Free Market Currency 'Bitcoin'

  • Thread starter BenVitale
  • Start date
  • #126
russ_watters
Mentor
21,014
7,698
What happened to self ownership? Is it not vain to assume that your view that investment in something is insane must be the correct view?
Yes, but what if you had made a ton of money off of Beanie Babies? How would you feel about it today? I was too young at the time to have done it, but I remember talking to a friend's mom and being dumbfounded by her belief in what she was doing. It made an impression on me.
 
  • #128
nsaspook
Science Advisor
1,075
1,756

The Taxman cometh but only takes cash not bitcoin for the price of freedom.

This means in case of an audit and you own bitcoin you must disclose your transactions and maybe the keys to those transactions (as digital receipts) to prove ownership so they can verify amounts using the Bitcoin networked blockchain database.
 
Last edited by a moderator:
  • #129
nsaspook
Science Advisor
1,075
1,756
The IRS action also means bitcoins have lost 'Fungibility'. One bitcoin is not the same as all bitcoins because the tax consequences of using one over the other now involves a cost basis calculation using the cash value at both the buy and sell transactions unlike a 'fungible' stack of $20 bills from 1980 you hid in the basement used to buy a new car today.

The MtGox Bitcoin top 500 trading patterns.

http://bitcoin.stamen.com/
 
Last edited:
  • #130
nsaspook
Science Advisor
1,075
1,756
Interesting defense.

http://www.forbes.com/sites/andygre...onetary-instrument-moves-to-drop-all-charges/

“Count Four, which charges Mr. Ulbricht with participating in a money laundering conspiracy…must be dismissed because the allegation lacks an essential element: that the ‘financial transactions’ alleged involved ‘monetary instruments,’” the motion reads. “Bitcoins, the exclusive means of payment on Silk Road, do not qualify as ‘monetary instruments,’ and therefore cannot serve as the basis for a money laundering violation.”
 

Related Threads on Free Market Currency 'Bitcoin'

  • Last Post
2
Replies
28
Views
13K
  • Last Post
Replies
10
Views
5K
  • Last Post
4
Replies
82
Views
11K
Replies
7
Views
4K
  • Last Post
Replies
3
Views
5K
Replies
222
Views
29K
A
  • Last Post
Replies
1
Views
5K
  • Last Post
Replies
4
Views
879
Replies
11
Views
4K
  • Last Post
Replies
7
Views
3K
Top