Re: 1 Millibitcoin = 1 Millibit, 1 Bitcoin = 1 Bit, How could that be wrong?
by
frente
on 04/05/2014, 06:29:47 UTC
1 bitcoin = 1M bit[coin]s. Do we need both units as currency/symbol? If not, then there's no problem.
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BoardBitcoin Discussion
Re: 1,000,000 bits = 1 bitcoin. Future-proofing Bitcoin for common usage? VOTE
by
frente
on 03/05/2014, 15:42:12 UTC
What might happen:
1. BitPay introduces bits 2. Everyone follows (somehow they are forced) 2. All prices converted to bits 3. People start calling bits bitcoins 4. Original bitcoin value gradually forgotten 5. Bit "officially" renamed to bitcoin
Maybe this is the only way to keep bitcoin name for (everyday) currency unit.
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BoardBitcoin Discussion
Re: What should 100 Satoshis be called?
by
frente
on 03/05/2014, 15:14:24 UTC
99% of people still don't know whether 1 BTC equals $440 or $1 equals 2273 BTC. It might be inconvenience for us to redefine bitcoin but other 99% don't care and we get to keep the brand bitcoin in everyday use.
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BoardBitcoin Discussion
Re: 1,000,000 bits = 1 bitcoin. Future-proofing Bitcoin for common usage? VOTE
There is no way in hell you are going to get the whole network to simultaneously re-define a bitcoin. Dumbest idea I've heard in a while.
It doesn't have to be simultaneously if we introduce a new name/symbol equal in value to current bitcoin (100M satoshis). We can call it megabit, megabitcoin (MBTC), ZIB or something else.
In a few months, we can switch completely to (redefined) bitcoin and drop or leave the name for 1M units.
No problems at all.
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BoardBitcoin Discussion
Re: 1,000,000 bits = 1 bitcoin. Future-proofing Bitcoin for common usage? VOTE
It's not that simple. Let's say I buy bitcoins on LocalBitcoins and sell them later for a loss. I declare that loss to IRS - will I be able to deduct that amount from my income? I highly doubt it.
As far as I understand it yes.
I will be doing this exact thing but with gold. I ended up taking a small loss on some gold I bought and then resold.
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BoardLegal
Re: How Will the IRS Tax Bitcoin?
by
frente
on 20/01/2014, 14:00:38 UTC
It's not that simple. Let's say I buy bitcoins on LocalBitcoins and sell them later for a loss. I declare that loss to IRS - will I be able to deduct that amount from my income? I highly doubt it.
No, if it happens it's taxable. If you fail to declare it, you are evading taxes and just haven't been caught (yet).
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BoardLegal
Re: How Will the IRS Tax Bitcoin?
by
frente
on 20/01/2014, 06:09:02 UTC
Only if you declare that you bought it and have some evidence. You must also have evidence that you either hold it at the end of the year or that you sold it during the year, right?
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BoardLegal
Re: How Will the IRS Tax Bitcoin?
by
frente
on 19/01/2014, 21:55:58 UTC
The only reasonable decision to make by IRS is that there's no tax on digital currencies. If I buy btc on LocalBitcoins or similar site anonimously and sell them later for a profit, how will they control that? For gold, stocks etc. it is different because there's no easy way to make anonymous purchases, so they can easily find if someone "forgot" to declare gains.
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BoardBitcoin Discussion
Re: Don't invest in bitcoin; invest in services!
by
frente
on 28/12/2013, 13:36:50 UTC
Maybe $25M invested in Coinbase will turn to $25B stake before BTC rises from $730 to $730k, but I believe BTC will go from $730 to 7.3k before any other investment rises tenfold.
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BoardMycelium
Re: Mycelium Bitcoin Wallet
by
frente
on 08/12/2013, 13:57:44 UTC
Cool. BTW, when you go to "Export", the QR code of the key is shown, but not the private key itself (text). I don't see why. I can use the QR code or copy key to the clipboard, but I cannot copy the key by hand directly from this screen.
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BoardMycelium
Re: Mycelium Bitcoin Wallet
by
frente
on 08/12/2013, 11:04:57 UTC
Thank you - this is great!
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BoardMycelium
Re: Mycelium Bitcoin Wallet
by
frente
on 08/12/2013, 10:10:05 UTC
So, now there is no way to see the private key in Mycellium? Although that might be good for security - it prevents using the same backup method used for non-mycellium generated keys.
How can I see the private key from the backup? Do I have to download some Mycellium code from GitHub and compile it on my offline computer?
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BoardHrvatski (Croatian)
Re: Hrvatski
by
frente
on 03/09/2013, 08:20:45 UTC
tednja BTC-a za razliku od rudarenja je dosadna, a poznato je da su najbolja ulaganja obično dosadna
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BoardBitcoin Discussion
Re: The $1000 Bitcoin, yes it's worth at least that.