goxed
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Activity: 1946
Merit: 1006
Bitcoin / Crypto mining Hardware.
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July 12, 2015, 02:12:49 AM |
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The train's back on track for your 1e6 dream to come true.
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Revewing Bitcoin / Crypto mining Hardware.
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Amph
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Activity: 3220
Merit: 1069
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July 12, 2015, 08:58:17 AM |
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Hand 30% of it as taxes to your govt of choice. You should be fine.
this is a thing i want to avoid, does not matter the amount, i don't want to be stolen by a 30% i would probably never convert them all and in a big portion, but few coins each year, depend on their value in some countries if you remain under a certain level, you may not be taxed
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ekissane (OP)
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July 12, 2015, 09:37:31 AM |
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If you did cash out a million dollars to your bank account, aren't there some legal/technical issues to consider, right?
Don't worry, I won't be cashing out. I'll be spending my bitcoins directly.
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HarHarHar9965
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July 12, 2015, 09:48:20 AM |
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If you did cash out a million dollars to your bank account, aren't there some legal/technical issues to consider, right?
Don't worry, I won't be cashing out. I'll be spending my bitcoins directly. That is the complete exact point, mate. If you believe your investments will turn into millions someday, you don't need to exchange your bitcoins for millions because at such a point where you became a millionaire through bitcoin investment, that phase would include the good bye to fiat currency and complete adoption of bitcoin, where every transaction is digital and life is happy
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Wexlike
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Activity: 1473
Merit: 1086
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July 12, 2015, 09:56:05 AM |
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If you did cash out a million dollars to your bank account, aren't there some legal/technical issues to consider, right?
No taxation in Germany, if you hold your bitcoins longer than 12 months.
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Sumerian
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July 12, 2015, 11:29:12 AM |
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If you did cash out a million dollars to your bank account, aren't there some legal/technical issues to consider, right?
No taxation in Germany, if you hold your bitcoins longer than 12 months. How about Holland?
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Wilhelm
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Merit: 1265
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July 12, 2015, 11:45:51 AM |
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If you did cash out a million dollars to your bank account, aren't there some legal/technical issues to consider, right?
No taxation in Germany, if you hold your bitcoins longer than 12 months. How about Holland? It's value in money is taxable like money on hand, gold or other valuables. If you have more than €21330 (or when married €42660) you have to declare it and pay 1.2% tax. Since you declare tax once in 12 months you might hit a break if value of bitcoin drops at that time . P.S. I'm no tax expert.
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Bitcoin is like a box of chocolates. You never know what you're gonna get !!
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Amph
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July 12, 2015, 12:18:03 PM Last edit: July 14, 2015, 07:44:42 AM by Amph |
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If you did cash out a million dollars to your bank account, aren't there some legal/technical issues to consider, right?
Don't worry, I won't be cashing out. I'll be spending my bitcoins directly. be aware that for example iin the USA IRS want their portion even if you use your bitcoin directly, they will know about it if you buy expensive thing like a lambo....
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wlefever
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Merit: 1001
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July 14, 2015, 03:03:05 AM |
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If you did cash out a million dollars to your bank account, aren't there some legal/technical issues to consider, right?
Don't worry, I won't be cashing out. I'll be spending my bitcoins directly. be aware that for example iin the USa IRS want their portion even if you use your bitcoin directly, they will know about it if you buy expensive thing like a lambo.... This. They want you to keep track of price when you received (bought) the bitcoin, and the price you spent (sold in their eyes) at, and that is taxed.
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Hyena
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Activity: 2114
Merit: 1015
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July 14, 2015, 06:44:40 AM |
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This. They want you to keep track of price when you received (bought) the bitcoin, and the price you spent (sold in their eyes) at, and that is taxed.
But if you sell your btc for some other altcoin? or you buy btc for altcoins? say, nubits, which are pegged to 1 USD each.
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CoinCidental
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Activity: 1316
Merit: 1000
Si vis pacem, para bellum
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July 14, 2015, 07:04:37 AM |
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If you did cash out a million dollars to your bank account, aren't there some legal/technical issues to consider, right?
Don't worry, I won't be cashing out. I'll be spending my bitcoins directly. be aware that for example iin the USa IRS want their portion even if you use your bitcoin directly, they will know about it if you buy expensive thing like a lambo.... This. They want you to keep track of price when you received (bought) the bitcoin, and the price you spent (sold in their eyes) at, and that is taxed. what happens if you mined 10 btc for free (barring costs ) and suddenly that was enough to buy a lambo ?
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Amph
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Activity: 3220
Merit: 1069
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July 14, 2015, 07:47:18 AM |
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If you did cash out a million dollars to your bank account, aren't there some legal/technical issues to consider, right?
Don't worry, I won't be cashing out. I'll be spending my bitcoins directly. be aware that for example iin the USa IRS want their portion even if you use your bitcoin directly, they will know about it if you buy expensive thing like a lambo.... This. They want you to keep track of price when you received (bought) the bitcoin, and the price you spent (sold in their eyes) at, and that is taxed. what happens if you mined 10 btc for free (barring costs ) and suddenly that was enough to buy a lambo ? you need to declare no matter what you used to have that lambo, even if you bought it with rocks, substantially all wealth should be taxed but for small ones, they simply don't care
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CPNpr
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July 14, 2015, 11:01:21 AM |
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I believe that after 10 years, the exchange rate of Bitcoin will be somewhere around $5,000 to $10,000 per coin (if Bitcoin seizes a significant part of the remittance market and the online payment processing market). If you invest in 100 Bitcoins right now, after 10 years you'll have with you. 500k + I believe the same, I do not think this will be happen in just 5 years till 2020 10 years are much more realistic and important how Bitcoin takes position in international financial markets.
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willope
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July 14, 2015, 12:34:51 PM |
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If you did cash out a million dollars to your bank account, aren't there some legal/technical issues to consider, right?
Don't worry, I won't be cashing out. I'll be spending my bitcoins directly. be aware that for example iin the USa IRS want their portion even if you use your bitcoin directly, they will know about it if you buy expensive thing like a lambo.... This. They want you to keep track of price when you received (bought) the bitcoin, and the price you spent (sold in their eyes) at, and that is taxed. what happens if you mined 10 btc for free (barring costs ) and suddenly that was enough to buy a lambo ? you need to declare no matter what you used to have that lambo, even if you bought it with rocks, substantially all wealth should be taxed but for small ones, they simply don't care And what if I buy that lambo in an off-shore country like Andorra or the British Virgin Islands?
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Go get a job instead of wasting ur time with scams
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gentlemand
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Welt Am Draht
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July 14, 2015, 12:37:57 PM |
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And what if I buy that lambo in an off-shore country like Andorra or the British Virgin Islands?
You will receive a hellfire missile straight up the tailpipe the moment you cross the border.
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uki
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Merit: 1000
cryptojunk bag holder
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July 14, 2015, 02:45:03 PM |
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If you did cash out a million dollars to your bank account, aren't there some legal/technical issues to consider, right?
No taxation in Germany, if you hold your bitcoins longer than 12 months. that is true, provided you don't do any cross altcoin transactions and just stick to holding bitcoins. Otherwise the time resets each time you do a transaction.
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CoinCidental
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Activity: 1316
Merit: 1000
Si vis pacem, para bellum
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July 14, 2015, 03:08:22 PM |
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If you did cash out a million dollars to your bank account, aren't there some legal/technical issues to consider, right?
Don't worry, I won't be cashing out. I'll be spending my bitcoins directly. be aware that for example iin the USa IRS want their portion even if you use your bitcoin directly, they will know about it if you buy expensive thing like a lambo.... This. They want you to keep track of price when you received (bought) the bitcoin, and the price you spent (sold in their eyes) at, and that is taxed. what happens if you mined 10 btc for free (barring costs ) and suddenly that was enough to buy a lambo ? you need to declare no matter what you used to have that lambo, even if you bought it with rocks, substantially all wealth should be taxed but for small ones, they simply don't care if i grow the worlds biggest apple by accident on my tree,on my property its 100% mine if i eat it myself and shit it out i pay no taxes if someone swapped me a lambo for the apple whats the differnce ,i still acquired value from nothing so i pay no taxes if i sell it to my neighbour who makes apple jam with it and we sell the jam for $500k i guess we owe taxes the part im not sure about is when exactly does the government own 30% of my apple ? is it when its still on the tree ? and the value is as yet unknown ? is it when its converted to jam ? does it go by yearly tax dates ? i cant declare an apple that hasnt fully grown yet as its value is still appreciating etc
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Hyena
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Activity: 2114
Merit: 1015
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July 14, 2015, 03:17:21 PM |
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if i grow the worlds biggest apple by accident on my tree,on my property its 100% mine if i eat it myself and shit it out i pay no taxes if someone swapped me a lambo for the apple whats the differnce ,i still acquired value from nothing so i pay no taxes if i sell it to my neighbour who makes apple jam with it and we sell the jam for $500k i guess we owe taxes the part im not sure about is when exactly does the government own 30% of my apple ? is it when its still on the tree ? and the value is as yet unknown ? is it when its converted to jam ? does it go by yearly tax dates ? i cant declare an apple that hasnt fully grown yet as its value is still appreciating etc
that's why we live in a world of very flawed tax laws that are prone to corruption and injustice. Only taxes that can be reliably enforced and could not be evaded should exist. Instead of taking money by force, governments should ask for donations and people should be able to choose in which government projects they donate. For example, I would not donate to the budget of DEA but I would donate to the public education budget. Free market bitch.
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Amph
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Activity: 3220
Merit: 1069
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July 14, 2015, 03:19:20 PM |
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If you did cash out a million dollars to your bank account, aren't there some legal/technical issues to consider, right?
Don't worry, I won't be cashing out. I'll be spending my bitcoins directly. be aware that for example iin the USa IRS want their portion even if you use your bitcoin directly, they will know about it if you buy expensive thing like a lambo.... This. They want you to keep track of price when you received (bought) the bitcoin, and the price you spent (sold in their eyes) at, and that is taxed. what happens if you mined 10 btc for free (barring costs ) and suddenly that was enough to buy a lambo ? you need to declare no matter what you used to have that lambo, even if you bought it with rocks, substantially all wealth should be taxed but for small ones, they simply don't care if i grow the worlds biggest apple by accident on my tree,on my property its 100% mine if i eat it myself and shit it out i pay no taxes if someone swapped me a lambo for the apple whats the differnce ,i still acquired value from nothing so i pay no taxes if i sell it to my neighbour who makes apple jam with it and we sell the jam for $500k i guess we owe taxes the part im not sure about is when exactly does the government own 30% of my apple ? is it when its still on the tree ? and the value is as yet unknown ? is it when its converted to jam ? does it go by yearly tax dates ? i cant declare an apple that hasnt fully grown yet as its value is still appreciating etc hilarious example i must admit, but you know that the government does not care in the end, and they want their portion of your wealth, by the time you have your lambo(even in the case that it is a gift unless it was made by your spouse) you need to declare it as a personal property within the fiscal year i'm not a tax expert, just small info here and there about the subject, so maybe there are other cases where you don't need to pay taxes
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jeffthebaker
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July 14, 2015, 10:09:15 PM |
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What do you think? I think I might be close. I'm guessing $10,000 per bitcoin by then.
100K maybe, but I highly doubt Bitcoin will increase in value to $10,000 in just 5 years. If this is the case, I imagine some sort of event would have to take place that challenges the stability of the USD.
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