Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 28733. (Read 26644455 times)

Boy. If you are wrong, you're going to look really stupid.

I doubt it.

That note is partly bad news (to some bitcoiners) because the IRS made it clear that all taxes apply to bitcoin transfers like they do to any other property transfer.  (I recall reading claims that payments in bitcoin, being invisible to governments, would be free from taxes.  The governments do not agree, of course.)

It is partly good news (to some bitcoiners) because the IRS recognizes that bitcoins, like cars and stock, are property and have value.  That note should help convince judges and cops who still may see bitcoins as "nothings".  The IRS view implies that stealing bitcoins or obtaining them through fraud are common crimes, that can be investigated by the police and can send people to jail.

That note does not imply, one way or the other, whether bitcoins are "solid" enough to satisfy the Securities and Exchanges Commision.  The US government is certainly much friendlier to bitcoin than most other countries, but even so I doubt that it will allow banks and the like to invest in bitcoin, or bitcoin-based funds to be traded at NYSE, any time soon.

Really, what is money, is what traders say is money.  So a trade consist of selling some good for money, which is the same as buying money and paying with that good. Sales tax is bad, but tax on buying or selling money is just absurd. Still, some governments tax buying gold, as if gold is not money. If gold is money, taxing the trading of it is also absurd.

Therefore, governments will not define bitcoin as money, at least they will defer it till it is obvious to everybody that it is money.

I wonder if the proposition that bitcoin is money, could be confirmed in some international court for human rights, probably not.

Rumor talking about an insider who confirms that Mtgox found a total of 670K BTC that was supposedly lost, I wonder how this will effect the price if it turns out to be true... http://theblogchain.com/news/mtgox-found-bitcoin/

huobi 300 coins away from breaking all down triangle of doom trendlines from the peak...

I think I understand how money works.  I understand in particular that issuing new money transfers real wealth from the society that uses it (not just those individuals who own or use it) to  those who issue it (and "of course" keep some of it for themselves).

That is the reason why there are so many altcoins, by the way: everybody loves the idea of becoming filthy rich without working or having special skills.

And, as I wrote before, that is one of the reasons why I am very pessimistic about bitcoin's future.

It will hardly "perserve wealth".  It will transfer a lot of wealth from some people to other people.  Who will be the winners and who will be the losers depends on whether it will succeed or fail. 

Terrible analogy.  "Civilization" means government, taxes, laws, police, and, yes, banks.  Those inventions are basically good, although they can break down and get corrupted, and we must constantly struggle to try to keep them working as intended.

In contrast, the anarchic pipedream of an unregulated global economy without banks and outside the reach of governments, laws and police is not only impossible to succeed, but would be a barbaric nightmare if it did.  How many MtGOXes will have to pass before bitcoiners understand that?


Dinosaurs did not become extinct, they are called "birds" now.  Considering that dinosaurs can fly faster, better, higher and longer than any mammal, one could argue that they just left the inferior parts of the environment to the inferior life forms. 

It is not clear yet what killed all the other non-flying dinosaurs, and why the ancestors of the mammals (which were smaller than mice, AFAIK) survived.  I am not aware of any evidence that they were more intelligent.  Perhaps it was a multi-year cold spell that killed the non-flying dinosaurs, and the pre-mammals survived only because they had better body temperature regulation (oops, sorry for the dirty word  ) and lived off insects which lived off fungi that lived off the corpses of the dinosaurs.  Or whatever.

Regarding the IRS announcement-

Isn't this the clarification Wall Street needed to really make a legitimate move?

Edit : fuck it i'll start a thread

Shit.. it wants to break out so BAD!

When this dumper is out of coins.. coins will hit the fan. AND BEYOND!

Choo choo.

I would rather not call you a loser, but... you don't have to tell them, these statements come in droves, often conflicting, and finally, the US is not the whole world.

EDIT: And I don't think you needed any reassurance, for the feasibility of bitcoins. So ok, a decision on lower tax could be reassuring for non-losers.

Edit 2: Anyway, no consequence for price, my opinion.

Seems better for Bitcoin, at least at the moment, to be defined as an asset rather than as a currency b/c otherwise, it seems that government officials could want to squelch it, if it were defined as a currency. 

Also, defining bitcoin as an asset does NOT seem to stop people from trading or otherwise using bitcoin as a payment system. Doesn't seem like a problem... and there is some benefit that comes with a definition, even though the definition may NOT be the end of the story..

Some "loser" might find it reassuring?

I find it reassuring that my tax bracket will be 15-20% vs. 40%. Does that make me a loser?

Some loser might find it reassuring, therefore marginally bullish, but really, no consequence for price.

"veterans"
Always do your own research, my research is slack - learn by osmosis. My "feeling" is braced on the new version 3 ASIC being launched by ASICminer, new players getting the new bitcoins = new market dynamic.  
But as this story unfolds I suspect the profits may not go to the share holders, but to spinoff like ROCKMINER, this is looking all to shady for me, so who knows, these guys wear their colours on their sleeves, they are looking to profit early and distribute the risk to the Bitcoin community, and possibly diminish  ASICminers shareholders dividends, I just can't tell if they will hold or sell the new coins.
Wait and see is how I'll proceed for now.  

Probably willful confusion on the govenment side, just like the central bank reports.

It is not a currency, because it is not a generally used medium of exchange, ok, but it is money.

It is not virtual, it is complete, full, real, tangible money.

The expression "virtual currency" should really not be used for bitcoin, cryptocurrency is better, but the best name is cryptomoney.

That's fine. Its not about ego for me.

I just get so tired of hearing people constantly talk about how some "coinage" is going to be "dumped" on the market.

I have yet to see one real important example of this. EVER.

Yet, the same weaksauce FUD and paranoia continues to circulate over and over, the only thing changing is what "coinage" is supposedly going to be "dumped" today.

Fake wall. Its been pretty obvious on this bounce, that someone(s) are wanting to keep the trendline downward. 598 is 50% Fib retracement.

Did you just write that the chicken came first? The mutation must necessarily have happened in one of the parents' gametes. Thus the fertilized egg came first. Alternatively, if we consider an unfertilized egg, then maybe was mutated into a chicken egg, maybe not, but it would not develop into a chicken anyway.

So the problem of which came first, is solved, and it was the egg.

Lets not make it personal ego talk.
Why complicate things when I will make the bet with the market to buy lower!

Any thoughts on what the recent decision from the IRS on ruling Bitcoin as property is going to do to the price now?

New very funny alt coin announcement  

http://www.youtube.com/watch?v=1eU2INYe4gk