An amorous cow-herder (OP)
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September 14, 2014, 02:41:52 PM |
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In a lot of jurisdictions profit from bitcoin holding will be considered something like capital gains. And those are taxable. In 2013 BTC started out with a value of $13 and the year ended with a value of $720. Since it is assumed Satoshi holds around 1M BTC that would be a taxable capital gain of ~$707M. Even assuming a fairly low tax of like 10% that would amount to like $70M, and, assuming Satoshi couldnt pay that amount anyway else, would have to sell a lot of BTC just to cover those taxes.
This may result in some fairly amusing affairs if his bitcoins ever move.
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cypherdoc
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September 14, 2014, 02:44:00 PM |
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Lol. They hack his email and still we don't know who he is. Taxes, what taxes?
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Bitcoins101
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September 14, 2014, 02:44:27 PM |
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Only if he sells them, in which case we'll have a lot more to worry about than whether or not he's paying taxes.
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An amorous cow-herder (OP)
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September 14, 2014, 02:53:49 PM |
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Only if he sells them, in which case we'll have a lot more to worry about than whether or not he's paying taxes.
Well, thats the implication. Drawing 70 or even 140M dollars out of the exchanges is gonna bring the price down to low double or even single digits.
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Kupsi
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9.9.2012: I predict that single digits... <- FAIL
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September 14, 2014, 02:57:49 PM |
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Only if he sells them, in which case we'll have a lot more to worry about than whether or not he's paying taxes.
Well, thats the implication. Drawing 70 or even 140M dollars out of the exchanges is gonna bring the price down to low double or even single digits. So he won't sell before the market is much, much larger.
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JimboToronto
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You're never too old to think young.
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September 14, 2014, 03:04:01 PM |
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Drawing 70 or even 140M dollars out of the exchanges is gonna bring the price down
Exchanges? I doubt Satoshi would have to stoop to using exchanges.
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An amorous cow-herder (OP)
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September 14, 2014, 03:15:44 PM |
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Well, thats the implication. Drawing 70 or even 140M dollars out of the exchanges is gonna bring the price down to low double or even single digits.
So he won't sell before the market is much, much larger. And, from experience, you think that telling the tax office "Oh, how about you wait for another year or two..." works?
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piramida
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Borsche
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September 14, 2014, 03:18:27 PM |
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From experience, you don't pay taxes on virtual unrealized gains.
/thread
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i am satoshi
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An amorous cow-herder (OP)
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September 14, 2014, 03:24:08 PM |
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From experience, you don't pay taxes on virtual unrealized gains.
/thread
If instead they are treated as a currency or debt, the full gain could be taxed based on market value at the end of each tax year.
bitcoin.itYou might want to double check that. Bitcoin is treated as a currency in quite a couple of countries. But well, if you know where Satashi lives ...
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Hunyadi
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☑ ♟ ☐ ♚
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September 14, 2014, 03:35:05 PM |
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If Satoshi wanted to sell, he should move to Germany. Iirc they don't tax bitcoins held over one year
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▂▃▅▇█▓▒░B**-Cultist░▒▓█▇▅▃▂
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Ibian
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September 14, 2014, 04:22:05 PM |
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Why do we entertain this sort of nonsense?
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Look inside yourself, and you will see that you are the bubble.
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JimboToronto
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You're never too old to think young.
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September 14, 2014, 04:25:48 PM |
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Why do we entertain this sort of nonsense?
Who are "we" and what sort of nonsense? Taxation of capital gains?
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linxproz
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September 14, 2014, 04:29:56 PM |
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Satoshi isn't a real person but an imaginary one, so he can't pay taxes.
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JimboToronto
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You're never too old to think young.
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September 14, 2014, 04:38:25 PM |
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Satoshi isn't a real person but an imaginary one, so he can't pay taxes.
Hey, don't confuse the issue with facts.
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Omikifuse
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September 14, 2014, 04:42:35 PM |
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He just withdraw enough to buy a nationality from denmark then sell all he wants there. Or ir other place where Bitcoin is tax free. Or maybe open some business there and them donate the coins for that business, and make them withdraw in his name.
Problem solved, beatch
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Gyrsur
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Bitcoin Legal Tender Countries: 2 of 206
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September 14, 2014, 04:45:42 PM |
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Chuck Norris is Satoshi. any questions?
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CMMPro
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September 14, 2014, 05:43:32 PM |
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Why do we entertain this sort of nonsense?
The end game of this forum began when they removed the newbie restrictions and stopped moderating out garbage posts and banning shills/FUD's/manipulators etc. Basically all the intelligent conversation and posters have moved over to the other forum now. I still come here daily to check up in case there was a rare interesting post....usually by the time I leave I need a beer just to wash away the painful stupidity.
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Gimmelfarb
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September 14, 2014, 06:00:25 PM |
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Why do we entertain this sort of nonsense?
The end game of this forum began when they removed the newbie restrictions and stopped moderating out garbage posts and banning shills/FUD's/manipulators etc. Basically all the intelligent conversation and posters have moved over to the other forum now. I still come here daily to check up in case there was a rare interesting post....usually by the time I leave I need a beer just to wash away the painful stupidity. "the other forum?" am i just being a dolt, or did i miss the part about what the other forum is?
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podyx
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September 14, 2014, 06:02:07 PM |
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From experience, you don't pay taxes on virtual unrealized gains.
/thread
What happens if/when it officially becomes a currency though? Still no need to tax?
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Gyrsur
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September 14, 2014, 06:04:10 PM |
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Why do we entertain this sort of nonsense?
The end game of this forum began when they removed the newbie restrictions and stopped moderating out garbage posts and banning shills/FUD's/manipulators etc. Basically all the intelligent conversation and posters have moved over to the other forum now. I still come here daily to check up in case there was a rare interesting post....usually by the time I leave I need a beer just to wash away the painful stupidity. "the other forum?" am i just being a dolt, or did i miss the part about what the other forum is? there is only one forum mentioned on bitcoin.org beside reddit: https://bitcoin.org/en/community
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