can BITCOIN put an end to the FEDERAL RESERVE

[ninavain]

this is growing.. does anyone knows who created it..will it be a game changer

[2013]

Error Video to FUCKING LONG

[ninavain]

Originally Posted by 2013

Error Video to FUCKING LONG

[2013]

i was hoping it was a suicide video


it seems as if bitcoins sites dissappeared like epassoporte you would be fucked and thats what happens next

[MrMaxwell]

The Fed is a lot more powerful than our government and extremely more powerful than some computer nerds with a new pseudo money currency. I wish they could be stopped, I really do, but don't bet on it.

[mechanicvirus]

Believe it or not, PBBC did a study on this and it's actually pretty interesting.

[grumpy]

there is no ferderalreserve ( not anymore )

[seeandsee]

lol so CONSPIRACY NUTS supporting Bitcoins. LOL How i like when this big cock enter some people mouth on this board, fucking comedy

[Rand]

A strange phenomenon indeed.


http://www.geek.com/articles/geek-ce...kind-20130320/

[dyna mo]

there are many threads and 100s of posts here on this.

Originally Posted by ninavain

this guy is hilarious, he actually said that there is not enough gold to back up a currency. commodity backed currency days are long long gone

lolololololol

[notinmybackyard]

So let me understand this correctly.

Webkiddies want to stop using fiat dollars because they represent nothing but paper.
And replace them with a virtual currency that represent even less than paper because it is better?

Because somehow a huge computer based gouvernement agency like the NSA can not possibly control them?

I did some strong drugs in the 1960s but I do not even want to imagine what webkiddies are smoking.

[mayabong]

Originally Posted by notinmybackyard

So let me understand this correctly.

Webkiddies want to stop using fiat dollars because they represent nothing but paper.
And replace them with a virtual currency that represent even less than paper because it is better?

Because somehow a huge computer based gouvernement agency like the NSA can not possibly control them?

I did some strong drugs in the 1960s but I do not even want to imagine what webkiddies are smoking.

Here is some writings from the creator.

Yes, [we will not find a solution to political problems in cryptography,] but we can win a major battle in the arms race and gain a new territory of freedom for several years. Governments are good at cutting off the heads of a centrally controlled networks like Napster, but pure P2P networks like Gnutella and Tor seem to be holding their own.

The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts. Their massive overhead costs make micropayments impossible.
A generation ago, multi-user time-sharing computer systems had a similar problem. Before strong encryption, users had to rely on password protection to secure their files, placing trust in the system administrator to keep their information private. Privacy could always be overridden by the admin based on his judgment call weighing the principle of privacy against other concerns, or at the behest of his superiors. Then strong encryption became available to the masses, and trust was no longer required. Data could be secured in a way that was physically impossible for others to access, no matter for what reason, no matter how good the excuse, no matter what.
It's time we had the same thing for money. With e-currency based on cryptographic proof, without the need to trust a third party middleman, money can be secure and transactions effortless.

[L-Pink]

Originally Posted by notinmybackyard

So let me understand this correctly.

Webkiddies want to stop using fiat dollars because they represent nothing but paper.
And replace them with a virtual currency that represent even less than paper because it is better?

Because somehow a huge computer based gouvernement agency like the NSA can not possibly control them?

I did some strong drugs in the 1960s but I do not even want to imagine what webkiddies are smoking.

And to comply with existing IRS tax codes generate a paper record of each bitcoin's value when received, each bitcoins value when used/cashed out. Accrue a profit/loss balance based on a first in first out system and pay taxes on any gains.

Sounds like the simple way to pay for things to me, lol.

.

[dyna mo]

yes, webkiddies are running the show now.

it's obvious they are in charge of the banks getting on-board with bitcoin and the vc money as well.

it's 2013.

[mayabong]

Originally Posted by dyna mo

yes, webkiddies are running the show now.

it's obvious they are in charge of the banks getting on-board with bitcoin and the vc money as well.

it's 2013.

Here is a "webkiddie" that was one of the first to help Satoshi.

https://bitcointalk.org/index.php?topic=155054.0

[Emil]

Originally Posted by 2013

i was hoping it was a suicide video


it seems as if bitcoins sites dissappeared like epassoporte you would be fucked and thats what happens next

Since you can store the Bitcoins on your own computer....................

[L-Pink]

Hey mayabong, are you a US citizen? You do realize each and every bitcoin transaction needs the same documentation as if you were a day trader using apple stock? Or have you said fuck the IRS?

.

[mayabong]

Originally Posted by L-Pink

Hey mayabong, are you a US citizen? You do realize each and every bitcoin transaction needs the same documentation as if you were a day trader using apple stock? Or have you said fuck the IRS?

.

I haven't seen a real answer from the IRS regarding Bitcoin. Do you have an official document? I don't cash out when I'm in Bitcions and probably never will.

[L-Pink]

Originally Posted by mayabong

I haven't seen a real answer from the IRS regarding Bitcoin. Do you have an official document? I don't cash out when I'm in Bitcions and probably never will.

There is no official document for apple or IBM stock either. It's called investment income.

.

[mayabong]

Originally Posted by L-Pink

There is no official document for apple or IBM stock either. It's called investment income.

.

If I buy a beanie baby and sell it for thousands more, is that considered investment income? Not trying to be smart just trying to figure it out.

Like I said, I have never cashed out my Bitcoins so those rules wouldn't apply.

Also if you are a merchant and use Bitpay you are not subject to market fluctuations. You aren't even investing in bitconi you are just seeing cash.

[L-Pink]

Originally Posted by mayabong

I haven't seen a real answer from the IRS regarding Bitcoin. Do you have an official document? I don't cash out when I'm in Bitcions and probably never will.

You don't owe taxes just when you cash out. You also need to reconcile profit/loss on bitcoin value for anything you purchase with bitcoins as well.

.

[Sly]

Originally Posted by mayabong

If I buy a beanie baby and sell it for thousands more, is that considered investment income? Not trying to be smart just trying to figure it out.

Technically you are supposed to pay taxes on that, yes.

[L-Pink]

Originally Posted by mayabong

If I buy a beanie baby and sell it for thousands more, is that considered investment income? Not trying to be smart just trying to figure it out.

Like I said, I have never cashed out my Bitcoins so those rules wouldn't apply.

Also if you are a merchant and use Bitpay you are not subject to market fluctuations. You aren't even investing in bitconi you are just seeing cash.

Any net gain from any sale is taxable income.

When/if you cash out you will pay ordinary income or capital gains on profit from each sale.

Merchants that cash out each day don't pay taxes. Those that hold bitcoins for any extended period become investors and are subject to investment rules on the profit/loss of each bitcoin cashed out.

.

[PornMD]

Webkiddies want to buy drugs and kiddie porn. That's what bitcoin amounts to.

[L-Pink]

Originally Posted by mayabong

If I buy a beanie baby and sell it for thousands more, is that considered investment income?

Not being an asshole but how can you be here pushing investments when you have zero idea of the tax and paperwork compliance factors?

.

[mayabong]

Originally Posted by L-Pink

Not being an asshole but how can you be here pushing investments when you have zero idea of the tax and paperwork compliance factors?

.

I'm not pushing bitcoin as an investment and have never told anyone to buy ever. Bitcoin is used by alot of speculators but that is not its only use.

[L-Pink]

Originally Posted by mayabong

I'm not pushing bitcoin as an investment and have never told anyone to buy ever. Bitcoin is used by alot of speculators but that is not its only use.

As a US citizen I use dollars. Dollars go up and down value wise in their purchasing power but still remain just a dollar to me, a US citizen.

Now look at a stock, the value goes up and down by the second. I have a profit or loss when I decide to use that stock to acquire something else. I pay tax or accrue a loss when that stock is used.

I also have to spend that stock on a first in first out accounting value method. Meaning the first stock share I buy has to be the first one cashed out.

Anyone using bitcoins like it was a dollar is not meeting IRS paperwork requirements and is truly fucked if audited.

Now with the above paperwork requirements in mind who the hell wants to use bitcoins as everyday money?

.

[Emil]

Originally Posted by PornMD

Webkiddies want to buy drugs and kiddie porn. That's what bitcoin amounts to.

And your whore-girlfriend.

[mayabong]

Originally Posted by L-Pink

As a US citizen I use dollars. Dollars go up and down value wise in their purchasing power but still remain just a dollar to me, a US citizen.

Now look at a stock, the value goes up and down by the second. I have a profit or loss when I decide to use that stock to acquire something else. I pay tax or accrue a loss when that stock is used.

I also have to spend that stock on a first in first out accounting value method. Meaning the first stock share I buy has to be the first one cashed out.

Anyone using bitcoins like it was a dollar is not meeting IRS paperwork requirements and is truly fucked if audited.

Now with the above paperwork requirements in mind who the hell wants to use bitcoins as everyday money?

.

Actually the buying power of your dollar has been on a steady decline for about 100 years.

[L-Pink]

Originally Posted by mayabong

Actually the buying power of your dollar has been on a steady decline for about 100 years.

What does that have to do with how the IRS views investment vehicle accounting?

.

[mayabong]

Originally Posted by L-Pink

What does that have to do with how the IRS views investment vehicle accounting?

.

It doesn't I was just making a point. Lots of people will use bitcoin no matter what. Gambling, Drugs at the very least. I doubt they care about the IRS.

I promote on here cause merchants don't ever need to touch Bitcoins. So your arguement from a merchant perspective really doesn't work.

[L-Pink]

Originally Posted by mayabong

It doesn't I was just making a point. Lots of people will use bitcoin no matter what. Gambling, Drugs at the very least. I doubt they care about the IRS.

I promote on here cause merchants don't ever need to touch Bitcoins. So your arguement from a merchant perspective really doesn't work.

From a merchants view I would sell my product anyway I could provided I could cash out the same day. I have never said differently. From an investment or daily use bitcoins seem to only make sense if you are the type of person that decides to beat the system. And by beat the system I mean avoid taxes. (admit it you NEVER considered paying taxes on yours did you?) Good luck.

.

[96ukssob]

i paused the video in a great spot!

[notinmybackyard]

Originally Posted by mayabong

Here is some writings from the creator.

Yes, [we will not find a solution to political problems in cryptography,] but we can win a major battle in the arms race and gain a new territory of freedom for several years. Governments are good at cutting off the heads of a centrally controlled networks like Napster, but pure P2P networks like Gnutella and Tor seem to be holding their own.

The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts. Their massive overhead costs make micropayments impossible.
A generation ago, multi-user time-sharing computer systems had a similar problem. Before strong encryption, users had to rely on password protection to secure their files, placing trust in the system administrator to keep their information private. Privacy could always be overridden by the admin based on his judgment call weighing the principle of privacy against other concerns, or at the behest of his superiors. Then strong encryption became available to the masses, and trust was no longer required. Data could be secured in a way that was physically impossible for others to access, no matter for what reason, no matter how good the excuse, no matter what.
It's time we had the same thing for money. With e-currency based on cryptographic proof, without the need to trust a third party middleman, money can be secure and transactions effortless.

Fiat dollars are backed by the people. Therefore the problem with the currency and the world in general is we have a generation that have zero skills. All this generation can do is push buttons and pull all kinds of self-justifications out of their asses for their pathetic attempts at pseudo intellectualism on the Internet.

Shit I look at the Occupy mouvement and Anonymous and from the perspective of an old hippie. They are just as pathetic at civil protest as they are at everything else. It is embarrassing when they are compared to my generation.

Because Abbie Hoffman, Emmit Grogan, Timothy Leary, etc. Might have dropped out and doped up but they brought nations to their knees. The occupy mouvement could not even bring hot coffee to the homeless and anonymous only wants to download free movies and games. So again why is the money bad?? Because webkiddies are unskilled narcissistic morons.

In short bitcoins are a scam.

What this generation of webkiddies needs to do is remember W... W... W... G... D...


**** What Would Wavey Gravey Do ? ***
(i steal this idea from popular baptist expression)

Just as he said who everyone should vote for... Wavey Gravey would say that Nobody should have Bitcoins.
Here he is : https://youtube.com/watch?v=foWx42_1Loc


------------

[Due]

Originally Posted by L-Pink

As a US citizen I use dollars. Dollars go up and down value wise in their purchasing power but still remain just a dollar to me, a US citizen.

Now look at a stock, the value goes up and down by the second. I have a profit or loss when I decide to use that stock to acquire something else. I pay tax or accrue a loss when that stock is used.

I also have to spend that stock on a first in first out accounting value method. Meaning the first stock share I buy has to be the first one cashed out.

Anyone using bitcoins like it was a dollar is not meeting IRS paperwork requirements and is truly fucked if audited.

Now with the above paperwork requirements in mind who the hell wants to use bitcoins as everyday money?

.

You may be able to book it as deferred income based on the time you spend/ exchange the money like if its a foreign investment
Other currencies used to be backed by gold ( example the dollar ) and you know it can always be traded.. What secures a bit coin ?

[MainstreamGuy]

Lots of Bitcoin threads over here, what's going on?

[doorag]

i'm predicting it will crash within the next 30 days. Better cash out as soon as you can.

[notinmybackyard]

I have learned a new language. I can now speak webkiddie

Here is a youtube clip saying that Bitcoins are bad.
https://youtube.com/watch?v=-81DBWOkE6c

Here is a youtube clips saying bitcoins are a scam
https://youtube.com/watch?NR=1&v=...s&feature=fvwp


Listen to youtube.
Youtube is your master.
Youtube tells the truth.
Youtube is the ministry of Truth.

Ingnorance is strength so watch Youtube and get much smarter.

If you get much smarter than the shape changing gouvernement ilumnati aliens that launched a missle from the Rothschild central bank located deep within the hollow moon that circles the earth in to the New York towers on septembre 11 2001 wil become weaker.

So watch youtube and learn.

[DWB]

Originally Posted by MainstreamGuy

what's going on?

A bubble of make believe digital geek money that people buy drugs and child porn with.

Probably too late to get in now but those who did a while ago and get out before it pops, probably made some cashola if they went big.

[dyna mo]

i like the quote in your sig, dwb. apropos eh

[Chris]

Originally Posted by doorag

i'm predicting it will crash within the next 30 days. Better cash out as soon as you can.

next 30 days? I say 14 days lol
its down today already

[mayabong]

Originally Posted by Chris

next 30 days? I say 14 days lol
its down today already

Big BuBBle pop still up 400% on the year.

[- Jesus Christ -]

Anyone who looks at a logarithmic chart since its creation and says it is a "bubble" is a moron.

(BTW Alex Jones and Max Keiser are fucking annoying.)

[javbucks]

Why are so many people so upset

[TheSquealer]

Originally Posted by mayabong

I haven't seen a real answer from the IRS regarding Bitcoin. Do you have an official document? I don't cash out when I'm in Bitcions and probably never will.

The "real answer" is that your income gets taxed no matter where it's earned or how it's earned.

Hahaha crazy people and kids never fail to entertain.

[DWB]

Originally Posted by mayabong

I haven't seen a real answer from the IRS regarding Bitcoin. Do you have an official document?

See below.

Originally Posted by TheSquealer

The "real answer" is that your income gets taxed no matter where it's earned or how it's earned.

[Internet Guy]

Originally Posted by javbucks

Why are so many people so upset

Because maybe deep down they suspect they missed the boat?

GFY has been very kind to me knowledge wise, lots of tips helping me make money..

It's going to $1000+ within the next few years, 90%+ chance. There isn't a thing any individual can do about it at this point.

Perhaps some government agency will find ways to slow it's progress, or even disable it, but in this case all that would lead to is a stronger crypto-currency being invented. It's like trying to disable any P2P technology: good luck.

GFY: It's not too late to make a lot of money just by being "in the right place at the right time". This is easier than internet porn in the year 2000. Buy some coins, secure them, sit on them, retire yearly.

[AdultPornMasta]

Originally Posted by Internet Guy

Because maybe deep down they suspect they missed the boat?

GFY has been very kind to me knowledge wise, lots of tips helping me make money..

It's going to $1000+ within the next few years, 90%+ chance. There isn't a thing any individual can do about it at this point.

Perhaps some government agency will find ways to slow it's progress, or even disable it, but in this case all that would lead to is a stronger crypto-currency being invented. It's like trying to disable any P2P technology: good luck.

GFY: It's not too late to make a lot of money just by being "in the right place at the right time". This is easier than internet porn in the year 2000. Buy some coins, secure them, sit on them, retire yearly.

Better yet, get to mining!