By using this site, you agree to our Privacy Policy and our Terms of Use. Close

Forums - Gaming - and now i have 0.00001317 bitcoins.

drkohler said:

Actually the only people that make real money with those xycoins are the people that manufacture those asic-renderfarms for xymining. And the dealers that can sell overpriced high-end pc-cards. With the price for electricity, I'd actually lose a lot of money runnig this stuff. And it only gets worse the more people are mining xycoins.

Nope, the people who manufacture the mining tools are not the only ones making money. Electricity prices varies alot depending where you live (i.e. it's cheap here in Quebec). Also, mining one of the many crytocurrencies is only one option, trading is the other. Im not saying it's easy to make money, only that it's possible to do so if you invest substantial time and money into it.



Around the Network

its not my current speed though.some websites only pay after reaching a certain #



kowenicki said:
ArnoldRimmer said:
kowenicki said:
aviggo77 said:
kupomogli said:
What are bitcoins?

a digital currency.1 bitcoin=280 usd

they arent currency.

Let me guess: They aren't currency because a few days ago the IRS claimed that they will not treat them as currency?

Well if the biggest economy in the world defined them as property and not currency then they arent currency.  Others will follow. 

Followng this ruling, if you spend a bitcoin and you have created a tax event.   They arent fungible, because the buying price and the seling price is very important, therefore it can never be treated as currency.  Care to argue that point? 

Let me correct you: a corruptible, non-academic valued government declared bitcoin as solely property and not currency. Why? Because government sustains itself off leeching from productive economic activity, and it just so happens to benefit government (from the perspective of the people who compose it) to label bitcoin as taxable property. Realistically, the taxes the IRS claims bitcoin should have are not enforceable because bitcoin has full anonymity. As far as economics go; however, bitcoin fits the criteria of a currency, and the IRS is not an academic entity which can make consensual economic claims, but rather a bureaucratic arm of the state, whose sole purpose is to manage the money it steals from real economically productive powers. The beauty of these cryptocurrencies is that the state has only one power to prevent their competition with its [the state's] debt money: ban its use with the use of force and label those who use crypto-currencies as criminals. Since that is an outright socialist policy, which would be politically unpopular, and detrimental to the state's image, cryptocurrencies will remain unregulated and subjected to market forces, exceeding the ability of the debt (USD) for the needs of individuals. Eventually, big companies will start focusing on their own currencies (similar to credit card points) and we'll see a free-market in money.