Every important person in BitCoin just got subpoenaed by NY financial regulators • Hacker News Board

Re: Every important person in BitCoin just got subpoenaed by NY financial regulators

#191

Post by coinman » Wed, Aug 14, 2013, 7:19 PM UTC

JoeAltmaier wrote: post #45

coinman wrote: post #33

Earlier quoted context omitted.

In a way, bitcoin itself is not really a currency, or money, it's more like an idea for exchanging messages. Bitcoin is really a decentralized messaging system which relies on cryptography and proof-of-work to maintain integrity. Should exchanging messages in the form of "I owe you x amount" over a p2p network be regulated or be made illegal? However, The fact that it's used as a form of currency is just an interpret…

They are also disastrous for the planet - bitcoin's carbon footprint is growing, trading our planet for ... imaginary points. This has got to stop.

A good comparison:

Current estimated power consumption of the Bitcoin network: 1.67 Mega watts. (6,028.57 megawatt hours http://blockchain.info/stats).

Typical power generated by a single Boeing 747: 140 Mega Watts. There's hundreds of these flying right now, yet no-one is appalled about the carbon footprint. http://en.wikipedia.org/wiki/Orders_of_magnitude_(power)

Re: Every important person in BitCoin just got subpoenaed by NY financial regulators

#192

Post by pmorici » Thu, Aug 15, 2013, 2:14 PM UTC

cLeEOGPw wrote: post #154

pmorici wrote: post #100

Looks like this might be the least of BitCoin's government problems. Check out this appropriations bill currently before congress; http://beta.congress.gov/congressional-report/113th-congress... Search for BitCoin in the text and you get the following gem... "Money laundering.--The Committee understands that Bitcoins and other forms of peer-to-peer digital currency are a potential means for criminal, terrorist or oth…

This is not prejudiced at all. All it states, is that the committee UNDERSTANDS that cryptocurencies have the POTENTIAL to be used for money laundering, etc. It is true, it can be used, and is used for those means.

Did you read the whole thing? They call it an 'ersatz' currency. Look up the word ersatz it has pretty negative connotations it's hardly a neutral statement.

Re: Every important person in BitCoin just got subpoenaed by NY financial regulators

#193

Post by bad-news » Fri, Aug 16, 2013, 2:17 AM UTC

kaonashi wrote: post #121

colanderman wrote: post #84

Earlier quoted context omitted.

How is that any different than controlled dilution of a fiat currency, like the Federal Reserve does? The net result is the same.

The Fed controls reserves, not net financial assets. The net result from a fiscal injection and a financial composition shift is not the same at all.

Yeah, direct tax is a lot more fair.

Re: Every important person in BitCoin just got subpoenaed by NY financial regulators

#194

Post by bad-news » Fri, Aug 16, 2013, 2:22 AM UTC

e12e wrote: post #65

DougWebb wrote: post #15

Earlier quoted context omitted.

A bitcoin address is just a container for some amount of BTC. Holding an amount of currency isn't taxable, and exchanging currency often isn't taxable either. (I'm generalizing across jurisdictions, but I think what I'm saying is true for most of them.) If you move money from one pocket to another, or one savings account to another (that you own), that's not taxable. Very many transfers between bitcoin addresses is j…

> Holding an amount of currency isn't taxable It is in Norway - any cash or deposits in excess of 750.000 NOK (around 125.000 USD or so) is taxed in addtion to interest being taxed as income. Now, cash isn't easily detectable, so it is a very easy asset to hide -- but while possible, that would be tax evasion and is illegal.

I'm considering to open an account with a Norwegian bank, say Bank Norwegian, as a low risk investment. What is currently the untaxable annual income? I believe it used to be 30K NOK a few years ago.