Topic: Will Dollar worth 0.0001 BTC one day - page 2. (Read 5584 times)
Btw winklevoss said that bitcoin might hit 40000$ / btc so he is even more bullish than this thread.
Thank god im still a minor. No taxes for me! 
Oh they'll still put you in jail.
They will put me in jail for making millions of dollars? Cant I just tell them I dont know how to file taxes and they would give me a few months to figure it out?
Thank god im still a minor. No taxes for me!
Oh they'll still put you in jail.
They will put me in jail for making millions of dollars? Cant I just tell them I dont know how to file taxes and they would give me a few months to figure it out?
This, of course, is purely conjecture. There are a fair number of issues with BitCoin that are fundamental to the nature of the coin itself. First and foremost, one of the biggest boons of BTC is the irreversibility of transactions. This is also one of its biggest detractors. It is all too easy for a party to solicit BitCoins for a transaction and fail to deliver. If the customer fails to receive the product or service or is dissatisfied with what they've received, they are entirely at the mercy of the solicitor to make things right. Once larger organizations begin accepting BitCoin, public opinion may be sufficient to hold their feet to the fire, but this recourse will not have much impact with smaller organizations or individuals.
Actually Bitcoin irreversibility is a good feature. You have to pay only if you are sure you wont need reverse the payment. Cash on delivery is my prefered method of ordering goods anyway
Actually you have to give up your United States citizenship
If you give up your US Citizenship (and you meet the income/asset minimums), you owe the expatriation tax.
Lol, this could happen only in United States.
Im happy Im not United States citizen, seriously, it is a joke
It all comes down to one factor, will BitCoin become mainstream? If so, there is little reason to suspect the value of BitCoin won't explode compared to the dollar. If we see a time where BitCoin is used for even a small fraction of commerce (e.g. 10%), the demand for BitCoin is going to skyrocket.
This, of course, is purely conjecture. There are a fair number of issues with BitCoin that are fundamental to the nature of the coin itself. First and foremost, one of the biggest boons of BTC is the irreversibility of transactions. This is also one of its biggest detractors. It is all too easy for a party to solicit BitCoins for a transaction and fail to deliver. If the customer fails to receive the product or service or is dissatisfied with what they've received, they are entirely at the mercy of the solicitor to make things right. Once larger organizations begin accepting BitCoin, public opinion may be sufficient to hold their feet to the fire, but this recourse will not have much impact with smaller organizations or individuals.
This, of course, is purely conjecture. There are a fair number of issues with BitCoin that are fundamental to the nature of the coin itself. First and foremost, one of the biggest boons of BTC is the irreversibility of transactions. This is also one of its biggest detractors. It is all too easy for a party to solicit BitCoins for a transaction and fail to deliver. If the customer fails to receive the product or service or is dissatisfied with what they've received, they are entirely at the mercy of the solicitor to make things right. Once larger organizations begin accepting BitCoin, public opinion may be sufficient to hold their feet to the fire, but this recourse will not have much impact with smaller organizations or individuals.
If anything the person who bought at 100 should be less willing to sell, due to the income taxes.
I agree the income taxes are good reason not to sell. Better is spend the coins
You almost certainly still owe the income taxes when you spend the coins, at least in the US.
So what should we do? Put them on a hard drive, throw it away and say that we never had them?
I didn't say unwilling to sell. If Bitcoin is trading at $1000/BTC and you paid $1/BTC and you're in the highest US tax bracket and pay 20% on your capital gains, you should realize that instead of getting $1000/BTC, you're only really getting ~$800/BTC. A little less when you factor in the investment tax surcharge or whatever that new Obama tax is called, probably.
That is still not bad. Its better than moving to a different country, being a citizen there and then selling.
Especially since if you did that you'd still owe the taxes. http://www.irs.gov/Individuals/International-Taxpayers/Expatriation-Tax
Actually you have to give up your United States citizenship
If you give up your US Citizenship (and you meet the income/asset minimums), you owe the expatriation tax.
If you don't give up your US Citizenship, then you owe the capital gains taxes when you sell.
Pretty much the only way to avoid the taxes altogether is through that other inevitable event - death. That is, if you're high income or high net worth and didn't plan ahead (like Apple Computer or all the other numerous corporations who avoid paying income tax).
Thank god im still a minor. No taxes for me!
If anything the person who bought at 100 should be less willing to sell, due to the income taxes.
I agree the income taxes are good reason not to sell. Better is spend the coins
You almost certainly still owe the income taxes when you spend the coins, at least in the US.
So what should we do? Put them on a hard drive, throw it away and say that we never had them?
I didn't say unwilling to sell. If Bitcoin is trading at $1000/BTC and you paid $1/BTC and you're in the highest US tax bracket and pay 20% on your capital gains, you should realize that instead of getting $1000/BTC, you're only really getting ~$800/BTC. A little less when you factor in the investment tax surcharge or whatever that new Obama tax is called, probably.
That is still not bad. Its better than moving to a different country, being a citizen there and then selling.
Especially since if you did that you'd still owe the taxes. http://www.irs.gov/Individuals/International-Taxpayers/Expatriation-Tax
Actually you have to give up your United States citizenship
If anything the person who bought at 100 should be less willing to sell, due to the income taxes.
I agree the income taxes are good reason not to sell. Better is spend the coins
You almost certainly still owe the income taxes when you spend the coins, at least in the US.
So what should we do? Put them on a hard drive, throw it away and say that we never had them?
I didn't say unwilling to sell. If Bitcoin is trading at $1000/BTC and you paid $1/BTC and you're in the highest US tax bracket and pay 20% on your capital gains, you should realize that instead of getting $1000/BTC, you're only really getting ~$800/BTC. A little less when you factor in the investment tax surcharge or whatever that new Obama tax is called, probably.
That is still not bad. Its better than moving to a different country, being a citizen there and then selling.
If anything the person who bought at 100 should be less willing to sell, due to the income taxes.
I agree the income taxes are good reason not to sell. Better is spend the coins
You almost certainly still owe the income taxes when you spend the coins, at least in the US.
Hard to imagine how I would do it, but dont worry, the goods/services Im going to buy with my Bitcoins are with tax anyway
If anything the person who bought at 100 should be less willing to sell, due to the income taxes.
I agree the income taxes are good reason not to sell. Better is spend the coins
You almost certainly still owe the income taxes when you spend the coins, at least in the US.
So what should we do? Put them on a hard drive, throw it away and say that we never had them?
If anything the person who bought at 100 should be less willing to sell, due to the income taxes.
I agree the income taxes are good reason not to sell. Better is spend the coins
No way. My op. that would be WAY TOO HIGH
I don't think its too high I sure very soon we got this
Very likely not next year, if you mean very soon this.
Simply it is a lot of money
I'm going to go with yes. I think this isn't gong to happen for a very long time. Many things to be considered for this to happen but I can't see why it would be out of the realm of possibility.
No way. My op. that would be WAY TOO HIGH
I don't think its too high I sure very soon we got this
No way. My op. that would be WAY TOO HIGH
Whatever it gets to/stops at, I'm just hoping for a long and steady life for it.
If it was 1 mil per coin, people will be buying 0.0001 or something like that, and early investors will be selling 2 btc (combined, at any given moment). The price will surely go down.
This doesn't make any sense.
Lets say im an early invest with 100 btc. BTC reaches one million. I sell all of my btc. The price will crash because of the fact that people wont be able to buy at 1 mil.
1) You could say that at any $/BTC value.
2) Why would you sell it all at once and cause the price to crash?
You wouldn't just put in the equivalent of a market order to sell everything at any price the moment someone else makes a trade at 1 BTC=$1 million. You'd put in the equivalent of a limit order. "Sell as much as possible, up to 100 BTC, at $1 million/BTC or above." If people aren't able to buy at $1 million/BTC (*), then the price would stay below $1 million/BTC, but it wouldn't crash.
Again, what you're saying makes no sense. Let's say you're an early investor in gold and have 10 tonnes of gold. The price of gold goes up to $10 million/tonne. You sell all of your gold. The price will crash because of the fact that people won't be able to buy a 10 mil?
(*) There are 7 billion people in the world. If 100,000 of them each bought 1 mBTC for $1,000, then that 100 BTC gets sold at $1 million/BTC. The only question is how much people are going to value BTC in the future. And we can only really speculate on that.
One person wouldnt sell 100 btc, but a lot of early investors could start selling totaling 100 btc at that time.
Pretty much anything's possible.
If the large investors get spooked and want out no matter what, the price will tend to go down dramatically. If they're not spooked, and just would like to get out at a certain price point, the price will tend to hover slightly below that price point.
At a million dollars, they wouldnt be spooked, but excited!
So excited that instead of selling they'll be buying more?
Yes, they have 100 btc bought at 100 dollars. Why woundnt they?
Why would the price they paid for their 100 btc matter?
Well if they bought a btc for 999,999, they wouldnt sell at 1 mil. But if they bought at 100 they would probably sell.
Good point... look at http://www.coinflation.com/
A penny from 1982 is worth more than a penny.
A US nickel will always be worth something,
because right now, well it's made out of nickel.
i don't like these reverse denominator headgames.... 
and yes
and yes
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