Forum finances

[koshgel]

Also, 250 BTC was probably lost when treasurer paraipan died, unfortunately. Recovering that BTC is maybe still possible, but it's probably unlikely.

Wow that's a good bit of coin. Not trying to be morbid or a dick but was there proof of his death?

[williamj2543]

Yea, I know that its a sensitive topic and all, but 250 btc vanished is something that should be investigated. That is a large sum of money, and you guys should really investigate this.

[mitzie]

..but 250 btc vanished is something that should be investigated.

I don't think that the coins are vanished..

[Bitcoins101]

What the heck do you talk about in the donator topic anyways, how peasant the non-donators are?

Nothing. I hear it's pretty much dead.

[dogie]

..but 250 btc vanished is something that should be investigated.

I don't think that the coins are vanished..

Do you know something that theymos doesn't?

[phantastisch]

What the heck do you talk about in the donator topic anyways, how peasant the non-donators are?

Can confirm we are talking about forum peasants all the time ... Glorious Forum Staff Masterrace.

Oh , you were talking about donators , damn , erm nothing to see here. 

[Coef]

Also, 250 BTC was probably lost when treasurer paraipan died, unfortunately. Recovering that BTC is maybe still possible, but it's probably unlikely.

The forum currently has about 5568 BTC in reserve.

I think the bitcoin should be stored in some multi-sig wallets, to prevent this kind of loss from happening in the future.
If not, may be every treasurer and theymos will need to prepare a dead man switch so that someone else (say your family) will have access to the bitcoin and will have the responsibility to send it back to bitcointalk.

[williamj2543]

Also, 250 BTC was probably lost when treasurer paraipan died, unfortunately. Recovering that BTC is maybe still possible, but it's probably unlikely.

The forum currently has about 5568 BTC in reserve.

I think the bitcoin should be stored in some multi-sig wallets, to prevent this kind of loss from happening in the future.
If not, may be every treasurer and theymos will need to prepare a dead man switch so that someone else (say your family) will have access to the bitcoin and will have the responsibility to send it back to bitcointalk.

Yea I suggested this before. With bitcoin, if someone dies, there money is gone. the government cant take it or give to the family, its completely lost and only if someone brute forces the private key it can be recovered. Multisig addresses are the way to go with stuff like this.

[TradersWay.JC]

Taxes and bitcoin, what is this sorcery

Love this post.


Over 5k in bitcoin... great job guys.

[mitzie]

..but 250 btc vanished is something that should be investigated.

I don't think that the coins are vanished..

Do you know something that theymos doesn't?

Theymos himself has mentioned that the coins are still there, and he will try to contact paraipan's family for clearing this out

[malevolent]

Also, 250 BTC was probably lost when treasurer paraipan died, unfortunately. Recovering that BTC is maybe still possible, but it's probably unlikely.
The forum currently has about 5568 BTC in reserve.

Have you considered offering a bounty of 5-10% of the total amount for anyone that helps in recovering the 250 BTC? I had the impression that paraipan was a semi-public figure in the Bitcoin world -- or at least in Spain, so maybe there are some Spaniards that got to know him well enough to know how to reach out to his family.

[shorena]

Also, 250 BTC was probably lost when treasurer paraipan died, unfortunately. Recovering that BTC is maybe still possible, but it's probably unlikely.
The forum currently has about 5568 BTC in reserve.

Have you considered offering a bounty of 5-10% of the total amount for anyone that helps in recovering the 250 BTC? I had the impression that paraipan was a semi-public figure in the Bitcoin world -- or at least in Spain, so maybe there are some Spaniards that got to know him well enough to know how to reach out to his family.

Maybe give them some time before you release the bloodhounds?

[hilariousandco]

Offering a bounty like that doesn't sound like a good idea to me, not unless all other options have been exhausted, but still sounds like a bad plan. All you'll get is multiple people bothering a dead man's family and possibly even going as far as to try break into his house or whatnot to try recover the coins or equipment they may be on. If he's a public figure then theymos would be best trying to track him down himself first (if he hasn't already).

As someone else already asked, is he 100% confirmed deceased?

[Muhammed Zakir]

How about using multisig, one with Theymos and the other with the holder. It can be recovered somehow if a person die. Any suggestions on this?

Offering a bounty like that doesn't sound like a good idea to me, not unless all other options have been exhausted, but still sounds like a bad plan. All you'll get is multiple people bothering a dead man's family and possibly even going as far as to try break into his house or whatnot to try recover the coins or equipment they may be on. If he's a public figure then theymos would be best trying to track him down himself first (if he hasn't already).

As someone else already asked, is he 100% confirmed deceased?

+1. Is it confirmed?

  ~~MZ~~

[malevolent]

It's just a suggestion, I don't know what measures has theymos so far taken to try to recover the BTC, but if he says:

Also, 250 BTC was probably lost when treasurer paraipan died, unfortunately. Recovering the BTC is maybe still possible, but it's probably unlikely.

then I presume he has little hope in recovering the BTC, and a different approach may be necessary. Best to wait for theymos to respond, I think.

How about using multisig, one with Theymos and the other with the holder. It can be recovered somehow if a person die. Any suggestions on this?

I think theymos mentioned somewhere he didn't want to complicate things too much by deciding to use multisig (perhaps because 1.5 years ago it was less popular than today, and less people were familiar with multisig transactions, but that's only my guess).

[2dogs]

BTW, if you are unfamiliar with how tax works with Bitcoin, you'll probably be really confused at how the forum experienced a net loss in 2013 but still paid a lot of tax. That happens because every expense "triggers" substantial capital gains, and therefore capital gains tax. The forum essentially pays a variable-rate tax on all expenses.

If you're interested: I used the LIFO method for calculating capital gains. My idea is to "save up" BTC batches until they become long-term, which has a lower tax rate. My understanding is that you can use any capital gains calculation method, though. (This is not tax advice -- consult a CPA.)

Who prepared the tax return?  You or a CPA?

[BillyBobZorton]

I guess the forum took a bit blow when Satoshi dissapeared. Im assuming he was a supporter of the forum, or he didn't give a fuck about donating?

[Beastlymac]

I guess the forum took a bit blow when Satoshi dissapeared. Im assuming he was a supporter of the forum, or he didn't give a fuck about donating?

Satoshi was the person/s who started the forum.

[BitCoinDream]

I wonder what is the purpose of posting forum finances openly ? Users are not stakeholder. May be, only those who donated, have the right to access this data.

[jackjack]

I wonder what is the purpose of posting forum finances openly ? Users are not stakeholder. May be, only those who donated, have the right to access this data.

I agree
Just like only the developers of the bitcoin software have the right to access the source code