ASICMINER: Entering the Future of ASIC Mining by Inventing It

[silverfuture]

Friedcat is the brainchild of the most successful bitcoin venture to date. He put together a business plan and executed it perfectly when everyone else was scratching their heads. I bought at ipo and have only been increasing my position since then. 

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[novusordo]

There's one thing I haven't seen any shareholder address yet:

Taxes.

How in the world would one declare Asicminer divs on one's taxes? Considering it's not a "real" security, would it be smarter to declare it as income? If that's the case, you'd have to calculate the value of your dividends at each dividend payout and report that as your income.

Any other ideas for doing it in a way that keeps the IRS happy, while keeping the most amount of divs?

Obviously it'd be best to consult a professional, but I'm curious what others have had for ideas.

[Rival]

The logical solution to taxes is simple: You determine taxes when (and if) you convert to fiat. At least that's the way I see it. When it becomes income in a fiat system, then Caesar gets his due.

[Alphi]

There's one thing I haven't seen any shareholder address yet:

Taxes.

thats because it belongs in the general securities thread not the ASICMINER thread.
each country has a different take on it...

most of them consider it a capital gain once you exchange the "virtual" currency into fiat..
I believe there is a youtube lecture on the subject from a tax lawyer speaking at the last bitcoin conference.

[bitsalame]

There's one thing I haven't seen any shareholder address yet:

Taxes.

How in the world would one declare Asicminer divs on one's taxes? Considering it's not a "real" security, would it be smarter to declare it as income? If that's the case, you'd have to calculate the value of your dividends at each dividend payout and report that as your income.

Any other ideas for doing it in a way that keeps the IRS happy, while keeping the most amount of divs?

Obviously it'd be best to consult a professional, but I'm curious what others have had for ideas.

As long as you don't convert them to fiat for a year, you'll technically be paying capital gains taxes which is only 15% in the us. (Germany it is free)

It would be unwise to declare it as income, you'll end up paying 35% tax

[fdebuck]

There's one thing I haven't seen any shareholder address yet:

Taxes.

How in the world would one declare Asicminer divs on one's taxes? Considering it's not a "real" security, would it be smarter to declare it as income? If that's the case, you'd have to calculate the value of your dividends at each dividend payout and report that as your income.

Any other ideas for doing it in a way that keeps the IRS happy, while keeping the most amount of divs?

Obviously it'd be best to consult a professional, but I'm curious what others have had for ideas.

As long as you don't convert them to fiat for a year, you'll technically be paying capital gains taxes which is only 15% in the us. (Germany it is free)

It would be unwise to declare it as income, you'll end up paying 35% tax

I'd be ecstatic if my income taxes were only 35 %... #Europe

[data]

well, the guy at the german finance ministry office told me: If I declare it, they will gladly accept everything I am willing to give. If I do not declare it, I can't be held accountable for it as they haven't yet figured out how to deal with it. Worst case is that I have to pay taxes in retrospect, but as I have recently moved to Switzerland I hope to resolve this "some other way"(TM)

[data]

Or you could just not pay taxes. It's not hard to get cash for bitcoins if you really need that stinky fiat money.

Where can I convert a few hundred bitcoins for cash right now without taking too much of a hit? And how do I store that securely?

[aahzmundus]

Havelock is having an IPO, they are valuing themselves at 6,250 btc.  Seems interesting and thought people here may be interested in knowing about it.

https://www.havelockinvestments.com/fund.php?symbol=HIF

[bitcoin.newsfeed]

Havelock is having an IPO, they are valuing themselves at 6,250 btc.  Seems interesting and thought people here may be interested in knowing about it.

https://www.havelockinvestments.com/fund.php?symbol=HIF

They're valuating themselves for 6250 BTC so 4 300 000 $ ...       ... is this for real or bad joke ? ... who the hell will be participating in this IPO now, when we're awaiting decentralized stock exchanges like blockchain based from AM, colored coins and mastercoin soon ? Also their only income is from trading fees. It seems to me like one dishonest action for last chance of taking even more BTC from bitcoin securities market investors, we were witnessing a lot of BS, scams and disappointments in past months, please don't ...

And friendly reminder : This is AM thread.

Will we get official update from Friedcat soon? Its almost 20th.

[blackreplica]

aren't the dividends due already?

[Kouye]

aren't the dividends due already?

Nope, 10 to 20 hours to wait, still.

[bitcoin.newsfeed]

aren't the dividends due already?

Nope, 10 to 20 hours to wait, still.

Its Tuesday ! Dividends are/and always were on Wednesday (UTC) .

[ThickAsThieves]

Havelock is having an IPO, they are valuing themselves at 6,250 btc.  Seems interesting and thought people here may be interested in knowing about it.

https://www.havelockinvestments.com/fund.php?symbol=HIF

They're valuating themselves for 6250 BTC so 4 300 000 $ ...       ... is this for real or bad joke ? ... who the hell will be participating in this IPO now, when we're awaiting decentralized stock exchanges like blockchain based from AM, colored coins and mastercoin soon ? Also their only income is from trading fees. It seems to me like one dishonest action for last chance of taking even more BTC from bitcoin securities market investors, we were witnessing a lot of BS, scams and disappointments in past months, please don't ...

And friendly reminder : This is AM thread.

Will we get official update from Friedcat soon? Its almost 20th.

They are valuing themselves much higher than that. Read it carefully.

[aahzmundus]

Havelock is having an IPO, they are valuing themselves at 6,250 btc.  Seems interesting and thought people here may be interested in knowing about it.

https://www.havelockinvestments.com/fund.php?symbol=HIF

They're valuating themselves for 6250 BTC so 4 300 000 $ ...       ... is this for real or bad joke ? ... who the hell will be participating in this IPO now, when we're awaiting decentralized stock exchanges like blockchain based from AM, colored coins and mastercoin soon ? Also their only income is from trading fees. It seems to me like one dishonest action for last chance of taking even more BTC from bitcoin securities market investors, we were witnessing a lot of BS, scams and disappointments in past months, please don't ...

And friendly reminder : This is AM thread.

Will we get official update from Friedcat soon? Its almost 20th.

Yeah, I figure though that since this is in my opinion a cash grab as you point out,  AND this is the only place with real liquidity for AM shares, that AM investors both who have shares on HIF and Direct, would be effected if our fears are realized.

Friedcat save us!

[aahzmundus]

Havelock is having an IPO, they are valuing themselves at 6,250 btc.  Seems interesting and thought people here may be interested in knowing about it.

https://www.havelockinvestments.com/fund.php?symbol=HIF

They're valuating themselves for 6250 BTC so 4 300 000 $ ...       ... is this for real or bad joke ? ... who the hell will be participating in this IPO now, when we're awaiting decentralized stock exchanges like blockchain based from AM, colored coins and mastercoin soon ? Also their only income is from trading fees. It seems to me like one dishonest action for last chance of taking even more BTC from bitcoin securities market investors, we were witnessing a lot of BS, scams and disappointments in past months, please don't ...

And friendly reminder : This is AM thread.

Will we get official update from Friedcat soon? Its almost 20th.

They are valuing themselves much higher than that. Read it carefully.

What did I miss....

[AMuppInTime]

I figure(...) this is in my opinion a cash grab

I totally believe it is: they got acquired nov 1st, TAT sits on AM board and knows advance details on the "public trading platform" friedcat said he was working on (and is likely about to release)...
Additionally I suspect the AM price has been artificially pushed down, if you want to buy shares you can see you make the price jump drastically.

*Edit* TLDR: Havelock is privy of insider info and is trying to squeeze money before they become useless. Don't buy into the IPO.

[freedomno1]

I figure(...) this is in my opinion a cash grab

I totally believe it is: they got acquired nov 1st, TAT sits on AM board and knows advance details on the "public trading platform" friedcat said he was working on (and is likely about to release)...
Additionally I suspect the price has been artificially pushed down, if you want to buy shares you can see you make the price jump drastically.

*Edit* TLDR: Havelock is privy of insider info and is trying to squeeze money before they become useless.

Well Dividends incoming  Havelock is making an IPO and the price has been beast so bit complex

[data]

Where can I convert a few hundred bitcoins for cash right now without taking too much of a hit? And how do I store that securely?

I hope this isn't a rhetorical question, because it's not that hard to find out. As for the second question, this is doubly naive.

I am talking about cash. Maybe you live in bitcoinland where everybody is freely willing to trade, but around here, there is one single offer on the markets I know. And storing cash securely... There is a reason people still have money at banks.So unless you meant "cash" to be some virtual fiat currency obtainable through the many exchanges, you are either ignorant or just plain wrong and a troll.

[freedomno1]

Where can I convert a few hundred bitcoins for cash right now without taking too much of a hit? And how do I store that securely?

I hope this isn't a rhetorical question, because it's not that hard to find out. As for the second question, this is doubly naive.

I am talking about cash. Maybe you live in bitcoinland where everybody is freely willing to trade, but around here, there is one single offer on the markets I know. And storing cash securely... There is a reason people still have money at banks.So unless you meant "cash" to be some virtual fiat currency obtainable through the many exchanges, you are either ignorant or just plain wrong and a troll.

It's called Armory and Cold Storage
Or buying Direct shares then trust is just friedcat

Edit in the rhetorical question was a bit weird
You convert cash at an exchange then put it in the bank or load a debit card if you use cavirtex

Bitcoin doesn't need a bank to be stored securely just good management and their is no real bank for bitcoins so that point is moot
Its a digital currency