Bitcoins in 2014?

[Edwin]

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Good to know. Thanks for clarifying!

 

[diablo]

Surely the tax owed from both parties "when someone buys a coffee using BC" situation is impossible to administer and enforce. Can't see that working...

That's where it will get interesting - if the IRS decides that Bitcoin is being used to evade CGT it will simply introduce further measures.

 

[retired_member36]

Bitcoin bloodbath as China shutters all trading sites
Cash will soon be the only way to pay for crypto

http://www.theregister.co.uk/2014/03/28/bitcoin_china_pboc_ban/

 

[websaway]

I guess nobody is going to notice/care once it settles down. If you buy a bitcoin from your taxed income for $1000 then use it to buy $1000 of random things online, there won't be any tax owed.

Evidently nobody buying/selling seems to think its a big deal either:

Last Price:
$582.00
Daily Change:
-$3.99
-0.68%

Looks like it touched $468 last night.
Recovering now $508
Maybe buying going on below 500

What did you get in at ?

 

[boxerdog]

Getting nice and cheap now, just £263.74 on Bitstamp and falling quite rapidly

 

[timter51]

Getting nice and cheap now, just £263.74 on Bitstamp and falling quite rapidly

The next few days, weeks or even months are going to be extremely interesting if we stay in this bear market... god knows where the bottom is. I hope the bottom is obvious and provides a good period to buy in, and things don't just go nuts out of nowhere. I still believe in bitcoin, and intend to hold around 20 - 30 for the long term... currently have 5 after a mini-sell off, and keeping my powder dry for some (hopefully) cheaper coins.

 

[Edwin]

In other words, if you think the hassle of having to file taxes on your bitcoin is bad, just wait til the shop you're spending them in has to check to make sure they aren't stolen before you can make a purchase at all.

http://www.theguardian.com/technology/2014/mar/31/bitcoin-legally-property-irs-currency

 

[disruptive]

Broken through the psychological barrier of $500. I see BC as getting cheaper and cheaper - as there really is not floor to the bad news coming out now. BC is now post-hype!

 

[Edwin]

Chinese exchange just suspended its services
http://www.coindesk.com/btc38-suspends-trading-cites-china-central-bank-guidance/

And two more are limiting their services from today as well
http://www.coindesk.com/chinese-bitcoin-exchanges-okcoin-fxbtc-report-new-deposit-freezes/

 

[boxerdog]

Ouch!!

 

[Retired_Member38]

Buying 20 more this evening.

 

[websaway]

Buying 20 more this evening.

Isn't there a good chance that If you hang on you might get them a lot cheaper.

 

[Retired_Member38]

Its hard to time it perfectly though. I'm just waiting on localbitcoins sellers to update their asking price then i'm going to buy more. Hopefully they'll sort it quickly

 

[websaway]

Its hard to time it perfectly though. I'm just waiting on localbitcoins sellers to update their asking price then i'm going to buy more. Hopefully they'll sort it quickly

You must know a lot more about this than I have read.
On the evidence provided I wouldn't be asking where the bottom is , I'd be asking is there a bottom.

 

[Retired_Member38]

If anyone can't stand the heat and wants to get out of the kitchen, I'll buy 20-30 coins from you @ bitstamps current price :lol:

 

[DaveP]

I have 2500 goldcoin, I can offer you those at half Bitcoin's price..

 

[Retired_Member38]

25 more bitcoins purchased :lol:

 

[Edwin]

It's interesting that the last time you could have come into the market and still be left with a meaningful paper profit if you kept the Bitcoin until now was November 17 last year. If you bought them any time after that, you'd be in the hole compared to last night's closing price http://www.coindesk.com/price/

 

[Edwin]

BTW, not sure if the data can ever be found, but it would be interesting to know how much "real money" has been invested in Bitcoin to date around the world.

That's not the same as the Bitcoin market cap, of course - that only reflects a theoretical "current value" for the currency.

No, what I mean is how many dollars/pounds etc. have been converted into Bitcoin globally since the currency was first mined back in 2010?

That number represents the "real loss" that people will face if Bitcoin collapses and dies off as an investment (regardless of whether the technological underpinnings behind the currency end up revolutionising financial transfers) since everything else is just "paper losses" (still annoying, but they just leave you back at square one not actually in a "negative" position compared to where you would have been before you speculated in Bitcoin)

So for example:
- buy Bitcoin at £10
- Bitcoin rises to £500 but you decide to stick it out rather than sell
- Bitcoin collapses to £0.05
- Your actual loss (money you had but won't see again) in the above scenario is £9.95. All the rest is "what ifs".

 

[Edwin]

If anyone needs historic Bitcoin pricing, you can download a daily "closing price" in CSV format from here http://www.coindesk.com/price/ (data goes all the way back to 18 July 2010).