Is the MTGox - Coinlab deal in trouble? Yes. It is in litigation! - page 2.

solex

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100 satoshis -> ISO code

Quote from: lebing on March 18, 2013, 10:03:48 AM

Quote from: humanitee on March 18, 2013, 09:54:17 AM

Someone mind explaining to me why you have to claim them on your taxes?
I thought legally Bitcoin was in a grey area at the moment.

It is legally grey as a currency. As an asset its very clear - when it increases above what you paid for it, you are supposed to pay taxes on that.

So, if you own assets like an old master painting, a vintage car, a hundred kilos of silver, and they all double in value - you pay tax on that gain???

Not in most countries.

inbox

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Spaceman_Spiff

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Quote from: Herodes on March 19, 2013, 07:23:10 PM

Quote from: ArticMine on March 18, 2013, 12:12:26 AM

Since many feel that this deal can have an impact on the BTC / USD exchange rate I am posting a link to my post here in speculation. https://bitcointalksearch.org/topic/m.1636501

Any thoughts on the impact on the price if this deal were to get delayed or to collapse?

Do you remember how long it took MtGox to get back to trading after they got hacked, and how many deadlines they set, yet nothing happening ? Things takes time, and this community seems to be plentiful with people who are not good at judging how long things will take! Grin

I for one can say that I am a horrible judge of time ! And I mean absolutely horribly.

ArticMine

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Quote from: Herodes on March 19, 2013, 07:23:10 PM

Quote from: ArticMine on March 18, 2013, 12:12:26 AM

Since many feel that this deal can have an impact on the BTC / USD exchange rate I am posting a link to my post here in speculation. https://bitcointalksearch.org/topic/m.1636501

Any thoughts on the impact on the price if this deal were to get delayed or to collapse?

Do you remember how long it took MtGox to get back to trading after they got hacked, and how many deadlines they set, yet nothing happening ? Things takes time, and this community seems to be plentiful with people who are not good at judging how long things will take! Grin

The amount of time the MTGox was down due to the hack back in 2011 was six days. http://bitcoincharts.com/charts/mtgoxUSD#rg60zczsg2011-06-01zeg2011-06-30ztgSzm1g10zm2g25zv. By comparison there has not been any updates by Coinlab in their official thread for over two weeks including zero response to the questions raised. https://bitcointalk.org/index.php?topic=148147.0;all. I will let the reader be the judge.

Herodes

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Quote from: ArticMine on March 18, 2013, 12:12:26 AM

Since many feel that this deal can have an impact on the BTC / USD exchange rate I am posting a link to my post here in speculation. https://bitcointalksearch.org/topic/m.1636501

Any thoughts on the impact on the price if this deal were to get delayed or to collapse?

Do you remember how long it took MtGox to get back to trading after they got hacked, and how many deadlines they set, yet nothing happening ? Things takes time, and this community seems to be plentiful with people who are not good at judging how long things will take! Grin

davecoin

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Quote from: ArticMine on March 19, 2013, 12:00:00 AM

Quote from: repentance on March 18, 2013, 11:44:53 PM

Quote from: vess on March 18, 2013, 10:17:31 PM

The deal's not in trouble.

We've moved a few key customers over, will announce more information soon.

We are in the market for a communications person -- send your resume's to [email protected].

Given how close the target transition time is, there needs to be a lot more communication from both CoinLab and MtGox about what's happening. You've got a hell of a lot of customers who need to agree to CoinLab's ToS before the transition date and that really needs to be happening now, not at the eleventh hour.

People are also going to have a ton of questions about the FinCEN guidance statement and how it relates to CoinLab's operations.

This transition can go very badly if MtGox and CoinLab don't constantly remind customers that it's happening and what actions customers themselves need to take. Maybe you and Mark could take it in turns to keep customers updated because this close to showtime someone needs to be making statements pretty much every day.

+1

+1

I am surprised this is not a hot topic right now. 3 days to go.

ArticMine

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Quote from: repentance on March 18, 2013, 11:44:53 PM

Quote from: vess on March 18, 2013, 10:17:31 PM

The deal's not in trouble.

We've moved a few key customers over, will announce more information soon.

We are in the market for a communications person -- send your resume's to [email protected].

Given how close the target transition time is, there needs to be a lot more communication from both CoinLab and MtGox about what's happening. You've got a hell of a lot of customers who need to agree to CoinLab's ToS before the transition date and that really needs to be happening now, not at the eleventh hour.

People are also going to have a ton of questions about the FinCEN guidance statement and how it relates to CoinLab's operations.

This transition can go very badly if MtGox and CoinLab don't constantly remind customers that it's happening and what actions customers themselves need to take. Maybe you and Mark could take it in turns to keep customers updated because this close to showtime someone needs to be making statements pretty much every day.

+1

repentance

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Quote from: vess on March 18, 2013, 10:17:31 PM

The deal's not in trouble.

We've moved a few key customers over, will announce more information soon.

We are in the market for a communications person -- send your resume's to [email protected].

Given how close the target transition time is, there needs to be a lot more communication from both CoinLab and MtGox about what's happening. You've got a hell of a lot of customers who need to agree to CoinLab's ToS before the transition date and that really needs to be happening now, not at the eleventh hour.

People are also going to have a ton of questions about the FinCEN guidance statement and how it relates to CoinLab's operations.

This transition can go very badly if MtGox and CoinLab don't constantly remind customers that it's happening and what actions customers themselves need to take. Maybe you and Mark could take it in turns to keep customers updated because this close to showtime someone needs to be making statements pretty much every day.

miter_myles

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Quote from: vess on March 18, 2013, 10:17:31 PM

The deal's not in trouble.

We've moved a few key customers over, will announce more information soon.

We are in the market for a communications person -- send your resume's to [email protected].

BFL_Josh may be interested in that gig... he has demonstrated superlative communication skills for quite some time now...

roflcopter...

vess

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The deal's not in trouble.

We've moved a few key customers over, will announce more information soon.

We are in the market for a communications person -- send your resume's to [email protected].

jimbobway

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Quote from: ArticMine on March 18, 2013, 12:10:21 PM

Basically Coinlab could end any possible FUD by providing an update and answering questions. At that time depending on the update and answers I will amend my title.

Ok, sounds fair and thanks for pointing me to your links. I must have overlooked them.

Dalkore

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Quote from: Severian on March 18, 2013, 02:29:17 PM

Quote from: Dalkore on March 18, 2013, 02:16:56 PM

I am not sure if the is our "civic duty" to upend dominant political and economic.

If one is of a more accepting nature when it comes to centralized authority and the power of the collective, then civic duty would be perceived as upholding that authority. If one is more inclined to favor the rights of the individual over the power of the collective, the civic duty would entail defending against that power.

I don't fault anyone for their perceptions but I will fault people for not exploring other avenues of political thought.

Quote

"That" is not what Bitcoin was created for.

Bitcoin's creator was explicit in his intentions. Bitcoin is a political weapon creating a new territory of freedom for users. While I don't adhere to all of Satoshi's thoughts, this one is unmistakeable in its clarity.

I am open to all forms of political thought to weigh out their benefits and failings. That is why I am here supporting this project. We have needed competition in money for too long.

Severian

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Quote from: Dalkore on March 18, 2013, 02:16:56 PM

I am not sure if the is our "civic duty" to upend dominant political and economic.

If one is of a more accepting nature when it comes to centralized authority and the power of the collective, then civic duty would be perceived as upholding that authority. If one is more inclined to favor the rights of the individual over the power of the collective, the civic duty would entail defending against that power.

I don't fault anyone for their perceptions but I will fault people for not exploring other avenues of political thought.

Quote

"That" is not what Bitcoin was created for.

Bitcoin's creator was explicit in his intentions. Bitcoin is a political weapon creating a new territory of freedom for users. While I don't adhere to all of Satoshi's thoughts, this one is unmistakeable in its clarity.

Severian

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Quote from: lebing on March 18, 2013, 02:06:10 PM

If you are implying something other than (potential) evasion happening in general with these folks, I would tend to disagree. Just because you speculate doesnt mean you sell drugs.

It's not about drugs. TPTB will possibly see Bitcoin and its users as an economic threat in the near future.

Remember that these are the mindsets that invaded Iraq, set up Gitmo and enforce the Patriot Act, among other things. Thugs don't care about law or due process.

Dalkore

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Quote from: Severian on March 18, 2013, 10:45:17 AM

Quote from: coqui33 on March 18, 2013, 10:40:55 AM

you have the civic duty as a citizen to voluntarily fill out the appropriate forms and report yourself to the government. Failure to do so is a federal crime.

We have a civic duty to upend the dominant political and economic system. That's what Bitcoin was created for.

I am not sure if the is our "civic duty" to upend dominant political and economic. I for one liked on paper our constitutional democracy, the problem is that our representatives don't actually follow the rules and we can't seem to actual elect someone who will.

"That" is not what Bitcoin was created for. It was created and a alternative and given to the people for many purposes. With that said, you can use it for those ends if you would like.

Dalkore

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Quote from: Severian on March 18, 2013, 10:38:38 AM

Quote from: lebing on March 18, 2013, 10:36:58 AM

If audited, you will have to explain how you sent 1k to japan and received 5 back. Doesnt matter where it came from.

What idiot leaves an auditable trail in Bitcoin? It was created to allow your financial life to be private.

Well if someone seized your wallet computer then there would be a trail. Also if you transferred money from your bank to an exchange, that would be a trail.

lebing

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Enabling the maximal migration

Quote from: Severian on March 18, 2013, 11:09:02 AM

Quote from: lebing on March 18, 2013, 10:50:44 AM

It might be easy to create an unauditable trail for 1k dollars... not so much for 500k. Then again, thats a good problem to have I suppose.

The guys buying half a mill worth of Bitcoins already have their balls in the IRS vice. They won't wander far from the reservation anyway.

It's us hoi-polloi leaving ourselves open to the wolves that worry me. If the political powers ever decide to crackdown on Bitcoin users, all of those Coinbase, Gox, etc. customers that gave up details are in the crosshairs.

What makes you think they are already in the crosshairs? There are plenty of nerds who got lucky playing around with mining rigs over the last few years and some average joes that went all in and held their strong hand. If you are implying something other than (potential) evasion happening in general with these folks, I would tend to disagree. Just because you speculate doesnt mean you sell drugs.

ArticMine

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Quote from: jimbobway on March 18, 2013, 11:47:44 AM

Quote from: ArticMine on March 18, 2013, 11:43:43 AM

I recognize that the IRS instils great fear into the hearts of every United States citizen and resident, but the issue here is will this deal actually happen, get delayed or even get cancelled, and what impact this will have if any on the Bitcoin price.

Why would you speculate that the deal is in trouble? Are there any links you can provide for this? Also, the title does seem a little like FUD.

I posted my concerns in another thread which I linked to in my OP. Here they are for clarity

Quote from: ArticMine on March 18, 2013, 12:04:09 AM

I am starting to have some doubts if this deal is even going to happen as it would appear that things are not going according to plan.

1) According to http://coinlab.com/transition, the alpha and beta phases were supposed to be completed by March 15, 2013, last Friday. Has anyone been transitioned?
Furthermore all the United States and Canadian accounts are supposed to be migrated by this coming Friday March 22, 2013, I am starting to wonder if this is going to happen at all.

2) There has been silence on the part of CoinLab for two weeks in their "official thread" https://bitcointalk.org/index.php?topic=148147.0;all

Basically Coinlab could end any possible FUD by providing an update and answering questions. At that time depending on the update and answers I will amend my title.

jimbobway

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Quote from: ArticMine on March 18, 2013, 11:43:43 AM

I recognize that the IRS instils great fear into the hearts of every United States citizen and resident, but the issue here is will this deal actually happen, get delayed or even get cancelled, and what impact this will have if any on the Bitcoin price.

Why would you speculate that the deal is in trouble? Are there any links you can provide for this? Also, the title does seem a little like FUD.

ArticMine

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I recognize that the IRS instils great fear into the hearts of every United States citizen and resident, but the issue here is will this deal actually happen, get delayed or even get cancelled, and what impact this will have if any on the Bitcoin price.

Topic: Is the MTGox - Coinlab deal in trouble? Yes. It is in litigation! - page 2. (Read 6612 times)