Re: Can BITCOINs Defeat IRS Tax Thieves?
Posted: Wed Oct 19, 2011 12:53 pm
There's an article about bitcoin and its mysterious inventor, Satoshi Nakamoto, in a recent New Yorker. (Subscription required.)
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I would hardly consider 1 person accepting bit coins for their house as evidence of traction, with all due respect. Bit coins are basically a libertarian/geek niche thing. That doesn't mean you can't make money off it - anyone who speculated on this would have come out well over the past few years assuming you didn't sell in between exchanges getting hacked. But its always going to be a small thing. The only reason why bit coins gained any traction at all is because it arrived on the internet scene during the height of the financial panic when people were fear mongering about traditional currencies all the time. As the economy improves bit coin will only be further marginalized, its only real selling point is you can use it to buy illegal drugs on the silk road website. That won't help it become "main stream."Burnaby49 wrote:Maybe Bitcoin is gaining some traction. The guy seems to actually want them rather than just as a PR stunt. Not a tax dodge if this is his home instead of an investment property since the sale of your primary residence is not a taxable transaction in Canada:
http://www.cbc.ca/news/yourcommunity/20 ... l?cmp=fbtl
Bitcoin seems to be expanding past "a libertarian/geek niche thing". Farhad Manjoo, the technical writer in slate (neither a libertarian or geek) seems to think that it has a fairly solid future. While I agree it will never be a "main stream" currency it seems to have at least established itself as more than a fad:LightinDarkness wrote:I would hardly consider 1 person accepting bit coins for their house as evidence of traction, with all due respect. Bit coins are basically a libertarian/geek niche thing. That doesn't mean you can't make money off it - anyone who speculated on this would have come out well over the past few years assuming you didn't sell in between exchanges getting hacked. But its always going to be a small thing. The only reason why bit coins gained any traction at all is because it arrived on the internet scene during the height of the financial panic when people were fear mongering about traditional currencies all the time. As the economy improves bit coin will only be further marginalized, its only real selling point is you can use it to buy illegal drugs on the silk road website. That won't help it become "main stream."Burnaby49 wrote:Maybe Bitcoin is gaining some traction. The guy seems to actually want them rather than just as a PR stunt. Not a tax dodge if this is his home instead of an investment property since the sale of your primary residence is not a taxable transaction in Canada:
http://www.cbc.ca/news/yourcommunity/20 ... l?cmp=fbtl
Umm...did you read the article?Burnaby49 wrote: Bitcoin seems to be expanding past "a libertarian/geek niche thing". Farhad Manjoo, the technical writer in slate (neither a libertarian or geek) seems to think that it has a fairly solid future. While I agree it will never be a "main stream" currency it seems to have at least established itself as more than a fad:
http://www.slate.com/articles/technolog ... ubble.html
Its a bubble. He knows it. Its shameless gambling. No different than currency speculation on forex, except bit coin carries even more risk. Even the true believers on bit coin know that the kind of rise it has seen recently is completely unsustainable. Investing in bit coins now is no different than investing at the height of the real estate market or gold. One may very well end up doing quite well with it - buts its not really an investment, more of a gamble.I’m not very panicky about the world’s currencies, nor am I looking to buy drugs online. Indeed, I don’t care at all for Bitcoin as a currency. Instead, I wanted to buy Bitcoins as pure, shameless speculation.
And if you'd read, and understood, my comments and the article you might have actually got the point I am making into your head rather than getting snotty about some other point you pretend I'm making so you can set up a strawman to refute. I am not saying Bitcoin is going to be a significant world currency. I am not a supporter and I agree it is in a bubble. Notwithstanding your apparent obsession with this blind alley I am not saying that Bitcoin isn't in a bubble and the current price is either reasonable or sustainable. Bitcoin might well be overpriced and heading for a fall, I have no idea, but that doesn't take away from my overall point. Now pay close attention, this is my point (my only point) I AM SAYING THAT BITCOIN IS NOT A FAD in the sense that say, the Hula-Hoop, Davey Crockett coonskin caps, and swallowing goldfish were fads. You mentioned gold. So is it your argument that gold is just a passing fad because it has gone through bubbles? Are you saying living in houses is a fad because you housing market went through a bubble and collapse?LightinDarkness wrote:Umm...did you read the article?Burnaby49 wrote: Bitcoin seems to be expanding past "a libertarian/geek niche thing". Farhad Manjoo, the technical writer in slate (neither a libertarian or geek) seems to think that it has a fairly solid future. While I agree it will never be a "main stream" currency it seems to have at least established itself as more than a fad:
http://www.slate.com/articles/technolog ... ubble.html
Its a bubble. He knows it. Its shameless gambling. No different than currency speculation on forex, except bit coin carries even more risk. Even the true believers on bit coin know that the kind of rise it has seen recently is completely unsustainable. Investing in bit coins now is no different than investing at the height of the real estate market or gold. One may very well end up doing quite well with it - buts its not really an investment, more of a gamble.I’m not very panicky about the world’s currencies, nor am I looking to buy drugs online. Indeed, I don’t care at all for Bitcoin as a currency. Instead, I wanted to buy Bitcoins as pure, shameless speculation.
I know lots of people, who, for example, lucked up quite well by buying into fear mongering on the economy and plowing their money into gold 5 years ago. I also know someone who bought it at its peak 1 year ago whose money missed out on the 30%+ gains in the equity markets because all his money was in gold bullion buried in his back yard (seriously). It will be the same story with bit coin - and there will be FAR more people in the later group than the former group.