The standard is 2 week turnaround to fund new accounts. At least it was according to the forums during the blood bath. Ties into the need to have non-chargeback deposit methods etc.
The standard is 2 week turnaround to fund new accounts. At least it was according to the forums during the blood bath. Ties into the need to have non-chargeback deposit methods etc.
"Birds born in a cage think flying is an illness." - Alejandro Jodorowsky
"America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs
Anyone else getting this when they go to mtgox?
502 Bad Gateway
nginx/1.3.11
- Last price:$154.08640
- High:$166.43438
- Low:$140.96635
- Volume:220305 BTC
- Weighted Avg:$152.69107
Originally Posted by Crowe Diddly
This still amazes me.
looks like Canadians will have to pay tax on there bit coin's and purchases etc. at least they recognize its value and may increase the value in them?
Bonnie Allan cbc reporter: wrote
Just in time for tax season, the Canada Revenue Agency says the users of Bitcoins will have to pay tax on transactions in the upstart digital currency.
BitCoins are a fringe online currency that entered the mainstream this year after speculators rushed in and caused their value to more than quadruple in value. Originally designed as a virtual currency alternative to conventional money, the cash value of a BitCoin jumped from under $50 US to above $250 and back earlier this month, as speculators flooded the market after awareness of them grew.
Price swings like that mean some BitCoin buyers and sellers likely made or lost a lot of money, which raises the question of how that will be handled come tax time.
The issue is not just academic. Saskatoon realtor Paul Chavady said he has listed a house priced in BitCoins, and has found clients willing to pay his fees in the electronic currency.
"When you sell [the BitCoins], they will deposit that in your account," said Chavady. "As soon as it turns into Canadian dollars, it's back in the eyes of the CRA and everybody else. If you get a big deposit of $10,000, or $100,000, [CRA is] going to say, 'Hey, where did that come from?'"
Indeed, the tax man has already thought of that.
The CRA told the CBC there are two separate tax rules that apply to the electronic currency, depending on whether they are used as money to buy things or if they were merely bought and sold for speculative purposes.
"Barter transaction rules apply where BitCoins are used to purchase goods or services," Canada Revenue Agency spokesman Philippe Brideau said in an email.
Barter is the exchange of one good for another good without the use of cash, such as when a farmer who grows vegetables trades with another who raises chickens. Many Canadians don't realize such exchanges are taxable, but they are.
Paragraph 3 of the CRA's Interpretation Bulletin IT-490 clearly states that in a barter transaction between arm’s-length persons, "we generally consider that the value of whatever is received is at least equal to the value of whatever is given up."
In the above example, that means whatever you've received in exchange for your $1 worth of vegetables must be documented as a taxable gain of at least $1 somewhere.
Investing gains
When it comes to trading BitCoins for profit, the tax man says there are tax implications there, too.
"When BitCoins are bought or sold like a commodity, any resulting gains or losses could be income or capital for the taxpayer depending on the specific facts," ruled the CRA.
That section is covered in paragraphs nine through 32 of the CRA's section IT-479R, Transactions in Securities, "which provide general comments for purposes of determining whether transactions are income or capital in nature."
Regina currency trader Jeff Cliff already had that figured out. He's been trading BitCoins for three years and said he claims them on his taxes by converting it to the Canadian dollar equivalent. But, Cliff said, it is an honour system.
"It's fairly anonymous system," he said. "I'm not so much into the privacy side of it, so that's why I claim it."
Some advocates of the electronic currency, which only exists as unique codes in complex crytpographic algorithms, have said one of its advantages is that it can be traded and moved across national boundaries without governments being aware.
But as the CRA statement shows, governments are starting to pay attention.
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.
Straightforward capital gain, but of course if they want it to be taxable you can net off any losses across the year.
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SilkRoads on the verge of hyperdeflationary collapse:
http://au.businessinsider.com/silkro...flation-2013-5
TRUMP 2024!
That makes complete sense but they are probably happy the last 3 weeks or so the coin has settled down from all it's fluctuating .
Today was pretty sick. I'm pretty much at break even right now because I walked in on the collapse thinking it was the middle. Nope, it was the bottom. Will probably make most of it back eventually, but it's no big deal. It was gamble money anyway.
Wow - even Khan Academy is getting on bitcoins.
That makes complete sense but they are probably happy the last 3 weeks or so the coin has settled down from all it's fluctuating .
You would think a place like that could have prices pegged to USD or EU so no matter what the rate of a bitcoin was at that particular hour, that when you hit purchase that you would get a price that reflected a hard currency amount. I guess when the fluctuations are in the $50 range in a day it would still make it crazy, but I still see bitcoin as a wager and not a currency.
Here we go. Dwolla is is deep shit.
http://betabeat.com/2013/05/departme...d-from-mt-gox/
why homeland security and not the doj?? homeland security was formed to fight terrorists attacks, etc. There must be something more to this story.
You see any of the products sold on the bitcoin market? Several could be used for terrorist activity.
Every were sells terrorist tools.You see any of the products sold on the bitcoin market? Several could be used for terrorist activity.
Next stop..... Full blown communist for USA, enjoy it's a peach!
Legalize drugs and mind numing activities (vidio games) then they lock the doors and build some walls.
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.
Of course and lots of stuff people would never have thought to be terrorist items are being used that way.Every were sells terrorist tools.
Next stop..... Full blown communist for USA, enjoy it's a peach!
Legalize drugs and mind numing activities (vidio games) then they lock the doors and build some walls.
While they are cracking down more on terrorist activity you can bet the DOJ and Homeland Security are in talks with one another on this stuff. If the DOJ would like to bring bitcoins down but doesn't have a strong enough case or time to do it and Homeland Security can do things now then they will be happy for them to go for it.
The value of the coins in existence in excess of $1 billion and organizations are well aware of how a lot of the market is being used for drugs, firearms, sports betting, and other things they would determine as malicious.
Notice the date of my warning. If you listened to me, you did not lose a lot of money.
Do not doubt me. Ever.
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