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[SA] Bitcoin Foundation Under Attack in California - Page 11

post #101 of 104
The face-palminess of some of the posts in this thread. I would like to point out that contrary to popular belief, you can make more money mining than it costs power-wise. Albeit, you don't make an crazy amount. I have a 6950 and 5850 - between those two I could make $1 a day (give or take a few cents, power costs already deducted) in the current environment. So currently, mining is still an option for those with ATI cards. However, with the introduction of cheap ASICs (consequently raising the difficulty), this will be waving bye-bye within the next year unless ATI's next card is absolutely astounding for hashrate.

There is the alternative to mining BTC though, it is called litecoin. This is still very profitable at on average of $2-3 a day from those two same cards. Again, this is measured in the current environment. The litecoins I have already mined could either increase or decrease in value - much like a stock market. I'm predicting a significant increase in mid-July.
(Bitcoin [SHA 256] draws ~425w total system power and Litecoin [Scrypt] draws ~490w)

As a technicality, you can mine other cryptocoins with better profits, but it is unlikely that they are essentially clones or modifications of either Bitcoin or Litecoin. (Please note that Bitcoin and Litecoin are the same principle - digital currency, but are not clones of one another.)

I find it hard regarding cryptocurrencies as currency. They resemble stocks far more (though I won't argue that it is regarded as a currency). The value of 1 coin is measured in conventional currency (such as USD) at the moment due to the lack of a market to purchase items with BTC. Once a good number of stores/sites come along, bitcoin will stabilize value wise because you have more than USD to back up the currency (though it still will be more volatile than USD due to the limited quantity).

To those who scream "un-taxable - Bad bitcoin ! mad.gif", please understand that this is because our government has not yet implemented means to tax it. If the US so chose, it could create laws governing taxation of cryptocurrencies and develop infrastructure to collect said taxes. As it stands right now, the only taxes you need to pay are when converting it back into USD - you are supposed to pay capital gains tax (obviously it is tough luck for you if you don't and get caught).

You see, though cryptocurrencies can be accused of many things (money laundering, tax evasion, etc), it is still young. The government has yet to make specific laws regarding it or other cryptocurrencies (or at least none that I know of, correct me if I'm wrong). If Bitcoins stays, eventually laws will catch up to it. It is the wild west right now, but eventually things will become more like what we expect of a currency and perhaps less like a stock market.

California going after Bitcoins...unsure. I think it would be very stupid of California to take down Bitcoins (for what purpose anyways?). Instead of attacking, I think they should make it fit into the government better - well, perhaps saying that is a bit idealist due to the facts that banks and their very large wallets wouldn't like a challenging currency ^_^


Not trying to pick a fight with anyone, but the comments about how stupid mining is and how everything is clearly a black-market dealing was something I felt needed to be addressed.
Edited by Blast - 6/25/13 at 11:56am
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post #102 of 104
Quote:
Originally Posted by OwnedINC View Post

In a collapse situation I can assure you cans of food & bottles of water will be of much more value than a dense metal.

And to be really technical, in a long term collapse situation toiletries would become the #1 currency.

Yes you are right food would be #1 but not during the start. Paper and bitcoin will fail fast but SLV and GLD won't. And toiletries are not necessary if you have ever lived in the wild.
post #103 of 104
Quote:
Originally Posted by R.D.BID View Post

California is just upset that they haven't found a way to tax it yet.

+1
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post #104 of 104
I still haven't read the actual article yet but the more I think about this... I think they're just targeting businesses that didn't get a license to actually be a business. Like the ones that are just trying to run underground. I think they're just being broad with the "all operations" and then the judge rules against those operating with out a license.
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