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Thread: The control of Bitcoin can't come soon enough

  1. #126
    path2prosperity's Avatar
    path2prosperity is offline Elite Scambuster
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    Re: The control of Bitcoin can't come soon enough

    Quote Originally Posted by NikSam View Post
    yeap, it is a processor or more correctly just a virtual currency (not an exchange), its been around for about 2 years i think, closed-end, no exchangers to the other currencies exist,
    Thanks for explaining NikSam. Your work here is top echelon.

  2. #127
    JustTooMuchTime is offline Senior Scambuster
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    IRS: Bitcoins are property, not currency - and are taxable

    "General tax principles that apply to property transactions apply to transactions using virtual currency," the IRS said in a statement, meaning that bitcoins would be taxed as ordinary income or as assets subject to capital gains taxes, depending on the circumstance."
    "NOT LEGAL TENDER

    The IRS also said that virtual currency is not to be treated as legal-tender currency to determine if a transaction causes a foreign currency gain or loss under U.S. tax law.

    For other forms of gains or losses involving virtual currency, the IRS explained how to determine the U.S. dollar value of virtual currency and said taxable gains or losses can be incurred in related property transactions.

    "The character of gain or loss from the sale or exchange of virtual currency depends on whether the virtual currency is a capital asset in the hands of the taxpayer," the IRS said.

    If a taxpayer holds virtual currency as capital - like stocks or bonds or other investment property - gains or losses are realized as capital gains or losses, the agency said.

    However, when virtual currency is held as inventory or other property mainly for sale to customers in a trade or business, ordinary gains or losses are generally incurred, the IRS said.

    Capital gains and losses are taxable and deductible at different rates and amounts than ordinary gains and losses."
    More:
    Bitcoins are property, not currency, IRS says regarding taxes | Reuters

  3. #128
    Soapboxmom's Avatar
    Soapboxmom is offline Administrator
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  4. #129
    ribshaw's Avatar
    ribshaw is offline Nigerian Ministry
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    Re: The control of Bitcoin can't come soon enough

    "It's virtually impossible to violate rules ... but it's impossible for a violation to go undetected, certainly not for a considerable period of time." Bernie Madoff
    https://www.facebook.com/pages/Scam-...98399986981403

  5. #130
    littleroundman is offline Administrator
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    Re: The control of Bitcoin can't come soon enough

    The only thing necessary for the triumph of evil is for good men to do nothing

  6. #131
    littleroundman is offline Administrator
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    Re: The control of Bitcoin can't come soon enough

    The only thing necessary for the triumph of evil is for good men to do nothing

  7. #132
    NikSam is offline AntiCon Artist
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    Re: The control of Bitcoin can't come soon enough

    Jed McCaleb, the creator of Ripple Labs XPR virtual currency and the original creator of Mt.Gox failed bitcoin exchange
    and the creator of some super secret project to hit the world
    announced that he is getting rid of his stash of XPR's (9 billion)

    https://xrptalk.org/topic/2629-selling-my-xrp/

  8. #133
    Blue Wolf's Avatar
    Blue Wolf is offline Senior Member
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    Re: The control of Bitcoin can't come soon enough

    I have a feeling that these "investors" are not going to see most of their money ever again.

    Angry Bitcoin investors demand answers at Tokyo creditors' meet

  9. #134
    NikSam is offline AntiCon Artist
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    Re: The control of Bitcoin can't come soon enough


  10. #135
    NikSam is offline AntiCon Artist
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    Re: The control of Bitcoin can't come soon enough

    Quote Originally Posted by ribshaw View Post
    ...
    The subpoenas, which legally require people or companies to hand over information, were issued to venture capitalist Marc Andreessen, the Cameron and Tyler Winklevoss twins, Coinbase, BitInstant, Coinsetter, and others.
    ...
    Alert on Coinbase BTC exchanger from the California Department of Business Oversight:

    Quote Originally Posted by dbo.ca.gov
    01/27/15 - **DBO Commissioner Clarifies Coinbase Licensing Status in California**
    Department of Business Oversight Commissioner Jan Lynn Owen today issued the following statement to correct erroneous reports that Coinbase Exchange has received regulatory approval from the State:

    “Numerous press accounts about Coinbase’s Jan. 26 launch of Coinbase Exchange erroneously reported the Exchange has received regulatory approval from the State of California. The California Department of Business Oversight has not decided whether to regulate virtual currency transactions, or the businesses that arrange such transactions, under the state’s Money Transmission Act. California consumers should be aware Coinbase Exchange is not regulated or licensed by the State.

    In the Jan. 26 announcement, Coinbase called the Exchange a platform for bitcoin trading.

    California consumers should contact the Department of Business Oversight to check on the licensing of companies, investments or other financial services they are considering by visiting the financial services licensee listing or calling the Department's toll-free Consumer Services Office at 1-866-275-2677.
    URL: California Department of Business Oversight

    COINBASE_alert_DBO.jpg

  11. #136
    NikSam is offline AntiCon Artist
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    Re: The control of Bitcoin can't come soon enough

    Patrick's article on HongKong BTC exchange MyCoin which gone missing together with client's funds,
    believed to be a $386M ponzi scheme:
    Purportedly Based In Hong Kong And Offering Equity Positions, ‘MyCoin’ Bitcoin Exchange Reportedly Goes Missing; Hundreds Of Millions Of Dollars May Be At Stake

  12. #137
    NikSam is offline AntiCon Artist
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    Re: The control of Bitcoin can't come soon enough

    Arghh, NYSE launched the bitcoin index: NYSE creates a new bitcoin index

    NYXBT.jpg

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