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Bitcoin: Does it have a future ?
hisah
#41 Posted : Tuesday, January 28, 2014 5:18:30 PM
Rank: Chief


Joined: 8/4/2010
Posts: 8,977
Manhattan U.S. Attorney Announces Charges Against Bitcoin Exchangers, Including Ceo Of Bitcoin Exchange Company, For Scheme To Sell And Launder Over $1 Million In Bitcoins Related To Silk Road Drug Trafficking - http://www.wired.com/bey...hern-district-new-york/

This bitcoin drama... More than meets the eye. At some point the real story will come out then we can see wthether it's the rebels or the emperor that will be naked...

$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
jokes
#42 Posted : Saturday, February 08, 2014 11:28:46 AM
Rank: Member


Joined: 7/1/2008
Posts: 323
I am not an expert and will not offer educated analysis of why i have arrived at this observation but i know the future when i see one.
This is the future, call it Bit-coin or whatever will come later.
Remember Napster? the company was closed due to illegal file sharing of audio files but we are still sharing e.g bit torrent, old skull.
No matter what the USA govt does or other govts does hard currency as a form of exchange will one day cease and be taken up by the stuff once considered the stuff of sci fi.
Banks will cease to be huge banking halls peopled with bank tellers ( a trend already happening) and be lodged on the website where you can do your transations automatically without referring to a person or necessitating face to face encounters.
In fact the chances of banks becoming irrelevant are real unless they start consolidating and start investing in web banking. we are witnessing this with Mpesa and mshwari in Kenya people are banking their money in phones "digits".
The other scenario is the governments will control all money exchange that go on in the internet which will be resisted legally and illegally.
A probable end scenario is a world central exchange (W.C.A) where all money transactions are carried out using secured codes.
IN future going to the banks will be archaic something to be watched in cyber museum how we used to waste time queuing to pay or receive money.
Advances in Artificial intelligence (A.I), faster secure communication links using the web will make the web really a web connecting us no matter where we are.
At first it will be probably chips implanted using nano technology.
Later biologically developed implants.
Lastly through genetic modification and cloning we will have extra sensory organs that make us have the ability to communicate (for the lack of a better word )"telepathically".
Then we will have a race that is able to communicate with each other without the use of gadgets. It will be as natural as breathing, a part of you that you don't even notice.
Naturally growing sensory organs that make it possible for us to communicate with the rest of the world. It will be a function that you are not even aware of, making it possible to communicate with someone in the arctic while in Mandera and place an order to supply water in form of ice bergs, pay by acknowledging receipt mentally and this information is loaded instantly to everyone in the world without even noticing it until the day you want to do a transaction with one of the parties.
once you initiate contact you will AUTOMATICALLY know their worth without referring to any form of database as all this is lodged in your brain.
This knowledge will be known by everyone IN THE WORLD i.e Goods supplied, value of goods, acceptance of goods and value of parties (net worth). In the end eliminating the need of MONEY.
This will necessitate a change in our values about privacy.
Bit coin and its future off-springs are the way of the future.
iMANI
#43 Posted : Saturday, February 08, 2014 12:27:52 PM
Rank: Member


Joined: 2/20/2008
Posts: 84
jokes wrote:
I am not an expert and will not offer educated analysis of why i have arrived at this observation but i know the future when i see one.
This is the future, call it Bit-coin or whatever will come later.
Remember Napster? the company was closed due to illegal file sharing of audio files but we are still sharing e.g bit torrent, old skull.
No matter what the USA govt does or other govts does hard currency as a form of exchange will one day cease and be taken up by the stuff once considered the stuff of sci fi.
Banks will cease to be huge banking halls peopled with bank tellers ( a trend already happening) and be lodged on the website where you can do your transations automatically without referring to a person or necessitating face to face encounters.
In fact the chances of banks becoming irrelevant are real unless they start consolidating and start investing in web banking. we are witnessing this with Mpesa and mshwari in Kenya people are banking their money in phones "digits".
The other scenario is the governments will control all money exchange that go on in the internet which will be resisted legally and illegally.
A probable end scenario is a world central exchange (W.C.A) where all money transactions are carried out using secured codes.
IN future going to the banks will be archaic something to be watched in cyber museum how we used to waste time queuing to pay or receive money.
Advances in Artificial intelligence (A.I), faster secure communication links using the web will make the web really a web connecting us no matter where we are.
At first it will be probably chips implanted using nano technology.
Later biologically developed implants.
Lastly through genetic modification and cloning we will have extra sensory organs that make us have the ability to communicate (for the lack of a better word )"telepathically".
Then we will have a race that is able to communicate with each other without the use of gadgets. It will be as natural as breathing, a part of you that you don't even notice.
Naturally growing sensory organs that make it possible for us to communicate with the rest of the world. It will be a function that you are not even aware of, making it possible to communicate with someone in the arctic while in Mandera and place an order to supply water in form of ice bergs, pay by acknowledging receipt mentally and this information is loaded instantly to everyone in the world without even noticing it until the day you want to do a transaction with one of the parties.
once you initiate contact you will AUTOMATICALLY know their worth without referring to any form of database as all this is lodged in your brain.
This knowledge will be known by everyone IN THE WORLD i.e Goods supplied, value of goods, acceptance of goods and value of parties (net worth). In the end eliminating the need of MONEY.
This will necessitate a change in our values about privacy.
Bit coin and its future off-springs are the way of the future.


...and then the world as we know it will END. smile
Life and beer are very similar........chill for best results.


kaifastus
#44 Posted : Saturday, February 08, 2014 12:39:37 PM
Rank: Member


Joined: 8/17/2011
Posts: 201
Location: humu humu
jokes wrote:

I am not an expert and will not offer educated analysis of why i have arrived at this observation but i know the future when i see one.
This is the future, call it Bit-coin or whatever will come later.
Remember Napster? the company was closed due to illegal file sharing of audio files but we are still sharing e.g bit torrent, old skull.
No matter what the USA govt does or other govts does hard currency as a form of exchange will one day cease and be taken up by the stuff once considered the stuff of sci fi.
Banks will cease to be huge banking halls peopled with bank tellers ( a trend already happening) and be lodged on the website where you can do your transations automatically without referring to a person or necessitating face to face encounters.
In fact the chances of banks becoming irrelevant are real unless they start consolidating and start investing in web banking. we are witnessing this with Mpesa and mshwari in Kenya people are banking their money in phones "digits".
The other scenario is the governments will control all money exchange that go on in the internet which will be resisted legally and illegally.
A probable end scenario is a world central exchange (W.C.A) where all money transactions are carried out using secured codes.
IN future going to the banks will be archaic something to be watched in cyber museum how we used to waste time queuing to pay or receive money.
Advances in Artificial intelligence (A.I), faster secure communication links using the web will make the web really a web connecting us no matter where we are.
At first it will be probably chips implanted using nano technology.
Later biologically developed implants.
Lastly through genetic modification and cloning we will have extra sensory organs that make us have the ability to communicate (for the lack of a better word )"telepathically".
Then we will have a race that is able to communicate with each other without the use of gadgets. It will be as natural as breathing, a part of you that you don't even notice.
Naturally growing sensory organs that make it possible for us to communicate with the rest of the world. It will be a function that you are not even aware of, making it possible to communicate with someone in the arctic while in Mandera and place an order to supply water in form of ice bergs, pay by acknowledging receipt mentally and this information is loaded instantly to everyone in the world without even noticing it until the day you want to do a transaction with one of the parties.
once you initiate contact you will AUTOMATICALLY know their worth without referring to any form of database as all this is lodged in your brain.
This knowledge will be known by everyone IN THE WORLD i.e Goods supplied, value of goods, acceptance of goods and value of parties (net worth). In the end eliminating the need of MONEY.
This will necessitate a change in our values about privacy.
Bit coin and its future off-springs are the way of the future.


that part of telepathy is too much!

jokes
#45 Posted : Saturday, February 08, 2014 11:47:38 PM
Rank: Member


Joined: 7/1/2008
Posts: 323
kaifastus wrote:
jokes wrote:

I am not an expert and will not offer educated analysis of why i have arrived at this observation but i know the future when i see one.
This is the future, call it Bit-coin or whatever will come later.
Remember Napster? the company was closed due to illegal file sharing of audio files but we are still sharing e.g bit torrent, old skull.
No matter what the USA govt does or other govts does hard currency as a form of exchange will one day cease and be taken up by the stuff once considered the stuff of sci fi.
Banks will cease to be huge banking halls peopled with bank tellers ( a trend already happening) and be lodged on the website where you can do your transations automatically without referring to a person or necessitating face to face encounters.
In fact the chances of banks becoming irrelevant are real unless they start consolidating and start investing in web banking. we are witnessing this with Mpesa and mshwari in Kenya people are banking their money in phones "digits".
The other scenario is the governments will control all money exchange that go on in the internet which will be resisted legally and illegally.
A probable end scenario is a world central exchange (W.C.A) where all money transactions are carried out using secured codes.
IN future going to the banks will be archaic something to be watched in cyber museum how we used to waste time queuing to pay or receive money.
Advances in Artificial intelligence (A.I), faster secure communication links using the web will make the web really a web connecting us no matter where we are.
At first it will be probably chips implanted using nano technology.
Later biologically developed implants.
Lastly through genetic modification and cloning we will have extra sensory organs that make us have the ability to communicate (for the lack of a better word )"telepathically".
Then we will have a race that is able to communicate with each other without the use of gadgets. It will be as natural as breathing, a part of you that you don't even notice.
Naturally growing sensory organs that make it possible for us to communicate with the rest of the world. It will be a function that you are not even aware of, making it possible to communicate with someone in the arctic while in Mandera and place an order to supply water in form of ice bergs, pay by acknowledging receipt mentally and this information is loaded instantly to everyone in the world without even noticing it until the day you want to do a transaction with one of the parties.
once you initiate contact you will AUTOMATICALLY know their worth without referring to any form of database as all this is lodged in your brain.
This knowledge will be known by everyone IN THE WORLD i.e Goods supplied, value of goods, acceptance of goods and value of parties (net worth). In the end eliminating the need of MONEY.
This will necessitate a change in our values about privacy.
Bit coin and its future off-springs are the way of the future.


that part of telepathy is too much!



If you notice I used the telepathy for a lack of a better word.
Rankaz13
#46 Posted : Sunday, February 09, 2014 9:49:52 AM
Rank: Elder


Joined: 5/21/2013
Posts: 2,838
Location: Here
iMANI wrote:
jokes wrote:
I am not an expert and will not offer educated analysis of why i have arrived at this observation but i know the future when i see one.
This is the future, call it Bit-coin or whatever will come later.
Remember Napster? the company was closed due to illegal file sharing of audio files but we are still sharing e.g bit torrent, old skull.
No matter what the USA govt does or other govts does hard currency as a form of exchange will one day cease and be taken up by the stuff once considered the stuff of sci fi.
Banks will cease to be huge banking halls peopled with bank tellers ( a trend already happening) and be lodged on the website where you can do your transations automatically without referring to a person or necessitating face to face encounters.
In fact the chances of banks becoming irrelevant are real unless they start consolidating and start investing in web banking. we are witnessing this with Mpesa and mshwari in Kenya people are banking their money in phones "digits".
The other scenario is the governments will control all money exchange that go on in the internet which will be resisted legally and illegally.
A probable end scenario is a world central exchange (W.C.A) where all money transactions are carried out using secured codes.
IN future going to the banks will be archaic something to be watched in cyber museum how we used to waste time queuing to pay or receive money.
Advances in Artificial intelligence (A.I), faster secure communication links using the web will make the web really a web connecting us no matter where we are.
At first it will be probably chips implanted using nano technology.
Later biologically developed implants.
Lastly through genetic modification and cloning we will have extra sensory organs that make us have the ability to communicate (for the lack of a better word )"telepathically".
Then we will have a race that is able to communicate with each other without the use of gadgets. It will be as natural as breathing, a part of you that you don't even notice.
Naturally growing sensory organs that make it possible for us to communicate with the rest of the world. It will be a function that you are not even aware of, making it possible to communicate with someone in the arctic while in Mandera and place an order to supply water in form of ice bergs, pay by acknowledging receipt mentally and this information is loaded instantly to everyone in the world without even noticing it until the day you want to do a transaction with one of the parties.
once you initiate contact you will AUTOMATICALLY know their worth without referring to any form of database as all this is lodged in your brain.
This knowledge will be known by everyone IN THE WORLD i.e Goods supplied, value of goods, acceptance of goods and value of parties (net worth). In the end eliminating the need of MONEY.
This will necessitate a change in our values about privacy.
Bit coin and its future off-springs are the way of the future.


...and then the world as we know it will END. smile


smile Laughing out loudly
Life is like playing a violin solo in public and learning the instrument as one goes on.
jokes
#47 Posted : Sunday, February 09, 2014 3:33:20 PM
Rank: Member


Joined: 7/1/2008
Posts: 323
iMANI wrote:
jokes wrote:
I am not an expert and will not offer educated analysis of why i have arrived at this observation but i know the future when i see one.
This is the future, call it Bit-coin or whatever will come later.
Remember Napster? the company was closed due to illegal file sharing of audio files but we are still sharing e.g bit torrent, old skull.
No matter what the USA govt does or other govts does hard currency as a form of exchange will one day cease and be taken up by the stuff once considered the stuff of sci fi.
Banks will cease to be huge banking halls peopled with bank tellers ( a trend already happening) and be lodged on the website where you can do your transations automatically without referring to a person or necessitating face to face encounters.
In fact the chances of banks becoming irrelevant are real unless they start consolidating and start investing in web banking. we are witnessing this with Mpesa and mshwari in Kenya people are banking their money in phones "digits".
The other scenario is the governments will control all money exchange that go on in the internet which will be resisted legally and illegally.
A probable end scenario is a world central exchange (W.C.A) where all money transactions are carried out using secured codes.
IN future going to the banks will be archaic something to be watched in cyber museum how we used to waste time queuing to pay or receive money.
Advances in Artificial intelligence (A.I), faster secure communication links using the web will make the web really a web connecting us no matter where we are.
At first it will be probably chips implanted using nano technology.
Later biologically developed implants.
Lastly through genetic modification and cloning we will have extra sensory organs that make us have the ability to communicate (for the lack of a better word )"telepathically".
Then we will have a race that is able to communicate with each other without the use of gadgets. It will be as natural as breathing, a part of you that you don't even notice.
Naturally growing sensory organs that make it possible for us to communicate with the rest of the world. It will be a function that you are not even aware of, making it possible to communicate with someone in the arctic while in Mandera and place an order to supply water in form of ice bergs, pay by acknowledging receipt mentally and this information is loaded instantly to everyone in the world without even noticing it until the day you want to do a transaction with one of the parties.
once you initiate contact you will AUTOMATICALLY know their worth without referring to any form of database as all this is lodged in your brain.
This knowledge will be known by everyone IN THE WORLD i.e Goods supplied, value of goods, acceptance of goods and value of parties (net worth). In the end eliminating the need of MONEY.
This will necessitate a change in our values about privacy.
Bit coin and its future off-springs are the way of the future.


...and then the world as we know it will END. smile


The world as we know it ENDs every-time we sleep and wake up
Museveni
#48 Posted : Monday, February 10, 2014 10:23:03 AM
Rank: Member


Joined: 8/16/2012
Posts: 657
Why Mt. Gox, the World’s First Bitcoin Exchange, is Dying
Quote:
..Antonopoulos outlined what he believes to be the technical reasons behind the Gox freeze. The root of the problem lies in its decision to use a version of the bitcoin client it customised itself, rather than the standard client. As a result, Gox handles the protocol with some discrepancies.

One of those discrepancies, as Antonopoulos understands it, is the way transactions are propagated through the network. A miner on Gox, for example, will prematurely be credited for a new block before the network has a chance to confirm the transaction. As a result, when the transaction hits the bitcoin network to be corroborated, it is rejected. Gox’s solution is to cancel the initial transaction and resubmit it until it is approved.

“This is like putting a Band-Aid on the problem. Gox should not be generating non-standard transactions in the first place. Band-Aids like this will further exacerbate scalability problems,” Antonopoulos said...


Quote:
“I actually think, in the long run, this will be good for bitcoin because it will be clear to the world that there is an open invitation for true professionals to quickly dominate the bitcoin exchange industry.”


Here is a golden opportunity for the 'techies'
Live and learn; and don’t forget, nothing ventured, nothing gained.
Museveni
#49 Posted : Monday, February 10, 2014 12:12:50 PM
Rank: Member


Joined: 8/16/2012
Posts: 657
The coin prince: inside Bitcoin's first big money-laundering scandal

Quote:
Shrem is 5 feet 5 inches tall, full-bearded, and high-energy. He’s the kind of guy who likes to party and loves to organize events, but also goes to his parents’ house every Friday night for dinner. He started investing in Bitcoin as a senior at Brooklyn College, buying "many thousands" when the coins were around $3 or $4 each (they’re now over $800), but his notoriety didn’t come until BitInstant, the Bitcoin payments company he co-founded that was profitable almost from day one.

The first glimmering of BitInstant came on June 13th, 2011, when a part-time student named Gareth Nelson posted his idea for a fast pay service on the forums at Bitcointalk.org. At the time, buying and selling Bitcoin on major exchanges like Mt Gox could take as long as six days, in part because many banks take days to process transfers. Nelson thought he could speed this up by fronting the balance, then collecting a small fee for the trouble, enabling customers to receive their bitcoins on the same day even if they were using cash. Because Bitcoin transactions are irreversible, there was basically no risk. All he needed was some startup capital. "PM some more info," Shrem wrote back. "I could work with you."
Live and learn; and don’t forget, nothing ventured, nothing gained.
hisah
#50 Posted : Friday, February 14, 2014 1:24:04 PM
Rank: Chief


Joined: 8/4/2010
Posts: 8,977
Major Silk Road 2.0 hack costs bitcoin users millions of dollars - http://rt.com/usa/silk-r...k-bitcoin-millions-947/

The silk road fight continues...
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
seanwilliam1988
#51 Posted : Monday, February 17, 2014 11:21:24 AM
Rank: Hello


Joined: 2/17/2014
Posts: 1
Bitcoin may be a very young currency yet it has proven itself in our economy. Despite many drawbacks, it is still keep going stronger. Though I know it still has a lot to prove, like what bitcoindaily.com stated in one of their articles, I know it has huge potential to be a future currency.
Bitcoin Daily - One-stop source of daily bitcoin news
Museveni
#52 Posted : Tuesday, February 18, 2014 8:41:04 AM
Rank: Member


Joined: 8/16/2012
Posts: 657
The troublesome history of the bitcoin exchange MtGox
Live and learn; and don’t forget, nothing ventured, nothing gained.
Museveni
#53 Posted : Thursday, February 20, 2014 8:24:12 AM
Rank: Member


Joined: 8/16/2012
Posts: 657
Winklevoss Brothers Offer an Index to Track Price of Bitcoin
Quote:
Stock traders have the Standard & Poor’s 500. Bitcoin bettors will have the Winkdex.

Quote:
The Winkelvoss Bitcoin Trust is set to be traded on public stock exchanges. The fund will work with other financial firms to buy and sell Bitcoin each day to remain in line with the number of outstanding shares of the E.T.F. The so-called net asset value of the fund will be adjusted at the close of trading each day, based on the value of the Winkdex.

Quote:
The Winkdex will compete with a growing number of companies providing data on the virtual currency industry. The most popular index for the price of a Bitcoin is operated by CoinDesk, a news and information website.

CoinDesk’s Bitcoin Price Index is compiled using prices from two virtual currency exchanges. Until last week it also used the price from a third, Mt. Gox, but that was removed from the index after the exchange suspended customer withdrawals.

The Winkdex will use data from seven exchanges and weight the prices based on the volume of trading on each exchange. Early Wednesday afternoon, the Winkdex stood at $627, up 0.7 percent from a day earlier.
Live and learn; and don’t forget, nothing ventured, nothing gained.
Museveni
#54 Posted : Tuesday, February 25, 2014 11:45:26 AM
Rank: Member


Joined: 8/16/2012
Posts: 657
Joint Statement Regarding MtGox
Quote:
The purpose of this document is to summarize a joint statement to the Bitcoin community regarding Mt.Gox.

This tragic violation of the trust of users of Mt.Gox was the result of one company’s actions and does not reflect the resilience or value of bitcoin and the digital currency industry. There are hundreds of trustworthy and responsible companies involved in bitcoin. These companies will continue to build the future of money by making bitcoin more secure and easy to use for consumers and merchants. As with any new industry, there are certain bad actors that need to be weeded out, and that is what we are seeing today. Mtgox has confirmed its issues in private discussions with other members of the bitcoin community

We are confident, however, that strong Bitcoin companies, led by highly competent teams and backed by credible investors, will continue to thrive, and to fulfill the promise that bitcoin offers as the future of payment in the Internet age.

In order to re-establish the trust squandered by the failings of Mt. Gox, responsible bitcoin exchanges are working together and are committed to the future of bitcoin and the security of all customer funds. As part of the effort to re-assure customers, the following services will be coordinating efforts over the coming days to publicly reassure customers and the general public that all funds continue to be held in a safe and secure manner: Coinbase, Kraken, BitStamp, Circle, and BTC China.

We strongly believe in transparent, thoughtful, and comprehensive consumer protection measures. We pledge to lead the way.

Bitcoin operators, whether they be exchanges, wallet services or payment providers, play a critical custodial role over the bitcoin they hold as assets for their customers. Acting as a custodian should require a high-bar, including appropriate security safeguards that are independently audited and tested on a regular basis, adequate balance sheets and reserves as commercial entities, transparent and accountable customer disclosures, and clear policies to not use customer assets for proprietary trading or for margin loans in leveraged trading.


The following industry leaders stand by this statement:


Fred Ehrsam and Brian Armstrong — Founders of Coinbase

Jesse Powell — CEO of Kraken

Nejc Kodrič — CEO of Bitstamp.net

Bobby Lee — CEO of BTC China

Nicolas Cary — CEO of Blockchain.info

Jeremy Allaire — CEO of Circle


Bitcoin’s Apocalyptic Moment: Mt. Gox may have lost 750,000 bitcoins


Breaking – Mt. Gox is dead, long live Mt. Gox

Live and learn; and don’t forget, nothing ventured, nothing gained.
murchr
#55 Posted : Wednesday, March 05, 2014 7:15:43 AM
Rank: Elder


Joined: 2/26/2012
Posts: 15,013
A bitcoin bank has been forced to close after hackers stole 896 bitcoin, worth £365,000, in an attack on Sunday.

The company shut its website and posted a statement on Tuesday morning detailing the loss.

“On March 2nd 2014 Flexcoin was attacked and robbed of all coins in the hot wallet,” the statement read. “As Flexcoin does not have the resources, assets, or otherwise to come back from this loss, we are closing our doors immediately.”
http://www.theguardian.c...closes-after-hack-attack
"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
alutacontinua
#56 Posted : Wednesday, March 05, 2014 11:11:32 AM
Rank: Member


Joined: 3/23/2011
Posts: 304
http://newswatch.us/28-y...after-possible-suicide/

Not too sure if its been confirmed....the drama keeps unfolding
You dont have to be great to START but you have to start to be GREAT!!!!!!!!
Museveni
#57 Posted : Monday, March 24, 2014 10:33:45 AM
Rank: Member


Joined: 8/16/2012
Posts: 657
Exchange Vircurex Freezes Withdrawals, Claims Lack of Reserves
Quote:
Beijing-based virtual currency exchange Vircurex has frozen most of its digital currency withdrawals effective immediately, claiming it no longer has the reserves to cover customer requests.

The freeze will affect all bitcoin, litecoin, feathercoin and terracoin withdrawals. A message on Vircurex’s site says it will create a new balance type called ‘Frozen Funds’ covering all balances in the aforementioned currencies. The company maintains it won’t be shutting down, saying it intends to “gradually pay back the losses”.
Live and learn; and don’t forget, nothing ventured, nothing gained.
Museveni
#58 Posted : Wednesday, March 26, 2014 8:36:35 AM
Rank: Member


Joined: 8/16/2012
Posts: 657
Bitcoin Is Property Not Currency in Tax System, IRS Says

Quote:
The U.S. government will treat Bitcoin as property for tax purposes, applying rules it uses to govern stocks and barter transactions, the Internal Revenue Service said in its first substantive ruling on the issue.

Today’s IRS guidance will provide certainty for Bitcoin investors, along with income-tax liability that wasn’t specified before.

Quote:
The IRS ruling means Bitcoin investors will be treated like stock investors. Bitcoins held for more than a year and then sold would face the lower tax rates applicable to capital gains -- a maximum of 23.8 percent compared with the 43.4 percent top rate on property sold within a year of purchase.
Live and learn; and don’t forget, nothing ventured, nothing gained.
Rankaz13
#59 Posted : Friday, April 04, 2014 10:14:04 AM
Rank: Elder


Joined: 5/21/2013
Posts: 2,838
Location: Here
Museveni wrote:
Bitcoin Is Property Not Currency in Tax System, IRS Says

Quote:
The U.S. government will treat Bitcoin as property for tax purposes, applying rules it uses to govern stocks and barter transactions, the Internal Revenue Service said in its first substantive ruling on the issue.

Today’s IRS guidance will provide certainty for Bitcoin investors, along with income-tax liability that wasn’t specified before.

Quote:
The IRS ruling means Bitcoin investors will be treated like stock investors. Bitcoins held for more than a year and then sold would face the lower tax rates applicable to capital gains -- a maximum of 23.8 percent compared with the 43.4 percent top rate on property sold within a year of purchase.



Sad from

http://www.breitbart.com...oactively-Taxes-Bitcoin

The tax is to apply retrospectively:

Quote:
Last week the IRS announced that Bitcoin is not a currency and is, instead, property. This has effectively turned tens of thousands of Americans into tax cheats and endangered the adoption of Bitcoin by wider audiences – even more so than the Mt. Gox fiasco from nearly two months ago.
Life is like playing a violin solo in public and learning the instrument as one goes on.
hisah
#60 Posted : Friday, April 04, 2014 11:17:29 AM
Rank: Chief


Joined: 8/4/2010
Posts: 8,977
Rankaz13 wrote:
Museveni wrote:
Bitcoin Is Property Not Currency in Tax System, IRS Says

Quote:
The U.S. government will treat Bitcoin as property for tax purposes, applying rules it uses to govern stocks and barter transactions, the Internal Revenue Service said in its first substantive ruling on the issue.

Today’s IRS guidance will provide certainty for Bitcoin investors, along with income-tax liability that wasn’t specified before.

Quote:
The IRS ruling means Bitcoin investors will be treated like stock investors. Bitcoins held for more than a year and then sold would face the lower tax rates applicable to capital gains -- a maximum of 23.8 percent compared with the 43.4 percent top rate on property sold within a year of purchase.



Sad from

http://www.breitbart.com...oactively-Taxes-Bitcoin

The tax is to apply retrospectively:

Quote:
Last week the IRS announced that Bitcoin is not a currency and is, instead, property. This has effectively turned tens of thousands of Americans into tax cheats and endangered the adoption of Bitcoin by wider audiences – even more so than the Mt. Gox fiasco from nearly two months ago.

This is a good outcome i.e. Bitcoin to be taxed since its property. In short it means own bitcoin and dump those useless dollars. The taxation has made bitcoin to resemble gold smile

Cartoons show that bitcoin is headed lower if 400 support is broken down.

$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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