BitShares Forum
Main => General Discussion => Topic started by: stuartcharles on April 02, 2014, 09:46:05 am
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Thats how i feel, frustrated, i know you are doing your best, i know your knowledge far out ways mine, but this is our moment. Bitusd was conceived to combat the market volatility of bitcoin, but, the recent US ruling that bitcoin is property projects bitusd to the only cripto currency that can be used as currency.
This is our chance right now, not in a month when someone develops software to automatically calculate capital gains tax the second you make a transaction but now.
I know i am shouting from the sidelines, but please reassure your fans that you understand the importance of this moment in time. The position of all players on the field is perfect for bitshares to dominate the game, don't give the competition time to regroup and counter attack.
Your faithfully, wearing my bitshares jacket, scarf and hat
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I'd rather they struggle with first-iteration bitcoin tax software for a little bit while we polish up BTS X
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I like the analogy. I know the coach is infinitely more qualified than me. Knows more about the situation and his players in pretty much all respects. Has spent countless hours studying the competition and developing a game plan. Yet I still find myself yelling from the sidelines, when things don't work out the way I want them to.
I'll cheer when I like the play, and I'll try to keep my booing to a minimum when I don't. I'll celebrate a win, or I'll mourn a loss.
I'm just trying to learn more about the game so I'm not yelling "He's the best linebacker I've seen since Joe Montana"
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I agree with you and share similar sentiments; however, if we're to use that same analogy then... we're still at the beginning of the first quarter. Sure, there's been a kickoff and we've made a couple of first downs but the game has just begun! Personally, I'm taking this time to get another beer from the concessions 8)
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Bitusd was conceived to combat the market volatility of bitcoin, but, the recent US ruling that bitcoin is property projects bitusd to the only cripto currency that can be used as currency.
This is our chance right now, not in a month when someone develops software to automatically calculate capital gains tax the second you make a transaction but now.
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Im guessing when BTS X catches on, they will make a ruling that even if you buy something using BitUSD, you will have to calculate your capital gains based on how much BTS you sold to acquire the BitUSD.
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Bitusd was conceived to combat the market volatility of bitcoin, but, the recent US ruling that bitcoin is property projects bitusd to the only cripto currency that can be used as currency.
This is our chance right now, not in a month when someone develops software to automatically calculate capital gains tax the second you make a transaction but now.
...
Im guessing when BTS X catches on, they will make a ruling that even if you buy something using BitUSD, you will have to calculate your capital gains based on how much BTS you sold to acquire the BitUSD.
When BitUSD catches on the average man will not even bother touching BTS but instead will buy and sell BitUSD directly and any gain/loss will be accounted for as transaction fees. If it tracks close enough like I expect then I doubt the IRS would even treat it any different than dollars for tax purposes.
The question remains to be seen if gains or losses inside the blockchain will be factored.