371,000?
Surely you can spare this not so wealthy first time father a couple hundred coins?
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Topic: Anyone know what happened to knightmb and his 371,000 BTC? - page 12. (Read 81600 times)
A better question is
What is is like to make $1.5M in a single day without doing anything?
This is a truly awesome BTC story
What is is like to make $1.5M in a single day without doing anything?
This is a truly awesome BTC story
Holy,
How does it feel to be worth 5.3 million $ :p ?
How does it feel to be worth 5.3 million $ :p ?
If I where you. I'd sell 1000 BTC every month for that current prize and fuck my day job. I'd happily pay taxes on that and life my life for the next 31 years in peace and riches..
This sounds terrible.
I would pay whatever was required to have all my needs met for bitcoin directly. I bet it would be easy and hardly cost extra in about 3 months. To never touch another dollar would be sweet.
+1
Bitcoin is not a get-rich-quick scheme. The end goal of bitcoin is to create a self-contained economy.
Why so modest? Let's make it the most trusted global currency.
Of course I agree having even a small economy is a step in the right direction
I would have to agree that knight would be a fool to leave all his gains unrealized when bitcoin is so vulnerable to threats from USG.
He'd also be a fool to talk about realizing gains on a public forum.
He'd also be a fool to talk about realizing gains on a public forum.
Wow dude.
If I where you. I'd sell 1000 BTC every month for that current prize and fuck my day job. I'd happily pay taxes on that and life my life for the next 31 years in peace and riches..
If I where you. I'd sell 1000 BTC every month for that current prize and fuck my day job. I'd happily pay taxes on that and life my life for the next 31 years in peace and riches..
I would sell the 1000 BTC a month as well as that would not effect the volume at mtgox substantially as 1 million were traded last month. But I would keep my day job and bank the money in stocks, real estate and gold. If bitcoin continued at similar prices after a few years THEN I would consider retiring.
If I where you. I'd sell 1000 BTC every month for that current prize and fuck my day job. I'd happily pay taxes on that and life my life for the next 31 years in peace and riches..
This sounds terrible.
I would pay whatever was required to have all my needs met for bitcoin directly. I bet it would be easy and hardly cost extra in about 3 months. To never touch another dollar would be sweet.
+1
Bitcoin is not a get-rich-quick scheme. The end goal of bitcoin is to create a self-contained economy.
Wow dude.
If I where you. I'd sell 1000 BTC every month for that current prize and fuck my day job. I'd happily pay taxes on that and life my life for the next 31 years in peace and riches..
I'd just set up some company that makes 7k profit a month, pay taxes and be left with 3.5k every darn month. Easiest job ever. And who knows, by the time your 31 years older those last 1000 BTC's are worth 10000$ each.
Say worth of BTC doubles every year. 7, 14, 21, ... 7.5 billion a coin. Meh. That won't happen :') But still :p
If I where you. I'd sell 1000 BTC every month for that current prize and fuck my day job. I'd happily pay taxes on that and life my life for the next 31 years in peace and riches..
I'd just set up some company that makes 7k profit a month, pay taxes and be left with 3.5k every darn month. Easiest job ever. And who knows, by the time your 31 years older those last 1000 BTC's are worth 10000$ each.
Say worth of BTC doubles every year. 7, 14, 21, ... 7.5 billion a coin. Meh. That won't happen :') But still :p
This sounds terrible.
I would pay whatever was required to have all my needs met for bitcoin directly. I bet it would be easy and hardly cost extra in about 3 months. To never touch another dollar would be sweet.
BitCoins 'mined' with your computer are a little harder, and I don't think there's good indication here as to what they are, or if they should be taxed yet -- do you have to pay taxes on a piece of art you made, and haven't sold yet? (The answer is no, even if your paintings are worth millions). In any event, I think it unlikely that BTC mined will be reported and taxable in the near future for a combination of reporting and other reasons.
Mining is a hobby for many miners, and that is treated very differently from a business.
Wow dude.
If I where you. I'd sell 1000 BTC every month for that current prize and fuck my day job. I'd happily pay taxes on that and life my life for the next 31 years in peace and riches..
I'd just set up some company that makes 7k profit a month, pay taxes and be left with 3.5k every darn month. Easiest job ever. And who knows, by the time your 31 years older those last 1000 BTC's are worth 10000$ each.
Say worth of BTC doubles every year. 7, 14, 21, ... 7.5 billion a coin. Meh. That won't happen :') But still :p
If I where you. I'd sell 1000 BTC every month for that current prize and fuck my day job. I'd happily pay taxes on that and life my life for the next 31 years in peace and riches..
I'd just set up some company that makes 7k profit a month, pay taxes and be left with 3.5k every darn month. Easiest job ever. And who knows, by the time your 31 years older those last 1000 BTC's are worth 10000$ each.
Say worth of BTC doubles every year. 7, 14, 21, ... 7.5 billion a coin. Meh. That won't happen :') But still :p
Beacon: yeah, warpig statists need more money. kill yourself.
Good news for me anyway 
, they sold me the project for $5k to recover some of their cost. I now technically own the wallet files and other software I was working on with them at the time. For legal reasons I can't blurt out who the investors were or the banks, companies, etc. they were representing basically (unless I won't to land in court forever), but I think I made a wise investment. It's still going to take a while to get my wife on board as she still doesn't understand the whole BTC concept, but everyone here knows and I know what it means. She was really skeptical about my purchase this week.
I'll probably take some of the backup advise here too, why have a few backup copies when you can have many on different media types spread around everywhere (all encrypted of course this time).
Thanks for the advise everyone!
, they sold me the project for $5k to recover some of their cost. I now technically own the wallet files and other software I was working on with them at the time. For legal reasons I can't blurt out who the investors were or the banks, companies, etc. they were representing basically (unless I won't to land in court forever), but I think I made a wise investment. It's still going to take a while to get my wife on board as she still doesn't understand the whole BTC concept, but everyone here knows and I know what it means. She was really skeptical about my purchase this week.I'll probably take some of the backup advise here too, why have a few backup copies when you can have many on different media types spread around everywhere (all encrypted of course this time).
Thanks for the advise everyone!
Michael Brown (knightmb), you have not told the full story here, and this is not the first time you have screwed an employer. If you do not do the right thing now, this will come back to haunt you.
You are also in over your head. Has it occurred to you that you owe $850,000 of federal income tax on this "deal"? Fortunately for you, we do not have state tax in Tennessee, but you will still owe business taxes, and you haven't even applied for the right licenses.
You have one chance to do the right thing here. You know what it is.
For your own sake knightmb, I hope you spent roughly triple that on iron-tight mutual indemnifications. If not, here is my advice (I'm not a lawyer, btw):
1. Get a lawyer, right now
2. On review, figure out if you need to get a settlement in place which covers all mutual indemnifications.
3. Get those things locked down. You will likely have to pay some of your $3m USD in earnings to get that sorted.
When you have a technical partner knowingly buying assets from non-technical partners for pennies on the dollar, there may well be significant repercussions. And, as someone here mentioned, it's also just kind of shitty.
Food for thought.
For those mentioning taxes -- unless he's selling his BTC, he likely doesn't have a requirement to mark his BTC to market; this is no doubt a gray area in the tax law right now. I wouldn't say he owes right now unless he's liquidating.
Actually I had something better than a lawyer, I had a legal CPA Attorney do it for me. Truthfully, anyone can sue you for anything, but I'm not worried. 1. Get a lawyer, right now
2. On review, figure out if you need to get a settlement in place which covers all mutual indemnifications.
3. Get those things locked down. You will likely have to pay some of your $3m USD in earnings to get that sorted.
When you have a technical partner knowingly buying assets from non-technical partners for pennies on the dollar, there may well be significant repercussions. And, as someone here mentioned, it's also just kind of shitty.
Food for thought.
For those mentioning taxes -- unless he's selling his BTC, he likely doesn't have a requirement to mark his BTC to market; this is no doubt a gray area in the tax law right now. I wouldn't say he owes right now unless he's liquidating.
Good news for me anyway , they sold me the project for $5k to recover some of their cost. I now technically own the wallet files and other software I was working on with them at the time. For legal reasons I can't blurt out who the investors were or the banks, companies, etc. they were representing basically (unless I won't to land in court forever), but I think I made a wise investment. It's still going to take a while to get my wife on board as she still doesn't understand the whole BTC concept, but everyone here knows and I know what it means. She was really skeptical about my purchase this week.
I'll probably take some of the backup advise here too, why have a few backup copies when you can have many on different media types spread around everywhere (all encrypted of course this time).
Thanks for the advise everyone!
, they sold me the project for $5k to recover some of their cost. I now technically own the wallet files and other software I was working on with them at the time. For legal reasons I can't blurt out who the investors were or the banks, companies, etc. they were representing basically (unless I won't to land in court forever), but I think I made a wise investment. It's still going to take a while to get my wife on board as she still doesn't understand the whole BTC concept, but everyone here knows and I know what it means. She was really skeptical about my purchase this week.I'll probably take some of the backup advise here too, why have a few backup copies when you can have many on different media types spread around everywhere (all encrypted of course this time).
Thanks for the advise everyone!
Michael Brown (knightmb), you have not told the full story here, and this is not the first time you have screwed an employer. If you do not do the right thing now, this will come back to haunt you.
You are also in over your head. Has it occurred to you that you owe $850,000 of federal income tax on this "deal"? Fortunately for you, we do not have state tax in Tennessee, but you will still owe business taxes, and you haven't even applied for the right licenses.
You have one chance to do the right thing here. You know what it is.
That's something I've been wondering, too.
Obviously, I wouldn't presume to advise the elder Bitcoiners. They're rich and I'm not.
But it might be worth a thread for people to discuss how they might maximise the overall value of their Bitcoins by spending a small percentage appropriately, and how best to go about profiting personally from their assets without crashing the market.
Collusion by those who hold more than 10,000BTC would be valuable.
Obviously, I wouldn't presume to advise the elder Bitcoiners. They're rich and I'm not.
But it might be worth a thread for people to discuss how they might maximise the overall value of their Bitcoins by spending a small percentage appropriately, and how best to go about profiting personally from their assets without crashing the market.
Collusion by those who hold more than 10,000BTC would be valuable.
@knightmb:
Can you please consider helping to secure the future of Bitcoin with a little of that money? You could, say, pledge a little money on an Android Bitcoin Client. See the thread:
http://forum.bitcoin.org/?topic=1812.0
I think the android client would be massively useful to increase Bitcoin stability. This might be one of the easiest ways to get real, widespread usage of the coins, not just speculation that might end every minute. If I were to own a ridiculous amount of BTC, like you, I would spend a part of it to fix the most important weaknesses that endanger BTC value. Some changes might really make a difference. Usability on mobile phones! Acceptance in shops! You might be able to do the latter by just buying something very expensive and requesting to pay in BTC. With just a fraction of that money, many things could be set in motion; for example encouraging people to fix protocol issues the general public isn't managing to work out. *cough* we have no mining equilibrium after minting *cough*
Okay, the latter part might be asking too much. But supporting the android client in some way might really do something. Any kind of bounty or price should help to get this rolling. Or directly pay one of the programmers on here to finish that android Bitcoin client -- it's likely someone would work at low prices on this kind of project.
I'd really like to see a congress of rich Bitcoin early adopters, or something of the sort. Just discuss methods to use your current purchasing power to make Bitcoin a global scale currency. It might be the smart thing to do; it doesn't matter much whether you have 200k or 300k BTC. It matters whether they're worth 0.1 USD or 100 USD. And from what I know, values in between aren't all that likely to remain stable; Bitcoin looks like an all-or-nothing bet. If used in the right place, a few of those coins you have might increase chances in that bet.
I know I look like some beggar here, and I won't blame anyone, no matter how rich, for not doing something. I'm just suggesting these things since I honestly believe they would be in the own best interest of any early adopter.
Can you please consider helping to secure the future of Bitcoin with a little of that money? You could, say, pledge a little money on an Android Bitcoin Client. See the thread:
http://forum.bitcoin.org/?topic=1812.0
I think the android client would be massively useful to increase Bitcoin stability. This might be one of the easiest ways to get real, widespread usage of the coins, not just speculation that might end every minute. If I were to own a ridiculous amount of BTC, like you, I would spend a part of it to fix the most important weaknesses that endanger BTC value. Some changes might really make a difference. Usability on mobile phones! Acceptance in shops! You might be able to do the latter by just buying something very expensive and requesting to pay in BTC. With just a fraction of that money, many things could be set in motion; for example encouraging people to fix protocol issues the general public isn't managing to work out. *cough* we have no mining equilibrium after minting *cough*
Okay, the latter part might be asking too much. But supporting the android client in some way might really do something. Any kind of bounty or price should help to get this rolling. Or directly pay one of the programmers on here to finish that android Bitcoin client -- it's likely someone would work at low prices on this kind of project.
I'd really like to see a congress of rich Bitcoin early adopters, or something of the sort. Just discuss methods to use your current purchasing power to make Bitcoin a global scale currency. It might be the smart thing to do; it doesn't matter much whether you have 200k or 300k BTC. It matters whether they're worth 0.1 USD or 100 USD. And from what I know, values in between aren't all that likely to remain stable; Bitcoin looks like an all-or-nothing bet. If used in the right place, a few of those coins you have might increase chances in that bet.
I know I look like some beggar here, and I won't blame anyone, no matter how rich, for not doing something. I'm just suggesting these things since I honestly believe they would be in the own best interest of any early adopter.
Either way, both parties seem to be acknowledging that bitcoins is, indeed, real. At least there is a positive in all of this. :-P
Oh, it's even better than that. The party that acknowledged the reality of Bitcoins seems to have made out like a bandit. While the party that had every opportunity to do so, and didn't, ends up looking like fools.
And that's exactly the way capitalism is supposed to work. Risk brings reward. All trades are not equal trades. Information is not universal. Stupidity is punished. No one bails out the losers.
except in the USSA
I'm not one that is going to dabble in tax evasion and risk getting huge fines. It's in my own self interest to pay taxes.
I would never suggest tax evasion. And I agree that it is in your self interest to pay taxes. But only due to fear of the repercussions from not paying them. Not because you agree with what they are use for.
I'm not one that is going to dabble in tax evasion and risk getting huge fines. It's in my own self interest to pay taxes.
I would never suggest tax evasion. And I agree that it is in your self interest to pay taxes. But only due to fear of the repercussions from not paying them. Not because you agree with what they are use for.
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