Bitcoin is in the process of being "nipped at the bud", and we're doing nothing. - page 2.

AngelSky

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Activity: 1008

Merit: 537

Quote from: BitTrade on March 27, 2014, 07:36:53 PM

Quote from: AngelSky on March 27, 2014, 07:34:01 PM

Quote from: BitTrade on March 27, 2014, 07:31:24 PM

Quote from: AngelSky on March 27, 2014, 07:28:41 PM

Now, this decision is the first step to regulate BTC.

Regulation is great... as well as needing to spend $4 worth of effort to buy a $2 coffee.

That's on paper. In my country it's forbidden to spit on the street and the fine is very expensive. I never saw someone got caught for this infraction Grin

It's not just "on paper" when a coffee shop needs to spend an extra thousand dollars on accounting just to be able to accept Bitcoin.

If you run a business related to Bitcoin or accepting Bitcoins you keep track of everything. I don't see anything wrong with that. Sure it takes more time to do this extra-work but I don't see a merchant accepting Bitcoins and selling them everytime there is 2$ worth in his wallet. He can also use Bitcoin as a payment with 3rd parties making these transactions transparent.

Beliathon

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Activity: 784

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https://youtu.be/PZm8TTLR2NU

Quote from: BitTrade on March 27, 2014, 07:37:53 PM

Quote from: Tripjammer on March 27, 2014, 07:37:01 PM

Hey bitcoin is now going to go main stream!!!

Totally legal and totally taxed

Totally legal and totally unusable

Torrenting copywrighted material is illegal.

Are torrents unusable? No, they are widely used and no one gives a shit about the law.

Same will happen here, watch.

BitTrade

full member

Activity: 173

Merit: 100

Quote from: Tripjammer on March 27, 2014, 07:37:01 PM

Hey bitcoin is now going to go main stream!!!

Totally legal and totally taxed

Totally legal and totally unusable

Tripjammer

sr. member

Activity: 394

Merit: 250

Hey bitcoin is now going to go main stream!!!

Totally legal and totally taxed

BitTrade

full member

Activity: 173

Merit: 100

Quote from: AngelSky on March 27, 2014, 07:34:01 PM

Quote from: BitTrade on March 27, 2014, 07:31:24 PM

Quote from: AngelSky on March 27, 2014, 07:28:41 PM

Now, this decision is the first step to regulate BTC.

Regulation is great... as well as needing to spend $4 worth of effort to buy a $2 coffee.

That's on paper. In my country it's forbidden to spit on the street and the fine is very expensive. I never saw someone got caught for this infraction Grin

It's not just "on paper" when a coffee shop needs to spend a few thousand dollars on accounting every year just to be able to accept Bitcoin.

AngelSky

hero member

Activity: 1008

Merit: 537

Quote from: BitTrade on March 27, 2014, 07:31:24 PM

Quote from: AngelSky on March 27, 2014, 07:28:41 PM

Now, this decision is the first step to regulate BTC.

Regulation is great... as well as needing to spend $4 worth of effort to buy a $2 coffee.

That's on paper. In my country it's forbidden to spit on the street and the fine is very expensive. I never saw someone got caught for this infraction Grin

Maybe the IRS is going to investigate some "big fishes" and they needed that.

BitTrade

full member

Activity: 173

Merit: 100

Quote from: AngelSky on March 27, 2014, 07:28:41 PM

Now, this decision is the first step to regulate BTC.

Regulation is great... as well as needing to spend $4 worth of effort to buy a $2 coffee.

seriouscoin

hero member

Activity: 658

Merit: 500

OP, nothing stop you from handing IRS "BOOKS" literally of your btc tx. I'm sure IRS would enjoy them

I'm thinking of using tons of USB miners and mine on every pools there is, then i will have BOOKs of taxable events to report. It should be fun.... (millions of mBTC)

Anyone with me?

AngelSky

hero member

Activity: 1008

Merit: 537

You seem to say that it was a bad decision. What you did is a reality check about their attempt to "regulate" bitcoin. I don't see this decision as a bad thing. Bitcoin is now officially recognized and people making money with BTC are going to pay taxes. Ok.

It feels to me that it's a good news for people still wondering if bitcoins are legal or not (a lot..). No more questions about that.

Now, this decision is the first step to regulate BTC.

BitTrade

full member

Activity: 173

Merit: 100

Quote from: ?? on ??

Oh hey a new thread talking about the same things we've all been discussing in seven other threads!

Speaking of trying to nip things in the bud...

BitTrade

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Activity: 173

Merit: 100

The US Government now oversees all possible entry points into Bitcoin from US Dollars, even localbitcoins / peer to peer sales over $300. (see: florida bitcoin sting). They now legally have access to the identity of everyone who purchases over $300 worth of Bitcoin with US Dollars.

The US Government also now requires you to report every Bitcoin transaction as a capital gain or loss.

So every time I spend bitcoin, I need to:

1) Keep track of how much fiat I used to buy the bitcoins originally
2) How much the item costs in fiat
3) Figure out when I bought what bitcoins and when
4) Calculate the capital gain based on the difference between the item and the purchase price of the coins
5) Repeat steps 1-4 every time I spend Bitcoin
6) Calculate my total gained / lost from every transaction at the end of the year.
7) Report this amount on my tax form, including proof of every transaction in the event of an audit

If this procedure is not followed, you are subject to being locked in a cage.

So to buy a $2 coffee, I need to expend more effort than the coffee is worth.

Where is the outrage? What many have feared is currently taking place, and it's like nobody gives a damn. They are stopping Bitcoin in its tracks before there are enough people outraged by it to create any backlash.

Let this be noted by everyone calling for "more regulation", and to "ignore the libertarians". We are losing. Badly.

Topic: Bitcoin is in the process of being "nipped at the bud", and we're doing nothing. - page 2. (Read 2562 times)