10 Youngest Bitcoin Millionaires with Crazy Lives

[FitnessFrenzy]

[Mr Anabolic]

Crazy indeed...

If they don't take profits, they'll be a crazy amount of them jumping off tall buildings after the crash.

If they were smart and did take profits, they'll certainly be crazy after the government sends them a bill for unpaid taxes, plus interest, plus penalties.

[Kwon]

Goodrum was the first Bitcoin-afficionado here on Getbig


Question is, is the Homowrecker a bitcoin-millionaire now?

[gib]

Crazy indeed...

If they don't take profits, they'll be a crazy amount of them jumping off tall buildings after the crash.

If they were smart and did take profits, they'll certainly be crazy after the government sends them a bill for unpaid taxes, plus interest, plus penalties.

In the vast vast majority of the world no takes are paid on crypto currency gains.

Second, I would rather be making lots of money and having to pay taxes, than not to be making any money at all!

[Matt]

Crazy indeed...

If they don't take profits, they'll be a crazy amount of them jumping off tall buildings after the crash.

If they were smart and did take profits, they'll certainly be crazy after the government sends them a bill for unpaid taxes, plus interest, plus penalties.

True, but eventually this will all be out of reach of the government.  Even more than the internet is out of reach for the government.

[robcguns]

In the vast vast majority of the world no takes are paid on crypto currency gains.

Second, I would rather be making lots of money and having to pay taxes, than not to be making any money at all!

Exactly,who cares about paying taxes?its inevitable.Rather make 100k and pay 33k in taxes than make nothing and pay nothing.

[gib]

True, but eventually this will all be out of reach of the government.  Even more than the internet is out of reach for the government.

Correct. This is the power of the people and cannot be stopped. Bitcoin is worth whatever we all collectively think it’s worth. And over the next few years we will see a slow trickle turn into a tidal wave of cash being converted into BTC.

[SF1900]

Who deemed that bitcoin has any inherent value? I mean, all money is socially constructed.

How can any one person just decide that X has some value? 

[calfzilla]

Who deemed that bitcoin has any inherent value? I mean, all money is socially constructed.

How can any one person just decide that X has some value? 

Who? Someone by the name of Vince Goodrum CSN MFT PhD. That's who!

[Mr Anabolic]

In the vast vast majority of the world no takes are paid on crypto currency gains.

Second, I would rather be making lots of money and having to pay taxes, than not to be making any money at all!

1. Incorrect.  UK, US and many other tax authorities are clamping down and you WILL be required to pay taxes.  Stop spreading false information.

2. You haven't made any money until you turn your bitcoins back into local fiat currency.

[Mr Anabolic]

Correct. This is the power of the people and cannot be stopped. Bitcoin is worth whatever we all collectively think it’s worth. And over the next few years we will see a slow trickle turn into a tidal wave of cash being converted into BTC.

Sure it can.  Governments make the laws and have courts, judges, police, military, tanks, planes, aircraft carriers and nukes to enforce those laws.  Little Gib has a few blipcoins and now thinks he's omnipotent - lol  You're not even permitted to own a gun where you live.

If you want to play cat and mouse with the government, just remember... you're not the cat.

[gib]

1. Incorrect.  UK, US and many other tax authorities are clamping down and you WILL be required to pay taxes.  Stop spreading false information.

2. You haven't made any money until you turn your bitcoins back into local fiat currency.

We will have to agree to disagree. The vast vast percentage of the world pay zero taxes. Think billions of people in India, Africa, South East Asia, Latin America. Think of a bitcoin as gold. Are you paying taxes on any increases in the value of your gold? Of the hundreds of bitcoin owners I know, not one has paid taxes.

What is more likely though is that you get asked to pay tax when receiving a bitcoin as income (in this regard just as you would have to pay taxes if you were paid in cash or gold). But in reality if transferred peer to peer what you were paid and from whom etc is anonymous.

In terms of turning btc back into currency (or using btc to purchase goods or services, this can be done at anytime, anywhere, instantly and in any denomination and into any currency).

[gib]

Sure it can.  Governments make the laws and have courts, judges, police, military, tanks, planes, aircraft carriers and nukes to enforce those laws.  Little Gib has a few blipcoins and now thinks he's omnipotent - lol  You're not even permitted to own a gun where you live.

If you want to play cat and mouse with the government, just remember... you're not the cat.

The Govt in the US can’t even take physical guns of it’s people let alone being able to stop people communicating and transfering bitcoin freely and directly via the internet.

[Mr Anabolic]

We will have to agree to disagree. The vast vast percentage of the world pay zero taxes. Think billions of people in India, Africa, South East Asia, Latin America. Think of a bitcoin as gold. Are you paying taxes on any increases in the value of your gold? Of the hundreds of bitcoin owners I know, not one has paid taxes.

What is more likely though is that you get asked to pay tax when receiving a bitcoin as income (in this regard just as you would have to pay taxes if you were paid in cash or gold). But in reality if transferred peer to peer what you were paid and from whom etc is anonymous.

In terms of turning btc back into currency (or using btc to purchase goods or services, this can be done at anytime, anywhere, instantly and in any denomination and into any currency).

100's of people you know own bitcoins?  Where on a bitcoin internet forum?

They haven't paid taxes, but they soon will.  It's all digitally tracked and traceable, it's not anonymous.  I covered all this on the other thread.  

[Mr Anabolic]

The Govt in the US can’t even take physical guns of it’s people let alone being able to stop people communicating and transfering bitcoin freely and directly via the internet.

I hope not, I love my guns.

Bitcoin could be shut down very easily.  Government can do anything it wants to.  TPTB could easily take down ALL the website exchanges and that would be the end of it.  Please stop fantasizing.

I covered all this before.  You're not paying attention.

[calfzilla]

http://fortune.com/2017/11/29/irs-coinbase/

[Mr Anabolic]

http://fortune.com/2017/11/29/irs-coinbase/

Gib will simply ignore this.  Remember government laws and taxes don't apply to him... he's omnipotent... he's special.

[Slapper]

Well, Gib's got a point. The IRS just persuaded a federal judge to sign a cease-and-desist summons order based on a hunch/suspicion from the IRS.

The burden of proof STILL lies with the IRS to show the smoking gun. No smoke, no gun, no case.

I highly suspect Coinbase will file an appeal in another court and prevent the IRS from being able to get access to the accounts.

That the IRS can do this AND GET AWAY WITH IT is what is really fucked up.

[gib]

Well, Gib's got a point. The IRS just persuaded a federal judge to sign a cease-and-desist summons order based on a hunch/suspicion from the IRS.

The burden of proof STILL lies on the IRS to show the smoking gun. No smoke, no gun, no case.

I highly suspect Coinbase will file an appeal in another court and prevent the IRS from being able to get access to the accounts.

That the IRS can do this AND GET AWAY WITH IT is what is really fucked up.

Yep. And note that the vast vast majority of us don’t live in the US. And that further there is no need to transact via an exchange. It can be done direct. But in any case, how does the fact that a capital gain on btc might be taxable in the US make btc a bad thing? No different to gold or any other asset in that regard (except a lot easier to hide, send, divide etc).

[gib]

I hope not, I love my guns.

Bitcoin could be shut down very easily.  Government can do anything it wants to.  TPTB could easily take down ALL the website exchanges and that would be the end of it.  Please stop fantasizing.

I covered all this before.  You're not paying attention.

I explained to you that even if the US banned exchanges people could trade peer to peer (not to mention that the US is only one country of hundreds in the world. Further what the US has done in any case is to regulate exchanges (much like it regulated casinos, banks, stock exchanges). All of which further legitimate bitcoin as a mainstream asset.

Bitcoin cannot be stopped by any government. Indeed it can only be stopped by the people who collectively use it. So if anything, your best anti btc argument is that btc for some reason fails out of favour as an asset (as has happened to gold the last few years).

[Slapper]

Yep. And note that the vast vast majority of us don’t live in the US. And that further there is no need to transact via an exchange. It can be done direct. But in any case, how does the fact that a capital gain on btc might be taxable in the US make btc a bad thing? No different to gold or any other asset in that regard (except a lot easier to hide, send, divide etc).

I totally agree with you. The IRS has no business getting their cut when it comes to cryptocurrencies.

To me it sounds as though they're on a fishing expedition and want to know how the process works from the inside and, while at it, impose NRA taxes on foreigners who will most likely tell the IRS to fuck off and not pay a dime.

This reminds me of the time when Napster came out and all the big labels were threatening every citizen in America with a law suit if they were to download only but a single song for free.

We all know how that went.

We're all dealing with a generation of management that is so computer-stupid that the act of attaching a file to an email seems foreign to them. So it shouldn't be a surprise that they can't AND WON'T understand how a cryptocurrency works. Good thing is that their ineptitude will eventually be exposed and they will be given an early retirement package. Maybe then we can start another chapter of the computer revolution without these fucking knuckleheads trying to fix that which they can't grasp.

[gib]

I explained to you that even if the US banned exchanges people could trade peer to peer (not to mention that the US is only one country of hundreds in the world. Further what the US has done in any case is to regulate exchanges (much like it regulated casinos, banks, stock exchanges). All of which further legitimate bitcoin as a mainstream asset.

Bitcoin cannot be stopped by any government. Indeed it can only be stopped by the people who collectively use it. So if anything, your best anti btc argument is that btc for some reason fails out of favour as an asset (as has happened to gold the last few years).

Oh. And $11,800

[gib]

At one point in recent US history the Government tried to ban use of gold as a currency and even prohibited ownership. That was not successful either ...

[Henda]

Goodrum was the first Bitcoin-afficionado here on Getbig


Question is, is the Homowrecker a bitcoin-millionaire now?

Yes and because of this many getbiggers brushed bitcoin off as the latest hare brained scheme of the resident idiot, we could all possess vast wealth now had anyone other than Vince recommended investing in bitcoin.

[gib]

Yes and because of this many getbiggers brushed bitcoin off as the latest hare brained scheme of the resident idiot, we could all possess vast wealth now had anyone other than Vince recommended investing in bitcoin.

Lol well said!!! What irony!