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Thread: IRS Rules Bitcoin Is Property (Not Currency)

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    IRS Rules Bitcoin Is Property (Not Currency)


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    Re: IRS Rules Bitcoin Is Property (Not Currency)

    If people cant decide to make and prop own their own constructs and values as portrayed through money then are they truly free?
    I'm Finding it Harder to be a Gentleman, White Stripes ~ "You think I care about me and only me. When every girl needs help climbing up a tree."

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    Re: IRS Rules Bitcoin Is Property (Not Currency)

    Quote Originally Posted by dirtpoorchris View Post
    If people cant decide to make and prop own their own constructs and values as portrayed through money then are they truly free?
    Is somebody stopping you from doing that?
    He touched her over her bra and underpants, she says, and guided her hand to touch him over his underwear
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    We’ll say what? Something like “nothing happened” ... Yeah, we might say something like that.

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    Re: IRS Rules Bitcoin Is Property (Not Currency)

    Quote Originally Posted by Deuce View Post
    Is somebody stopping you from doing that?
    Shh i want an excuse to hate the government.
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    Re: IRS Rules Bitcoin Is Property (Not Currency)

    this makes sense as only the federal government has the power to issue currency.

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    Re: IRS Rules Bitcoin Is Property (Not Currency)

    Quote Originally Posted by ludin View Post
    this makes sense as only the federal government has the power to issue currency.
    As per Article I, you are correct.
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    Re: IRS Rules Bitcoin Is Property (Not Currency)

    Quote Originally Posted by Kobie View Post
    As per Article I, you are correct.
    well had they ruled that bitcoins were currency that would have made them illegal to own or use.
    by treating them under the same catagory as property they allowed their use.

    personally i wouldn't touch them with a 10 foot pole but that is just me. i have done some digging into these things.
    they are highly volatile and while they are currently running i think $800-900:1 most of the major brokerage firms have gone out of business or have been busted by
    legal authorities.

    it isn't something i would stick my money into.

    if i want something like that i would trade on the forex.

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    Re: IRS Rules Bitcoin Is Property (Not Currency)

    Quote Originally Posted by ludin View Post
    well had they ruled that bitcoins were currency that would have made them illegal to own or use.
    by treating them under the same catagory as property they allowed their use.

    personally i wouldn't touch them with a 10 foot pole but that is just me. i have done some digging into these things.
    they are highly volatile and while they are currently running i think $800-900:1 most of the major brokerage firms have gone out of business or have been busted by
    legal authorities.

    it isn't something i would stick my money into.

    if i want something like that i would trade on the forex.
    I would also like to add I wouldn't put my money into something that seems to get lost easily. All Bitcoin makes me think of is Vern in "Stand By Me" digging under his porch looking for his jar of coins. That is the same management of some of these firms.
    Scientific fact: If you took all of the veins from your body and laid them end to end, you would die.

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    Re: IRS Rules Bitcoin Is Property (Not Currency)

    Quote Originally Posted by Green Balls View Post
    I would also like to add I wouldn't put my money into something that seems to get lost easily. All Bitcoin makes me think of is Vern in "Stand By Me" digging under his porch looking for his jar of coins. That is the same management of some of these firms.
    eh there was a huge bitcoin bank that just closed down and there were some guys that had almost 500k in bit coins waiting to get their money and i am going well guess what.
    it is no where to be found and whatever money they had tied up is lost.

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    Re: IRS Rules Bitcoin Is Property (Not Currency)

    Quote Originally Posted by ludin View Post
    well had they ruled that bitcoins were currency that would have made them illegal to own or use.
    by treating them under the same catagory as property they allowed their use.

    personally i wouldn't touch them with a 10 foot pole but that is just me. i have done some digging into these things.
    they are highly volatile and while they are currently running i think $800-900:1 most of the major brokerage firms have gone out of business or have been busted by
    legal authorities.

    it isn't something i would stick my money into.

    if i want something like that i would trade on the forex.
    Well, Christ, I wouldn't either. That sounds insane. Putting money into a "currency" that doesn't even have the backing of confidence in the issuer is akin to sticking one's dick in a toaster and hoping the electricity doesn't work when you plug said toaster in. Which might be a safe bet, if you're paying your electric bill in Bitcoins.
    Freedom of speech is not freedom from criticism.

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