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Yeah "doomed". Shut up and piss off.
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tvbcof
Legendary
Offline
Activity: 4592
Merit: 1276
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March 28, 2014, 04:58:04 PM |
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If bitcoin fails to get those "morons" on board bitcoin will not be used or accepted by almost anyone and thus become valueless and useless.
No, it won't. You see, Bitcoin has utility beyond "daily spending". I don't really understand why that is so hard for you to comprehend. i can't think of anything bitcoin does better than fiat besides buying drugs on silkroad. anything else i can do more easily with a credit card. Well, you aren't thinking hard enough. It's an asset that is solely under the control of the private key holder. If you can't see the ramifications of that, then perhaps Bitcoin isn't for you. its a bunch of binary data replicated worldwide. bitcoin is not an asset if no one uses it as a currency. The 'replicated worldwide' is exactly what give BTC it's value to me. If the data is replicated only among organizations which can be pressured by the government and/or mis-use the intelligence data coming off the system (e.g., Google, Facebook, etc) or used in significant quantities by organizations who can be pressured to damage fungibility (e.g., Overstock, TigerDirect, etc) then I consider this a viable attack surface and a legitimate threat to the value I see in Bitcoin. This is no idle conjecture or threat in my case. It has been a very real factor in my decision making processes in deciding how to draw down my hoard. (There are other factors also, to be fair. Among them, I obtained my hoard in the first place intending to re-distribute it when there was less of an excess BTC liquidity problem. At a profit, of course, but also as a legitimate contribution to the ecosystem.) |
sig spam anywhere and self-moderated threads on the pol&soc board are for losers.
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MegaHustlr
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March 28, 2014, 05:01:18 PM |
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Step 1) Go to Germany.
Step 2) buy bitcoins and profit  |
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igorr
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March 28, 2014, 07:59:24 PM |
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Trend and price before 1 month:  Trend and price today:  See you again within a month with trend lines and current price. |
Cлaвьcя, Oтeчecтвo нaшe cвoбoднoe,
Бpaтcкиx нapoдoв coюз вeкoвoй,
Пpeдкaми дaннaя мyдpocть нapoднaя!
Cлaвьcя, cтpaнa! Mы гopдимcя тoбoй!
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crazynoggin
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March 28, 2014, 08:07:19 PM |
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If the IRS wants to make taxing Bitcoin a pain, then they are going the wrong way, a lot of Americans will still be using Bitcoin and the IRS will just make it harder on themselves to collect any sort of taxes. Trust me, Bitcoin isn't doomed, but the quicker the governments get on the train and accept Bitcoin for what it is, the quicker they will have any chance for it to be more regulated to a point they would prefer.
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Robert Paulson
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March 28, 2014, 08:22:05 PM |
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If bitcoin fails to get those "morons" on board bitcoin will not be used or accepted by almost anyone and thus become valueless and useless.
No, it won't. You see, Bitcoin has utility beyond "daily spending". I don't really understand why that is so hard for you to comprehend. i can't think of anything bitcoin does better than fiat besides buying drugs on silkroad. anything else i can do more easily with a credit card. Well, you aren't thinking hard enough. It's an asset that is solely under the control of the private key holder. If you can't see the ramifications of that, then perhaps Bitcoin isn't for you. its a bunch of binary data replicated worldwide. bitcoin is not an asset if no one uses it as a currency. There are plenty of assets that aren't used as a currency. I would even go so far as to say that most assets are not used as a currency. This conversation is getting tiresome. other assets have value because they are useful. gold is useful as jewelry and in electronics. houses are useful because you can live in them. bitcoin is only useful if its used as currency - no adoption - no value. |
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spazzdla
Legendary
Offline
Activity: 1722
Merit: 1000
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March 28, 2014, 08:27:41 PM |
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Doomed..
Pretty sure if BTC some how crashed to $1... this forum would buy all BTC out there. BTC is just stopping for fuel.
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Robert Paulson
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March 28, 2014, 08:28:14 PM |
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bitcoin is only useful if its used as currency - no adoption - no value.
Hey, if you keep saying it, it might be true. Apparently, it's only useful to you if it's used as a currency. That isn't true for me. So, either I am a lone crazy person, or there is some merit to what I am saying. Either way, it's clear you won't be convinced. just out of curiosity, how is bitcoin useful to you (or anyone else for that matter) if you can't buy anything with it. |
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Peter R
Legendary
Offline
Activity: 1162
Merit: 1007
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March 28, 2014, 08:40:22 PM |
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just out of curiosity, how is bitcoin useful to you (or anyone else for that matter) if you can't buy anything with it.
I'm pretty sure I just bought something… Hey, you can now pay for hotels all over the world with bitcoin!! Check out http://www.gyft.com/merchants/global-hotel-card/. Vinnie is doing good things at Gyft. |
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Beliathon
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March 28, 2014, 08:54:02 PM |
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Trend and price before 1 month: Trend and price today: See you again within a month with trend lines and current price. Good job using only the latest two months out of 3 years of sustained growth to make your horrendously short-sighted, mathematically-flawed argument. Which government or Wall Street Pump n Dump firm do you work for? |
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counter
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March 28, 2014, 08:58:43 PM |
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I don't really care if the United States government embrace Bitcion as a currency. I far more interested in what the American people embrace it as and yes the rest of the global population if that was already obvious.
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Peter R
Legendary
Offline
Activity: 1162
Merit: 1007
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March 28, 2014, 09:04:33 PM |
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I don't really care if the United States government embrace Bitcion as a currency. I far more interested in what the American people embrace it as and yes the rest of the global population if that was already obvious.
The IRS just legitimized bitcoin. How could they embrace it any warmer without writing laws that favour bitcoin over other asset classes? Did people really think the IRS would say "capital gains tax applies to all assets except bitcoin because it is special"? The guidance simply says that if you realize a capital gain on bitcoin, that you should voluntarily report that gain and pay the appropriate taxes. But this was the law before the guidance was issued too. Check out the post on ZGL wallets to see how voluntarily complying with US tax law could become a breeze. |
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2tights (OP)
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March 28, 2014, 09:06:11 PM |
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If the IRS wants to make taxing Bitcoin a pain, then they are going the wrong way, a lot of Americans will still be using Bitcoin and the IRS will just make it harder on themselves to collect any sort of taxes. Trust me, Bitcoin isn't doomed, but the quicker the governments get on the train and accept Bitcoin for what it is, the quicker they will have any chance for it to be more regulated to a point they would prefer.
I don't think it's doomed, but the Subject sure invoked some strong emotional reactions. LoL. I think you're right, they are just creating a really difficult situation for themselves to enforce. |
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