Main > General Discussion
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kokojie:
Wait, isn't the point of a DAC is that it's, you know, "distributed"? so that it can't be shutdown, and don't have to care about SEC or whatever government organization? Like if a country tried to shutdown Bitcoin, it would fail.
luckybit:
--- Quote from: puppies on March 21, 2014, 02:48:55 am ---
Paranoia? My accurate depiction of doing business in the US? My joking reference to drones in Romania?
My understanding of capital gains in that you are only required to report it when you cash out. I don't know about you but I have no intention of trading my BTS for USD.
--- End quote ---
Please update your information. Capital gains have nothing to do with cashing out into USD. If you trade your Bitshares for anything, even if it's for Bitcoin, you must pay capital gains on every trade you make. If you spend Bitcoin after the price has gone up you must pay capital gains on that as well.
Transactions within the Bitshares network itself you don't pay capital gains on because those are all Bitshares and it's more like gambling. Instead it will be income taxes if you spend your BitUSD because that BitUSD did not come from the aether, it came from profit you made speculating within the Bitshares network.
--- Quote from: puppies on March 21, 2014, 02:48:55 am ---
Of course everyone should obey the armed thugs to the extent required to prevent them from being a victim of their state sanctioned violence. You should almost always do what the man with the gun to your head says.
--- End quote ---
Yeah, basically. I'm not saying I like the idea that we have to be taxed but it is what it is. Pay the man or else is the way the law is written.
--- Quote from: puppies on March 21, 2014, 02:48:55 am ---
Transparency? really buddy? I suggest everyone keep only the absolutely required records (perhaps legally required would be a better way of stating it)
--- End quote ---
The more transparency we have in terms of records and how Bitshares works as a network the less likely it is that Bitshares will be made illegal. The more likely it is we will be able to keep our profits and stay out of jail.
--- Quote from: puppies on March 21, 2014, 02:48:55 am ---
Even what you have to keep, or your communication. Encrypt everything. I take great solace in the fact that if the bastards want to look at the baby pictures I send my family they are going to have to waste the time and money decrypting it.
--- End quote ---
I agree with this. If you have sensitive information which does not belong to you then encrypt it. If it belongs to you and is valuable then encrypt it. That means encrypt your wallet and of course Keyhotee is something you might want to use.
--- Quote from: puppies on March 21, 2014, 02:48:55 am ---
Now of course I don't suggest anybody disobey the armed thugs, that would just be stupid. They have trained murderers on their payroll that honestly believe they have the right to kill you if you don't respect their authoritie, and I'm the sap that feels absolutely terrible if a possum or a bunny rabbit runs out in front of my car.
--- End quote ---
If you want to keep your money and your freedom a compromise must be made. Paying taxes isn't that big of a deal. Of course it would be helpful if the IRS actually told the cryptocurrency community what taxes to pay.
It seems they are more interested in putting drug dealers and others in jail than helping people to pay their taxes. I say the same about the SEC which would rather go after Satoshi dice than finalize their crowd funding legislation?
If the SEC wanted people to obey the law they'd finalize the law so people can abide by it rather than keep everything in a grey area. If the IRS wanted everyone to pay taxes they would give some guidance so there is no confusion.
When everyone must hire a lawyer just to use Bitcoin that is good for lawyers because that is money out of our pocket, it's also good for accountants because we have to hire them, it's good for law enforcement because they can arrest us under any pretext.
But it does not keep investors safe. It does not actually encourage innovation or improve the economy to have contrived legal ambiguity.
puppies:
--- Quote from: luckybit on March 21, 2014, 02:13:20 am ---
--- Quote from: puppies on March 21, 2014, 02:00:00 am ---In this land of the free that I happen to live in, companies can be compelled to release any information on their clients. Whats more they can be prosecuted for letting their clients know that they have been forced to release this information.
This naturally has no bearing on a company based in Romania, other than what can be brought to bear in the form of local armed thugs with the conviction that they have a right to inflict violence. I'm not at all up to speed on the politics of Romania, but I'm pretty sure the USG hasn't started a drone campaign to eradicate the terrorist (anyone who disagrees with them) yet.
This may become an issue with any US based company like III though. I would suggest giving them as little actual information as possible for your protection as well as theirs. They can't be compelled to release information they don't have.
Perhaps a dead mans switch would work. Perhaps a post every day from III to the effect of "we have not been approached by armed thugs attempting to steal our data today" If a day goes by and you don't see that post then you might have something to worry about.
--- End quote ---
That is paranoia you're displaying. Invictus does not own Bitshares. The shareholders own Bitshares.
That means the government will just approach each one of us directly if there is a problem.
And they'll find out who has Bitshares when you pay your capital gains taxes. So the best defense in my opinion is transparency.
Give the government everything you are legally required to give. Comply with the law only as far as you are legally required to. Don't interact with the government any more than you are legally required to and don't volunteer to help with investigations, it's not your job and you won't be rewarded for helping to put someone from the community in jail.
I think Invictus is as safe as any company on Kickstarter but I'm not a lawyer. I don't even know the tax implications of this yet.
--- End quote ---
Paranoia? My accurate depiction of doing business in the US? My joking reference to drones in Romania?
My understanding of capital gains in that you are only required to report it when you cash out. I don't know about you but I have no intention of trading my BTS for USD.
Of course everyone should obey the armed thugs to the extent required to prevent them from being a victim of their state sanctioned violence. You should almost always do what the man with the gun to your head says.
Transparency? really buddy? I suggest everyone keep only the absolutely required records (perhaps legally required would be a better way of stating it)
Even what you have to keep, or your communication. Encrypt everything. I take great solace in the fact that if the bastards want to look at the baby pictures I send my family they are going to have to waste the time and money decrypting it.
Now of course I don't suggest anybody disobey the armed thugs, that would just be stupid. They have trained murderers on their payroll that honestly believe they have the right to kill you if you don't respect their authoritie, and I'm the sap that feels absolutely terrible if a possum or a bunny rabbit runs out in front of my car.
bitbro:
--- Quote from: Stan on March 21, 2014, 02:29:59 am ---I note with admiration the personal honor and integrity of Ladar Levison of Lavabit.com.
We never want to let any single component of this industry get Too Big To Quit (TBTQ) nor advocate one chain to rule them all.
That way leads to the Dark Side.
--- End quote ---
Stan is obi won. Dan is Luke
Sent from my iPhone using Tapatalk
Stan:
I note with admiration the personal honor and integrity of Ladar Levison of Lavabit.com.
We never want to let any single component of this industry get Too Big To Quit (TBTQ) nor advocate one chain to rule them all.
That way leads to the Dark Side.
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