OMG... is someone buying a nuke? !!!
Someone just made a $147,239,214 Bitcoin transfer
151–160 of 474 posts
Re: Someone just made a $147,239,214 Bitcoin transfer
#152Consider this: They paid $0.00 for the transfer of $150 million dollars. A direct (i.e. not based on third party credit, regulations, etc.) transfer of wealth of this magnitude between two entities usually consists of a heavily guarded, insured, physical shipment of cash or gold. Depending how safely you want to make the transfer, and how far the entities are on the globe, it can cost hundreds of thousands to million…
Unfortunately for me right now bitcoin has zero value.
Until I can use the millions in coins to pay off my house, buy a car easily, pay my taxes and go out to eat with them, or hassle free convert them to cash in my bank, it is still funny money.
Re: Someone just made a $147,239,214 Bitcoin transfer
#153What does the "shit load of money!" mean on the transaction page?
It's a link to a reddit thread discussing the transaction.
Re: Someone just made a $147,239,214 Bitcoin transfer
#154Earlier quoted context omitted.
This might help: http://www.bitcointax.info/
Wow. That's an exhaustive discussion. +1
Not exhaustive enough. From the link: "Miners of Bitcoin face a host of unique tax issues that are outside the scope of this discussion." If I were mining I'd want to know the tax and legal implications, and there are no good sources out there from what I understand.
The most burning questions: (1) for a miner based in the U.S., does the BTC miner realize a short-term gain the moment a bitcoin is awarded? or can they defer all gains until perhaps a year+ after mining and realize the whole sale as a long-term gain? (2) If short-term gains are due upon mining award, and the value at the time of award is US$1000/BTC, and the tax due on short-term gain would be US$300, and then BTC crashes to be worth $10/BTC before the miner sells the coin and never recovers, is the miner left holding the bag on the $300 short-term tax bill? (Similar things happened to stock option exercisers in the dot-com bust, people who held their exercised stock.) (3) Does tax treatment differ for solo- and pool-mining? I can see pool-mining being treated as offering a service to the pool, and any awards are immediately taxable as revenue, whereas in solo-mining perhaps one could argue the award isn't realized until one actually sells the BTC.
Re: Someone just made a $147,239,214 Bitcoin transfer
#155Whoever owns this wallet used it to gamble on https://letsdice.com/ https://blockchain.info/tx/a80f91549f863ccb58603e45a37980e30...
So much for anonymity of Bitcoin.
Re: Someone just made a $147,239,214 Bitcoin transfer
#156Earlier quoted context omitted.
It is possible to know 194,993.50000004 BTC changed between two addresses - these could be owned by the same individual, could be different accounts for the same individual. Anything else, USD, goats, Yuan, securities, etc that may have been traded would not be reported/recorded in the BTC transfer. edit: corrected by josephagoss, ty
Goats aren't tracked by the blockchain?
people are building (and/or have already built) systems that allow parties to transfer both pure-digital-only assets (images, videos, music, ebooks, etc), and, the rights to RL assets (eg. a goat, a painting, a vehicle), both "on top of" the Bitcoin network/architecture as well as via completely separate but Bitcoin-like systems. Systems which are also distributed, anonymity/privacy-optimized, resilient, globalized, bureaucracy-routing-around, efficient, automation-friendly, fee-less, built/run by engineers & entrepreneurs rather than by politicians/lawyers/bankers/aristocracies, etc.
Re: Someone just made a $147,239,214 Bitcoin transfer
#157Earlier quoted context omitted.
The government would have to consider Bitcoins as a currency for it to be taxed like a currency. Right now it has no status identified for legal purposes so no way to tax it. I am sure that several governments are looking in to it as we speak. Death and taxes
Not even close. Anytime you buy low and sell high you owe taxes on the difference. This applies to everything from antiques to livestock. It doesn't matter if the stuff is tangible or imaginary. You would owe taxes for mining World Of Warcraft coins if you sell them. You would owe taxes for picking up cans off of the street and recycling. How much you owe can change with how you earned the money, but if you earned mo…
What if you buy high and sell low. Can you write off the losses for tax purposes?
Re: Someone just made a $147,239,214 Bitcoin transfer
#158Earlier quoted context omitted.
I wonder if it is an early miner, or a certain black pirate...
I'm surprised no one has identified what I think is the most likely situation: bitcoin theft.
Could this not be some large purchase with a bitcoin payment attached to a contract?
Could a contract enforce a bitcoin transfer?
Re: Someone just made a $147,239,214 Bitcoin transfer
#159Whoever owns this wallet used it to gamble on https://letsdice.com/ https://blockchain.info/tx/a80f91549f863ccb58603e45a37980e30...
So much for anonymity of Bitcoin.
I think you never really understood how bitcoin works if you make that statement. All bitcoins wallets, and their transferts, are public.
Re: Someone just made a $147,239,214 Bitcoin transfer
#160Consider this: They paid $0.00 for the transfer of $150 million dollars. A direct (i.e. not based on third party credit, regulations, etc.) transfer of wealth of this magnitude between two entities usually consists of a heavily guarded, insured, physical shipment of cash or gold. Depending how safely you want to make the transfer, and how far the entities are on the globe, it can cost hundreds of thousands to million…
>between two entities usually consists of a heavily guarded, insured, physical shipment of cash or gold. Err, life isn't a james bond movie. For money transfer like this we use bank wires. We dont buy gold and ship it on gunships anymore.
>For money transfer like this we use bank wires
Yeah and there is a fee involved too, right?