Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 32844. (Read 26468420 times)
June 26, 2013, 12:00:29 PM
June 26, 2013, 12:00:16 PM
Oh, just thought of something else.
Regarding my statement above, I would need to file that form...unless
Unless I export the bitcoins (value of $5K) to a wallet after purchasing. Then price doubles to $10K. But, the bitcoins are in my wallet, no longer in the account. So the account value never exceeded $10K. The value of my wallet did though!
Regarding my statement above, I would need to file that form...unless
Unless I export the bitcoins (value of $5K) to a wallet after purchasing. Then price doubles to $10K. But, the bitcoins are in my wallet, no longer in the account. So the account value never exceeded $10K. The value of my wallet did though!
oh, now I finally understand that weird "account" feature in the satoshi client. It's for dividing up money into multiple accounts for regulatory evasion purposes.
That feature wouldn't do either though, the requirement is triggered by the sum of foreign held accounts going over US$10 in the previous tax years, so it doesn't matter how many accounts you control, if they add up to 10K, you are on the hook.
Again, don't take any advice from me, I'm just mentioning the dragon sitting over there looking hungry. How you handle it is entirely your business.
June 26, 2013, 11:56:04 AM
This market feels like a coiling spring.
The coiling is slow...the release will be epic. Yes we could go more down...but fundamentals say we are going higher in the big picture.
The coiling is slow...the release will be epic. Yes we could go more down...but fundamentals say we are going higher in the big picture.
June 26, 2013, 11:54:47 AM
Oh, just thought of something else.
Regarding my statement above, I would need to file that form...unless
Unless I export the bitcoins (value of $5K) to a wallet after purchasing. Then price doubles to $10K. But, the bitcoins are in my wallet, no longer in the account. So the account value never exceeded $10K. The value of my wallet did though!
Yes. That avoids the filing requirement. (If it never reached US$10K in value on foreign land).Regarding my statement above, I would need to file that form...unless
Unless I export the bitcoins (value of $5K) to a wallet after purchasing. Then price doubles to $10K. But, the bitcoins are in my wallet, no longer in the account. So the account value never exceeded $10K. The value of my wallet did though!
There are other ways to avoid it, but that would suffice.
IRS rules are often weird that way. They seem designed to encourage some arbitrary behaviors vs others.
June 26, 2013, 11:00:39 AM
June 26, 2013, 10:13:57 AM
Oh, just thought of something else.
Regarding my statement above, I would need to file that form...unless
Unless I export the bitcoins (value of $5K) to a wallet after purchasing. Then price doubles to $10K. But, the bitcoins are in my wallet, no longer in the account. So the account value never exceeded $10K. The value of my wallet did though!
Regarding my statement above, I would need to file that form...unless
Unless I export the bitcoins (value of $5K) to a wallet after purchasing. Then price doubles to $10K. But, the bitcoins are in my wallet, no longer in the account. So the account value never exceeded $10K. The value of my wallet did though!
oh, now I finally understand that weird "account" feature in the satoshi client. It's for dividing up money into multiple accounts for regulatory evasion purposes.
June 26, 2013, 10:00:25 AM
June 26, 2013, 09:53:43 AM
A word to the wise:
http://www.forbes.com/sites/irswatch/2013/06/25/reminder-fbar-filing-due-by-june-30/
FBAR reporting requirements are due for all folks in the US who have a foreign account that had a value over US$10K in 2012 with the IRS.
Penalty for non-reporting can be as much as 50% of the value of the account per year (not profit) though are much lower for provably innocent mistakes.
To reiterate, it doesn't matter if you cashed out anything or took any profit or just held it all in BTC, it is the value of the account and it being in a foreign nation that triggers the report requirement.
Call your tax attorney to understand your situation, don't take my advice.
http://www.forbes.com/sites/irswatch/2013/06/25/reminder-fbar-filing-due-by-june-30/
FBAR reporting requirements are due for all folks in the US who have a foreign account that had a value over US$10K in 2012 with the IRS.
Penalty for non-reporting can be as much as 50% of the value of the account per year (not profit) though are much lower for provably innocent mistakes.
To reiterate, it doesn't matter if you cashed out anything or took any profit or just held it all in BTC, it is the value of the account and it being in a foreign nation that triggers the report requirement.
Call your tax attorney to understand your situation, don't take my advice.
I wonder which exchange should be used to determine such value. Like the one where you can't take dollars out or the ones that aren't based in US?
Okay just woke up and spoke with my accountant and his first response- "Bitcoin hahahaha, you're still playin with that thing." "Technically speaking if BTC is considered a currency, which I'm not sure it is yet but ill look, if you didn't have the BTC in the account where you purchased the BTC ie the exchange and it was "gone" you could technically claim it as a loss. If you can move it to a secure private wallet as you say then there would be no way of finding it, and you could say you transferred the money in, bought BTC, traded some for a loss and spent it all on eBay (Bitmit) buying whatever"
So moral of the story buy on the exchange, transfer to private wallet (or buy casascius coins from me, link is in Signature line) if it can't be found it can't be taxed.
June 26, 2013, 09:19:40 AM
N . S . A. Notice
Prism system alert. This activity has been logged. The matrix has you.
Prism system alert. This activity has been logged. The matrix has you.
June 26, 2013, 09:14:05 AM
Oh, just thought of something else.
Regarding my statement above, I would need to file that form...unless
Unless I export the bitcoins (value of $5K) to a wallet after purchasing. Then price doubles to $10K. But, the bitcoins are in my wallet, no longer in the account. So the account value never exceeded $10K. The value of my wallet did though!
Don't report it man... just don't....Regarding my statement above, I would need to file that form...unless
Unless I export the bitcoins (value of $5K) to a wallet after purchasing. Then price doubles to $10K. But, the bitcoins are in my wallet, no longer in the account. So the account value never exceeded $10K. The value of my wallet did though!
Seriously wtf is wrong with you guys why are you reporting this you're just asking for trouble
June 26, 2013, 09:07:47 AM
Oh, just thought of something else.
Regarding my statement above, I would need to file that form...unless
Unless I export the bitcoins (value of $5K) to a wallet after purchasing. Then price doubles to $10K. But, the bitcoins are in my wallet, no longer in the account. So the account value never exceeded $10K. The value of my wallet did though!
Don't report it man... just don't.... Regarding my statement above, I would need to file that form...unless
Unless I export the bitcoins (value of $5K) to a wallet after purchasing. Then price doubles to $10K. But, the bitcoins are in my wallet, no longer in the account. So the account value never exceeded $10K. The value of my wallet did though!
June 26, 2013, 09:00:16 AM
June 26, 2013, 08:34:50 AM
And Bitcoin Foundation receives a Cease and Desist letter from state of California..We will be without Foundation soon.
June 26, 2013, 08:21:12 AM
Is there any news from the regulation sector? (Or anywhere?)
Yes, supernodes will be prosecuted and locked up at Guantanamo Bay. The keys of their cells will be flushed down the toilet and no more salads and organic food during the rest of their lives. Only jerky beef.
Those who escape from prosecution will be eventually hit by drones, wherever they hide.
June 26, 2013, 08:13:10 AM
Is there any news from the regulation sector? (Or anywhere?)
June 26, 2013, 08:00:26 AM
June 26, 2013, 07:00:24 AM
June 26, 2013, 06:44:24 AM
Will you have the guts to do the right thing when the pressure is on? If yes, I applaud and honor you. If not, here are a few cheap excuses to use (after all, who wants to admit conditioning or cowardice):
Without the rule of law, everything would fall apart.
Without regulation, criminals would destroy everything.
Yes, regulation is coercive, but along with it comes a certain amount of public benefit!
I got ripped off, and someone has to fix it!
If I can’t sue someone, they can get away with ripping me off!
We can’t get people to use Bitcoin unless it’s authorized.
We need approval or we will forever remain a tiny market.
A significant number of Bitcoin people will say these things (and others), but the real truth will be that they are scared, or are still hoping to get mega-rich, or just can’t rip the “government is our friend” meme out of their heads. But mostly it will be fear.
We all feel fear of course, but some of us are determined enough to do the right thing, even when we’re afraid.
So, here’s a final tip: If you run into someone who can feel the fear and still do the right thing, don’t let go of them.
Without the rule of law, everything would fall apart.
Without regulation, criminals would destroy everything.
Yes, regulation is coercive, but along with it comes a certain amount of public benefit!
I got ripped off, and someone has to fix it!
If I can’t sue someone, they can get away with ripping me off!
We can’t get people to use Bitcoin unless it’s authorized.
We need approval or we will forever remain a tiny market.
A significant number of Bitcoin people will say these things (and others), but the real truth will be that they are scared, or are still hoping to get mega-rich, or just can’t rip the “government is our friend” meme out of their heads. But mostly it will be fear.
We all feel fear of course, but some of us are determined enough to do the right thing, even when we’re afraid.
So, here’s a final tip: If you run into someone who can feel the fear and still do the right thing, don’t let go of them.
you stole that from an old radical: http://www.dgcmagazine.com/the-old-radical-how-bitcoin-is-being-destroyed/
good catch molecular ... and a good read.
Great find on Greenspan ...
Quote
Alan Greenspan may have done a lot of bad things, but he is not stupid. And before his adventures at the Fed, he wrote this:
"(Under a fiat system), there is no way to protect savings from confiscation through inflation… If there were, the government would have to make its holding illegal, as was done in the case of gold"
WOW !
interesting times.
June 26, 2013, 06:13:53 AM
Is anybody else seeing a big dump approaching?
Funny you should say that. Things have been "odd" for a few days now. That huge volume for a few minutes yesterday added to the strangeness.
The dumps are larger than the buys - consistently so. No, Bitcoin Barometer is showing the sells outnumbering the buys (things have changed over the last 3 days).
The candlestick so far made today is showing more indecision after yesterdays "manipulated" indecision one. I just get the feeling that some bigger sells are going
to push us through 100 and once we hit mid 90's or so, the sell orders will flood in taking us to 80 ish. From there perhaps we bounce up but then head back down.
Overall, what I am seeing judging by the sizes of the buys is that small time guys are still buying quite regularly, but those dumps of 50-100 coins are making quick smackdowns.
It is like there are big players selling into the small ones.
Of course, the manipulation can be heavy, so the above is from watching "the tape"...
June 26, 2013, 06:08:53 AM
A word to the wise:
http://www.forbes.com/sites/irswatch/2013/06/25/reminder-fbar-filing-due-by-june-30/
FBAR reporting requirements are due for all folks in the US who have a foreign account that had a value over US$10K in 2012 with the IRS.
Penalty for non-reporting can be as much as 50% of the value of the account per year (not profit) though are much lower for provably innocent mistakes.
To reiterate, it doesn't matter if you cashed out anything or took any profit or just held it all in BTC, it is the value of the account and it being in a foreign nation that triggers the report requirement.
Call your tax attorney to understand your situation, don't take my advice.
http://www.forbes.com/sites/irswatch/2013/06/25/reminder-fbar-filing-due-by-june-30/
FBAR reporting requirements are due for all folks in the US who have a foreign account that had a value over US$10K in 2012 with the IRS.
Penalty for non-reporting can be as much as 50% of the value of the account per year (not profit) though are much lower for provably innocent mistakes.
To reiterate, it doesn't matter if you cashed out anything or took any profit or just held it all in BTC, it is the value of the account and it being in a foreign nation that triggers the report requirement.
Call your tax attorney to understand your situation, don't take my advice.
I wonder which exchange should be used to determine such value. Like the one where you can't take dollars out or the ones that aren't based in US?
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