151–160 of 194 posts
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The first $5M is exempt.
You are thinking of the inheritance tax. If I recall the gift tax and the inheritance tax interact, but you only pay the inheritance tax once, when you are dead.
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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.
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Taxed at what percent? Ludicrous.
In the Netherlands, all assets over €21K (roughly $28K) are taxed at 1.2 %. This includes cash, bonds, stocks, real estate held for investment, paintings held as investments; everything that is not for personal use (so cars and yachts are not included, nor are second homes for personal use). Yes it is preposterous.
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…
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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.
Mining rewards will diminish over time so it will no longer be feasible to mine as much as in the 'gold rush' phase. So the carbon footprint will not be growing all the time.
In fact, there's a race to make the current hardware to become more power efficient. If you live in a sunny place, you could probably pick up 240 Watt solar panels for around $300, a connect a Raspberry pi @ 3.5 watts, then a 10 GH/s Erupter blade @ 75 watts.
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Why ? Seems like a great tax to me. The people who are most likely to be hoarding large sums of cash are the type of people who you want to be taxing.
Seems like a great way to discourage saving and keeping people living hand to mouth.
Unpopular opinion of the day: bitcoin is real money, and the government will regulate it and control it as such. In my opinion, the end-game is this: bitcoin addresses are taxable, with occasional tax agents spot-checking large accumulations of bitcoin to determine if said addresses fall within their jurisdiction. Bitcoin has the unusual ability to have a very tight trace on where a given virtual coin goes: that just…
This is why I don't believe in BTC for the long term. It's not anywhere near anonymous. Those saying BTC has no inherent value (as opposed to gold, for example) are completely overlooking the fact that BTC is the only kind of exchange that can be used for illicit activities in a relatively untraceable manner (good luck buying stuff on SR using gold). Unfortunately, BTC is traceable if governments decide to spend the…
Alternative equivalents like litecoin work equally well.
That's why I think bitcoin is bound to collapse. There's no a priori reason to use one root over another, and given the choice, why would you pick the one where "satoshi" has already assigned himself 25% of the wealth?
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"Those saying BTC has no inherent value (as opposed to gold, for example) are completely overlooking the fact that BTC is the only kind of exchange that can be used for illicit activities in a relatively untraceable manner" Really? When last I checked the overwhelming majority of criminals were using paper money. This is probably because the overwhelming majority of people in general use paper money and because crimi…
Who did you check with? Jack Bauer? LOL The biggest criminal enterprise is "outside money" vs. "inside money" and the scale is orders of magnitude larger than the folks peddling narcotics or paying for hookers.
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> 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.
Taxed at what percent? Ludicrous.
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This is why I don't believe in BTC for the long term. It's not anywhere near anonymous. Those saying BTC has no inherent value (as opposed to gold, for example) are completely overlooking the fact that BTC is the only kind of exchange that can be used for illicit activities in a relatively untraceable manner (good luck buying stuff on SR using gold). Unfortunately, BTC is traceable if governments decide to spend the…
>Those saying BTC has no inherent value (as opposed to gold, for example) are completely overlooking the fact that BTC is the only kind of exchange that can be used for illicit activities in a relatively untraceable manner (good luck buying stuff on SR using gold). Alternative equivalents like litecoin work equally well. That's why I think bitcoin is bound to collapse. There's no a priori reason to use one root over…