100 bitcoins. Will I be a millionaire by 2020? - page 18.

lissandra

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Quote from: Hyena on July 14, 2015, 10:17:21 AM

Quote from: CoinCidental on July 14, 2015, 10:08:22 AM

if i grow the worlds biggest apple by accident on my tree,on my property its 100% mine
if i eat it myself and shit it out i pay no taxes
if someone swapped me a lambo for the apple whats the differnce ,i still acquired value from nothing so i pay no taxes
if i sell it to my neighbour who makes apple jam with it and we sell the jam for $500k i guess we owe taxes
the part im not sure about is when exactly does the government own 30% of my apple ?
is it when its still on the tree ? and the value is as yet unknown ?
is it when its converted to jam ?
does it go by yearly tax dates ?
i cant declare an apple that hasnt fully grown yet as its value is still appreciating etc

that's why we live in a world of very flawed tax laws that are prone to corruption and injustice.

Only taxes that can be reliably enforced and could not be evaded should exist. Instead of taking money by force, governments should ask for donations and people should be able to choose in which government projects they donate. For example, I would not donate to the budget of DEA but I would donate to the public education budget. Free market bitch.

If they did that whole donation route, Id doubt anyone would donate lol.

If you ask people on the street would they donate to a homeless person you`ll have mixed reactions about donation and it`ll turn out the same way with donating to the government.

Also what you described should be more towards a private company that has some government contract.

techgeek

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Activity: 826

Merit: 1000

Quote from: Biodom on July 17, 2015, 12:41:52 PM

If you don't follow the market at large...

Google jumped 71 bil (~15%) in market cap today.
This equals 17.6X bitcoin entire market cap.
One stock, one day jump equals 17.6X bitcoin.

Conclusion: bitcoin is like a tiny seed. It could either grow into a tree thousand time larger or die trying.

But intially what you described can be anything? lol.

Its similar to a start up that has venture funding and hoping it would grow, but depends outside factors that no one can control.

arvis

newbie

Activity: 48

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Quote from: Moon_Man on July 20, 2015, 05:49:17 PM

I think u may have half a mill by 2020. Cool

OP will be pretty happy with that result too.

Moon_Man

member

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I think u may have half a mill by 2020. Cool

gentlemand

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Welt Am Draht

Quote from: newb4now on July 17, 2015, 09:23:43 PM

Quote from: Buffer Overflow on February 07, 2015, 10:43:20 AM

Quote from: ekissane on February 07, 2015, 10:11:12 AM

What do you think? I think I might be close. I'm guessing $10,000 per bitcoin by then.

Possibly, but what will $10,000 buy you then? A loaf of bread?

Unfortunately this is a legitimate question. $1 is worth less and less every year

In which case BTC will be a shitload higher because people will be running to it to avoid hyper inflation.

bitcollins85

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Yeah I remember rpietila predicting 1 million before 2020 or something along the lines lol.

newb4now

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Quote from: Buffer Overflow on February 07, 2015, 10:43:20 AM

Quote from: ekissane on February 07, 2015, 10:11:12 AM

What do you think? I think I might be close. I'm guessing $10,000 per bitcoin by then.

Possibly, but what will $10,000 buy you then? A loaf of bread?

Unfortunately this is a legitimate question. $1 is worth less and less every year

CoinCidental

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Si vis pacem, para bellum

Quote from: BTCFaucets on July 17, 2015, 04:13:43 AM

If all of the bitcoins are only held by a few individuals, then there is no way for the price to become that large. The only way is for the bitcoins to be spread among many people so it can be used effectively for a variety of services. And in that case, there is very little likelihood of you becoming millionaire.

you mean like gold ? oho wait .......

Biodom

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Activity: 3892

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If you don't follow the market at large...

Google jumped 71 bil (~15%) in market cap today.
This equals 17.6X bitcoin entire market cap.
One stock, one day jump equals 17.6X bitcoin.

Conclusion: bitcoin is like a tiny seed. It could either grow into a tree thousand time larger or die trying.

pereira4

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Activity: 1610

Merit: 1183

Quote from: jehst on July 17, 2015, 06:17:44 AM

Quote from: BTCFaucets on July 17, 2015, 04:13:43 AM

If all of the bitcoins are only held by a few individuals, then there is no way for the price to become that large. The only way is for the bitcoins to be spread among many people so it can be used effectively for a variety of services. And in that case, there is very little likelihood of you becoming millionaire.

Why? Why can't 98% of bitcoins be sitting dormant while we trade the remaining bitcoins back and forth at a price of 1 million each?

Is technically perfectly possible that BTC can run its whole ecosystem under a single BTC due the fact you can divide it as much as you want. So yes, a billonaire could buy most of the stock, drive the price to ridiculous levels, and as long as there is still demand, the market would run without problems. Everyone already in would be millonaires, and those getting in would get satoshis in exchange of their euros. The system still runs.

jehst

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21 million. I want them all.

Quote from: BTCFaucets on July 17, 2015, 04:13:43 AM

If all of the bitcoins are only held by a few individuals, then there is no way for the price to become that large. The only way is for the bitcoins to be spread among many people so it can be used effectively for a variety of services. And in that case, there is very little likelihood of you becoming millionaire.

Why? Why can't 98% of bitcoins be sitting dormant while we trade the remaining bitcoins back and forth at a price of 1 million each?

gentlemand

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Welt Am Draht

Quote from: BTCFaucets on July 17, 2015, 04:13:43 AM

If all of the bitcoins are only held by a few individuals, then there is no way for the price to become that large. The only way is for the bitcoins to be spread among many people so it can be used effectively for a variety of services. And in that case, there is very little likelihood of you becoming millionaire.

The less large hoards are sold, the higher the price of the available coins becomes assuming there's demand.

Quite a few big players think its widespread use as a currency will be the last thing to arrive. They're more convinced by the store and transfer of value case and it has to reach that first before viable currency happens anyway.

BTCFaucets

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If all of the bitcoins are only held by a few individuals, then there is no way for the price to become that large. The only way is for the bitcoins to be spread among many people so it can be used effectively for a variety of services. And in that case, there is very little likelihood of you becoming millionaire.

ThatDGuy

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Quote from: inca on July 14, 2015, 05:59:21 PM

Quote from: jehst on July 14, 2015, 05:27:54 PM

Quote from: jeffthebaker on July 14, 2015, 05:09:15 PM

Quote from: ekissane on February 07, 2015, 10:11:12 AM

What do you think? I think I might be close. I'm guessing $10,000 per bitcoin by then.

100K maybe, but I highly doubt Bitcoin will increase in value to $10,000 in just 5 years. If this is the case, I imagine some sort of event would have to take place that challenges the stability of the USD.

You're thinking of a stable $10,000. But bitcoin went from $100 to $1000 in a bubble. So the question is can bitcoin reach a stable value of $1000 in five years (and then have an unsustainable rally to $10,000), not whether bitcoin can stabilize at $10,000 in five years. With two halvings, I think it can.

Bingo..

Agreed, especially with more, bigger money paying more attention than it had in the last bubbles

BitmoreCoin

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Quote from: jehst on July 14, 2015, 05:27:54 PM

Quote from: jeffthebaker on July 14, 2015, 05:09:15 PM

Quote from: ekissane on February 07, 2015, 10:11:12 AM

What do you think? I think I might be close. I'm guessing $10,000 per bitcoin by then.

100K maybe, but I highly doubt Bitcoin will increase in value to $10,000 in just 5 years. If this is the case, I imagine some sort of event would have to take place that challenges the stability of the USD.

You're thinking of a stable $10,000. But bitcoin went from $100 to $1000 in a bubble. So the question is can bitcoin reach a stable value of $1000 in five years (and then have an unsustainable rally to $10,000), not whether bitcoin can stabilize at $10,000 in five years. With two halvings, I think it can.

Maybe with 3 halvings.

inca

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Quote from: jehst on July 14, 2015, 05:27:54 PM

Quote from: jeffthebaker on July 14, 2015, 05:09:15 PM

Quote from: ekissane on February 07, 2015, 10:11:12 AM

What do you think? I think I might be close. I'm guessing $10,000 per bitcoin by then.

100K maybe, but I highly doubt Bitcoin will increase in value to $10,000 in just 5 years. If this is the case, I imagine some sort of event would have to take place that challenges the stability of the USD.

You're thinking of a stable $10,000. But bitcoin went from $100 to $1000 in a bubble. So the question is can bitcoin reach a stable value of $1000 in five years (and then have an unsustainable rally to $10,000), not whether bitcoin can stabilize at $10,000 in five years. With two halvings, I think it can.

Bingo..

jehst

hero member

Activity: 798

Merit: 1000

21 million. I want them all.

Quote from: jeffthebaker on July 14, 2015, 05:09:15 PM

Quote from: ekissane on February 07, 2015, 10:11:12 AM

What do you think? I think I might be close. I'm guessing $10,000 per bitcoin by then.

100K maybe, but I highly doubt Bitcoin will increase in value to $10,000 in just 5 years. If this is the case, I imagine some sort of event would have to take place that challenges the stability of the USD.

You're thinking of a stable $10,000. But bitcoin went from $100 to $1000 in a bubble. So the question is can bitcoin reach a stable value of $1000 in five years (and then have an unsustainable rally to $10,000), not whether bitcoin can stabilize at $10,000 in five years. With two halvings, I think it can.

jeffthebaker

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Quote from: ekissane on February 07, 2015, 10:11:12 AM

What do you think? I think I might be close. I'm guessing $10,000 per bitcoin by then.

100K maybe, but I highly doubt Bitcoin will increase in value to $10,000 in just 5 years. If this is the case, I imagine some sort of event would have to take place that challenges the stability of the USD.

Amph

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Quote from: CoinCidental on July 14, 2015, 10:08:22 AM

Quote from: Amph on July 14, 2015, 02:47:18 AM

Quote from: CoinCidental on July 14, 2015, 02:04:37 AM

Quote from: wlefever on July 13, 2015, 10:03:05 PM

Quote from: Amph on July 12, 2015, 07:18:03 AM

Quote from: ekissane on July 12, 2015, 04:37:31 AM

Quote from: foxbitcoin on July 11, 2015, 06:51:51 PM

If you did cash out a million dollars to your bank account, aren't there some legal/technical issues to consider, right?

Don't worry, I won't be cashing out. I'll be spending my bitcoins directly.

be aware that for example iin the USa IRS want their portion even if you use your bitcoin directly, they will know about it if you buy expensive thing like a lambo....

This. They want you to keep track of price when you received (bought) the bitcoin, and the price you spent (sold in their eyes) at, and that is taxed.

what happens if you mined 10 btc for free (barring costs ) and suddenly that was enough to buy a lambo ?

you need to declare no matter what you used to have that lambo, even if you bought it with rocks, substantially all wealth should be taxed

but for small ones, they simply don't care

if i grow the worlds biggest apple by accident on my tree,on my property its 100% mine
if i eat it myself and shit it out i pay no taxes
if someone swapped me a lambo for the apple whats the differnce ,i still acquired value from nothing so i pay no taxes
if i sell it to my neighbour who makes apple jam with it and we sell the jam for $500k i guess we owe taxes
the part im not sure about is when exactly does the government own 30% of my apple ?
is it when its still on the tree ? and the value is as yet unknown ?
is it when its converted to jam ?
does it go by yearly tax dates ?
i cant declare an apple that hasnt fully grown yet as its value is still appreciating etc

hilarious example i must admit, but you know that the government does not care in the end, and they want their portion of your wealth, by the time you have your lambo(even in the case that it is a gift unless it was made by your spouse) you need to declare it as a personal property within the fiscal year

i'm not a tax expert, just small info here and there about the subject, so maybe there are other cases where you don't need to pay taxes

Hyena

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Activity: 2114

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Quote from: CoinCidental on July 14, 2015, 10:08:22 AM

if i grow the worlds biggest apple by accident on my tree,on my property its 100% mine
if i eat it myself and shit it out i pay no taxes
if someone swapped me a lambo for the apple whats the differnce ,i still acquired value from nothing so i pay no taxes
if i sell it to my neighbour who makes apple jam with it and we sell the jam for $500k i guess we owe taxes
the part im not sure about is when exactly does the government own 30% of my apple ?
is it when its still on the tree ? and the value is as yet unknown ?
is it when its converted to jam ?
does it go by yearly tax dates ?
i cant declare an apple that hasnt fully grown yet as its value is still appreciating etc

that's why we live in a world of very flawed tax laws that are prone to corruption and injustice.

Only taxes that can be reliably enforced and could not be evaded should exist. Instead of taking money by force, governments should ask for donations and people should be able to choose in which government projects they donate. For example, I would not donate to the budget of DEA but I would donate to the public education budget. Free market bitch.

Topic: 100 bitcoins. Will I be a millionaire by 2020? - page 18. (Read 77417 times)