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flavius
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welcome to riches


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March 17, 2013, 12:21:07 PM
 #141

I can't imagine the stress that goes into handling these wallets. You have 2.3 million on a computer, sure it's backed up several times, but you have 2.3 million is an artificial currency that legally amounts to nothing. You can't turn that amount of money into cash without paying 55% taxes on 100% of it because accounting doesn't exist for bitcoins, so what do you do? Just withdrawal a modest six figure salary a year to some anonymous source and leave that gigantic amount in bitcoins? The bitcoin price dropping by 1 dollar causes you to lose 60 grand, and while the vice versa also applies, there is no "long term" insurance for bitcoins because it's not a real currency. It won't last another 249329423x years, and that x could turn out to equal 5 years, you just don't know. A major sell off of bitcoins by someone causes massive deflation.

I know that the people who end up making it big are the ones who take risks in stuff like this, but jesus christ that is a little much.

where does the 55 % figure come from? isn't capital gains tax 28 %?
That isn't capital gains, I was referring to the gift or inheritance tax, something along those lines is around 50%. Good luck paying 28% on profit made from bitcoins.

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crime generates tenfold more money then real businesses do in bitcoin. the fact you cant accept this just makes you a kike

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Vladimir
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March 17, 2013, 01:13:30 PM
 #142

Option 1. Become a tax exile for a year, cash out as much as you want, while sipping exotic cocktails on a beach.
Option 2. Never sell any Bitcoins, thus there is no tax event. Loan it to related parties, use it as collateral etc... talk to a good accountant first.

Surely there are more options available. But for most us there is nothing to worry about until Bitcoin hits 10k$ or so.



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rpietila
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March 17, 2013, 01:21:07 PM
 #143

Option 2. Never sell any Bitcoins, thus there is no tax event. Loan it to related parties, use it as collateral etc... talk to a good accountant first.

I would be surprised if any of the large holders ever sold any. The feds will be all over taxing the profits on BTC when it hits mainstream. The only way to escape capital gains tax is to never sell.

As the events in Cyprus show, sometimes you have to pay out of your current balances as well, so even the above is not 100% sure, assuming full compliance.

Disclaimer: I have never sold a BTC, nor I probably ever will.

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March 19, 2013, 07:26:31 PM
 #144

Option 2. Never sell any Bitcoins, thus there is no tax event. Loan it to related parties, use it as collateral etc... talk to a good accountant first.

I would be surprised if any of the large holders ever sold any. The feds will be all over taxing the profits on BTC when it hits mainstream. The only way to escape capital gains tax is to never sell.

As the events in Cyprus show, sometimes you have to pay out of your current balances as well, so even the above is not 100% sure, assuming full compliance.

Disclaimer: I have never sold a BTC, nor I probably ever will.

Yes, this is the long play. There is no need for large holders to ever sell.

Compare: http://www.cnbc.com/id/46236916
rpietila
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March 19, 2013, 08:57:11 PM
 #145

Option 2. Never sell any Bitcoins, thus there is no tax event. Loan it to related parties, use it as collateral etc... talk to a good accountant first.

I would be surprised if any of the large holders ever sold any. The feds will be all over taxing the profits on BTC when it hits mainstream. The only way to escape capital gains tax is to never sell.

As the events in Cyprus show, sometimes you have to pay out of your current balances as well, so even the above is not 100% sure, assuming full compliance.

Disclaimer: I have never sold a BTC, nor I probably ever will.

Yes, this is the long play. There is no need for large holders to ever sell.

Compare: http://www.cnbc.com/id/46236916

Cool! Thanks for the link!

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March 20, 2013, 04:31:00 PM
 #146

Update please! (I will donate 5 mBTc if you update)
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March 20, 2013, 05:07:03 PM
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reserved

Why not use this spot to split your list into 1-400 and 401-800?

Then you could have top 800 list  Grin
chriswilmer
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March 20, 2013, 08:35:38 PM
 #148

Update please! (I will donate 5 mBTc if you update)

You wish hsa been granted

Tipped!

(I used the reddit bitcointip bot ... should appear in a few minutes)
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March 21, 2013, 01:49:44 AM
 #149

Stunning, the minimum 414th (I don't think it's 410) is still going up in value.  So much for early adopters cashing out, any doing that are outweighed by new hoarders it would seem.
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March 21, 2013, 02:02:13 AM
 #150

Stunning, the minimum 414th (I don't think it's 410) is still going up in value.  So much for early adopters cashing out, any doing that are outweighed by new hoarders it would seem.

so much for all the early adopter "dumping" theories.  Roll Eyes
Dabs
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March 21, 2013, 03:45:31 AM
 #151

Is there a statistic on how many addresses hold a certain balance or bracket? Like

100,000 and up
50,000 to 99,999
10,000 to 49,999
5,000 to 9,999
3,000 to 4,999
2,000 to 2,999
1,000 to 1,999
500
100
50
10

If I wanted to be anonymous, I'd chop up my savings into many addresses and go where no one is likely to look, like under 3,000 per address. Because, for sure, everyone is watching the number 1 address with 111,111 coins.

64blocks.com Social Multiplayer Dice (Gambling) - Escrow Service (Services) - GPG ID: 32AD7565, OTC ID: Dabs
All messages concerning escrow or with bitcoin addresses are GPG signed. Please verify.
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Dabs
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March 21, 2013, 09:39:46 AM
 #152

Thank you. That is interesting. Could you do the same in hundreds for below one thousand coins?

Basically, you break down the

   1K 1478
   0K 10975701

into

1k
900
800
700
600
500
400
300
200
100
90
80
70
60
50
40
30
20
10

Although I think I can safely say that I can just split up my bitcoin stash into random chunks of 100 to 900 coins each and I'd be part of the 10 million addresses.

edit: I was about to tip you, but all I have is 0.000375 BTC and it costs more to send. (Lost all my 0.1 coins due to Satoshidice.)

64blocks.com Social Multiplayer Dice (Gambling) - Escrow Service (Services) - GPG ID: 32AD7565, OTC ID: Dabs
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rpietila
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March 21, 2013, 09:54:02 AM
 #153

Thanks, nice work. Tipped.

chriswilmer
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March 22, 2013, 03:39:40 PM
 #154

Wow, 2 million unspent coins. That's crazy.
flavius
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March 24, 2013, 12:04:25 AM
 #155

I've been thinking of transferring my savings account (~$20,000) into BTC but I just don't know if that is the right move or not.

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chalbersma
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March 24, 2013, 01:49:42 AM
 #156

I've been thinking of transferring my savings account (~$20,000) into BTC but I just don't know if that is the right move or not.

It's still a relatively new currency. Don't put more in than you're willing to lose.
Dabs
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March 24, 2013, 02:09:36 AM
 #157

It's a gamble. But the odds are in your favor. Study it well. Some people say "don't". Some people say "go". If it becomes worthless, at least you can play online poker or dice games.

64blocks.com Social Multiplayer Dice (Gambling) - Escrow Service (Services) - GPG ID: 32AD7565, OTC ID: Dabs
All messages concerning escrow or with bitcoin addresses are GPG signed. Please verify.
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nimda
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March 24, 2013, 02:47:28 AM
 #158

I've been thinking of transferring my savings account (~$20,000) into BTC but I just don't know if that is the right move or not.
How to determine how much BTC to buy:
  • Pick a number
  • BTC is worthless due to a software bug. All that money is lost. Are you OK?
    • Yes: invest this amount
    • No: pick a smaller number and go to step 1

I recommend asking me for a signature from my GPG key before doing a trade. I will NEVER deny such a request.
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March 24, 2013, 05:16:18 AM
 #159

I've been thinking of transferring my savings account (~$20,000) into BTC but I just don't know if that is the right move or not.
How to determine how much BTC to buy:
  • Pick a $ amount
  • Imagine BTC is worthless due to a software bug. All that money is lost. Are you OK?
    • Yes: invest this amount
    • No: pick a smaller number and go to step 1

Good strategy  Wink
Zackary
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March 26, 2013, 02:28:01 AM
 #160

Must be a good feeling Smiley
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