Things getting interesting once we past $100 - page 7.

bitjet

hero member

Activity: 696

Merit: 500

Quote from: SgtSpike on March 19, 2013, 10:18:59 AM

Quote from: deathcode on March 19, 2013, 10:12:00 AM

Quote from: evolve on March 19, 2013, 09:58:35 AM

Quote from: deathcode on March 19, 2013, 09:53:59 AM

How do I avoid uncle sam to stick its hand in my cookie jar and takes the tax share?
What if I don't report it?

Face to face trades.

Of course, not paying your share into a system that you benefit from makes you a freeloader (or at the very least a leech).

I'll gladly pay the transaction fees/withdrawal fees of trading my bitcoins into USD and then transfering USD to my bank account.
I'm paying my share to the system I benefitted from, BTC that is. I didn't benefit from USD.

So you don't use roads? You don't take advantage of the electrical grid? You aren't protected by the US army? You won't receive social security?

/devilsadvocate

You did not ask me, but I feel compelled to answer.

Roads: Irreverent. Fuel Tax, local extortion taxes pay for these things.
Electric Grid: Irreverent. Electric grid is payed for and maintained by people who buy electricity.
US army: NO. The military in it's current state is currently creating a tangible threat to the US through current actions around the globe that protect corporate interests, not those of US citizens.
Social Security: NO. Is payed for through your voluntary contribution into the SS system. I have never paid a dime into it therefor I am not eligible.

Jack1Rip1BurnIt

sr. member

Activity: 350

Merit: 250

Trust me, these default swaps will limit the risks

@deathcode

Alright dude...for the last time. Coinabul. Check 'em out. You should be able to easily figure it out. Or you aren't as clever as some of your comments suggest.

deathcode

copper member

Activity: 1428

Merit: 253

Quote from: interfect on March 21, 2013, 12:45:04 AM

I don't think you're going to get BTC value into a bank account without the government noticing all this income into your bank account that you didn't pay taxes on.

If you want a decentralized exchange you could try Ripple's internal BTC/USD market (in Bitstamp IOUs for each), but it's rather thinly traded.

Well, the case is hypothetical as BTC is not yet trading at $100+ and I'm not sure I'll be selling then either.. it's just too tempting to give wells fargo a junk of cash and cancel my mortgage

on the other hand, my APR is 4.6 so I guess BTC is "out-profiting" that APR ...

deathcode

copper member

Activity: 1428

Merit: 253

Quote from: SgtSpike on March 20, 2013, 11:00:59 AM

Quote from: deathcode on March 20, 2013, 10:58:41 AM

Quote from: MarlboroMan on March 20, 2013, 10:53:34 AM

Quote from: SgtSpike on March 19, 2013, 10:18:59 AM

Quote from: deathcode on March 19, 2013, 10:12:00 AM

Quote from: evolve on March 19, 2013, 09:58:35 AM

Quote from: deathcode on March 19, 2013, 09:53:59 AM

How do I avoid uncle sam to stick its hand in my cookie jar and takes the tax share?
What if I don't report it?

Face to face trades.

Of course, not paying your share into a system that you benefit from makes you a freeloader (or at the very least a leech).

I'll gladly pay the transaction fees/withdrawal fees of trading my bitcoins into USD and then transfering USD to my bank account.
I'm paying my share to the system I benefitted from, BTC that is. I didn't benefit from USD.

So you don't use roads? You don't take advantage of the electrical grid? You aren't protected by the US army? You won't receive social security?

/devilsadvocate

This. What your trying to do is one of the main reasons government is against Bitcoin. Pay your shit like the rest of us and be thankful your in a country like the United States.

I pay my taxes every year, bitcoin however is outside the government control. Worst case scenario I will withdraw in a tax haven account.

So if everyone uses Bitcoin, then how will all the services that are paid for with taxes be completed?

And don't get me wrong - I think the government could easily be 1/10th the size it is now, but I do believe that SOME form of government is essential for maintaining services like fire dept, police dept, roadways, utilities, national defense, etc.

adapt, adapt, adapt....

did Mp3 killed the music industry? No, just tower records...
did movie streaming kill the movies industry? No, just blockbuster...
will bitcoin kill the governments? No, just some financial institutions...

everyone evolves and adapts...

interfect

full member

Activity: 141

Merit: 100

I don't think you're going to get BTC value into a bank account without the government noticing all this income into your bank account that you didn't pay taxes on.

If you want a decentralized exchange you could try Ripple's internal BTC/USD market (in Bitstamp IOUs for each), but it's rather thinly traded.

deathcode

copper member

Activity: 1428

Merit: 253

Quote from: CleverMiner on March 20, 2013, 03:21:53 PM

Quote from: deathcode on March 19, 2013, 06:37:12 PM

Quote from: CleverMiner on March 19, 2013, 05:12:17 PM

Your title is wasting my time,

Why 100$ and not 47$, should simply be "avoiding Tax on USD withdrawal" or something UNinteresting.

If we hit $100 my btc capital will hit 6 figures. So please do stop reading if I'm wasting your time. Better yet, do not post anything else on this thread. Thank you

The title ! It has nothing to do with the OP !

Sue me!

deathcode

copper member

Activity: 1428

Merit: 253

Quote from: MarlboroMan on March 20, 2013, 10:53:34 AM

Quote from: SgtSpike on March 19, 2013, 10:18:59 AM

Quote from: deathcode on March 19, 2013, 10:12:00 AM

Quote from: evolve on March 19, 2013, 09:58:35 AM

Quote from: deathcode on March 19, 2013, 09:53:59 AM

How do I avoid uncle sam to stick its hand in my cookie jar and takes the tax share?
What if I don't report it?

Face to face trades.

Of course, not paying your share into a system that you benefit from makes you a freeloader (or at the very least a leech).

I'll gladly pay the transaction fees/withdrawal fees of trading my bitcoins into USD and then transfering USD to my bank account.
I'm paying my share to the system I benefitted from, BTC that is. I didn't benefit from USD.

So you don't use roads? You don't take advantage of the electrical grid? You aren't protected by the US army? You won't receive social security?

/devilsadvocate

This. What your trying to do is one of the main reasons government is against Bitcoin. Pay your shit like the rest of us and be thankful your in a country like the United States.

I pay my taxes every year, bitcoin however is outside the government control. Worst case scenario I will withdraw in a tax haven account.

CleverMiner

member

Activity: 66

Merit: 10

Quote from: deathcode on March 19, 2013, 06:37:12 PM

Quote from: CleverMiner on March 19, 2013, 05:12:17 PM

Your title is wasting my time,

Why 100$ and not 47$, should simply be "avoiding Tax on USD withdrawal" or something UNinteresting.

If we hit $100 my btc capital will hit 6 figures. So please do stop reading if I'm wasting your time. Better yet, do not post anything else on this thread. Thank you

The title ! It has nothing to do with the OP !

Explodicle

hero member

Activity: 950

Merit: 1001

Quote from: SgtSpike on March 20, 2013, 11:00:59 AM

So if everyone uses Bitcoin, then how will all the services that are paid for with taxes be completed?

And don't get me wrong - I think the government could easily be 1/10th the size it is now, but I do believe that SOME form of government is essential for maintaining services like fire dept, police dept, roadways, utilities, national defense, etc.

Natural resource taxes, particularly land. You can hide your bitcoins but you can't hide a plot of land. Land taxes also feature negligible deadweight losses and limited maximum revenue, so the government will do less damage and "starve the beast" would actually start working.

Even farther in the future, there are private alternatives for those public goods:
* roads would be paid by tolls
* fire/police would be paid by insurance
* utilities are already privatized in some places
* national defense could be paid by crowdfunding
Those are just off the top of my head - I'd be willing to bet that the market will think of better solutions than us armchair economists can.

Amitabh S

legendary

Activity: 1001

Merit: 1005

I would just do the following:

keep my funds (USD/BTC) always in exchange. sell coins when high, buy when low. Always keep my coins and funds with myself and exchange.

Take out Fiat as and when needed (and only that much) without depending on market of BTC.

axus

full member

Activity: 129

Merit: 100

Send it all to Coinabul, they will get your BTC profits squared away.

niko

hero member

Activity: 756

Merit: 501

There is more to Bitcoin than bitcoins.

Quote from: deathcode on March 19, 2013, 10:12:00 AM

Quote from: evolve on March 19, 2013, 09:58:35 AM

Quote from: deathcode on March 19, 2013, 09:53:59 AM

How do I avoid uncle sam to stick its hand in my cookie jar and takes the tax share?
What if I don't report it?

Face to face trades.

Of course, not paying your share into a system that you benefit from makes you a freeloader (or at the very least a leech).

I'll gladly pay the transaction fees/withdrawal fees of trading my bitcoins into USD and then transfering USD to my bank account.
I'm paying my share to the system I benefitted from, BTC that is. I didn't benefit from USD.

Then why are you exchanging coins into USD?

SgtSpike

legendary

Activity: 1400

Merit: 1005

Quote from: deathcode on March 20, 2013, 11:17:59 AM