Can BitCoin, the First Open Source Currency, Threaten the Dollar?
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Can BitCoin, the First Open Source Currency, Threaten the Dollar?
1–10 of 21 posts
Re: Can BitCoin, the First Open Source Currency, Threaten the Dollar?
#2Answer: No.
Re: Can BitCoin, the First Open Source Currency, Threaten the Dollar?
#3Small problem, he says "They cannot be taxed, which would remove yet another source of power the state has over individuals."
I hate to inform everyone, but Bitcoins CAN be taxed. Anything that is normally taxable in USD transactions are also taxable as a BTC transaction.
Remember people, pay your damned taxes.
Re: Can BitCoin, the First Open Source Currency, Threaten the Dollar?
#4Small problem, he says "They cannot be taxed, which would remove yet another source of power the state has over individuals." I hate to inform everyone, but Bitcoins CAN be taxed. Anything that is normally taxable in USD transactions are also taxable as a BTC transaction. Remember people, pay your damned taxes.
Why does everyone miss the point that once you cash out your BTC you're paying USD taxes.
Re: Can BitCoin, the First Open Source Currency, Threaten the Dollar?
#5I 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 small elephant in this room.
Re: Can BitCoin, the First Open Source Currency, Threaten the Dollar?
#6Small problem, he says "They cannot be taxed, which would remove yet another source of power the state has over individuals." I hate to inform everyone, but Bitcoins CAN be taxed. Anything that is normally taxable in USD transactions are also taxable as a BTC transaction. Remember people, pay your damned taxes.
"They cannot be taxed"
The only possible explanation for such a bizarre statement that I can think of is that the author has never had any experience of paying taxes (in any form).
Re: Can BitCoin, the First Open Source Currency, Threaten the Dollar?
#7Small problem, he says "They cannot be taxed, which would remove yet another source of power the state has over individuals." I hate to inform everyone, but Bitcoins CAN be taxed. Anything that is normally taxable in USD transactions are also taxable as a BTC transaction. Remember people, pay your damned taxes.
Moreover, they'll be taxed in the United States based on USD value. So if you are a bitcoin-millionaire in December, you had better hope that the market hasn't imploded when you do your taxes in March.
Re: Can BitCoin, the First Open Source Currency, Threaten the Dollar?
#8Bitcoin will change the world; end of story.
Re: Can BitCoin, the First Open Source Currency, Threaten the Dollar?
#9Small problem, he says "They cannot be taxed, which would remove yet another source of power the state has over individuals." I hate to inform everyone, but Bitcoins CAN be taxed. Anything that is normally taxable in USD transactions are also taxable as a BTC transaction. Remember people, pay your damned taxes.
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.
Re: Can BitCoin, the First Open Source Currency, Threaten the Dollar?
#10Small problem, he says "They cannot be taxed, which would remove yet another source of power the state has over individuals." I hate to inform everyone, but Bitcoins CAN be taxed. Anything that is normally taxable in USD transactions are also taxable as a BTC transaction. Remember people, pay your damned taxes.
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.