BitCoin thread

zack54attack · Jan 16, 2014

and Chicagos first BitCoin Kiosk is coming in March.

http://www.meetup.com/The-Chicago-Bitcoin-Meetup/

Crystallas · Jan 16, 2014

zack54attack said:
and Chicagos first BitCoin Kiosk is coming in March.

http://www.meetup.com/The-Chicago-Bitcoin-Meetup/

Cool beans. I'm not a fan of the Kiosk method(which usually is just a physical exchange/ATM) for a digital currency, but I'm sure other appreciate it.

Scoot26 · Feb 10, 2014

So are the old ruling powers trying to kill Bitcoin now? Whats going on?

Crystallas · Feb 10, 2014

Scoot26 said:
So are the old ruling powers trying to kill Bitcoin now? Whats going on?

Not sure exactly. But every time it goes through a down phase, is always because of some event. Russia ruled banks not to deal with cryptocurrencies, and Apple doesn't allow any bitcoin wallets on iPhones(after allowing one or another for years) are the two more recent stories.

The Russian deal is really sad, especially after a number of underfunded Olympic teams/athletes were funded by cryptocurrency donations that would not have happened otherwise.

Scoot26 · Feb 10, 2014

Crystallas said:
Not sure exactly. But every time it goes through a down phase, is always because of some event. Russia ruled banks not to deal with bitcoins, and Apple doesn't allow any bitcoin wallets on iPhones(after allowing one or another for years) are the two more recent stories.

So bad news is crashing its value. And since its so young and unstable, well we see it crashing pretty much.

Crystallas · Feb 10, 2014

Scoot26 said:
So bad news is crashing its value. And since its so young and unstable, well we see it crashing pretty much.

I guess. When it goes from $1 to $20, it doesn't make news. But the moment it drops, it's big news. Weird how that works. The $70-260 made news, and the $120 to $1000 made news, so I guess that it just needs to be unavoidably large to get recognized. Up and down, up and down.

Scoot26 · Mar 25, 2014

IRS says Bitcoin is taxable

The Internal Revenue Service has issued a formal notice saying it can tax Bitcoin transactions, calling it a property -- not a currency.

http://money.cnn.com/2014/03/25/technology/innovation/irs-bitcoin/index.html?iid=Lead

I'm guessing you're not happy with that Cry.

Crystallas · Mar 25, 2014

It's been taxable for two years according to the IRS. This news just states that they categorize it as a property when it comes to filing.

Scoot26 · Mar 25, 2014

Crystallas said:
It's been taxable for two years according to the IRS. This news just states that they categorize it as a property when it comes to filing.

So is that better or worse?

Crystallas · Mar 25, 2014

Scoot26 said:
So is that better or worse?

Neither. It's just how they want to process the information.

Scoot26 · Mar 25, 2014

Crystallas said:
Neither. It's just how they want to process the information.

I see. I thought this might have an advantage to some people, like those who lost a bunch of money in the exchanges this year.

Monk · Mar 25, 2014

Anybody watch that show Almost Human? I think they use bit coin as currency.

That's all I have to contribute. I'm sorry.

Crystallas · Mar 25, 2014

Scoot26 said:
I see. I thought this might have an advantage to some people, like those who lost a bunch of money in the exchanges this year.

Some people have already been claiming bitcoin losses and gains before this. The issue is that bitcoin is so complex, even the IRS who is used to a lot of complexity, couldn't understand it. They ruled BitCoin to be currency, and now rule that bitcoin filings must be treated as property under the tax code. The IRS is just doing what it does, creating guidelines for filing. A lot of people have been waiting for clarification, so I guess it is beneficial to a lot of people.

Part of this could be dangerous for creating a loophole though. As the IRS has crypto-currencies defined, because BitCoins are legal means for campaign donations, some people with a keen eye point out that it could be used to exceed the $2500/$5000 donation limit.

Scoot26 · Mar 25, 2014

Crystallas said:
Some people have already been claiming bitcoin losses and gains before this. The issue is that bitcoin is so complex, even the IRS who is used to a lot of complexity, couldn't understand it. They ruled BitCoin to be currency, and now rule that bitcoin filings must be treated as property under the tax code. The IRS is just doing what it does, creating guidelines for filing. A lot of people have been waiting for clarification, so I guess it is beneficial to a lot of people.

Part of this could be dangerous for creating a loophole though. As the IRS has crypto-currencies defined, because BitCoins are legal means for campaign donations, some people with a keen eye point out that it could be used to exceed the $2500/$5000 donation limit.

IRS lives for loopholes.