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Showing 20 of 78 results by MIT2K
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Board Development & Technical Discussion
I want to learn coding / with blockchain whats the best language?
by
MIT2K
on 20/02/2018, 10:54:52 UTC
I want to start learning coding but am not sure what would be a good language to learn?

With a passion for cryptos and blockchain is there a language that is best to master that could help me understand the programming better and logistical process?

Thanks!
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Topic
Board Bitcoin Discussion
Re: Bitcoin and Tax?
by
MIT2K
on 16/01/2018, 14:27:48 UTC
Yeah well lucky there aint many taxes to pay after days like today!
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Topic
Board Bitcoin Discussion
Re: Bitcoin and Tax?
by
MIT2K
on 15/01/2018, 22:33:26 UTC
Bitcoin generates income for many.  I am pretty sure that government has a vision already of how bitcoin will be a big part of the future and it is the duty of government to generate also taxes from any income generating activity. At present, bitcoin is considered as an asset and tax are collected only from buying and selling. Actually, our government collects double taxes which I really opposed,   they make their people pay a lot and suffer.
interesting, what country are you from? It certainly is a pain! It should be tax free like Forex as its essentially a currency!
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Topic
Board Bitcoin Discussion
Re: Bitcoin and Tax?
by
MIT2K
on 02/12/2017, 12:34:20 UTC
It is the matter of jurisdiction of the country in which you live or cash out your Bitcoins. Since Bitcoin is not legal yet and hence not classified under forex or commodity trading, the tax rate for those activities won't apply for Bitcoin.

However, in my country, I pay tax for converting Bitcoins into the fiat currency but that applies to the transaction fee and not the transaction amount.

Unocoin | Fee Structure.

As per the current tax rate, it is 18% of the transaction fees in my case. However, when it comes to the income tax, I do have my investments in Tax savings schemes so I never cross the minimum taxable slab when it comes to the final income.

Thanks Dudeperfect, very interesting to hear
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Topic
Board Bitcoin Discussion
Re: Bitcoin and Tax?
by
MIT2K
on 02/12/2017, 01:46:46 UTC
Bitcoin should not be taxed if the government will not consider bitcoin as a legal tender

Does not compute. Gold, oil, stocks -- these are not legal tender either. But capital gains taxes apply to trading them, at least in the US. In fact, legal tender tends to be stable in price, so it doesn't make sense to tax its gains. Governments want tax revenue, which is why they are going after bitcoiners now (see the IRS/Coinbase decision).

Taxing bitcoin will not be good i think.Exclude the fees in each and every bitcoin transactions you send and add the tax in each transactions that would be a hell of a cost specially for small users

It's hard to escape the tax man if you ever want to cash out to fiat. I don't think many countries (if any) tax transactions themselves, although any trade to another currency/commodity will trigger capital gains taxes.
Bitcoin and tax I think they didn’t have a relation unless bitcoin become a legal currency, because once you earn bitcoin then you shouldn’t forces to give tax etc that’s why according to me there is no tax seems on bitcoin. Bitcoin is a digital currency and people all over the world invest still not recognize by most of the countries as legal currency, therefore we are not expecting tax on bitcoin.

very interesting! Thanks for your opinion - it seems governments are being forced to address with each day bitcoins price is rising. I do believe that the second you cash out and it no longer becomes anonymous money you are eligible to being fined if you dont declare.
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Board Altcoin Discussion
Re: Whats the deal with Neo coin? Is it worth buying and why?
by
MIT2K
on 02/12/2017, 01:45:06 UTC
Is Neo worth buying? Whats its pros and cons? Are you invested in it? why?
Neo is one of the top 10 altcoin in cryptocurrency. So this is good profitable platform.
Pros: market cap is increasing in current status and also Neo coin price is raise in current market. Many traders are invest in Neo coin.
Cons: Neo coin is decentralized cryptocurrency so this is raise or fall in anytime. We don't predict the approximate value in future. Last month it is down in market value. But currently it will raise in market.

Very interesting thanks jvdp, i also heard that neos success was hinging on Chinas regulations? give they were to be lifted it would likely surge up, is this something youve heard or is it just..'chinese whispers'?
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Board Altcoin Discussion
Re: Whats the deal with Neo coin? Is it worth buying and why?
by
MIT2K
on 02/12/2017, 01:38:36 UTC
Is Neo worth buying? Whats its pros and cons? Are you invested in it? why?
Firstly, tell me why NEO? Aren't there better coins?

Well i hold other alt coins but Neo with 65million coins and only at $35 it seems extremly underpriced yet stagnent. I just wanted to see if there are other investors and thoughts to whether theres something there long term and why?
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Topic
Board Altcoin Discussion
Whats the deal with Neo coin? Is it worth buying and why?
by
MIT2K
on 02/12/2017, 01:16:59 UTC
Is Neo worth buying? Whats its pros and cons? Are you invested in it? why?
Post
Topic
Board Bitcoin Discussion
Re: Bitcoin and Tax?
by
MIT2K
on 29/11/2017, 12:12:51 UTC
in some bitcoin countries it's already applying taxes and that's great because bitcoin belongs to income. but there are still many countries that have not applied taxes because the country has not officially acknowledged bitcoin in the country.

Interesting, Bitcoin seems like an asset so id imagine only once you cash it out and its no longer 'anonymous' money it is traceable and must be declared.
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Board Bitcoin Discussion
Re: Bitcoin and Quantum Computing
by
MIT2K
on 27/11/2017, 11:26:04 UTC
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Topic
Board Bitcoin Discussion
Bitcoin and Quantum Computing
by
MIT2K
on 27/11/2017, 10:57:39 UTC
What are peoples thoughts on Bitcoin and external technology like quantum computing affecting the future of things?

''It is known that a sufficiently large quantum computer35 could be very efficient for
handling problems that rely on trial and error to find a solution. The process of finding
a nonce in order to generate a Bitcoin block is a good example of such a problem. As
of today, one must check an average of 268 nonces to find a suitable hash that allows
a new block to be generated. It is known (see e.g. [15]) that a quantum computer
would need Θ(√N) operations to solve a problem that is analogous to the Bitcoin
puzzle stated above. This same problem would need Θ(N) operations on a classical
computer.

Therefore, a quantum computer would be around √268 = 234 ≈ 17 billion times more efficient at mining the Bitcoin blockchain than a classical computer.

Also, it is worth noting that if a blockchain does not increase its difficulty in response to
increased hashing power, there would be an increased rate of orphaned blocks.
For the same reason, a “large weight” attack would also be much more efficient
on a quantum computer. However, capping the weight from above, as suggested
in Section 4, would effectively prevent a quantum computer attack as well.
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Topic
Board Bitcoin Discussion
Re: Bitcoin and Tax?
by
MIT2K
on 27/11/2017, 10:54:10 UTC
You would think it would be really difficult to tax but i suppose the risk comes in when you convert money back to fiat and it goes into your traceable account?
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Topic
Board Bitcoin Discussion
Re: ICOs, not Bitcoin, are the bubble
by
MIT2K
on 27/11/2017, 01:11:48 UTC
IMO you are definitely wrong. ICO's are infact the ones following the bubble of bitcoin. Anything that affects bitcoin price will also affect all the ICO's. However falling down of all the ICO will obviously not affect bitcoins price that much. Aside from that they are all just cancers

Thats fine, i think alot will disagree with me but its important to share views in these threads as the unexpencted does happen. No one thought Trump would be president last year and look where we are today! 10k by new year, i reckon so! a dip some point next year, i reckon so!!  if your buying into bitcoin now you should be careful, putting 9-10k into a bitcoin could short term bite you unless you wait for a dip entry or are happy to hold out longterm.

With such huge investment into ICOs however a small percentage will produce products of great value, i dont believe there all cancers!
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Board Bitcoin Discussion
Re: ICOs, not Bitcoin, are the bubble
by
MIT2K
on 27/11/2017, 00:47:25 UTC
I dont believe Bitcoin will be affected by ICOs if they crash.

BUT that said Bitcoin is the one thats skyrocketing not ICOs (whilst huge investments gone into ICOs there fairly dormant at the moment being overshadowed by Bitcoin) and people away from this forum who have no understanding of Bitcoin are the ones Chinese whispering about how there so much quick money you can make and they should jump on the hype train. Your average joe isn't buying into ICOs in the same way with Bitcoin. Media is focusing on primarily on Bitcoin and the unbelievable growth and money making opportunity. Your average joe isnt thinking oh TenX, Neo, Lisk blah blah there thinking Bitcoin.

Early investors of bitcoin fuck yeah go you guys your going to be fine just hold on long term as it will continue to grow to new heights in the next 10 years, you got yourselves a great entry into the market early on!

Newbies looking to invest now id be very cautions of getting wiped out short term and waiting a long time to recoup your potential losses. Nothing lasts for ever, history repeats itself, dont be blinded by money signs and whilst there is great value to Bitcoin there is also alot of volatile hype right now. I know alot will disagree that Bitcoin is in a bubble and will have a dramitic drop at somepoint but perhaps we can agree long term bitcoin will be of a higher value that it is today. Entry is everything in market trading and jumping in now seems quite risky.

I think its alot easier to get bitcoin than it is to learn and buy into ICOs. I think Bitcoin is the bubble but yes there are trashy icos out there still.
I think you should be very careful if investing at this time and use this great forum to collect as many opinions to form your own. If bitcoin crashes all those ICO/BTC prices are going to surge up. Theres not much of a crash for ICOs to currently really have, more Ethereum with the majority of ICOs being built on its platform but again its relatively cheap and lightweight still in comparison - everything being kept relatively low by bitcoin and its hype.






Post
Topic
Board Bitcoin Discussion
Re: Bitcoin and Tax?
by
MIT2K
on 26/11/2017, 23:46:40 UTC
Bitcoin is not governed or controlled by governments or banks. Hence they don’t have any control over cryptocurrencies.

That said,when you sell your Bitcoin and get fiat currency like US dollar, then you’re liable for taxes as per your country on capital gain.

Considering the growth of Bitcoin, you should only Buy and Hold. Take out in small amounts to avoid taxes.

Does this not make it dangerous for us though that if things crash we all crash with it? What about converting Bitcoin to gold? does tax come in then?

Please when talking about your country and the tax laws mention where your from, it will help anyone answer questions for anyone who is also from the same place
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Topic
Board Bitcoin Discussion
Re: Bitcoin and Tax?
by
MIT2K
on 26/11/2017, 23:40:52 UTC
Bitcoin is not governed or controlled by governments or banks. Hence they don’t have any control over cryptocurrencies.

That said,when you sell your Bitcoin and get fiat currency like US dollar, then you’re liable for taxes as per your country on capital gain.

Considering the growth of Bitcoin, you should only Buy and Hold. Take out in small amounts to avoid taxes.

Does this not make it dangerous for us though that if things crash we all crash with it? What about converting Bitcoin to gold? does tax come in then?
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Topic
Board Bitcoin Discussion
Re: ICOs, not Bitcoin, are the bubble
by
MIT2K
on 26/11/2017, 18:54:28 UTC
Like the Internet bubble in the past few years, ICO and virtual currencies are sure to go through this. But believe that the baptism of time will be like gold rush, leaving the essence to remove the dross. The combination of possibility and technology to discover what people really need!

Well said! I agree with you, its a natural process but a good one none the less to get to the Amazons/Ebays of the future
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Board Bitcoin Discussion
Re: Bitcoin and Tax?
by
MIT2K
on 26/11/2017, 18:51:33 UTC
Laws and regulations with regards to tax varies in each countries. In my country,  Bitcoin currency is not yet rregulated by the government. But i learn from reading that iit is considered as an asset and collection are done once you gain from selling bitcoin.  But if bitcoin demand continue to rise up and prices go up and  the governmenr wod notice that it will be a big addition to their collections,  then definitely our government will create a law to impose a tax from using bitcoin.

booo to Bitcoin tax regulations!
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Board Bitcoin Discussion
Re: Bitcoin and Tax?
by
MIT2K
on 26/11/2017, 18:22:50 UTC
The blockchain which propels Bitcoin is anonymous in nature and it is not centralized which make it very difficult to collect tax from any transaction that is carried out in blockchain.

If you were using a TenX or Centra card i would understand that you are paying tax for a physical product at the time of purchase. But its interesting to what degree law is going to intervene and try to regulate with personal bitcoin income, especially if shops started accepting it directly? Its almost better to keep in the currency digital than convert back to fiat?
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Board Bitcoin Discussion
Re: ICOs, not Bitcoin, are the bubble
by
MIT2K
on 26/11/2017, 18:19:10 UTC
ICOs are ofcourse bubble but not the bitcoin. 99% ICOs are just for scamming people.

Rubbish! Yes there are scammers but statistically 80% of startups fail but that does not mean they are all scammers. ICOs are high risk investment options, the majority want to succeed and build value and a great brand but not everyone is so lucky with increasing competition.