Quote from: ecliptic on November 26, 2013, 07:15:55 AM

Quote from: joeventura on November 26, 2013, 06:22:38 AM

Quote from: ecliptic on November 26, 2013, 05:49:40 AM

Quote from: Scoobypup on November 26, 2013, 04:55:35 AM

None of that matters. You simply do the math for when your miners will stop being profitable (when you'd stop mining), and instead buy btc and hold until that time. You will always end up more profitable that way than if you buy hardware to mine.
I didn't do this the first time and instead bought miners from KnC. I will now be lucky if I make half as much btc as I could have if I just bought it at the time I placed my order. The only true winners in the mining game are those who make the miners. The rest are just chumps regardless of how you try and spin it.

Except that i can spend 4000$ (5 BTC) to buy a miner that nets 15+ BTC over a few months

Also a friendly reminder that selling BTC will get your ass raped by the IRS as it is an automatically reported transaction on several levels.

Transactions under $10k here in the U.S. get reported to no one.
My coin seller does not have my SSN therefore there is no way the IRS has diddly so I will call your statement above (as it relates to me) crap.

It's like you think you're immune to structuring laws (hint : ALL transactions relating to bitcoins are flagged as suspeciouis and investigated, as they should be, vastly abused by tax evaders)

it's like you literally think you can withdrawl from an exchange to some sort of account that DOESN'T redflag and report everything you do

Reminder : localbitcoins is constnatly pushed by tax evaders because IT. IS. THE. ONLY. ACTUAL. WAY. TO. AVOID. TAXES.

You would do well to remember this, but you've probably already fucked up hard and sold your coins. Or spent them!!!

Remember!~ Spending coins = TAXABLE. TRANSACTION.

Prepare.
For
Audits.

Just because you are right does not mean that people will listen.

Track your expenses, run it like a business. Pay your taxes and stay out of jail.

If you do not believe this -- call a CPA/Tax Accountant in the USA or a CA/CGA in Canada. Only Lawyers can invoke attorney/client privilege though -- so if you intend to cheat -- stick to dealing with a lawyer.

Can you get away with cheating? -- probably for a while -- maybe even forever. But it is a gamble.