Bitcoin backlash as ‘miners’ stress power grids in Central Washington

Post by skybrian » Sun, May 27, 2018, 5:39 PM UTC

abecedarius wrote: post #46

skybrian wrote: post #24

Earlier quoted context omitted.

This is like asking why the solution to bad software is to commit more code. It's because the way to fix a bad law is to pass another law. Otherwise you're saying we should keep the bad laws we have and work around it some other way. Sometimes fixing the symptoms actually is better, but it's not surprising when people suggest changing the code.

Patches on top of patches are not the only way to maintain software.

Post by BrandonM » Sun, May 27, 2018, 5:40 PM UTC

d0ugie wrote: post #27

tomhallett wrote: post #13

Earlier quoted context omitted.

I was just wondering about this - are the miners being charged taxes on the revenues generated?

According to this Q&A from the IRS, yes, miners are on the hook: https://www.irs.gov/pub/irs-drop/n-14-21.pdf : A-8: Yes, when a taxpayer successfully “mines” virtual currency, the fair market value of the virtual currency as of the date of receipt is includible in gross income. (...) A-9: If a taxpayer’s “mining” of virtual currency constitutes a trade or business, and the “mining” activity is not undertaken by the…

Post by walshemj » Sun, May 27, 2018, 5:41 PM UTC

vkou wrote: post #38

JamisonM wrote: post #10

Subsidising energy prices for local consumers based on export revenues is widely practiced but is bad policy. The utilities should charge market rates for consumption and cut local rate-payers a cheque annually using a scheme that encourages energy saving practices.

Why shouldn't people who live in an area receive a dividend from the resource wealth of that area? Property owners in cities receive similar dividends all the time, in the form of rising property prices.

Post by adsfasdfsad111 » Sun, May 27, 2018, 5:42 PM UTC

briandear wrote: post #85

slivym wrote: post #64

Earlier quoted context omitted.

I think that is a really bad line of logic. There are lots of things that have been around for a long time and make some people plenty of money that are bad things. Pyramid schemes fit your definition - should I start buying in? The opposite way to pose this is: Cryptocurrencies have been around for 9+ years, and there has been literally 0 use for it apart from conning rubes on the internet. The important thing to as…

Who cares? If people want to play in Bitcoin, what difference does it make. Nobody is being forced.

Post by icantdrive55 » Sun, May 27, 2018, 5:43 PM UTC

slivym wrote: post #68

mondoshawan wrote: post #35

I don't quite understand something: why are the terms "unpermitted", "unauthorized", and "bootleg" used in the article? When I signed up with Seattle Public Utilities, I didn't sign an agreement saying I wouldn't mine or run servers out of my apartment.

Running industrial equipment off your local residential power grid is both against the terms and conditions of every power company under the sun and also incredibly stupid to do.