Still loving the BTC! Simply because on paper, I have no gains nor any losses....but damn, I have enjoyed the benefits of being anonymous with my trades and gains. Fuck cashing out, it is better to play with the profit until the day it is required by law to bring it to light. DWB and L Pink you really need to take a look at how this could benefit you. You would be amazed!

L Pink has to go first.

Neither is an apartment. An apartment is not a currency. However, if I hire you and include free housing, that becomes taxable compensation to you. Taxes don't solely revolve around "profits" in the form of cash.

Ladies and Gentleman,
Welcome to the Wild Wild West!
Sure be a good upstanding citizen and claim every spec of gold you pull from your claim, we do appreciate that, and require this by law.
To the outlaws that are doing trade with others that will most likely do the same, we will get you, Cause we are a very efficient branch of government that will not tolerate those kind of shenanigans!

Give me a break!!!! Those asshats have more to worry about then some made up cyber currency, have you seen the spin on the local channel?. Let me rephrase this, until the feds get their shit together, I will do everything at my disposal, to take advantage of the system as much as the base line is capable of.
The whole thing is broke, lets not feed the machine any more then We see fit.

I'm not an IRS agent and personally don't give a fuck what people do or don't do on their personal taxes any more than I care what drugs they take. The only points I'm trying to make are don't be ignorant of existing laws. Make informed decisions aware of the facts.

The IRS doesn't take "oops my bad, I didn't know" as an excuse.

Bitcoins while new still fall under existing tax laws regarding profit on assets. Having a business come here and falsely say profit earned isn't taxable if they pay by bitcoin is foolish. Always know the law but obey it at your informed discretion.

Personally ??.. I'm pissed I didn't load up when they were cheap and envious of those that did. Then again I didn't buy microsoft or google at their lows either.


.

As a company, not sure I would blend the waters of BTC and the great ol' USD , matter of fact, was advised not to.
I see your point and will raise you a fuckin great opportunity!
The ship has not sailed, you have a chance to still benefit from an amazing occurrence that has been presented to break the rules a little with out strait up tax evasion.
I just gave those fucks 20 gs last year and realized I over payed for any benefit I will ever receive in this future or any other portrait they show......

I will never again be fooled by this administration or the minions put in place to uphold their dream, or believe that doing the "right" thing is the way. They break every one of the rules, and we pay, sic?

Savvy will win this race, I am still learning the way as well....

Find your wind, and sail......fast and far, the water is great!

The big bubble is coming. Especially considering the current state of affairs with govs. A big natural disaster even can cause a run. Dont let a number like $1000 be a sueprise. A lot of decimal places to divide a btc for purchase.

Lol.. you guys argue about Bitcoin like it is a religion - It's not.

It's a payment system, and the value in it is its ability to communicate value at a distance using a distributed ledger.

The tax laws in every country are so complex that I'm sure that everyone is filing incorrectly anyway. Just do what your accountant/you think is best and fucking move on.

The tax argument is a waste of your life.

I live in silicon valley and go to technical networking events all the time, almost daily. I havent heard 1 thing about Bitcoin. Theres not 1 lecture on it, not 1 Billboard, not 1 advertisement, not 1 sponsorship from a company who wants to get in on it...nothing.

If it were going to be a bid deal I would hear *something* about it by now. So it seems like no one who matters gives a shit about them or knows what it even is.

Silicon valley was moved to China. Didn't you get the memo? :1orglaugh

Bitcoin Companies Attract Frenzy Of Venture Funding
http://www.huffingtonpost.com/2013/0...n_3368035.html

Bitcoin finds investors, geeks, politics at Silicon Valley event

The event is small by Silicon Valley standards, with about 1000 attendees expected and 19 exhibitors, but it's bustling with startups launching new exchanges, software developers looking to strengthen the Bitcoin network, and venture capitalists seeking places to invest.

There's now $45 million a day being traded on the Bitcoin network, or $16 billion a year, according to Peter Vessenes, chairman of the Bitcoin Foundation, who talked at the start of the event in San Jose.
http://www.pcworld.com/article/20391...onference.html

silicon valley biz journal:
http://www.bizjournals.com/sanjose/n....html?page=all


several btc start-ups in the valley as well, such as coinlabs, silicon valley bank in fact is partnered with mtgox.

here's more via a goog search for silicon valley bitcoin
https://www.google.com/webhp?sourcei...w=1600&bih=775

here's a lot more from a goog search for venture capital bitcoin
https://www.google.com/webhp?sourcei...w=1600&bih=775

google matters right? or no??


Google Ventures chip into Bitcoins with investment
http://www.bizjournals.com/sanjose/n...chip-into.html

shit, i hadn't realized andreeson invested! that is nutty


Venture Investors Pour in Millions

a $5 million investment in San Francisco-based Coinbase led by Twitter Inc. investor Union Square Ventures.

$2 million put into OpenCoin Inc., another virtual currency startup whose backers include venture firm Andreessen Horowitz.

Jeremy Liew, a partner with Lightspeed Venture Partners, which has invested in three virtual currency startups including OpenCoin, said he's "incredibly bullish" because it allows for cost-free micro-transactions—such as buying a single candy bar—that would be too small for other electronic payments.

"The appeal of zero transaction costs is really strong and extremely disruptive for a massive industry, the payments industry," he said.

Chi-Hua Chien, a general partner at venture firm Kleiner Perkins Caufield & Byers who found the Facebook FB +0.78% investment while previously working at Accel Partners, said his firm is actively exploring investments related to Bitcoin and has already looked at more than two dozen such companies.

Mr. Chien estimates almost 100 companies are operating in the Bitcoin domain, including exchanges, payment processors and Bitcoin ATM machine operators. "It is completely crazy that money is not borderless," he said. "This is super-logical."

http://online.wsj.com/article/SB1000...375269952.html

How would you peg $7 to your mined bitcoin?

is it by time-stamp when it hit your wallet or when it was actually mined (issued) to a mining pool where you mine, or few milliseconds later when pool assigned it to your account?

That's rhetoric, an actual question is: when does any particular, mined bitcoin get their value? would it be safe to assume that bitcoins kept in storage before being used in actual transactions are valueless or unassigned? - reason being that no exchange of values have had happened yet and its value is undetermined. - does it make sense?

Bitboys, they can and will get you at any time. If the IRS wants you, they will get you. If they seize, you will go down and not get back up. They have thousands of laws to choose from, they can monitor everything you do, and they have sympathetic courts.

Anti-bitters, virtual currency is going to happen. It may not be bitcoin, but in a world with no escape this disruption will be more than economics. Look above - the posts are about freedom and emotion. Early adopters, outsiders, this is as much a social movement as it is a "currency".

Both sides will have victories and losses. Best hedge your bets and be in the middle. Enable, take fees, and pay taxes on those fees.

only a very small % of people are mining them these days, people mostly buy them. you should know that. you could argue for those who are mining that when the coin is mined, at that current point it the value is has is whatever the coins are selling for currently. what do they do with gold when they mine that? does it have no worth when its pulled out of the ground? only when its finally sold?

Only because collectively people like you say shit like this.
Men in robes only have power becasue you are a coward.


http://www.literature.org/authors/po...-pendulum.html

Ouch - I'm an internet coward! :1orglaugh:1orglaugh Ok, usually the insults come out when someone starts losing.

Jesus, the men in robes have power because the men with guns back them up. There are millions of men with guns. Judges can set aside popular votes, Jesus. And petty power attracts certain people. You of all people should know this, Jesus.

So we agree about judges ... about the coward thing, not so much. I'm confused what any of this has to do with bitcoins.

Says a keyboard warrior named Jesus who ironically wore a robe. :thumbsup

That said, I've been looking for photos of you on the streets throwing Molotov cocktails, but I can't find any. So keep on trollin'!

That same idiotic question and can be asked of anything of value that is bought, sold, traded/bartered and so on. You can pose hypotheticals until you fall over and die. Obviously there are many interesting questions, but that doesn't change the fact that... these questions have already been answered time and time and time again, both in the courts and in the Internal Revenue Codes.

The IRS does not need a new section to the internal revenue codes to clarify this for anyone as L-Pink keeps pointing out. All they have to do is say you owe money. Its that fucking simple., "how...this".. "how that..."... "how the other thing" is 100% irrelevant when they show up at the door announcing your delinquent taxes based on their own assessment of what the value was, what you earned, what taxes are due, what the penalties will be and so on.

All the immature kids and social retards on this forum simply don't get that in the USA as with most western countries, tax authorities let you know what you owe, if you fail to do so. It is that simple. Once you've crossed that line, ... once that threshhold is passed... the burden of proof IS ON YOU... not the IRS... and it can cost you dearly. I understand though that all the GFY millionaires think they can just go to trial with the IRS and their army of 1000.00/hr attorneys and get their own childish way.

100 bits of virtual nuthin:2 cents:

you've done better in the 100 spot. :(

It is somewhat funny there's all this talk about tax on bitcoin income while I am pretty sure 99.99% of posters here made no income in bitcoin at all.

sorry.............:(

well played. :1orglaugh

MtGox suspending cash withdrawals of USD for "the next two weeks":
https://mtgox.com/press_release_20130620.html

BitSpend.net ceased: its banks (Chase and another) both froze accounts, cause: trade in bitcoin as ?too high risk?.
http://www.reddit.com/r/BitSpend/com...ow_and_taking/
Chase says "Your account will be reviewed to decide whether the source of deposits(exchanges) is legitimate and we will decide within 30 days if we will be returning any or all of your money" (bank may not even return any money, but eat it?)

http://bitcoinity.org/markets/image?span=7d&size=medium

The irs should consult with franck. Set them straight once and for all

Oh allow me :)

It's SO much better than cash, lets say you use a Bitcoin wallet like Bitcoin-QT Vs an actual wallet with cash. With the wallet you can open it up straight away and pay for things but the thing that people just "don't get" about a Bitcoin wallet is you have to wait for your Bitcoin wallet to synchronise with the network to update the blockchain.

Let me tell you it's fucking awesome! There is nothing better than having to wait for a undefined amount of time that can range from 20 minutes to an hour or longer for the blockchain to update before you have the ability to access your funds!

But wait there's more! Then if you want to buy something with Bitcoin you send the Bitcoins and it can take over an hour before 6 confirmations appear on the blockchain, how cool is that!! Credit card or cash you can buy things INSTANTLY but that's the thing with Bitcoin, they just don't "get" how awesome it is.

And it's totally not in the least bit stressful having to wait up to 2 fucking hours to make a transaction!

Another cool thing about Bitcoin you have to keep a tinfoil hat level of paranoia to make sure your Bitcoins don't get stolen by hackers, that's VERY convenient!

The other AWESOME thing about Bitcoin that people "don't get" is that if you buy them from any exchange you might as well put a big red target on your back as it's a fucking Disney Land play ground for all types of criminals from drug dealers, money launderers and if the exchange you use get's shut down as it inevitably will you'll most likely be investigated too!

Then there is also the fact that Bitcoin is worth 90% less than it's current market price, once you take away the hype and speculation i.e. 90% of the market you realize the economy of Bitcoin is roughly in the 100 million mark, half of which is from Silk Road

But people just don't "get it" they don't "understand" Bitcoin :upsidedow

i don't think i've ever read that *convenience* is a benefit/feature/quality of btc.

in fact, it's extremely inconvenient at the moment, either trading it speculatively or trying to transact purchases with it. ever try to get to silkroad? exactly.

not sure what any of that has to do with anything though. that's shit that gets worked out very easily, i doubt the dollar waltzed right into the marketplace unencumbered with issues.

Convenience is all that matters in the 21st century, at least to 99% of people.

there ya go arguing again.

it's a simple matter to sort out inconveniences, especially the ones here, i.e. time to process.

as mentioned, the exchanges were not part of the concept.

either way, you seem set on arguing.

What's the alternative to "arguing" then? Agreeing with whatever you say? Why don't you agree with me then, instead of arguing all the time? You fucking dipshit.

settle down.
you don't even care about btc yet you get aggro, resort to name calling, can't shut your fucking mouth about shit you know nothing about and refuse to try and even get a simple grasp of it all.


hahahahahahaha.

TBH that was me just venting and none of that was aimed at you, it was more aimed at idiots like Franck who used to get ridiculously upset if anyone said anything negative about Bitcoin. It has a load of flaws that the fanboys like Max Keiser refuse to discuss.

IMO Bitcoin is a great concept for transferring money from point A to B quickly, something that banks should incorporate because it's a joke that international wire transfers can take days.

"Aggro"? You're the one having another meltdown, buddy, whining about me "arguing" because you don't understand how a discussion forum works, taking everything personally, and getting insanely butt-hurt if anyone disagrees with the crap you post. Crap you are never, ever able to back up with anything more than your inane opinion.

Feel free to try and make me shut my fucking mouth though.

That's dyna_mo too. Flipping out over absolutely nothing.

i was simply commenting on the legitimate convenience issues you mentioned, paul.

as i replied, they are simply issues of processing and helterskelterbr549 could easily sort that out on his own, instead he flips out and calls that me melting down again, not sure what he considers the first meltdown.

either way, this is all too funny. 00o0o0o0o <-meltdown # 3

hahahahahaha.

please post your internet psychology credentials please. a photocopy of the cereal box top will suffice.

http://driven2batshitcrazy.files.wor...ctor-is-in.jpg

when you flipped out on me the last time you accused me of going and immediately googling the topic and posting the links and shit

now you say i don't back my shit up.

are you flipflopping? please clarify.