Governments aren't governments because they control currency. They control currency because the people gave them to power to do so. They were already governments before that.
Can BitCoin, the First Open Source Currency, Threaten the Dollar?
11–20 of 21 posts
Re: Can BitCoin, the First Open Source Currency, Threaten the Dollar?
#12Earlier quoted context omitted.
Why does everyone miss the point that once you cash out your BTC you're paying USD taxes.
The idea is that you never need to 'cash them out', because it is meant to be used as a currency not as a casino game. If you do your transactions in them you don't need to go back to dollars.
Nope, not at all. Ask a certified accounted. This is no different than US companies doing business in foreign currencies... you keep your books in USD equivalent values indexed to an exchange rate that is regularly updated.
As in, daily, weekly, quarterly. Gaming that also raises eyebrows at the IRS.
Re: Can BitCoin, the First Open Source Currency, Threaten the Dollar?
#13Bitcoin will change the world; end of story.
no it wont.
Re: Can BitCoin, the First Open Source Currency, Threaten the Dollar?
#14I have BitCoins, so this only is of benefit to me; but I have the feeling that stories about BitCoins are being promoted on HN, not only for the community's interest in BitCoin, but in an effort to pump the exposure to increase awareness and value of their stock. I don't mind the effect too much, as I personally find the Bitcoin phenomenon to be endlessly interesting, but I feel compelled to point out what might be a…
The relentless promotion campaign that is conducted here and similar places makes it very hard to not interpret the whole phenomenon as a type of penny stock style pump and dump scheme, regardless of the technical merits at the core of the system. One would think that anyone who thought of themselves as not of part of a speculative frenzy would realize that promoting such a bubble, and not caring about giving people the impression that they are, would be bad for its mid to long term success.
Re: Can BitCoin, the First Open Source Currency, Threaten the Dollar?
#15Earlier quoted context omitted.
The idea is that you never need to 'cash them out', because it is meant to be used as a currency not as a casino game. If you do your transactions in them you don't need to go back to dollars.
Nope, not at all. Ask a certified accounted. This is no different than US companies doing business in foreign currencies... you keep your books in USD equivalent values indexed to an exchange rate that is regularly updated. As in, daily, weekly, quarterly. Gaming that also raises eyebrows at the IRS.
Yeah I believe you. I don't live in the US so I know nothing about your tax system. I just wanted to make clear that the goal is to get a worldwide (micro-)economy running in BTC, not to bubble and 'cash out' to other currencies. Though it looks that way at the moment...
Re: Can BitCoin, the First Open Source Currency, Threaten the Dollar?
#16Earlier quoted context omitted.
Why does everyone miss the point that once you cash out your BTC you're paying USD taxes.
Because they are dreamily thinking that they will spend BTC directly, and never convert to USD.
No conversion to dollar necessary. An American citizen say lives on the US Canada border and has a job just across the line and gets paid in Canadian dollars they are still expected to pay income tax. If an American citizen lives and works in France for a decade they are expected to file income taxes in the US every year. Income tax is just that, tax on income it applies to every citizen of the US no matter where they live or what currency they get paid in. BTC is no different.
Re: Can BitCoin, the First Open Source Currency, Threaten the Dollar?
#17I have BitCoins, so this only is of benefit to me; but I have the feeling that stories about BitCoins are being promoted on HN, not only for the community's interest in BitCoin, but in an effort to pump the exposure to increase awareness and value of their stock. I don't mind the effect too much, as I personally find the Bitcoin phenomenon to be endlessly interesting, but I feel compelled to point out what might be a…
The relentless promotion campaign that is conducted here and similar places makes it very hard to not interpret the whole phenomenon as a type of penny stock style pump and dump scheme, regardless of the technical merits at the core of the system. One would think that anyone who thought of themselves as not of part of a speculative frenzy would realize that promoting such a bubble, and not caring about giving people…
It's certainly over-the-top. I tried to flag this post down, as it has nothing to do anymore with Bitcoin as open source project and thus hacking. But there's just too much incentive to get it on the front page, I guess...
I like the idea of cryptocurrencies very much but can we stop the overhyping? Nothing good can come of it.
Re: Can BitCoin, the First Open Source Currency, Threaten the Dollar?
#18Re: Can BitCoin, the First Open Source Currency, Threaten the Dollar?
#19Earlier quoted context omitted.
Why does everyone miss the point that once you cash out your BTC you're paying USD taxes.
Because they are dreamily thinking that they will spend BTC directly, and never convert to USD.
Even if they never convert it to USD, taxes has to be paid on all revenues, regardless of currency.
The fact the transactions can be pretty anonymous makes them think they will be able to hide them.
Re: Can BitCoin, the First Open Source Currency, Threaten the Dollar?
#20Earlier quoted context omitted.
Because they are dreamily thinking that they will spend BTC directly, and never convert to USD.
No conversion to dollar necessary. An American citizen say lives on the US Canada border and has a job just across the line and gets paid in Canadian dollars they are still expected to pay income tax. If an American citizen lives and works in France for a decade they are expected to file income taxes in the US every year. Income tax is just that, tax on income it applies to every citizen of the US no matter where the…
I am no expert on american taxes (eh, IANEOAT?) but I believe there is a treaty between France and USA preventing double taxation. You might or might not be forced to file the papers but if you're already paying taxes from the income in France (as would be the case - since the employer would just deduct it) you wouldn't have to pay the US taxes.
Sorry for the OT