Quote from: traderCJ on November 21, 2014, 06:18:43 PM

Quote from: Newbie1022 on November 21, 2014, 01:44:05 PM

Quote from: jonald_fyookball on November 21, 2014, 05:04:43 AM

Quote from: traderCJ on November 21, 2014, 05:00:06 AM

Quote from: abs350 on November 21, 2014, 04:51:06 AM

Quote from: zeurpiet on November 21, 2014, 01:45:31 AM

I bought in at 1000 , 750 , 650 , 450 , 350 , 270 , 350 , 420 , 350

Why are we still going down?
Is bitcoin failing?

It looks like he is right..

https://www.youtube.com/watch?v=GYJdOiLqSxE

Maybe cause it's a bubble? Huh

An "asset" with no intrinsic value???

Best to sell now before it gets to zero.

What did it for me was, as a US citizen, having to report all conversions of BTC to the IRS. BTC -> USD, BTC -> gold, BTC -> dinner .. all require IRS disclosure. Basically, it makes Bitcoin irrelevant as a "currency" if you plan on following the rules. Well played, IRS, well played.

I dont think so. You are required to pay capital gains tax at the end of the year. Who said you need to report all conversions?

This. Also, you are assuming that you'll have any BTC-related income to report. I think, for most people this year, the IRS provisions are a Godsend because they can now claim losses.

Depends. If you're buying Bitcoin as an investment, this makes sense. If you planned on spending your Bitcoin on a regular basis (using it as a currency, which is the whole point), just be prepared to report all liquidations to the IRS (even coffee). Will they find out about small transactions? Probably not. Larger ones may attract their attention. Be careful who you brag to, because the IRS is now giving cash rewards to people who report "tax cheats". Also, if you play around on a non-US exchange like Bitstamp, you would be foolish to assume the IRS doesn't already have a list of US traders who have gone through the account verification process. If there's one government institution you do not want to mess with, it is the IRS.

Sidenote, whether or not FATCA applies to foreign Bitcoin exchanges is still in limbo. This will probably be resolved in the first round of Bitcoin IRS audits coming down the pipe.

its a non issue. The IRS won't be coming after you for a cup of coffee. trust me.
by the time bitcoin is widely adopted there will be user friendly apps to help track this
stuff...I'm sure some are being developed now and may even already exist.