Off-Topic > Off-Topic - Tiny Core Lounge

CoreMiner (cuda)

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bmarkus:
Another view:

http://blogs.wsj.com/moneybeat/2014/03/10/nouriel-roubini-bitcoin-is-a-ponzi-game/

thane:
Several countries have already decided that Bitcoin (and presumably other similar items) is not a currency, and the U.S. will probably follow suit. Bitcoin trading and mining may become taxable:

http://www.nakedcapitalism.com/2014/03/bitcoin-currency.html

curaga:
Well this is the offtopic section, so economics should be fine ;)

Finland has already decided to consider bitcoins as property. This doesn't really matter though, as you pay all the same taxes as if it were currency, with the exception of VAT. If I kept an account in USD, I'd still need to pay tax if the EUR-USD exchange rate changed and gave me paper profit at the end of my fiscal year.

VAT can be worked around by trading with non-EU entities - as VAT does not apply to transactions outside the EU as a rule (with some exceptions, that don't matter here).

So the net effect of the decision only affects which accounting account the profits go in.

cast-fish:
ok.

thane:
<bump>

U.S. Internal Revenue Service decides Bitcoin is property:

http://www.nakedcapitalism.com/2014/03/predicted-irs-deems-bitcoin-property-limiting-usefulness-commercial-transcations.html

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