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Message
re: Say hello to the world's first Bitcoin baby
Posted on 6/13/13 at 2:08 pm to LSURussian
Posted on 6/13/13 at 2:08 pm to LSURussian
What I want to know is how he puts that income on his books?
$14,000 delivery of baby
$6,000 patient check ups
2200 faux currency for insemination
And how does he report his income to the IRS? I've never seen a bitcoin box.
2
Posted on 6/13/13 at 2:12 pm to Broke
quote:
And how does he report his income to the IRS?
sigh. I thought y'all were supposed to be smart?
When receiving bitcoins for work performed, you report the value at the time in USD as income.
If you hold on to them and sell them for a higher value at a later date, then you report the realized gain (above the value at the time you received them) as capital gains.
Whether or you can report a loss if you sell for less than they were worth when you received them, I'm not sure. Maybe Poodlebrain can answer that.
Posted on 6/13/13 at 2:30 pm to WikiTiger
quote:
sigh. I thought y'all were supposed to be smart?
I am. I'm just not a CPA
Posted on 6/13/13 at 3:34 pm to Broke
quote:It's potentially complicated. Bitcoins are commodities for tax purposes according to a recent announcement. Thus the transaction was a barter exchange of professional services for commodities. If this was the first barter transaction the doctor engaged in then how he records and reports the exchange will establish an accounting method that he must use for any, and all, future barter transactions.
What I want to know is how he puts that income on his books?
$14,000 delivery of baby
$6,000 patient check ups
2200 faux currency for insemination
And how does he report his income to the IRS? I've never seen a bitcoin box.
This is something the doctor and his tax advisor(s)should seriously discuss before the doctor files his 2013 tax return.
Posted on 6/13/13 at 3:43 pm to Poodlebrain
billboard in San Jose:
Posted on 6/13/13 at 3:50 pm to WikiTiger
If that picture's in San Jose I'll eat my arse.
Posted on 6/13/13 at 4:00 pm to Cold Cous Cous
bitcoins can't possibly ever be mass adopted aren't there 21 million total bitcoins? Or maybe I remember it wrong, I think it was by the end of bitcoin mining there will be 21 million total?
If that's the case and we have 320 million americans there are only .17 bitcoins in total circulation per american?
If that's the case and we have 320 million americans there are only .17 bitcoins in total circulation per american?
Posted on 6/13/13 at 4:04 pm to ThaBigFella
quote:
aren't there 21 million total bitcoins?
currently, a bit over 11,000,000 bitcoins have been mined
only 21,000,000 bitcoins will ever be mined, which will happen around the year 2140.
bitcoins are currently divisible by 8 decimal places, and that can be extended without any fundamental changing of the protocol at all.
in other words, the 21,000,000 limit is not a problem, and is in fact a design feature.
and bitcoin is global. 21,000,000 bitcoins / 7,000,000,000 people = 0.003 per person
This post was edited on 6/13/13 at 4:05 pm
Posted on 6/13/13 at 4:11 pm to WikiTiger
quote:
I thought y'all were supposed to be smart?
Oddly enough, I've never thought that about you......
Posted on 6/13/13 at 5:00 pm to WikiTiger
quote:
So short term fluctuations are more important to you than long term trends?
For me yes, because I typically don't have cash sitting around for years. The long term trend isn't relevant.
quote:
I guess you're cool with this too???
Yes again, as long as my dollar denominated assets keep up with or beat inflation, I can live with it.
Posted on 6/13/13 at 5:01 pm to WikiTiger
I'm sure you'll think this is me being my usual negacoin self, but serious question:
How is that different from:
quote:
bitcoins are currently divisible by 8 decimal places, and that can be extended without any fundamental changing of the protocol at all.
How is that different from:
This post was edited on 6/13/13 at 5:02 pm
Posted on 6/13/13 at 7:05 pm to Vols&Shaft83
quote:
How is that different
No dead white guys' mugs on bitcoins
Posted on 6/13/13 at 7:09 pm to Vols&Shaft83
quote:
quote:
bitcoins are currently divisible by 8 decimal places, and that can be extended without any fundamental changing of the protocol at all.
How is that different from:
well, for one thing, bitcoins are able to be subdivided much, much, much more than US dollars. in other words, in a comparison of the divisibility between bitcoin and the US dollar, bitcoins kicks the ever living shite out of the US dollar.
Posted on 6/13/13 at 7:29 pm to WikiTiger
quote:
in a comparison of the divisibility between bitcoin and the US dollar, bitcoins kicks the ever living shite out of the US dollar.
In other words, bitcoin is more divisible than the already sufficiently divisible USD. Got it.
So besides doing the exact same thing as FIAT currency, just more of it, how is it different?
Posted on 6/13/13 at 7:44 pm to Vols&Shaft83
quote:
So besides doing the exact same thing as FIAT currency, just more of it, how is it different?
Are you seriously asking a question as broad as "how is bitcoin different" after months and months of debates in threads? have you not read anything about it at all? were you just trolling the whole time?
how is bitcoin different?
1. finite supply
2. can be sent directly and instantly to anyone on earth with an internet connection without using/trusting a third party
3. cannot be seized or frozen by any government
4. can be used anonymously
5. can be used without regard for political borders or capital controls
6. storage costs are nil
is that enough for you? or will you just ignore them all and just post some retarded animated gifs?
Posted on 6/13/13 at 8:28 pm to WikiTiger
quote:
how is bitcoin different?
Do you mean besides it losing 25% of its value over the past 10 days???
Is that enough for you?
Posted on 6/13/13 at 9:50 pm to WikiTiger
quote:
is that enough for you? or will you just ignore them all and just post some retarded animated gifs?
No I'll address all of these differences, one by one, in order of appearance:
1. finite supply- But "infinitely divisible", so not really finite. By the way, the USD has a finite supply, but instead of adding a decimal place, the FED prints more.
2. can be sent directly and instantly to anyone on earth with an internet connection without using/trusting a third party- Sorry this is not really a benefit that I care about. Besides the 3rd party I would use for this service provides security and insurance that bitcoin doesn't.
3. cannot be seized or frozen by any government- so you're saying the cash in my wallet can be frozen but bitcoin cannot? I think you're on the pot, boy.
4. can be used anonymously- Even if this was true with bitcoin (because there's plenty of reason to suspect otherwise) I use cash anonymously every day. Cash has a much longer track record of being able to be used anonymously than bitcoin.
5. can be used without regard for political borders or capital controls- I don't have any interest in conducting any transactions with :Burma, Côte d'Ivoire, Cuba, Iran, North Korea, or Syria. If you do, then kindly go frick yourself.
6. storage costs are nil- I actually get paid to store my FIAT Currency, it's called interest. But if the bank and it's FDIC insurance isn't the storage you're looking for, you can store cash in stacks wrapped in rubber bands, cellophane, and some empty cardboard boxes for an approximate cost of "nil".
So how is bitcoin better than cash again?
Don't answer, it's a rhetorical question.
And NOW, here is a retarded animated gif:
SUCK IT
This post was edited on 6/13/13 at 11:46 pm
Posted on 6/14/13 at 8:37 am to Vols&Shaft83
quote:
But "infinitely divisible", so not really finite.
Everyday I become more convinced that you are retarded. Seriously. You are not a smart person.
quote:
By the way, the USD has a finite supply, but instead of adding a decimal place, the FED prints more.
WTF?
I'm out.
Posted on 6/14/13 at 8:38 am to WikiTiger
quote:
I'm out.
If only....
ETA: And it's revealing how you don't address the drop in btc's value over the past 12 days. It's down another 9% this morning, back under $100.
To put it into perspective, a merchant working on a 10% NPM and prices his product in btc is now just about breaking even on anything he sells compared to just yesterday. Compared to 11 days ago, he is losing almost 30% on everything he sells.
You're the dumb person here who knows NOTHING about running a business.
This post was edited on 6/14/13 at 8:44 am
Posted on 6/14/13 at 9:24 am to LSURussian
This billboard is true. I've never seen either in the wild.
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