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Thread: Bitcoins are officially donkdown

  1. #201
    Quote Originally Posted by DirtyB View Post
    Quote Originally Posted by Baron Von Strucker View Post

    It's a fact you deposit more than 5k in cash they get a heads up about it, and you think he was serous about the black car or just a funny comment?
    It's $10k. That's so secret that they tell every bank and casino employee in the country.

    I think that he thinks that his edgy pro-bitcoin stance is worth the attention of the US government.
    I have no edgy opinion regarding Bitcoin except that it is an interesting phenomenon. it alerted me to the concept of cyber currency. i am of the opinion cyber currency will be around in some form. I think Bitcoins offer an interesting trading opportunity as it is a volatile commodity.

    Silk Road does not offer free shipping. So i have no personal need for the coins.


    I am not exactly expecting to crash the NSA’s servers with reference to Bitcoins, Silk Road on a poker forum... just trolling their surveillance.

    The black sedan turned out to be my wife's boyfriend waiting for me to leave.

  2. #202
    just noticed this on a euro news

    http://www.zdnet.com/in-germany-bitc...ey-7000019628/

    Germany's Federal Ministry of Finance has confirmed that Bitcoins are recognised in the country as a type of 'private money'.




    "Bitcoins are not yet regarded as an e-money or as legal tender," a ministry spokesman told ZDNet on Tuesday. "Bitcoins are acknowledged as a 'unit of account'", or 'private money'.

    With the designation, Bitcoins can continue to be used for both commercial and private sales in the country.

    The 'unit of account' affirmation adds some legitimacy to the cryptocurrency, which has yet to be officially recognised by any other country, and has recently raised regulatory eyebrows in the US.

    Bitcoins were initially recognised by Germany as units of account in a small paragraph in a 2011 ruling concerning financial instruments by the country's federal financial regulator BaFin.

    The Federal Ministry of Finance also confirmed that Bitcoins can now be taxed by the federal government. The cryptocurrency is subject to capital gains tax, which is currently 25 percent. But like other assets subject to capital gains tax in the country (such as shares in mutual funds or stocks, for instance), Bitcoins are exempt from the tax if they're held for more than one year.

    Since Bitcoins can be traded anonymously, it remains to be seen how the country will manage the task of tracking them to assure that the tax is paid.

    The 'unit of account' designation means that Bitcoin isn't exactly in the same class of currency as the euro, but more along the lines of a regional currency. Quite a few regional currencies exist and are used locally in communities throughout Germany, most having emerged after the adoption of the euro to assuage fears of the kind of hyperinflation that crippled the country in the 1920s.

    Many of the most successful regional currencies (the Chiemgauer in Bavaria, for example) are pegged to the value of the euro but are designed to depreciate quickly, so that people don't stash them away as savings.

    In some parts of the country, Bitcoins have already been adopted with fervor. In Berlin, for example, a few streets in the city's Kreuzberg neighborhood are informally referred to as Bitcoinkiez ('Bitcoin neighborhood') because some of the establishments (including a bar, a copy shop, and a hotel) accept the cryptocurrency as payment
    all hail Hydra



    Originally Posted by DanDruff:Since I'm a 6'2" Republican with an average-sized nose and a last name which doesn't end with "stein", "man", or "berg", I can hide among the goyim and remain undetected unless I open my mouth about money matters.

  3. #203
    Wow, Germany not toadying up to the United States agenda.

    The US makes a move on Bitcoins and they pop $25.

    The whole notion of physical currency's future is so cool to wrap your head around. Tax collection gets redefined.

    The US chooses not to adapt to the market but fight it. Shades of poker. Much of the world has adapted to the market demand. US fights it, or at the very least, is too slow to adapt. The United States was the once nimble ambassador of freedom. Now it behaves like the woolly mammoth. We all know how that ended.

    The Trilateral Commission will prolly have a rare summer meeting.

  4. #204
    Another useless Pocketfives article.

    Bitcoins: Future of Online Gaming or Next Government Target

    http://www.pocketfives.com/articles/...target-588695/

    You can skip the article. I was amused by the last sentence:

    “Bitcoin is not a payment solution, it’s not the latest hack around the traditional banking system - it’s a new currency. It’s a game changer,” Bryan bmicon Micon evaluated.

    No prior introduction in the article as to who Bryan Micon is or what his credentials are to make this comment of any value to the reader.

    I guess he is the man who needs no introduction.

    WTF.
    Last edited by Sanlmar; 08-22-2013 at 08:19 PM.

  5. #205
    Quote Originally Posted by Sanlmar View Post
    Tax collection gets redefined.
    No it doesn't. If you earn money in America, the government gets a percentage of it. If my employer pays me in Dollars, or Rubles, or gold bars, or bitcoins, it makes no difference. I am required to report its dollar equivalent value. You can choose not to, like George Carlin did in the 80s. But most of the time the IRS finds out and fines the shit out of you, like George Carlin in the 90s.

     
    Comments
      
      Baron Von Strucker: Dudley do right, Americas little bitch

  6. #206
    Quote Originally Posted by DirtyB View Post
    Quote Originally Posted by Sanlmar View Post
    Tax collection gets redefined.
    No it doesn't. If you earn money in America, the government gets a percentage of it. If my employer pays me in Dollars, or Rubles, or gold bars, or bitcoins, it makes no difference. I am required to report its dollar equivalent value. You can choose not to, like George Carlin did in the 80s. But most of the time the IRS finds out and fines the shit out of you, like George Carlin in the 90s.
    I was referring to consumption tax (ex: sales tax).

  7. #207
    Quote Originally Posted by Sanlmar View Post
    Quote Originally Posted by DirtyB View Post

    No it doesn't. If you earn money in America, the government gets a percentage of it. If my employer pays me in Dollars, or Rubles, or gold bars, or bitcoins, it makes no difference. I am required to report its dollar equivalent value. You can choose not to, like George Carlin did in the 80s. But most of the time the IRS finds out and fines the shit out of you, like George Carlin in the 90s.
    I was referring to consumption tax (ex: sales tax).
    Ok. That doesn't change anything. If a company doesn't want to pay their taxes now, they don't have to pay their taxes. It doesn't matter what currency they sell things in.

    Transactions of things sold over the internet are less traceable with bitcoins...but those transactions aren't taxed.

     
    Comments
      
      Sanlmar: Bink. You got me. You're right

  8. #208
    American government shutting down Bitcoins? Ugh huh. They sure put the kibosh on online poker didn't they. Even Russians are free to play. LOL

  9. #209
    Noticed last week there was a big buyer who bought about 30,000 Bitcoins over a three hour period, another big buyer today who bought another 30,000 in an hour.

  10. #210
    Bitcoins now nearly at 150. T

  11. #211
    Quote Originally Posted by BetCheckBet View Post
    Bitcoins now nearly at 150. T
    A referendum on the Feds importance and influence in global economics.

    Quote Originally Posted by Dan Druff View Post
    This is the first step in the US government interfering with bitcoin and rendering it mostly useless.

    LOL @ anyone who thinks that the government will just sit there and let some alternative currency exist while it's used for illegal drugs and guns on the internet.
    Should I be concerned about PokerStars future because the Feds prohibit online poker.

    It's a new world out there Dan. A lot has happened since the US landed a man on the moon. President Kennedy is no longer in the White House. You can log on to the web a catch up pretty quickly, big fella.

  12. #212
    Quote Originally Posted by Sanlmar View Post
    A referendum on the Feds importance and influence in global economics.

    Quote Originally Posted by Dan Druff View Post
    This is the first step in the US government interfering with bitcoin and rendering it mostly useless.

    LOL @ anyone who thinks that the government will just sit there and let some alternative currency exist while it's used for illegal drugs and guns on the internet.
    Should I be concerned about PokerStars future because the Feds prohibit online poker.

    It's a new world out there Dan. A lot has happened since the US landed a man on the moon. President Kennedy is no longer in the White House. You can log on to the web a catch up pretty quickly, big fella.
    Yet the US still dominates the global economy somehow.

    http://en.wikipedia.org/wiki/List_of..._GDP_(nominal)

  13. #213
    Quote Originally Posted by DirtyB View Post
    Quote Originally Posted by Sanlmar View Post
    A referendum on the Feds importance and influence in global economics.



    Should I be concerned about PokerStars future because the Feds prohibit online poker.

    It's a new world out there Dan. A lot has happened since the US landed a man on the moon. President Kennedy is no longer in the White House. You can log on to the web a catch up pretty quickly, big fella.
    Yet the US still dominates the global economy somehow.

    http://en.wikipedia.org/wiki/List_of..._GDP_(nominal)
    Not too fresh but I don't think US spiked it in 2013.

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    Striking similarity to my HM2 cash results graph this week.

  14. #214
    Quote Originally Posted by DirtyB View Post
    Quote Originally Posted by Sanlmar View Post
    A referendum on the Feds importance and influence in global economics.



    Should I be concerned about PokerStars future because the Feds prohibit online poker.

    It's a new world out there Dan. A lot has happened since the US landed a man on the moon. President Kennedy is no longer in the White House. You can log on to the web a catch up pretty quickly, big fella.
    Yet the US still dominates the global economy somehow.

    http://en.wikipedia.org/wiki/List_of..._GDP_(nominal)
    IQ SCORES have long been regarded with suspicion, and now there turns out to be another reason to be sceptical about them. Among the attributes that IQ tests fail to capture is our capacity for rational decision-making (see "It's how you use it that counts").

    This should set alarm bells ringing in the many organisations that still rely on IQ as a measure of someone's potential. It should also catch the attention of educators. A person's IQ scores are hard to change, but rational decision-making skills, or "RQ" - such as the ability to interpret financial risks - can be improved.

    It is time schools started to teach rational thinking. While this would be of greatest benefit to children with unremarkable IQ scores, it would pay dividends across the board. Being smart is no guarantee of having a high RQ.

    To continue reading this article, subscribe to receive access to all of newscientist.com, including 20 years of archive content.

    http://www.newscientist.com/article/...esting-iq.html

  15. #215
    Quote Originally Posted by Sanlmar View Post
    Quote Originally Posted by DirtyB View Post

    Yet the US still dominates the global economy somehow.

    http://en.wikipedia.org/wiki/List_of..._GDP_(nominal)
    Not too fresh but I don't think US spiked it in 2013.

    Striking similarity to my HM2 cash results graph this week.
    A graph where the Y axis goes from 21% to 31%? That's not at all misleading.

    US GDP has grown 30% over that time period. The GDPs of China and India have just grown a lot faster.

    You can talk whatever shit you want. The US still has twice the economy of China, three times Japan, and more than four times everyone else.

  16. #216
    Quote Originally Posted by DirtyB View Post
    Quote Originally Posted by Sanlmar View Post

    Not too fresh but I don't think US spiked it in 2013.

    Striking similarity to my HM2 cash results graph this week.
    A graph where the Y axis goes from 21% to 31%? That's not at all misleading.

    US GDP has grown 30% over that time period. The GDPs of China and India have just grown a lot faster.

    You can talk whatever shit you want. The US still has twice the economy of China, three times Japan, and more than four times everyone else.
    I was wondering what the IQ discussion was about, but it seems appropriate.

    Good catch. I wasn't angle shooting. I just thought the characters looked cute.

  17. #217
    Read this article on the cbc.ca website today


    http://www.cbc.ca/news/business/stor...da-kiosks.html

    Bitcoiniacs says it has ordered five Bitcoin kiosks from a Las Vegas-based company called RoboCoin and intends to roll them out across Canada in the coming months, with the first machine expected to land in Vancouver in early October.

    Four more kiosks will arrive in December and although their locations are not yet certain, Bitcoiniacs says it's eyeing major Canadian cities such as Toronto, Montreal, Calgary and Ottawa.

    "Basically, it just make it easier for people to buy and sell Bitcoins and hopefully will drive the adoption of Bitcoin, and make it more accessible for people," says Mitchell Demeter, the 27-year-old owner of Bitcoiniacs.

    Bitcoins are mathematically generated through a series of commands executed by computers in a peer-to-peer network. The process is called Bitcoin "mining" and is set up so that the total number of Bitcoins that can ever be generated is limited to about 21 million.

    While some have doubted Bitcoin's validity and others have raised concerns that the unregulated currency is being used for nefarious means, a U.S. judge ruled last month that Bitcoin, which has been around since 2009, is a real currency.

    Currently, acquiring Bitcoins is often done through an exchange, an arduous process that requires users to jump through several hoops, including linking their bank account to the exchange and sending in paperwork to verify their identity.

    10 days for account to be verified
    When Toronto resident Robert Burko signed up with a Canadian Bitcoin exchange in April, he says it took more than 10 days — "an eternity" — for his account to get verified.

    'Our goal is to make Bitcoin truly grandma-friendly.'
    —Jordan Kelley, CEO of RoboCoin kiosks
    By then the price of Bitcoin had ballooned to around US$260, before falling back down to closer to $100, and Burko had missed his chance to cash out.

    "I didn't really want a long-term investment opportunity in Bitcoins, I wanted a short-term one," Burko says. "And because they took so long to verify my account I missed out on that entire window, which was very frustrating."

    The alternative to using an exchange is to find someone who wants to sell their Bitcoins in an online forum, meet up with them in person, hand them some cash and scan each others' smartphones to transfer the Bitcoins to your digital wallet — which is managed through an app.

    The RoboCoin kiosks are expected to make the process of buying and selling Bitcoins much easier says Jordan Kelley, the company's chief executive.

    "Our goal is to make Bitcoin truly grandma-friendly," says Kelley.

    LISTEN to Spark's examination of the current state of currency
    Using a kiosk means you don't have to wait to verify your account on an exchange or hand cash to a stranger, says Kelley. It also makes Bitcoins more accessible to people by adding an element of legitimacy and increases liquidity in the market.

    "We're trying to provide customers an in-person access," says Kelley. "Doing that really provides visibility to Bitcoins and adds a lot of trust."

    Bitcoins can be redeemed for cash
    The kiosks allow users to select how much money they would like to spend, insert cash into the machine and then scan a QR code on their phone to transfer the Bitcoins to their wallet. It also allows users to redeem their Bitcoins for cash.

    Kelley says since announcing the machine, they have been swamped with pre-order inquiries, from everywhere from Australia to Kenya.

    According to sourceforge.net, the largest number of downloads of Bitcoin software last month were in the U.S., followed by China, Germany, Russia and the U.K. Canada came in sixth place.

    RoboCoin plans to ship out 10 to 15 kiosks to customers before the end of the year. The first one will go to Bitcoiniacs, says Kelley.

    Demeter says many Bitcoin startups are gravitating to Canada because the Financial Transactions and Reports Analysis Centre of Canada — also known as FINTRAC — aren't as strict as regulators in the U.S.

    "It's a lot more open up here, that's for sure," says Demeter.

     
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      1marley1: .
    all hail Hydra



    Originally Posted by DanDruff:Since I'm a 6'2" Republican with an average-sized nose and a last name which doesn't end with "stein", "man", or "berg", I can hide among the goyim and remain undetected unless I open my mouth about money matters.

  18. #218
    America's war on Bitcoins is gaining traction. Lol

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    I have no dog in this fight.... unfortunately. But the candlestick pattern from approx Sept 3 to present looks like a cup and handle breakout formation waiting to complete.

    To the moon Alice.

    Just another God fearing, flag waving American making an observation. Amen.

  19. #219
    Quote Originally Posted by Sanlmar View Post
    America's war on Bitcoins is gaining traction.
    That's probably not impacting the price since it only exists in your head.

  20. #220
    Quote Originally Posted by DirtyB View Post
    Quote Originally Posted by Sanlmar View Post
    America's war on Bitcoins is gaining traction.
    That's probably not impacting the price since it only exists in your head.
    Sarcasm, my man, sarcasm.

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