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Author Topic: Self inflicted [TAX]  (Read 1035 times)
TeslaUa
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June 26, 2012, 04:41:59 PM
 #1

Hi guys.

I just thought that i'd like to add a hopefully useful tax to those I already pay. So rather than buying bitcoins sporadically I am spending a certain percentage of my income to buy bitcoins for whatever mtgox says price at the moment.

That way I cam carrying a bearable weight and provide myself a gradual transition into (hopefully) future economy. An oh, in the worst case I will not loose more then I can afford.

Do you think more people should do that too? What you think?
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notme
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June 26, 2012, 04:44:36 PM
 #2

Hi guys.

I just thought that i'd like to add a hopefully useful tax to those I already pay. So rather than buying bitcoins sporadically I am spending a certain percentage of my income to buy bitcoins for whatever mtgox says price at the moment.

That way I cam carrying a bearable weight and provide myself a gradual transition into (hopefully) future economy. An oh, in the worst case I will not loose more then I can afford.

Do you think more people should do that too? What you think?

Dollar cost averaging is the best way to get started at this stage.  Once you have a nice stash, start looking to spend some of your coins to cover expenses you normally spend fiat on, then replace them with the fiat you would have spent next time you buy.  Bitcoin needs people trading coins for goods and services to grow.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
12jh3odyAAaR2XedPKZNCR4X4sebuotQzN
TeslaUa
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June 26, 2012, 05:10:56 PM
 #3

Thanks for your support. You understanding of the matter align well with mine. But what do you mean by dollar cost averaging?
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June 26, 2012, 05:50:16 PM
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Thanks for your support. You understanding of the matter align well with mine. But what do you mean by dollar cost averaging?

http://en.wikipedia.org/wiki/Dollar_cost_averaging

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
12jh3odyAAaR2XedPKZNCR4X4sebuotQzN
kangasbros
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June 26, 2012, 05:51:30 PM
 #5

The simpliest way to dollar-cost average:

- Set up automatic bank transfer (can be usually made if your bank is not stone age...)
- Use bitcoinbuilder.com (only works on mtgox.com)

TeslaUa
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June 26, 2012, 06:02:01 PM
 #6

You are awesome.
rjk
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1ngldh


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June 26, 2012, 06:05:04 PM
 #7

- Use bitcoinbuilder.com
Cool, but it needs to have automatic SSL redirection. It asks for a password even if SSL isn't enabled.

Mining Rig Extraordinaire - the Trenton BPX6806 18-slot PCIe backplane [PICS] Dead project is dead, all hail the coming of the mighty ASIC!
ArticMine
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June 26, 2012, 06:13:33 PM
 #8

A cost averaging approach, investing a fixed amount of fiat into Bitcoin on a regular basis is one of the safest ways to acquire Bitcoin. I would use a two week period or even a one week period rather than a monthly period to take the maximum advantage of the volatility of Bitcoin prices.

Concerned that blockchain bloat will lead to centralization? Storing less than 4 GB of data once required the budget of a superpower and a warehouse full of punched cards. https://upload.wikimedia.org/wikipedia/commons/8/87/IBM_card_storage.NARA.jpg https://en.wikipedia.org/wiki/Punched_card
TehZomB
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June 26, 2012, 07:47:42 PM
 #9

I do this for my summer job as well. It's a great idea, and an easy plan to stick to.

Another way to automate this is to do KYC with CBX and then set up a weekly bill pay. You'll still have to execute the trade yourself, though.

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June 26, 2012, 09:30:58 PM
 #10

When your salary is deposited to your bank account, the bank becomes the legal owner of your money (even though it's YOUR bank account).
You then have to beg the bank to give you a means of payment to spend it.

You can stop this non sense by asking to be paid partly in bitcoins, directly to your bitcoin address.
The amount could be roughly what you spend in cash. Think of how often you go to the ATM to withdraw cash.

joshbb
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www.bitcoinbuilder.com - Real <=> GOX BTC Exchange


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June 27, 2012, 04:51:03 AM
 #11

- Use bitcoinbuilder.com
Cool, but it needs to have automatic SSL redirection. It asks for a password even if SSL isn't enabled.
Oh shoot! Thanks for pointing this out... it DID have automatic SSL redirection, but we recently moved servers, and in the process of moving the SSL certificate, turned off the redirection for a little bit during some testing, and it looks like forgot to ever re-enable it.  Undecided

It's back to auto SSL redirecting now!

Josh Jones
https://www.bitcoinbuilder.com/
Trade "Real" BTC for "Gox" BTC on a real exchange!
rjk
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1ngldh


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June 27, 2012, 01:00:39 PM
 #12

It's back to auto SSL redirecting now!
Cool, seems to work.

Mining Rig Extraordinaire - the Trenton BPX6806 18-slot PCIe backplane [PICS] Dead project is dead, all hail the coming of the mighty ASIC!
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