BitCoin crashed?

[brutal]

896 is a drop in the proverbial bitcoin bucket compared to the losses on MtGox.

I sure hope none of you guys got burned.

[Irving]

Looks like I probably have lost all the money I had. Oh well.

[sellersm]

Anyone here a member of the Lakota Nation? They're working on their own cryptocurrency, apparently: http://breakingdeception.com/native-...us-government/

[Gman]

Head of Online Currency Exchange Found Dead in Singapore

Autumn Radtke, the CEO of an upstart online currency exchange, died last week under mysterious circumstances at her home in Singapore.

Radtke, the U.S.-born head of First Meta, was found dead by local police Feb. 28, with the cause of death yet to be determined. In a statement on its website, First Meta said the company "was shocked and saddened by the tragic loss of our friend and CEO Autumn Radtke."

In an interview with The Wall Street Journal, the company's director and nonexecutive chairman, Douglas Abrams, said the exact cause of Radtke's death was "still under investigation."

Prior to taking the reins at First Meta in 2012, the 28-year-old Radtke had once closely worked with technology giant Apple, to bring cloud-computing software to Johns Hopkins University, Los Alamos Labs and the Aerospace Corp., according to her biography. She then took up business development roles at tech start-ups Xfire and Geodelic Systems, according to information on her LinkedIn profile.

First Meta bills itself as a clearinghouse for the purchase and exchange of virtual currencies, including bitcoin.

Her death comes as troubles swirl around the nascent cryptocurrency industry, and amid a rash of suicides in the financial industry as a whole.

Last week, the world's largest bitcoin exchange, Mt.Gox, imploded; meanwhile, nearly $500 million in client funds vanished overnight. Elsewhere, untimely demises unrelated to bitcoin have claimed the lives of bankers at JPMorgan, Deutsche Bank and Zurich Insurance Group.

[davsel]

http://market-ticker.org/akcs-www?post=228888

Trade (Or Transact In) Bitcon? ReDo Your Taxes!

Another one of these....

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.

So it's effectively the same as a share of stock.

Good luck boys and girls if you're trading it, buying it, spending it and such.

I have had years where I filed a book with a the IRS; unfortuantely there is no "book rate" for tax returns, but there should be. Anyone who has traded actively knows damn well how much of a pain in the ass this is come tax time and is why companies like Wohlers are in business (to sort that crap in a reasonable amount of time and produce the documentation necessary to not wind up audited -- or prosecuted.)

Well........ now things get sticky because every Bitcoin transaction has a basis and a profit or loss. Worse, the wash sale rule may apply too. And finally, if that's not a big enough kick in the balls, 1099 reporting is also required if you disburse more than $600 worth of it in payment(s) to an individual exactly as it is if you pay an independent contractor more than $600 in a year.

The full IRS release is here and since the blockchain is public if you have transacted in it and don't report it they can find you.

If it's worth it you can bet they will.

[kidicarus13]

http://www.coindesk.com/bitcoins-price-drop-headlines/

[Irving]

Too bad MtGox is awol. I'd be all over buying and selling during these price fluctuations.

[GilpinGuy]

Huh, just as I get interested in Bitcoin (literally the last few weeks) I see all of this. My understanding is that using bitcoin is supposed to be basically a "anonymous" transaction. How the hell can the IRS tax these transactions? From what I've learned in my very limited education on the subject they really can't (or they won't invest HUGE time and $ to investigate unless you are a huge player). I'm sure that I'm just ignant here.

Maybe they really can't, but they are just throwing it out there to scare folks?

[kidicarus13]

Bitcoin is blowin' up! Who's retiring early? No one? Oh, okay.

[colorider]

I know a few people who claim to be making money investing in bitcoin. They are also idiots so I don't know how to interpret their "making money" statement. Can you buy and sell bitcoin like you can shares of stock?