The largest Civic Type R club forum

[danneth]

did you miss the part where the IRS see these as property and not a currency??... for the uneducated this means that you will have to declare and pay taxes on any gains.....

..... now bitcoin (and shitecoin and whatevercoin) are no longer classified as currencies, they are a commodity (I am sure I said this many posts ago) so now you are trading in a commodity that has no substance or actual real world value

With this in mind can you now explain where this can go next other than bang?

I don't think anyone knows where it is going, I read various forums on the subject and there are so many different opinions, questions etc it's mind boggling, like I said way back stu hit the nail on the head for most I know ( me included ) it's a quick buck not a long term thing exactly why I wouldn't go and max the 10k credit card out for hardware.

Did lol at this one though

Dear IRS,

I have X coins stored on Mt Gox, and would love to pay my capital gains tax, but can't due to Mt Gox having all my records locked up.

Would you be so kind as to have a federal judge subpoena their records and let me know what I owe?

Bestest,

John Q. Public

[EvoStu]

The killer is the fact every single transaction using virtual currency has to be logged with a time so that gains are calculated at that time. This makes it very difficult for retailers.

[danneth]

The killer is the fact every single transaction using virtual currency has to be logged with a time so that gains are calculated at that time. This makes it very difficult for retailers.

Wouldn't they all be logged anyway through the wallets?

[EvoStu]

The killer is the fact every single transaction using virtual currency has to be logged with a time so that gains are calculated at that time. This makes it very difficult for retailers.

Wouldn't they all be logged anyway through the wallets?

The IRS states that each transaction has to show the gains or losses made on a single transaction based on the exchange rate at the time of transaction.

Effectively they are just making it difficult for retailers. Imagine if you have thousands of transactions per day, it would be an absolute pain in the kahunas!

[Evostance]

The killer is the fact every single transaction using virtual currency has to be logged with a time so that gains are calculated at that time. This makes it very difficult for retailers.

Wouldn't they all be logged anyway through the wallets?

The IRS states that each transaction has to show the gains or losses made on a single transaction based on the exchange rate at the time of transaction.

Effectively they are just making it difficult for retailers. Imagine if you have thousands of transactions per day, it would be an absolute pain in the kahunas!

Retailers already have this information though as its needed for P&L. It'll all go through their system: Item, Value, Sell Price. Just calculate the difference. No different to retailers who accept multiple currencies. Only thing they might need to change is how they report but it shouldn't be a biggie for any supplier big enough to accept CC

[EvoStu]

The killer is the fact every single transaction using virtual currency has to be logged with a time so that gains are calculated at that time. This makes it very difficult for retailers.

Wouldn't they all be logged anyway through the wallets?

The IRS states that each transaction has to show the gains or losses made on a single transaction based on the exchange rate at the time of transaction.

Effectively they are just making it difficult for retailers. Imagine if you have thousands of transactions per day, it would be an absolute pain in the kahunas!

Retailers already have this information though as its needed for P&L. It'll all go through their system: Item, Value, Sell Price. Just calculate the difference. No different to retailers who accept multiple currencies. Only thing they might need to change is how they report but it shouldn't be a biggie for any supplier big enough to accept CC

They are required to report on every BC transaction at that given point of time. Rather than doing what some companies do and hold onto currency and wait for a change in the rate.

The IRS will make it as difficult as possible for all involved now, just watch.

[mjhamilton]

The killer is the fact every single transaction using virtual currency has to be logged with a time so that gains are calculated at that time. This makes it very difficult for retailers.

Wouldn't they all be logged anyway through the wallets?

The IRS states that each transaction has to show the gains or losses made on a single transaction based on the exchange rate at the time of transaction.

Effectively they are just making it difficult for retailers. Imagine if you have thousands of transactions per day, it would be an absolute pain in the kahunas!

Retailers already have this information though as its needed for P&L. It'll all go through their system: Item, Value, Sell Price. Just calculate the difference. No different to retailers who accept multiple currencies. Only thing they might need to change is how they report but it shouldn't be a biggie for any supplier big enough to accept CC

have you seen some of the companies that are using BC??... in come cases they are using it as it is cheaper than a CC system so they are small one man armies

... I personally have not seen a big company that accepts BC to date (but then I haven't been to every company)

[danneth]

The killer is the fact every single transaction using virtual currency has to be logged with a time so that gains are calculated at that time. This makes it very difficult for retailers.

Wouldn't they all be logged anyway through the wallets?

The IRS states that each transaction has to show the gains or losses made on a single transaction based on the exchange rate at the time of transaction.

Effectively they are just making it difficult for retailers. Imagine if you have thousands of transactions per day, it would be an absolute pain in the kahunas!

Retailers already have this information though as its needed for P&L. It'll all go through their system: Item, Value, Sell Price. Just calculate the difference. No different to retailers who accept multiple currencies. Only thing they might need to change is how they report but it shouldn't be a biggie for any supplier big enough to accept CC

have you seen some of the companies that are using BC??... in come cases they are using it as it is cheaper than a CC system so they are small one man armies

... I personally have not seen a big company that accepts BC to date (but then I haven't been to every company)

What do you class as big company?

http://techcrunch.com/2014/03/04/overst ... wo-months/

[mjhamilton]

What do you class as big company?

http://techcrunch.com/2014/03/04/overst ... wo-months/

not exactly a mainstream highstreet name is it - saw a family owned coffee shop in Brighton that took BC over the counter - how is a company like this going to handle taxation on gains and losses on every transaction (If the HMRC go down the IRS route and prevent claiming BC losses as a tax write off then this will add another issue)

[danneth]

What do you class as big company?

http://techcrunch.com/2014/03/04/overst ... wo-months/

not exactly a mainstream highstreet name is it - saw a family owned coffee shop in Brighton that took BC over the counter - how is a company like this going to handle taxation on gains and losses on every transaction (If the HMRC go down the IRS route and prevent claiming BC losses as a tax write off then this will add another issue)

I thought you said big company, looking at them they look pretty big to me, Scan also accept them I'd say they were pretty "big" - http://www.scan.co.uk/info/bitcoin

I think it will be up to the company as to whether they think it's going to work or not in the long term, I really can't see it being a problem writing the software / systems to work out the transactions for them via the wallet but will they think it's worth it or do they already feel like the IRS, HMRC etc will just do all they can to make sure it isn't a success.

[jtc]

Surely crypto currency's main attraction is "mining" a load of coins, then selling them on to mongs for cold hard cash?

[mjhamilton]

Surely crypto currency's main attraction is "mining" a load of coins, then selling them on to mongs for cold hard cash?

bingo

It's called a Ponzi scheme

What really needs to happen is for someone to create a card or module that you could carry around which would negate the need to carry real money

.... Oh wait ... That's a Credit it debit card which has the full backing of the global monetary system with protection and all those important things in place

To me bitcoin is something that naive geeks use to try and make themselves seem cool whilst in reality they are being scammed by the peeps at the to

[Jules]

Surely crypto currency's main attraction is "mining" a load of coins, then selling them on to mongs for cold hard cash?

bingo

It's called a Ponzi scheme

What really needs to happen is for someone to create a card or module that you could carry around which would negate the need to carry real money

.... Oh wait ... That's a Credit it debit card which has the full backing of the global monetary system with protection and all those important things in place

To me bitcoin is something that naive geeks use to try and make themselves seem cool whilst in reality they are being scammed by the peeps at the to

Even that is improving https://onlycoin.com/

[smartie]

Its like two people trying to derail the entire bitcoin empire through internet raging.

[danneth]

Marqeta ‏@Marqeta 16h

First Debit Card to Convert Cryptocurrency into Cash, Cryptex Card to Launch Across More Than 80 Countries

[mjhamilton]

Its like two people trying to derail the entire bitcoin empire through internet raging.

and one person joining the party just to raise their post count

[smartie]

Its like two people trying to derail the entire bitcoin empire through internet raging.

and one person joining the party just to raise their post count

You have not posted a ranting ponzi scheme post for a few days, slacking.

[mjhamilton]

Its like two people trying to derail the entire bitcoin empire through internet raging.

and one person joining the party just to raise their post count

You have not posted a ranting ponzi scheme post for a few days, slacking.

you have not posted something pointless and meaningless for a while


..... Oh wait

[Kingston]

So who is signing up for a cryptex card? Or can you only get one if your holding the current flavour of coin?

[smartie]

Its like two people trying to derail the entire bitcoin empire through internet raging.

and one person joining the party just to raise their post count

You have not posted a ranting ponzi scheme post for a few days, slacking.

you have not posted something pointless and meaningless for a while


..... Oh wait

Thanks for doing it for me.