Cryptocurrency

D

devknob

New member
Oct 30, 2007
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Houston, TX
How many of you actually use bitcoin/altcoins of any sort?

WHY? and which ones?

I'd imagine lots of people are attempting to hoard up lots of alt-coins. How many of you are the types of dudes that have and use bitcoin to purchase goods / trade etc?

From my perspective id only use these coins to do illegal shit, and I've thought of plenty of great possibilities. As for alt-coins[not bitcoin], I see them all as equal to a penny stock pump-and-dump scheme.

Though I do hold 15,500 ripples[xrp] and mine dogecoin just as a 'lotto ticket' type deal.

What do you think about cryptocurrency?

The 1 cool thing where I look at bitcoin/alts and say "fuck yeah this is a good idea" is the fact that I can send you 15,000 pennies in 15,000 individual transactions without fees. Other than that, I can only think of all the criminal shit I could be doing with them.
 


I do nothing illegal w/ bitcoin. I mostly sit on the coins, but lately have begun to use them more and more. I have recurring hosting payments which are paid in bitcoin. Have also purchased computer parts from the bitcoin store. I have recently begun accepting them for offline payments (only 1 taker so far) for legal goods. There is an infinite potential for completely legal and legitimate transactions with bitcoin.

Criminals will do illegal stuff with bitcoin, just like they do with cash. It is actually way easier to do shady shit with cash than it is with bitcoin.
 
We have to wait 10+ years to see where it'll go with cryptos. IMO it could be one of the most important technological advancements in recent times but it's still too early to draw any kind of conclusions from it.

It's probably a bit like when paper money was being introduced. At the start it had limited application and it took a while to spread.
 
I pretty much get paid solely in bitcoin. I guess I've received a couple wire transfers, then can't remember the last time I received a Paypal payment. What can I say? Crypto currency devel projects pay good.

I actually prefer to get paid in bitcoin. Intl wire transfers are a pain many times (client writes the wrong info down, clerk at the bank doesn't know what she's doing, etc.), and PayPal just simply sucks. Plus PayPal skims a good 3 - 7% off the currency exchange rates.

With bitcoin got my account verified no problem even though I'm not a Canadian resident, never once had an issue, and have a daily withdrawal limit of $25,000/day, plus I have a debit card from the exchange too. I can live with that. Plus the funds hit my bank account usually within 48 hours max, which is far quicker than PayPal. Oh, and their customer support kicks ass too, and is quite personable.
 
Kiopa_Matt said:
I pretty much get paid solely in bitcoin. I guess I've received a couple wire transfers, then can't remember the last time I received a Paypal payment. What can I say? Crypto currency devel projects pay good.

I actually prefer to get paid in bitcoin. Intl wire transfers are a pain many times (client writes the wrong info down, clerk at the bank doesn't know what she's doing, etc.), and PayPal just simply sucks. Plus PayPal skims a good 3 - 7% off the currency exchange rates.

With bitcoin got my account verified no problem even though I'm not a Canadian resident, never once had an issue, and have a daily withdrawal limit of $25,000/day, plus I have a debit card from the exchange too. I can live with that. Plus the funds hit my bank account usually within 48 hours max, which is far quicker than PayPal.
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Hey what is your exact setup for all this?
Sounds interesting!
 
Kiopa_Matt said:
I actually prefer to get paid in bitcoin. Intl wire transfers are a pain many times (client writes the wrong info down, clerk at the bank doesn't know what she's doing, etc.), and PayPal just simply sucks. Plus PayPal skims a good 3 - 7% off the currency exchange rates.
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No fees on non peasant level transactions, and domestic transfers accepted:

http://www.canadianforex.ca/

Otherwise, multiple currency accounts are boss. No need to change back and forth between currencies.

Kiopa_Matt said:
With bitcoin got my account verified no problem even though I'm not a Canadian resident, never once had an issue, and have a daily withdrawal limit of $25,000/day, plus I have a debit card from the exchange too. I can live with that. Plus the funds hit my bank account usually within 48 hours max, which is far quicker than PayPal. Oh, and their customer support kicks ass too, and is quite personable.
Click to expand...

Got float?
 
Question: let's say I conduct some business - I collect $10k in bitcoin from domestic customer. And then I also transact overseas, sending $5k worth of bitcoin for services rendered.

What, if any, are the tax implications here?
 
infoslob said:
Question: let's say I conduct some business - I collect $10k in bitcoin from domestic customer. And then I also transact overseas, sending $5k worth of bitcoin for services rendered.

What, if any, are the tax implications here?
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Oh, hai IRS gaiz! :small-smiley-026:

Tax is your personal responsibility, nothing more, nothing less.
 
I've bought and sold a few times this year and made a decent profit. I fully support the ideology behind bitcoin, but personally I don't see it going anywhere as a long-term investment. It seems like every day it continues to lose traction despite more and more businesses trying to pick it up. Consumers are too stuck in their ways to try it out, and governments are too power-hungry to let it advance too much without panicking and trying to shut it down.

That being said I still have a pretty large quantity of coins sitting in a paper wallet just for the hell of it. If it ends up skyrocketing then good. If it doesn't then I don't really care.
 
Thats another thing. Bitcoins were declared to be property, not currency. Im no expert but I believe that means in the states it would be subject to (if anything) capital gains, not income tax.



babylonian said:
Oh, hai IRS gaiz! :small-smiley-026:

Tax is your personal responsibility, nothing more, nothing less.
Click to expand...
 
devknob said:
Thats another thing. Bitcoins were declared to be property, not currency. Im no expert but I believe that means in the states it would be subject to (if anything) capital gains, not income tax.
Click to expand...

That's what I've heard. So it would be pretty simple in that you would pay tax on whatever portion you cash out for USD. I assume spending it like a currency would equal cashing out in the eyes of the IRS*, so he would pay tax on $5k worth of revenue. But he's also expensing the same $5k so nothing happens.

* If you buy an asset, it appreciates, and then you "trade" it directly for another asset or service without cashing it out, I'm assuming the IRS still classes that as "cashing out" and subjects it to capital gains tax. Correct me if I'm wrong.
 
JoseArmando said:
We have to wait 10+ years to see where it'll go with cryptos. IMO it could be one of the most important technological advancements in recent times but it's still too early to draw any kind of conclusions from it.

It's probably a bit like when paper money was being introduced. At the start it had limited application and it took a while to spread.
Click to expand...

Cool post and thank you. I think Crypto will be the internet of money. Money is bigger than the internet as without $, they iz no internetswebz.

Crypto won't stop, can't stop.
Is Bitcoin going to be the leader forever? Doubt it.

Even the BTC Association is actually moving starting to realize this. *Be nice LukeP* Check it http://bitcoinassociation.org/ , free membership over there right now if you are into, you know...disruptive technologies.
 
Not really sure. The IRS has enough text to probably treat it on a case-by-case basis depending on what their goal is. It'd be interesting to hear what a tax genius would say about this. I'd think "spending" would be replaced with "trading" since the IRS did classify[or announce] that bitcoin is property.

I do know this, [according to the old grace commission report] the black market grows in direct correlation to taxes and taxes have and are increasing.

This kinda leads me to another idea that is somewhat unsettling - that it may be bitcoin that provides sufficient reasoning for more internet regulation since it cant/wont be stopped, is completely anonymous and would be ideal for tax evasion. A lot of people say its just like cash but thats not entirely true since you can receive, spend and launder bitcoin without the risks associated with physical cash.


o hai guyz said:
That's what I've heard. So it would be pretty simple in that you would pay tax on whatever portion you cash out for USD. I assume spending it like a currency would equal cashing out in the eyes of the IRS*, so he would pay tax on $5k worth of revenue. But he's also expensing the same $5k so nothing happens.

* If you buy an asset, it appreciates, and then you "trade" it directly for another asset or service without cashing it out, I'm assuming the IRS still classes that as "cashing out" and subjects it to capital gains tax. Correct me if I'm wrong.
Click to expand...
 
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