^ Yes, but by that logic then the price hitting 25k having bought at $500 as opposed to $1,000 is the same as it hitting $50k, so it does make a big difference - double.
How can anyone object about chartbuddy, thats the only reason I really visit this thread so regularly, for the factual updates, not the bias opinions of others.
IRS Says Bitcoin is Property, Not Currency
In a notice, the IRS said that it generally would treat Bitcoin held by investors much like stock or other intangible property. If the virtual currency is held for investment, any gains would be treated as capital gains, meaning they could be subject to lower tax rates.
http://stream.wsj.com/story/markets/SS-2-5/SS-2-490994/Behind paywall.
This is better:
http://www.businessinsider.com/irs-bitcoin-is-property-not-currency-full-release-2014-3IRS Virtual Currency Guidance: Virtual Currency Is Treated as Property for U.S. Federal Tax Purposes; General Rules for Property Transactions Apply
IR-2014-36, March. 25, 2014
WASHINGTON – The Internal Revenue Service today issued a notice providing answers to frequently asked questions (FAQs) on virtual currency, such as Bitcoin. These FAQs provide basic information on the U.S. federal tax implications of transactions in, or transactions that use, virtual currency.
In some environments, virtual currency operates like “real” currency -- i.e., the coin and paper money of the United States or of any other country that is designated as legal tender, circulates, and is customarily used and accepted as a medium of exchange in the country of issuance -- but it does not have legal tender status in any jurisdiction.
The notice provides that virtual currency is treated as property for U.S. federal tax purposes. General tax principles that apply to property transactions apply to transactions using virtual currency. Among other things, this means that:
* Wages paid to employees using virtual currency are taxable to the employee, must be reported by an employer on a Form W-2, and are subject to federal income tax withholding and payroll taxes.
* Payments using virtual currency made to independent contractors and other service providers are taxable and self-employment tax rules generally apply. Normally, payers must issue Form 1099.
* The character of gain or loss from the sale or exchange of virtual currency depends on whether the virtual currency is a capital asset in the hands of the taxpayer.
* A payment made using virtual currency is subject to information reporting to the same extent as any other payment made in property.
Further details, including a set of 16 questions and answers, are in Notice 2014-21, posted today on IRS.gov.
Wow, finally massive profit. Shorts closed. Longs opened@528$ will close between 550-570$
GoGoGo
@Shroomskit- Thanks for panic sellin you sheep
Seems like this backfired?
What was the actual china news that came out today to drop the price please? Scan read last 10 pages and couldnt see it, nor on reddit front btc page. Thanks.
Whenever i think this thread can't get any more retarded it does. The fact that so many people using large amounts of money to buy/sell bitcoins that don't understand the concept of EV is mind-blowing.
I remember when JorgeStolfi pretended to be unbias towards Bitcoin, and actually enjoyed his rational counter-arguments against BTC.
This has to be a scam right, its getting lots of upvotes from what i'm pretty sure are spam/scam bots, and the good posts getting downvoted, on reddit:
http://www.reddit.com/r/Bitcoin/comments/2757mx/bitcoin_arbitrage_method_45/Buying bitcoins via paypal, the few critical replies have been downvoted to hell:
[–]absentmindedprofesso [+1] -4 points 12 minutes ago (6|10)
Relevant:
http://www.reddit.com/r/Bitcoin/comments/261r1t/scam_alert/Please upvote for awareness.