4721

Technology & Information / Re: Ask Rushy about Bitcoins.

« on: March 07, 2014, 07:39:57 PM »

To further Thork's argument that it is a commodity and not a currency, Japan is going to treat it like a commodity and not regulate it as well as subject it to sales and capital gains tax,  http://techcrunch.com/2014/03/07/japan-government-has-no-plans-to-regulate-bitcoin-transactions-after-mt-goxs-demise/.  Though the link does say the UK is expected to declare it a currency.

The UK also revoked the 20% tax they implemented on Bitcoin in order to attract more startups. Also, whether any specific country treats Bitcoin as a currency or not is irrelevant. Bitcoin is a currency, if countries care or not to recognize that is a moot point.

4722

Technology & Information / Re: Ask Rushy about Bitcoins.

« on: March 07, 2014, 02:59:28 AM »

No. Foreign currencies are capital gains exempt. Trading stock is not.

I can go on holiday, make a killing from a currency exchange rate an no capital gains tax. Trading is different because its the only way a government can tax professional currency traders.

Bitcoin however always attracts capital gains tax, once the threshold is met. It isn't exempt in any way like foreign currencies. As you are lazy, I will quote for you

There are a number of different assets which when disposed of, never attract capital gains tax, because the assets themselves are actually exempt. Examples of this include the foreign currency you purchase for yourself or your relatives whilst spending time abroad

and

this transaction will be exempt from capital gains tax, so long as two conditions have been met. These are that the gift is not a form of trading stock which you have purchased for the purposes of reselling

There are no laws regarding bitcoin. Capital gains tax is an assumption, not a rule. Also, foreign exchange is not exempt. Did you even bother to read the link I gave you? I don't care what some random ass websites you go to. I posted Federal law. It might be different in the UK, but currency exchange is taxed in the US as a capital gain.

4723

Technology & Information / Re: Ask Rushy about Bitcoins.

« on: March 06, 2014, 10:38:45 PM »

Currencies are subject to capital gains tax. If I convert USD to EUR and EUR gains value, then I convert EUR back to USD. Then boom, I've just made a capital gain and I have to report it on my taxes.

http://www.law.cornell.edu/uscode/text/26/988

The only time it doesn't count as a gain or loss is if the exchange rate didn't change. I.E. instant currency conversions. If I hold EUR for a long time and then convert it, it qualifies as capital gains (or loss), and not income.

4724

Technology & Information / Re: Ask Rushy about Bitcoins.

« on: March 06, 2014, 07:24:17 PM »

The main point being your deposits are protected ... which they aren't with bitcoin as many bohemian investors are finding out.

Bitcoin is a currency, not a bank.

4725

Technology & Information / Re: Ask Rushy about Bitcoins.

« on: March 06, 2014, 12:31:05 AM »

One in the hand is never worth 2 in the bush.

I'm sure that notion has gotten you far in life.

There are thousands. Below is a list of the banks in just the UK. Yes, we have 5 massive banks that are on every high street, but we have hundreds of independent one branch banks. Mom and pop banks if you like. Most cater for high wealth individuals because most people just want to be able to use a cash card in any town, but if you want to put your savings in a small private bank, its no problem. You'll likely get better rates of interest too.
http://www.altiusdirectory.com/Finance/uk-banks-list.php

You also have hundreds in the states.
http://www.altiusdirectory.com/Finance/list-of-banks-in-usa.php

Those are more like credit unions than banks. They don't offer the complete services that a large bank can provide. They are also, funnily enough, more prone to losing your funds. Who would have thought?

4726

Philosophy, Religion & Society / Re: Russia Invades Ukraine

« on: March 05, 2014, 07:49:34 PM »

Not at all.  I'm saying that, from Russia's perspective, they're not illegitimately invading another nation.  They're protecting the legitimately elected government from an unconstitutional coup.

No, they're keeping a revolution from turning a pro-Russia government into a pro-EU government, which would cost them their only deep warm water port. A EU Ukraine would devastate the Russian economy. This isn't at all about Ukraine itself, Russia is acting solely in Russia's best interest.

4727

Technology & Information / Re: Ask Rushy about Bitcoins.

« on: March 05, 2014, 07:44:52 PM »

Wow.  Bitcoins are being stolen all over the place. I guess storage isn't bank level yet.

This is because most, if not all, Bitcoin startups are currently run by guys in their early twenties with a lot of money and very little work experience which can not be trusted, especially since these small startups turned into multi-million dollar companies overnight.

I'm waiting to see what large Wall Street level companies such as Circle (www.circle.com) plan to do with Bitcoin. It takes a long time to get real money transmission companies in the works because of all the bureaucratic red tape. You don't see any Mom & Pop corner banks and its because starting or being a bank is not easy, cheap, or fast. Too many people treat these Bitcoin startups as banks when they're tinker toys at best when compared to a real multi-million dollar company.

4728

Technology & Information / Re: Ask Rushy about Bitcoins.

« on: March 05, 2014, 02:24:04 AM »

Hey Rushy, is Flexcoin a safe place to stash my bitcoins?

On the other hand, never mind.

A bird in the hand is worth two in the bush.

4729

Technology & Information / Re: Ask Rushy about Bitcoins.

« on: March 04, 2014, 05:20:45 AM »

Because it's irrelevant.

It isn't, though.

4730

Technology & Information / Re: Ask Rushy about Bitcoins.

« on: March 04, 2014, 02:50:07 AM »

Then why did you bring up dividends when bitcoins were compared to stocks?

Why not?

4731

Philosophy, Religion & Society / Re: Russia Invades Ukraine

« on: March 04, 2014, 01:28:24 AM »

I'd like to know what exactly Russia have done that is illegal, that the US didn't do in Iraq, Vietnam or Afghanistan? Somehow the perception is Russia is doing something illegal. What exactly?

I don't know, something like invading one of its old satellite countries for no reason? The political unrest isn't nearly so bad that Ukraine had to be invaded by a large country.

I also see the US threatening to kick Russia out of the G8. I wasn't aware the US was in charge of the G8?

The US is in charge of the world. The G8 is part of the world.

Also, just wondering, whose side is China on? Unlike us, they seem to be minding their own business as usual.

China will try to nuke Japan when it thinks no one is looking.

4732

Technology & Information / Re: Ask Rushy about Bitcoins.

« on: March 03, 2014, 10:20:38 PM »

Irrelevant.  Lots of stocks don't pay dividends.

Irrelevant. I never said they did.

I've been paid for work in BTC before, and I spent it on stuff. That, as far as my simple, pragmatic mind is concerned, makes it good enough to be a currency.

This isn't the first time I've heard this. What work was it, if you don't mind me asking?

You were a fool for not holding on to it longer.

People are idiots for buying computers. Don't they realize that a twice as powerful computer will be out a year from now? Also, no one is a fortune teller. Bitcoin can go down as fast as it went up.

4733

Technology & Information / Re: Ask Rushy about Bitcoins.

« on: March 03, 2014, 03:28:11 AM »

Bitcoin is starting to sound more like shares of stock than currency.

Let me know when Bitcoin starts paying dividends.

4734

Philosophy, Religion & Society / Re: Russia Invades Ukraine

« on: March 03, 2014, 12:56:47 AM »

You mean putting its troops in another nation's territory without actually declaring war? Like the US did in Iraq, or Afghanistan or Vietnam? I think the subtle difference is that the Russians haven't actually started killing people without a declaration of war so I guess if you are going to break the law, you should just go balls out.

I wonder if there is a more hypocritical nation on earth?

Why is it that no matter what is being discussed, you bring up the US? You must think about it a lot.

4735

Philosophy, Religion & Society / Re: Russia Invades Ukraine

« on: March 02, 2014, 10:48:40 PM »

Russia has broken international law.

Which means bugger all. What's the point of having a law if you can't enforce it.

What international law? If you're talking about UN laws, the UN is utterly useless. They haven't wrangled with NATO yet, but Latvia, Lithuania and Estonia have all called a NATO meeting because they feel threatened because Russia invaded one of it's old satellite nations without provocation. Putin threatened to nuke Ukraine if it joined NATO, just to give everyone an idea of how much Russia just loves NATO.

4736

Technology & Information / Re: Ask Rushy about Bitcoins.

« on: March 02, 2014, 07:37:24 PM »

Wait, is someone trying to argue that cryptocurrencies should replace conventional currencies?

Yes. Everyone on the planet should switch to Bitcoin right now.

4737

Technology & Information / Re: Ask Rushy about Bitcoins.

« on: March 02, 2014, 04:29:17 PM »

The biggest problem with bitcoin, and it hasn't been addressed yet, is that it is only accessible to the technically astute.

Aww, you think I'm technically astute.

You can't have a currency that isn't accessible to everyone. Money as we know it, is recognised and used by everyone. Its an easier way to trade than barter, which is why we use it. Bitcoin isn't.

I guess the Internet is doomed to be only used by nerds and geeks. No one could possibly operate it without technical expertise and... yeah. That argument totally worked in the 90's.

I'm sure Rushy will rush back saying how easy it is and that only a moron couldn't use it and blah blah, but its not as easy to use as cash. And there in, will lie its downfall.

It is just as easy to use, it's just that a lot of people have never used it before. Algebra is easy, but it feels pretty damn hard when you're in fifth grade. It just seems like a lot to learn, it really isn't.

4738

Philosophy, Religion & Society / Re: Russia Invades Ukraine

« on: March 02, 2014, 03:27:00 AM »

Anyway, we all know that it's actually all about katsung somehow.

It's all an elaborate setup by the FBI to lure him out of his bunker?

4739

Philosophy, Religion & Society / Re: Russia Invades Ukraine

« on: March 02, 2014, 02:37:05 AM »

Is this how the rest of the world feels when we 'Murica up a country?

No, we don't annex countries after we "fix" them.

4740

Philosophy, Religion & Society / Re: Russia Invades Ukraine

« on: March 02, 2014, 01:24:59 AM »

http://beforeitsnews

Stopped reading here. Come back when you have taken your tin foil hat off.