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<p>400 Xeon cores doesn't go very far, even with N600s tagged on.
BTC takes lots of special rigs to be profitable. It was an
experiment. There were a few bucks. <br>
</p>
<p>GAAP requirements for BTC transactions follow those for other
intangible asset transfers. I don't do them anymore.... it was a
dribble when it ended.</p>
<p>Tom</p>
<p><br>
</p>
<div class="moz-cite-prefix">On 11/28/18 8:34 PM, Liam Kelly wrote:<br>
</div>
<blockquote type="cite"
cite="mid:CAF_wy0h+ZR5uVKOTaRZaxQhR1crsSgoRdQ6LgFAta6fWs94ZpA@mail.gmail.com">
<div>
<div dir="auto">Don't you need to report any transaction to the
IRS? </div>
<div dir="auto"><br>
</div>
<div dir="auto">I know in Germany buying a coffee (retail
transactions in general) has recently been taken been taken
out of the tax authorities cross hairs, but I wasn't sure if
this was the case in the US. Can I go to Starbucks without
telling the authorities about my crypto purchase? </div>
</div>
<div dir="auto"><br>
</div>
<div dir="auto">As a side note, the BTC tax situation in Ohio
includes an important detail. Ohio will be converting their BTC
to USD inmediately (via payments platform BTCPay). So the
loss/gain of value will always be on the side of the holder, and
never Ohio. </div>
<div dir="auto"><br>
</div>
<div dir="auto">When were you mining BTC by the way? Did you never
report your earnings on your BTC at that time? I think at the
recent price points you could likely boot up your rig again...</div>
<div><br>
<div class="gmail_quote">
<div dir="ltr">Tom Henderson <<a
href="mailto:thenderson@extremelabs.com"
moz-do-not-send="true">thenderson@extremelabs.com</a>>
schrieb am Mi. 28. Nov. 2018 um 03:18:<br>
</div>
<blockquote class="gmail_quote">
<div>
<p>BTC, in and of themselves, are not "taxable events". If
you minted them, you have a basis and may have a capital
gain in their manufacture. <br>
</p>
<p>If you bought high and sold higher, there's a taxable
gain. If you bought high and sold low, you have a loss.</p>
<p>If you bought BTC at $5K and sold that segment for $5K,
there is no loss or gain, and there is no theory of tax
that applies, except those surrounding intangible
property taxes, which are usually transient (taxed once
per annum or period). <br>
</p>
<p>So, paying in BTC for taxes due doesn't create another
taxable event, e.g. no double taxation.</p>
<p>Is Ohio smart or stupid for taking BTC? Smart. Three
reasons: 1) it outs BTC holders who may or may not have
an unreported possible gain; 2) allows those that bought
high, which includes many people, a way of paying
potentially without an offsetting loss, which would
lower Ohio's capital gain income; and 3) getting paid
today offsets inflation. All taxing authorities want to
offset inflation, which they can't control.</p>
<p>Tom</p>
<p><br>
</p>
<div class="m_4923704137671916916moz-cite-prefix">On
11/27/18 6:12 AM, Liam Kelly wrote:<br>
</div>
<blockquote type="cite">
<div>
<div dir="auto">The second degree of irony (of which
I'm still parsing through) is that in the US all
Bitcoin transactions are taxable events.</div>
</div>
<div dir="auto"><br>
</div>
<div dir="auto">So does that mean that paying taxes in
BTC would also engender yet another taxable event? </div>
<div dir="auto"><br>
</div>
<div dir="auto">Outside of the infinite feedback loop of
paying your crypto taxes, I think Ohio has done this
more in regards of optimism/adoption ("bullish") and
hoping to attract small businesses. </div>
<div dir="auto"><br>
</div>
<div dir="auto">The Midwest, in general, indeed seems
pretty curious to attract crypto talent. There are
more than a few politicians from the region announcing
their crypto support. </div>
<div dir="auto"><br>
</div>
<div dir="auto">Final note: Bitcoin will eventually get
absorbed by the state or die. I feel pretty confident
about that despite holding a bit of this magic
Internet money...</div>
</blockquote>
</div>
<div>
<blockquote type="cite">
<div><br>
<div class="gmail_quote">
<div dir="ltr">Tom Geller <<a
href="mailto:tom@tomgeller.com" target="_blank"
moz-do-not-send="true">tom@tomgeller.com</a>>
schrieb am Di. 27. Nov. 2018 um 18:25:<br>
</div>
<blockquote class="gmail_quote">
<div>This strikes me as strange because of
something taught to me in an economics class 15
years ago: Taxes are one of the only pinchpoints
where government can insist on payment in
dollars.
<div><br>
</div>
<div>Even if the rest of society starts trading
in chicken feet, by insisting on dollars the
government ensures that they continue to have
value. (No dollars? We're putting you in
jail.) When the Hungarian pengő bills became
near-worthless in 1945, what replaced them?
Tax certificates ("adópengő").
<div><br>
</div>
<div>Perhaps I was mistaught, or that economic
model is no longer valid. Or perhaps the
state is sticking it to the federal
government. (In the latter case, I'd expect
some lawsuits and public statements.) In
either case, I don't get it.</div>
<div>
<div>
<div dir="auto"><br
class="m_4923704137671916916m_-8517296392840941190Apple-interchange-newline">
---<br>
Tom Geller * Writer &
Video/journalist * <a
href="http://tomgeller.com"
target="_blank" moz-do-not-send="true">http://tomgeller.com</a><br>
Rotterdam, The Netherlands,
+31 (0)6 87071468<br>
Oberlin, Ohio *
+1-415-317-1805</div>
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<pre class="m_4923704137671916916moz-signature" cols="72">--
Tom Henderson
ExtremeLabs, Inc.
+1 317 250 4646
Twitter: @extremelabs
Skype: extremelabsinc</pre>
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<pre class="moz-signature" cols="72">--
Tom Henderson
ExtremeLabs, Inc.
+1 317 250 4646
Twitter: @extremelabs
Skype: extremelabsinc</pre>
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