Bitcoin

[CoastRange57]

Literally your speaking Greek to me. It sounds like a big giant scam. Have people ever pulled there money out of this investment?

At least I can look at my investments every day, which is what I do when they are doing well. If not then I don't and don't really care. It is called long term investing for a reason

If my account loses too much money , at least I can walk into my brokers office and grab him by the throat and squeeze it out of him, plus I know where he lives, but he has as many guns as I do.

 

[Colts4me]

So let me ask because I really have no idea, can you pay your taxes with bitcoin?

 

[41mag]

, can you pay your taxes with bitcoin?

....what kind of step from that to fed.gov paying your social security benefits in Bitcoin...

 

[Oregonhunter5]

So let me ask because I really have no idea, can you pay your taxes with bitcoin?

Most folks don't like paying taxes if they rate trying to wash there money.

 

[Colts4me]

No really I am confused, if you sell your bitcoin for dollars are you taxed on it? Is electronic money taxed at the same rate as fiat money?

 

[teflon6string]

Last year there was a news report of a guy who was cleaning out a desk drawer and threw away an old portable hard drive with 1400 Bitcoins stored on it.
He had bought the coins when they first came out for only $25.00

IT worker throws out hard drive, loses $7.5 million Bitcoin fortune - NBC News

 

[IronMonster]

IT worker throws out hard drive, loses $7.5 million Bitcoin fortune - NBC News

Yeah, That 7.5 million is now 12,750 million (Or just shy of 13 billion)

 

[teflon6string]

I'm seeing a recurring theme in all the ads telling me to buy crypto currencies. They all feature some nerdy looking guy with an invitingly punchable looking face. "I made $2.2 million last year!"

I'm guessing more than a few guys look at that and think, "Damn, if that douchenozzle can score big with Bitcoin... imagine how cool I'd be with a couple mil!"

 

[Colts4me]

From what I think I read a long time ago is they came out with bitcoin to hide dealings on the net. So will those who sell out and show profit get it for tax evasion? Will they have to show every bitcoin transaction under the new bank rules to move large sums of cash into a bank? Just wondering if anyone knows how bitcoin is ruled by the IRS?

 

[RicInOR]

Blockchain is the important part, the underlying technology.

Bitcoin is a currency. Do you invest in dollars? or krugerrands? Yen or Peso's?

What it is good for is transactions. Want to buy a gun, enter a transaction and the bitcoins are moved. Unlike VISA, there is no central authority to back out or undo a transaction. See E-Bay and PayPal common complaints. Want to make multiple transfers out of the USA - say to the 'old country' no problem. No bank report to the us government about transfers.

By law, banks report all cash transactions that exceed $10,000 — and any transaction of any amount that alerts their suspicions. ... The name and contact information of the person who sent you the money. If it's a bank transfer, the financial details of the recipient, including SWIFT code.

There are other currencies. Or, you can make your own.

Having BitCoin on the market - futures - suggests it has reached legitimacy.

The governments of the world may want to squash this. But me thinks this geni is out of the bottle.

I would not use bitcoin as an investment. I would use it in place of PayPal.


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[CoastRange57]

IT worker throws out hard drive, loses $7.5 million Bitcoin fortune - NBC News

Well this explains it all to me now. If anything is stored on a hard drive and has any value, then when the hard drive crashes, gets corrupted, your kids friends hit the Russian po*n sites, and you lose everything...hell yeah count me in. Sounds about as secure as Hillarys servers were, which is probably where your "bitcoins" are.

Converting it to fiat or other exchange, I mean what could go wrong there ??

 

[RicInOR]

@Colts4me and others interested. Click over to FEE.org and look up the BlockChain, BitCoin, Crypto Currencies articles. They are written for average Joes.

And they offer a 'book' on the topic.

 

[CoastRange57]

Want to make multiple transfers out of the USA - say to the 'old country' no problem. No bank report to the us government about transfers.

I can see this not lasting very long if the government gets involved. Net neutrality will be small in comparison.

 

[RicInOR]

Well this explains it all to me now. If anything is stored on a hard drive and has any value, then when the hard drive crashes, gets corrupted, your kids friends hit the Russian po*n sites, and you lose everything...hell yeah count me in. Sounds about as secure as Hillarys servers were, which is probably where your "bitcoins" are.

Converting it to fiat or other exchange, I mean what could go wrong there ??

So, storing your guns in a cabinet, if it gets taken by thieves then what?

The storage is your responsibility. The computers are peer-2-peer. No server. No service. Just as if you keep cash. Or, gold (bullets, cigarettes what ever you think has value to others to trade.)
A prudent person has backups. The police do have dogs trained to sniff out thumbdrives, however.

Since there are millions of checks, you can't counterfeit. Sure you might get suckers to take something faked - but none of the connected system would accept it.


BTW. I use Canadian p0rn sites, they are polite. ;-)

 

[RicInOR]

I can see this not lasting very long if the government gets involved. Net neutrality will be small in comparison.

I think it is too late for that.

How long before Find quality Manufacturers, Suppliers, Exporters, Importers, Buyers, Wholesalers, Products and Trade Leads from our award-winning International Trade Site. Import & Export on alibaba.com accepts bitcoins - or maybe they do already. International Amazon equivalent.

 

[3MTA3]

No really I am confused, if you sell your bitcoin for dollars are you taxed on it? Is electronic money taxed at the same rate as fiat money?

Every banking transaction (as you draw your money out of BTC and into USD) $10,000 or over is automatically reported to the IRS as are multiple near $10,000 transactions. If they decide the transactions are suspicious the money will get confiscated and it is up to you to prove it's legitimate in order to get the money back. There is a famous case where a fellow who owned a restaurant made several cash deposits just under $10K that were his daily sales. He was able to prove it was all legitimate but several years later has yet to get his money back.

Best case scenario is you have complicated tax returns and pay a third or so of your profits as capital gains taxes. Worst case is the money gets confiscated and you go in debit paying lawyers to keep from being incarcerated.

 

[Alexx1401]

Well this explains it all to me now. If anything is stored on a hard drive and has any value, then when the hard drive crashes, gets corrupted, your kids friends hit the Russian po*n sites, and you lose everything...hell yeah count me in. Sounds about as secure as Hillarys servers were, which is probably where your "bitcoins" are.

Converting it to fiat or other exchange, I mean what could go wrong there ??

One of those sitcoms did a skit on this a coupe weeks ago. It was what got me to look at this again. What you can't lose is the key you choose. Looks like you can use several of them to "secure" the "account". Key as in like when you buy software or a gift card and they have you enter a key to use it. You should not store this or these keys on anything hooked to the net as if they are stolen and used, you're out. You also should not have one copy, like on on drive. From the limited looking I did it looks like if you do manage to lose the key you are screwed. No way to get it back. So I guess the coins lost this way just are gone forever at this point. No doubt as this kind of currency grows some will come up with some way to plug this hole. It is an interesting little operation. I have no doubt Governments are looking at all this very hard trying to figure out some way to get in on this and control it. Pretty funny thinking about that.

 

[Alexx1401]

From what I think I read a long time ago is they came out with bitcoin to hide dealings on the net. So will those who sell out and show profit get it for tax evasion? Will they have to show every bitcoin transaction under the new bank rules to move large sums of cash into a bank? Just wondering if anyone knows how bitcoin is ruled by the IRS?

If you make some real money off it, yes, the IRS would want their cut. If you made a real bank on this it would be no different than say winning big on some bet. If they can show you made money and you don't tell them, yes they would come after you. If you make a few hundred K and drop it in the bank, yes you best show it on your taxes.

 

[CoastRange57]

I have my financial world in a nice well ordered position and I am going to keep it that way. Those of you who make huge bank on bitcoin or what ever the f it is, can wave at me as you drive by in you new Mercedes and I will wave back. My head is exploding trying to understand it, so I give up, not that much brain left to give away.

 

[Mygrainman]

The masses are holding tight on conventional investment strategies and positions. People who are risk takers for the allure of short term huge profits with potential for principle loss are chomping to get it. Of course the ones who are doubling or better will laugh at my bearish nature on such fad investments, and they can laugh at me. I would rather hold or increase my positions in Apple and Google before bitcoin.

I am assuming your comment about picking up gold and silver from people who are dumping it to go to bitcoin was sarcasm. That scenario is frightening at the least and insane at best.

Tounge and Cheek... yes, Although I do want to buy up some gold and silver to put away for trading/SHTF etc.....and after I posted that I went online to check the spot price and the websight I went to does accept bitcoin for payment.