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Author Topic: Anyone know what happened to knightmb and his 371,000 BTC?  (Read 73654 times)
kiba
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May 17, 2011, 02:18:59 AM
 #121

People, mind the civility or I will start using my banhammer.  Wink

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kiba
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May 17, 2011, 02:19:57 AM
 #122


Edit: Statist is most probably "noagendamarket" or someone who he has revealed my location too ... thanks mate.

You got no evidence to prove either way.

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May 17, 2011, 02:22:35 AM
 #123

Oh my god, Moa, would you give it a rest? When was the last time you had an original thought or did something productive for society? Is all you're capable of doing criticizing people who have even a small interest in the law? You've probably turned off more dozens of people to Bitcoin through your deranged rants than all the government regulators ever will. Are you really as uncreative and narrow as you pretend, or are you just trolling? Most of us here could write a computer program whose posts to the forum would be better than yours.

Or maybe you're just trying to kiss up to the person you perceive to be the new rich guy. How noble and intelligent of you. What a clever idea. Knight, if you're reading, stay far away from Moa.

Seriously, what have you ever done for anyone? I'm a long-time user of this forum and I was finally motivated to create a special anonymous account just to trash you. Your understanding of technology is facile. Your understanding of economics and politics is juvenile. You strike me as some sort of incompetent bond trader (or maybe gold or currency?) who's down on his luck. Your conception of the government is idiotic at best. You make me, an avid libertarian, want to become a totalitarian statist with your smug condescension at anything you don't understand. Go fuck yourself in the backwater nanny state where you live and leave the rest of us alone.

Well that particular truth must have got you off your arse to do something ... a new account huh? How creative, some nice big words in there though, thanks for your thoughts. (A simple "tone it down" would probably have sufficed.)

Edit: Statist is most probably "noagendamarket" or someone who he has revealed my location too ... thanks mate.

Thats an outlandish allegation. Ive never accused you of fucking sheep.

 Tongue
Anonymous
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May 17, 2011, 02:23:14 AM
 #124

noagendamarket is too awesome to be wasting his energy making ad hominems.
marcus_of_augustus
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May 17, 2011, 02:38:38 AM
 #125

Never trust an aussie.

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May 17, 2011, 02:41:21 AM
 #126

Regarding taxes,

Washington State in America has an annual 'inventory tax' which would likely apply to BTC, whether or not sold. I'm out of my depth applying US state tax concepts to BTC though, even my federal tax law knowledge is workmanlike at best.

I'm the CEO of CoinLab (www.coinlab.com) and the Executive Director of the Bitcoin Foundation, I will identify if I'm speaking for myself or one of the organizations when I post from this account.
Anonymous
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May 17, 2011, 02:47:37 AM
 #127

Never trust an aussie.

You are delusional. Clearly Im not the only one that thinks so.  Smiley
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May 17, 2011, 02:49:42 AM
 #128

Or, we could just discuss existing tax laws like adults, until someone like you comes along.  Huh  And I'm not a leech of the government teat.  I am a working individual who abhors the absurd amount of welfare dollars we give away every day, all the while going into deeper and deeper national debt.  I would like nothing more than to see all of the welfare-driven programs abolished, and the tax rate halved because of it.

Apparently, trickery, cheating other people, and tax evasion is ok in your book.  Remind me never to do business with you.

None of those things are necessary. As unrealistic as it might sound to you, if you disagree with the way taxes are being spent, live your life in a way that will ensure that you pay as few taxes as possible. I know this is difficult for most, but it's hypocritical to claim you disagree with the welfare/warfare state while continuing to pay for it.
Does anyone live their lives in a way that doesn't minimize taxes?

I'm not one that is going to dabble in tax evasion and risk getting huge fines.  It's in my own self interest to pay taxes.  Not the best thing for the community as a whole, and maybe you're right, in that I am somewhat hypocritical, but I'm not interested in going head to head with the IRS.  I DO take every deduction I can put my hands on (even though I hate deductions, and would much rather see a flat tax).  This last tax season, my effective tax rate ended up at a paltry 0.66%.

I like to voice my opinion on matters to hopefully listening ears, and I'll cast my vote in the ballot box, but in the end, I'm going to do what is best for me and my family.  And that includes paying taxes so I don't get my rear handed to me on a silver platter by the IRS later on in life.
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May 17, 2011, 02:51:04 AM
 #129

I'd say that it is quite possible that lots of 'early adopters' will end up in New Zealand. The last time I checked for new immigrants during first 4 years foreign source income is tax free there.

If you are from the US, even if you renounce citizenship, you might still be required to pay taxes if you leave the country for a few years.  It's pretty absurd.
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May 17, 2011, 03:37:21 AM
 #130

I'm a long-time user of this forum and I was finally motivated to create a special anonymous account just to trash you.

why so pussy dawg?
rezin777
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May 17, 2011, 04:25:01 AM
 #131

I'm not one that is going to dabble in tax evasion and risk getting huge fines.  It's in my own self interest to pay taxes.

I would never suggest tax evasion. And I agree that it is in your self interest to pay taxes. But only due to fear of the repercussions from not paying them. Not because you agree with what they are use for.

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May 17, 2011, 04:30:16 AM
 #132

I'm not one that is going to dabble in tax evasion and risk getting huge fines.  It's in my own self interest to pay taxes.

I would never suggest tax evasion. And I agree that it is in your self interest to pay taxes. But only due to fear of the repercussions from not paying them. Not because you agree with what they are use for.
Ah, ok.  Sounds like we are in agreement then.  Wink
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May 18, 2011, 09:27:51 PM
 #133

Either way, both parties seem to be acknowledging that bitcoins is, indeed, real.  At least there is a positive in all of this. :-P

Oh, it's even better than that.  The party that acknowledged the reality of Bitcoins seems to have made out like a bandit.  While the party that had every opportunity to do so, and didn't, ends up looking like fools.

And that's exactly the way capitalism is supposed to work.  Risk brings reward.  All trades are not equal trades.  Information is not universal.  Stupidity is punished.  No one bails out the losers.

except in the USSA
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May 18, 2011, 11:04:50 PM
 #134

@knightmb:

Can you please consider helping to secure the future of Bitcoin with a little of that money? You could, say, pledge a little money on an Android Bitcoin Client. See the thread:

http://forum.bitcoin.org/?topic=1812.0

I think the android client would be massively useful to increase Bitcoin stability. This might be one of the easiest ways to get real, widespread usage of the coins, not just speculation that might end every minute. If I were to own a ridiculous amount of BTC, like you, I would spend a part of it to fix the most important weaknesses that endanger BTC value. Some changes might really make a difference. Usability on mobile phones! Acceptance in shops! You might be able to do the latter by just buying something very expensive and requesting to pay in BTC. With just a fraction of that money, many things could be set in motion; for example encouraging people to fix protocol issues the general public isn't managing to work out. *cough* we have no mining equilibrium after minting *cough*

Okay, the latter part might be asking too much. But supporting the android client in some way might really do something. Any kind of bounty or price should help to get this rolling. Or directly pay one of the programmers on here to finish that android Bitcoin client -- it's likely someone would work at low prices on this kind of project.

I'd really like to see a congress of rich Bitcoin early adopters, or something of the sort. Just discuss methods to use your current purchasing power to make Bitcoin a global scale currency. It might be the smart thing to do; it doesn't matter much whether you have 200k or 300k BTC. It matters whether they're worth 0.1 USD or 100 USD. And from what I know, values in between aren't all that likely to remain stable; Bitcoin looks like an all-or-nothing bet. If used in the right place, a few of those coins you have might increase chances in that bet.

I know I look like some beggar here, and I won't blame anyone, no matter how rich, for not doing something. I'm just suggesting these things since I honestly believe they would be in the own best interest of any early adopter.
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May 19, 2011, 09:50:36 AM
 #135

That's something I've been wondering, too.

Obviously, I wouldn't presume to advise the elder Bitcoiners.  They're rich and I'm not.
But it might be worth a thread for people to discuss how they might maximise the overall value of their Bitcoins by spending a small percentage appropriately, and how best to go about profiting personally from their assets without crashing the market.

Collusion by those who hold more than 10,000BTC would be valuable.
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May 19, 2011, 05:30:02 PM
 #136

Far out. So let me get this straight. You have just secured the ownership of the keys to 371k btc for USD$5k because the initial investors wanted out and can't be bothered to check current trading value of BTC .... and your wife is skeptical!?

That's epic.

As I said earlier, if you need to move large amounts contact me ... or have your wife contact me if she is still skeptical.
The initial investors never got the concept really. When I first started, when 1 BTC was basically $0.0001, the idea was to generate/buy as many as possible, then use it for payments. So if someone wanted a credit card that could buy $100 worth of stuff, they would insert X number of bitcoins to get that value loaded on the card. To keep the bank current, the credit card would be backed by Bitcoins at the bank basically. They initially though that 1 BTC would never get above maybe $0.20 per BTC, at least that's what I go from them. So they invested about $12k to either generated or buy bitcoins for the first part of 2010.

My part was to simply compile some versions of bitcoin that could run on the Amazon cloud service. They rented a ton of CPU time and basically generated BTC non-stop for a while. At the same time, I was buying from members here (they probably remember me buying a ton from them) and then funnel everything into one massive wallet file. After funds ran out, so did the Amazon CPU time and me bugging members to buy what they had generated from the start.

Then things sat in limbo for a while, long while. The project went bust and the people I was working with really still had no idea how BTC worked really. Soon, the project turned into zombie status and the initial investors (remember these aren't technical people in the least) though it was worthless or maybe just a fade that was dieing a quick death. Who am I to argue? That's when I offered a buy out back in Feb of this year and they took it finally.

I think after a few more stories make it in the news about the BTC value, they will kick themselves for sure.

Either way, I'm keeping my BTC in several secure places and the wallet files I'll make sure never touch my PC for security reasons. I look at it as a retirement fund, when I finally get tired of working the 9 to 5 grind, I can tell my boss to shove it with a smile  Grin

knightmb, this is an amazing story...can I post this in my blog?
Sure, go right ahead.

knightmb
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May 19, 2011, 05:30:46 PM
 #137

Good news for me anyway  Tongue , they sold me the project for $5k to recover some of their cost. I now technically own the wallet files and other software I was working on with them at the time. For legal reasons I can't blurt out who the investors were or the banks, companies, etc. they were representing basically (unless I won't to land in court forever), but I think I made a wise investment. It's still going to take a while to get my wife on board as she still doesn't understand the whole BTC concept, but everyone here knows and I know what it means. She was really skeptical about my purchase this week.

I'll probably take some of the backup advise here too, why have a few backup copies when you can have many on different media types spread around everywhere (all encrypted of course this time).

Thanks for the advise everyone!

Michael Brown (knightmb), you have not told the full story here, and this is not the first time you have screwed an employer. If you do not do the right thing now, this will come back to haunt you.

You are also in over your head. Has it occurred to you that you owe $850,000 of federal income tax on this "deal"? Fortunately for you, we do not have state tax in Tennessee, but you will still owe business taxes, and you haven't even applied for the right licenses.

You have one chance to do the right thing here. You know what it is.
LOL, how many seconds did it take you google that? Yeah, my sig is in no way connected to that wallet file.  Tongue

knightmb
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May 19, 2011, 05:33:03 PM
 #138

For your own sake knightmb, I hope you spent roughly triple that on iron-tight mutual indemnifications. If not, here is my advice (I'm not a lawyer, btw):

1. Get a lawyer, right now
2. On review, figure out if you need to get a settlement in place which covers all mutual indemnifications.
3. Get those things locked down. You will likely have to pay some of your $3m USD in earnings to get that sorted.

When you have a technical partner knowingly buying assets from non-technical partners for pennies on the dollar, there may well be significant repercussions. And, as someone here mentioned, it's also just kind of shitty.

Food for thought.

For those mentioning taxes -- unless he's selling his BTC, he likely doesn't have a requirement to mark his BTC to market; this is no doubt a gray area in the tax law right now. I wouldn't say he owes right now unless he's liquidating.
Actually I had something better than a lawyer, I had a legal CPA Attorney do it for me. Truthfully, anyone can sue you for anything, but I'm not worried.

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May 19, 2011, 05:34:47 PM
 #139

Good news for me anyway  Tongue , they sold me the project for $5k to recover some of their cost. I now technically own the wallet files and other software I was working on with them at the time. For legal reasons I can't blurt out who the investors were or the banks, companies, etc. they were representing basically (unless I won't to land in court forever), but I think I made a wise investment. It's still going to take a while to get my wife on board as she still doesn't understand the whole BTC concept, but everyone here knows and I know what it means. She was really skeptical about my purchase this week.

I'll probably take some of the backup advise here too, why have a few backup copies when you can have many on different media types spread around everywhere (all encrypted of course this time).

Thanks for the advise everyone!

Michael Brown (knightmb), you have not told the full story here, and this is not the first time you have screwed an employer. If you do not do the right thing now, this will come back to haunt you.

You are also in over your head. Has it occurred to you that you owe $850,000 of federal income tax on this "deal"? Fortunately for you, we do not have state tax in Tennessee, but you will still owe business taxes, and you haven't even applied for the right licenses.

You have one chance to do the right thing here. You know what it is.
LOL, how many seconds did it take you google that? Yeah, my sign is in no way connected to that wallet file.  Tongue
Besides, we all know that Lieutenant Hubert Astley Knight, M.B, died in 1906!
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May 19, 2011, 06:25:03 PM
 #140

Beacon: yeah, warpig statists need more money.  kill yourself.
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