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Messages - matt608

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797
General Discussion / Re: The Taxman Cometh
« on: September 30, 2014, 04:29:33 pm »
No tax obligation (US tax system) until you convert to actual fiat.

Can anyone confirm this?

I was under the impression that each BTC-USD trade is taxable (even if you don't withdraw the fiat). So is coin-to-coin and coin-to-asset trading exempt? Because that would be great.

BitUSD is NOT $USD, it is a token and a piece of digital property

I agree with this. I wouldn't think even cashing out into "digital fiat" on an exchange is a taxable event until you actually withdraw that to your bank account. The IRS wouldn't know anyway, would they? lol

Disclaimer: I am a CPA by profession. But I may not be a very good one heh...

I am pretty sure selling into "digital fiat" on an exchange is a taxable event.

798
General Discussion / Re: BitNation - Governance 2.0
« on: September 30, 2014, 02:30:57 pm »
AMAZING thanks for sharing this, I hadn't heard about it!  A similar project:
http://democracyos.org/


799
General Discussion / Re: 10,000,000,000 max coins?
« on: September 29, 2014, 10:22:49 am »
what asset are you talking about?!

if you are talking about BTSX: maybe this helps:
https://github.com/dacsunlimited/bitsharesx/blob/master/libraries/blockchain/include/bts/blockchain/config.hpp#L75

there will NEVER be more than 2B

Are you sure?
If there is not enough liquidity it is also possible for the network to "print" BTSX necessary to make great deals relative to a trusted feed."
https://bitsharestalk.org/index.php?topic=7065.msg96446#msg96446

800
General Discussion / Re: Negative Post about Bitshares
« on: September 29, 2014, 10:03:46 am »
I agree with the post from the blog that being humble and making not too bold claims comes across as more trustworthy!

In your analysis the following didn't make sense to me:
Quote
and in order to pay them back the shorts have to sell their collateral
The collateral (BTSX) is held by the system in order to be able to guarantee the long position that it can be paid out any time. Not selling of BTSX is necessary. No?

Ah ok, well if that's the case that is a bit better.  This will be a fascinating experiment.

801
General Discussion / Re: Negative Post about Bitshares
« on: September 29, 2014, 09:10:18 am »
So, I'm learning about this about this and trying to get my head around it.

So he's saying that the loans the shorts take out are backed by BTSX.  So if the value of btsx goes down enough, it will trigger margin calls of the shorts and in order to pay them back the shorts have to sell their collateral, which is BTSX, which causes more downard pressure on the price, triggering more margin calls, causing more downward pressure resulting in a cascading of margin calls plunging the BTSX price and rendering the bitassets unbacked, resulting in the whole thing imploding and everyone losing a ton of money.

From my padawan learner mind, this appears so far like a valid criticism. and I haven't seen anything convincing to counter it.  100% of this 'bank's' collateral is in its own 'shares'.  I did some googling of 'loans collateralized by bank stock' and it seems in some states in might be forbidden and in others it may be allowed, but I'm not certain.  Now this is a decentralized system so I not going to go into what laws may hypothetically apply, but if this type of system is sometimes not allowed, it makes me wonder why?

I am not fudding and I might just misunderstand and there are probably some protection mechanisms I don't understand yet.  Maybe there is some other solution too though, like requiring other types of collateral such as BTC or LTC, to reduce the exposure to BTSX.

802
General Discussion / Re: the name of 'bitGLD' should be reconsidered
« on: September 29, 2014, 07:31:09 am »
bitXAU or bitGold I would much prefer! 

803
General Discussion / Re: BitGLD has 49 valid feeds. Here we go!
« on: September 29, 2014, 07:26:28 am »
I like  bitGLD but if you change the name then I prefer bitGOLD

Sent from my ALCATEL ONE TOUCH 997D

I prefer bitGold or bitXAU, but I don't think it can be changed...

804
Technical Support / Re: !!! Stupid Questions Thread !!!
« on: September 28, 2014, 06:25:01 pm »
So no women at all in our community...

How can we attract them? Maybe make a fashion DAC someone or something??

LOL

805
General Discussion / Re: short / medium term price speculation for BTSX
« on: September 28, 2014, 05:27:10 pm »
I'm pleasantly surprised at the stability and slow climb. Rather unusual for a crypto investment, and more so given how young BTSX is.

At this point it seems reasonable to expect, barring any major hitches, continued stability/slow appreciation until the 1.0 client is released.

Perhaps a bit of a jump due to exposure in the upcoming conference.

Is there an eta on the 1.0 client?

808
General Discussion / Re: What if..
« on: September 27, 2014, 09:05:51 pm »
I was thinking the other night that once the client is stable no amount of marketing will be too much. 

The scope of what Bitshares-X can potentially do is staggering. 

I think we need to 'attack' as many of the potential markets as possible with an army of marketers. 

We need to attack the forex market to encourage trade of bitcurrencies, all the major world currencies are targets.  Then there's the gold + silver markets for bitGLD + bitSLV, and every large commodity market such as  Oil, gas, food commodities such as wheat, corn, bananas, cocoa, hemp, you name it (market research for listing the largest markets is obviously essential, I have no idea which are largest).  We need marketers targeted at all these markets and more.

I'm not on the official team and have no idea what is planned and I don't know the inner workings of the team and I'm confident whatever it is will be great. However, more will definitely be better.

I would guess that if the team leaders got behind a community/stakeholder driven marketing funding to raise say $500k or more people would chip in and it could be done without too much difficulty.  I myself would donate a few thousand BTSX right away, 10K if enough others did too.  The increased confidence caused by raising a nice fat *extra* marketing fund would result in more buying quickly replenishing the market cap.

I'm not sure how many full time professional marketers we actually have, is it just one? 

My thinking is probably premature as I don't know what's coming and I could be a bit off on the target markets as I'm still learning about Bitshares-X, but I thought I'd just throw this idea out there.


809
General Discussion / Re: Aren't BitAssets sort of like naked short selling?
« on: September 27, 2014, 05:58:40 pm »
This is interesting.  As far as I can see bitUSD is competing with the USD just as much as DOGE or EUROs.  All these competing currencies lessen demand for each other.  People who were holding USD sold it to buy bitUSD, or BTC or CNY or any other currency. 

Therefore bitUSD is inflating the USD by lessening demand for it, the same as any currency.  When a country stops accepting USD for oil that lessens demand for it in that country causing USD's to find their way back to the USA where they cause inflation.  Hence the petrodollar being forced on people at the point of a gun (one of the first things the US did after invading Iraq was switch their oil back to USD from EUROs).  That's why we don't here horrible things about Saudi Arabia (despotic regime) from the mainstream media, because they still price their oil in USD so we like them.  So yes I would say it is inflating it, but no more than any other currency. 

This is if we say that inflation is the weakening of a currency due to the demand vs unit ratio decreasing.

If you think about it, if half of the users of the USD suddenly died (lets hope not) and for some reason all the other users carried on using USD the supply would have effectively doubled without printing any more USD, resulting in inflation.  So inflation isn't just about money creation but is about demand vs number of units.

810
General Discussion / Re: Funny result when using forum search for 'stan'
« on: September 27, 2014, 04:23:05 pm »
lolol

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