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Bitcoin: Does it have a future ?
Rank: Hello Joined: 2/17/2014 Posts: 1
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Bitcoin may be a very young currency yet it has proven itself in our economy. Despite many drawbacks, it is still keep going stronger. Though I know it still has a lot to prove, like what bitcoindaily.com stated in one of their articles, I know it has huge potential to be a future currency. Bitcoin Daily - One-stop source of daily bitcoin news
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Rank: Member Joined: 8/16/2012 Posts: 661
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The troublesome history of the bitcoin exchange MtGoxLive and learn; and don’t forget, nothing ventured, nothing gained.
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Rank: Member Joined: 8/16/2012 Posts: 661
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Winklevoss Brothers Offer an Index to Track Price of BitcoinQuote:Stock traders have the Standard & Poor’s 500. Bitcoin bettors will have the Winkdex. Quote:The Winkelvoss Bitcoin Trust is set to be traded on public stock exchanges. The fund will work with other financial firms to buy and sell Bitcoin each day to remain in line with the number of outstanding shares of the E.T.F. The so-called net asset value of the fund will be adjusted at the close of trading each day, based on the value of the Winkdex. Quote:The Winkdex will compete with a growing number of companies providing data on the virtual currency industry. The most popular index for the price of a Bitcoin is operated by CoinDesk, a news and information website.
CoinDesk’s Bitcoin Price Index is compiled using prices from two virtual currency exchanges. Until last week it also used the price from a third, Mt. Gox, but that was removed from the index after the exchange suspended customer withdrawals.
The Winkdex will use data from seven exchanges and weight the prices based on the volume of trading on each exchange. Early Wednesday afternoon, the Winkdex stood at $627, up 0.7 percent from a day earlier. Live and learn; and don’t forget, nothing ventured, nothing gained.
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Rank: Member Joined: 8/16/2012 Posts: 661
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Joint Statement Regarding MtGoxQuote:The purpose of this document is to summarize a joint statement to the Bitcoin community regarding Mt.Gox.
This tragic violation of the trust of users of Mt.Gox was the result of one company’s actions and does not reflect the resilience or value of bitcoin and the digital currency industry. There are hundreds of trustworthy and responsible companies involved in bitcoin. These companies will continue to build the future of money by making bitcoin more secure and easy to use for consumers and merchants. As with any new industry, there are certain bad actors that need to be weeded out, and that is what we are seeing today. Mtgox has confirmed its issues in private discussions with other members of the bitcoin community
We are confident, however, that strong Bitcoin companies, led by highly competent teams and backed by credible investors, will continue to thrive, and to fulfill the promise that bitcoin offers as the future of payment in the Internet age.
In order to re-establish the trust squandered by the failings of Mt. Gox, responsible bitcoin exchanges are working together and are committed to the future of bitcoin and the security of all customer funds. As part of the effort to re-assure customers, the following services will be coordinating efforts over the coming days to publicly reassure customers and the general public that all funds continue to be held in a safe and secure manner: Coinbase, Kraken, BitStamp, Circle, and BTC China.
We strongly believe in transparent, thoughtful, and comprehensive consumer protection measures. We pledge to lead the way.
Bitcoin operators, whether they be exchanges, wallet services or payment providers, play a critical custodial role over the bitcoin they hold as assets for their customers. Acting as a custodian should require a high-bar, including appropriate security safeguards that are independently audited and tested on a regular basis, adequate balance sheets and reserves as commercial entities, transparent and accountable customer disclosures, and clear policies to not use customer assets for proprietary trading or for margin loans in leveraged trading.
The following industry leaders stand by this statement:
Fred Ehrsam and Brian Armstrong — Founders of Coinbase
Jesse Powell — CEO of Kraken
Nejc Kodrič — CEO of Bitstamp.net
Bobby Lee — CEO of BTC China
Nicolas Cary — CEO of Blockchain.info
Jeremy Allaire — CEO of Circle Bitcoin’s Apocalyptic Moment: Mt. Gox may have lost 750,000 bitcoins
Breaking – Mt. Gox is dead, long live Mt. GoxLive and learn; and don’t forget, nothing ventured, nothing gained.
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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A bitcoin bank has been forced to close after hackers stole 896 bitcoin, worth £365,000, in an attack on Sunday. The company shut its website and posted a statement on Tuesday morning detailing the loss. “On March 2nd 2014 Flexcoin was attacked and robbed of all coins in the hot wallet,” the statement read. “As Flexcoin does not have the resources, assets, or otherwise to come back from this loss, we are closing our doors immediately.” http://www.theguardian.c...closes-after-hack-attack"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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Rank: Member Joined: 3/23/2011 Posts: 304
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http://newswatch.us/28-y...after-possible-suicide/
Not too sure if its been confirmed....the drama keeps unfolding You dont have to be great to START but you have to start to be GREAT!!!!!!!!
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Rank: Member Joined: 8/16/2012 Posts: 661
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Exchange Vircurex Freezes Withdrawals, Claims Lack of ReservesQuote:Beijing-based virtual currency exchange Vircurex has frozen most of its digital currency withdrawals effective immediately, claiming it no longer has the reserves to cover customer requests.
The freeze will affect all bitcoin, litecoin, feathercoin and terracoin withdrawals. A message on Vircurex’s site says it will create a new balance type called ‘Frozen Funds’ covering all balances in the aforementioned currencies. The company maintains it won’t be shutting down, saying it intends to “gradually pay back the losses”. Live and learn; and don’t forget, nothing ventured, nothing gained.
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Rank: Member Joined: 8/16/2012 Posts: 661
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Bitcoin Is Property Not Currency in Tax System, IRS SaysQuote:The U.S. government will treat Bitcoin as property for tax purposes, applying rules it uses to govern stocks and barter transactions, the Internal Revenue Service said in its first substantive ruling on the issue.
Today’s IRS guidance will provide certainty for Bitcoin investors, along with income-tax liability that wasn’t specified before. Quote:The IRS ruling means Bitcoin investors will be treated like stock investors. Bitcoins held for more than a year and then sold would face the lower tax rates applicable to capital gains -- a maximum of 23.8 percent compared with the 43.4 percent top rate on property sold within a year of purchase. Live and learn; and don’t forget, nothing ventured, nothing gained.
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Rank: Elder Joined: 5/21/2013 Posts: 2,841 Location: Here
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Museveni wrote:Bitcoin Is Property Not Currency in Tax System, IRS SaysQuote:The U.S. government will treat Bitcoin as property for tax purposes, applying rules it uses to govern stocks and barter transactions, the Internal Revenue Service said in its first substantive ruling on the issue.
Today’s IRS guidance will provide certainty for Bitcoin investors, along with income-tax liability that wasn’t specified before. Quote:The IRS ruling means Bitcoin investors will be treated like stock investors. Bitcoins held for more than a year and then sold would face the lower tax rates applicable to capital gains -- a maximum of 23.8 percent compared with the 43.4 percent top rate on property sold within a year of purchase.  from http://www.breitbart.com...oactively-Taxes-Bitcoin
The tax is to apply retrospectively: Quote:Last week the IRS announced that Bitcoin is not a currency and is, instead, property. This has effectively turned tens of thousands of Americans into tax cheats and endangered the adoption of Bitcoin by wider audiences – even more so than the Mt. Gox fiasco from nearly two months ago. Life is like playing a violin solo in public and learning the instrument as one goes on.
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Rank: Chief Joined: 8/4/2010 Posts: 8,977
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Rankaz13 wrote:Museveni wrote:Bitcoin Is Property Not Currency in Tax System, IRS SaysQuote:The U.S. government will treat Bitcoin as property for tax purposes, applying rules it uses to govern stocks and barter transactions, the Internal Revenue Service said in its first substantive ruling on the issue.
Today’s IRS guidance will provide certainty for Bitcoin investors, along with income-tax liability that wasn’t specified before. Quote:The IRS ruling means Bitcoin investors will be treated like stock investors. Bitcoins held for more than a year and then sold would face the lower tax rates applicable to capital gains -- a maximum of 23.8 percent compared with the 43.4 percent top rate on property sold within a year of purchase. from http://www.breitbart.com...oactively-Taxes-Bitcoin
The tax is to apply retrospectively: Quote:Last week the IRS announced that Bitcoin is not a currency and is, instead, property. This has effectively turned tens of thousands of Americans into tax cheats and endangered the adoption of Bitcoin by wider audiences – even more so than the Mt. Gox fiasco from nearly two months ago. This is a good outcome i.e. Bitcoin to be taxed since its property. In short it means own bitcoin and dump those useless dollars. The taxation has made bitcoin to resemble gold 
Cartoons show that bitcoin is headed lower if 400 support is broken down.
 $15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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