Sure the anonymity is screwed
rethink that point.
Topic: So finCEN has basically legitimized Bitcoin (Read 1570 times)
rethink that point.
My original post was to see what your thoughts on taxation as a miner and if you think the government will be able to cut into profits. If so are we talking short term capital gain type 40% crazy taxation.
Taxation and FinCEN guidance on money transmitter laws are two completely separate topics.
As a miner, you don't actually mine the coins. You are providing a hashing service and the mining pool is the party generating the bitcoin (it is the pool's address in the coinbase, not yours).
So how that will get fleshed out will be interesting.
I think there seems to be either ignorance of the guidance or perhaps a collective bit of civil disobedience occurring.
Yes, and true on the pool. Since the Fed has legitimized the currency basically as a foreign currency, they will want their piece of the pie and currently they are not getting a bite of mine.
My original post was to see what your thoughts on taxation as a miner and if you think the government will be able to cut into profits. If so are we talking short term capital gain type 40% crazy taxation.
Taxation and FinCEN guidance on money transmitter laws are two completely separate topics.
As a miner, you don't actually mine the coins. You are providing a hashing service and the mining pool is the party generating the bitcoin (it is the pool's address in the coinbase, not yours).
So how that will get fleshed out will be interesting.
I think there seems to be either ignorance of the guidance or perhaps a collective bit of civil disobedience occurring.
I appreciate the advice. I do have an attorney I am operating in a partnership that would not really be able to exist with out the appropriate legal counsel.
A thing to consider is as stated before it has always been under the radar and unregulated. Attorneys can help should trouble arrive but they cant predict what new laws will be created
My original post was to see what your thoughts on taxation as a miner and if you think the government will be able to cut into profits. If so are we talking short term capital gain type 40% crazy taxation.
A thing to consider is as stated before it has always been under the radar and unregulated. Attorneys can help should trouble arrive but they cant predict what new laws will be created
My original post was to see what your thoughts on taxation as a miner and if you think the government will be able to cut into profits. If so are we talking short term capital gain type 40% crazy taxation.
The FinCEN guidance effectively says "go bankrupt trying to get yourself compliant with the prohibitively-expensive MSB & MT laws, bitcoin sellers! Muwahahaha!" Might as well kiss your fiat goodbye, so additional taxes on economic liberty are not really a concern if you're already bankrupt.
If you haven't realized Bitcoin was always legal since it was started... If it wasn't legal, then companies like bitinstant would have had a harder time to get licenses and things of that nature.
Of course I knew it has been legal. Just because I am new here does not mean I am new to coin...As an investor about to put alot into mining it was a major concern that the government would shut me down with legal ramifications EVENTUALLY.
Thanks for your insight
Being in the US this is big news. What are your thoughts on what this will mean for us..
I for one wiped the sweat off my brow as this means the coin will stay legal. Sure the anonymity is screwed but at least we wont be imprisoned for operating the currency.
What impact will this have on taxation in your opinion? Will we have to pay to play so to speak and if so will they actually be able to track the coin to the point of taxation?
I am sure that aspects of the industry will be criminalized stateside for instance washing services and such but as a legal user of the currency this does not have impact in my arena where as taxation will have significant impact on my bottom line.
I for one wiped the sweat off my brow as this means the coin will stay legal. Sure the anonymity is screwed but at least we wont be imprisoned for operating the currency.
What impact will this have on taxation in your opinion? Will we have to pay to play so to speak and if so will they actually be able to track the coin to the point of taxation?
I am sure that aspects of the industry will be criminalized stateside for instance washing services and such but as a legal user of the currency this does not have impact in my arena where as taxation will have significant impact on my bottom line.
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