IRS job is to collect taxes on income, regardless if it is right or wrong, they just collect taxes on any profit you make.
Your government is the one that set the tax law, the people who you vote for and give them all these big salaries and free health insurance for life are the one who decide the tax percentage.

Now believe it or not, people are making tons of money from BitCoin, probably I am the only one who doesn't.
So "regardless it is right or not" you have to report your BitCoin profit to IRS.

However, remember this, if not for the IRS asking people to report profit from BitCoin, then BitCoin wouldn't worth a shit, as the government can simply ban BitCoin and then your BitCoins become just numbers on your screen.
Example: online poker, how many of you remember how the FBI shut down pokerstars.com and fulltilt.com and many other online poker websites? I still remember the day when opened the poker website and saw the "FBI warning sign"!!!!

So, again, whether it is right or wrong, the law requires you to report it.
I honestly don't understand many of you, you want the whole world to realize BitCoin as currency, yet you know very well that the government tax your current currency "the dollar", what makes BitCoin different?

So far I lost about 1k for buying at the wrong time and selling at the wrong time TO someone who was selling at the right time and buying at the right time.

There are those who their purpose in life is to provide food to others. I guess I am feeding that guy very well! 

I have read that a lot, everybody keep saying to buy and/or sell at the right time. Let's think about it lol



What happens if we ALL buy at the right time and we ALL sell at the right time?!!! 

I am not sure, but when you have many phones have that app, the total power still save the hacker some.
Plus don't forget that many people when they aren't using their phone they put it on charger.
So your electric bill will become higher and the Bitcoin price will get lower since you are helping mining more Bitcoin too

Another crap that will only hurt Bitcoin

http://www.cnet.com/news/bitcoin-mining-malware-reportedly-discovered-at-google-play/

I mean seriously?

what does this article exactly say?

I am little confused


http://www.ibtimes.co.uk/cryptocurrency-news-round-bitcoin-settles-safecoin-sells-karpeles-experiment-1445536

I believe this is your answer:

1- Bitcoin is at the moment only a stock (with a potential it may or may not become something else). And as a stock no one (not even the people at the wall street) knows when it goes up or down.

2- Since it works as a stock then it will go up and down with DOW and S&P indexes.

3- Since Bitcoin is a way to cut expenses, Walmart yesterday announced a new way to transfer money to cut customer expenses by 50%, which in turn affected all companies that transfer money (if you want some names of those companies then i would be happy to provide you with some).


People on this forum are more like hobbies. living a dream that's all (probably me too) waiting for one big news release that says all the world will drop all currency and deal with BitCoin and then the price will be come 1 million for each BitCoin.

If you want to know prices fluctuations then you need to do your research that's all and hope for some luck in doing the right decision.

However since BitCoin future is unknown yet, its price is very volatile and this became a great opportunity for many stock trader (and some hobbies) to trade with it and make some money.
Here is my 2 cents again that I learned from etrade.com training video: if people start selling then you want to be a seller, if people start buying then you want to be a buyer, DON'T BE A HERO.


 

http://www.cbsnews.com/news/real-bitcoin-inventor-uncovered-academic-claims/


What do you think?

Now I have one more question here.

Which is the best trade platform website that I will be able to move the BitCoin for buy and sell trade?
One with high volume trade and good security and fast verification process.

I appreciate your help.

Yeah I figured that out, I finally signed up with them and bought some, and yes if I sell the money goes straight to my bank account, doesn't stay as USA credit on their website.
They don't have a trade exchange platform, but you can buy wait few days and then move BitCoin to somewhere else.
No they aren't.



+1, this is absolutely correct.

Just a Quick Question:

Does coinbase have a big volume trade? tried to search and couldn't find their actual trading volume per 24hr

And if someone please let me know if there are other US based exchange website that has high trade volume and verification ID is fast and secure.


I am not sure how coinbase works, too many old posts that are confusing me, I am looking for:

1- open an account with a US based BitCoin Exchange.
2- they should give me a wallet address.
3- deposit money the fastest possible (bank transfer is ok as long as the website is secure)
4- buy and sell fast (website should have high volume trade)
5- the ability to transfer the BitCoin to a blockchain.info wallet when I want as fast as possible


I have used coin.mx before, they are good and reliable, fast and easy and they even let you use credit card for 2500 limit a month. however the volume is still low there so the price is high.
I need something that has high volume trade, fast and secure.

 “Bitcoin is more a kind of tradable and collectible asset, such as stamps rather than a payment currency.”

That is the only reason right now of why the prices are up. since bitcoin is an asset then it will go up and down with the market (check dow, S&P index)

Another thing is: the announcement of the headquarter for BitCoin in Virginia

https://coinreport.net/bitcoin-shop-new-headquarters-virginia/

Checked many of them and signed up for many of them, they all will charge deposit fee, minimum deposit fee is 1% for bank transfer at some sites. Everything else is higher!
Verifications is getting worse, you have to share so much of info which normally it is alright if you trust the site, however no exchange site that is popular right now is trust worthy since really there aren't any reliable and real info about them other than site email.

So much for a currency that is supposed to be used for buy and sell. That's the problem with BitCoin right now, you have to pay too much for USD deposit in order to buy them which really doesn't make sense to use BitCoin to buy things, would be much better to buy things with USD right now.

As far as using BitCoin as stocks, then you need to find the exchange website that charges the minimum deposit fee, and again the lowest one is bank transfer. Everything else then you are looking at 3.5% and higher.

Until you get paid by BitCoin, right now there isn't much things to benefit from BitCoin other than using them as stocks. Pretty sure they will figure out something in the future.

As for avoiding taxes, BitCoin is taxed as a property, if you buy and sell BitCoin you will only pay tax if you make profit and I don't see what's the problem of paying taxes from profit you will make off of someone else who lost money from buying or selling BitCoin!

There is absolutely no information about BTC-e, no address, no phone number not even team names, nothing, the only way to contact them is through submitting an email, that's all.

Now I would understand that if the business was only advertising business or some news website that just started then they might have only email support cause they can't afford spending money on other support services.
But BTC-e makes a decent amount of money from commissions of BTC trades, they are handling people's millions of dollars, they should have established a reliable business by now.

My thought is: BTC-e is taking a precaution, that if something wrong happened with BTC-e (like what happened with MT GOX) then they can just disappear with what left of people money and there will be no trace for them! Or may be they already have a plan in mind that at some point they will just rob people's money!
Point is: something isn't right about BTC-e, and that's why I never used them.

I would be willing to join an exchange business that would even ask how many hairs are on my head even if they have low volume exchange rather than joining an unreliable business like BTC-e.

Would you please let us know what happened and why you deleted your post?

I remember very well, you said your account has been hacked and there was an unauthorized transaction there and the hacker changed your password and you couldn't log on, and as there was no way to contact BTC-e by phone or anything but only email which is a longer process, you asked if someone helps you contact BTC-e directly you would give him 10k!
Which is why then we argued the reliability of BTC-e as there is no any reliable info about the owners or the website.


It is very important to us to know how BTC-e handled the situation, did they make you remove the post?

wow, based on this article there is about nothing known about BTC-e

http://invezz.com/analysis/forex/147-btc-e-anonymity-reigns-at-worlds-second-largest-bitcoin-exchange


So many people said that BTC-e themselves actually steal the account BitCoin. and now with the price is dropping they are probably try to steal and sell as many BTC as they can and make as much money as they can before running out of business.

How could people trust such website with that much money?!

People need to get out of BTC-e fast, move to another Exchange that is based in US at least here in US FBI has better chance of arresting someone if they don't operate legally.

Sorry man,

Most threads said they don't have contact number,

http://yellowpages.bg/

tried their yellow pages, business is not showing.

your hope is they read your contact email quick and get back to you really quick

There are few things that are wrong the system of BitCoins, and mark my words if those things don't get fixed there will be no future for BitCoin.

1- there are too much risk involved in carrying BitCoin, as it takes only to someone to reach out to your private key and all your money is gone and never back! No way to get it back even if you can trace it. While by putting my money in the bank then I have protection against theft, or even better I can pay "life lock" to insure my money. There is no insurance with BitCoins.

2- Transaction fees. when I buy something from Amazon then they carry the transaction fee as Amazon pay the credit card processing company fee for each transaction (such transaction I don't have to worry about since amazon carry it its self), with BitCoin there is no double spending or rejected credit cards which is good for the merchant, however there is a transaction fee that the buyer has to pay (which goes to the miners) so it ends up that I have pay
1- the price of the product
2- tax (if applicable)
3- transaction fees. And this is an extra fee I have to carry if I use BitCoin, which I don't have to worry about if I use my credit card.

Basically and again, BitCoin is good for merchants (if they are willing to carry the fee) but it is not good for the average user who can use cash and avoid the transaction fees.

BitCoin is not cash, that's the truth, may be it wasn't meant to be cash but it isn't anymore. it is now only a mean to trade and may be (may be) a mean to save if the market doesn't crash which also can be avoided by buying gold instead.

That's up to you, you are acting like "you watch only Fox news and believe it and don't give a shit about other news channel"
Another reasons of why there are so many ignorant in the world.


Selling drugs is illegal period. unless there is a permitted license and for medical use.
This is the law of the United States, if you don't like it go travel somewhere else, if you live in a country then you should follow the law of that country period!

I also want to add this,

Most people aren't really worried about the drop in price because they aren't holding too many BitCoins, so what if someone in US lost 100 bucks in BitCoin? that's why they are fighting any opinion that disagree with BitCoin because they aren't carrying much loss.

However those who have too many BitCoins, then it is a different deal.

What I wanted to add here really is: BitCoins right now is stuck "on the border" which the worse that can happen for any business. it is not advancing to be the currency we are looking for so we can celebrate the success, and at the same time it is not failing and dropping to zero so people can get out of it and forget about it.
BitCoins right now is only a mean to trade, something to keep people busy using the exchange website and trade with it.

Off course which in result, it is dragging people appetite between the hope of becoming rich someday, while those traders are taking advantage of it by buying and selling BitCoin.

If BitCoin was a stock, well Satoshi could have said that from the start, but it isn't meant to be a stock, but right now it is a stock that is just meant to keep people busy trading 24 hours.