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Chat archive · 2018-06

Hobo01 · · #88129

Correct.

CSZiggy · · #88130

and you own your miner

Hobo01 · · #88131

Now you see.

CSZiggy · · #88132

yes

Hobo01 · · #88133

it’s a delicate balance.

Hobo01 · · #88134

They need to be a service. Or it’s fraud.

CSZiggy · · #88135

the painter uses his tools (paint and skills) you use your tools (machine + electric)

Hobo01 · · #88136

Yes.

CSZiggy · · #88137

im not seeing anything different

Hobo01 · · #88138

I’m doing it for my reasons.

CSZiggy · · #88139

and yet you are both contractors.

CSZiggy · · #88140

and ?

CSZiggy · · #88141

thats what they said you were, a contractor

Hobo01 · · #88142

I take the lost to help a buddy, because the painter is a friend of the house builder.

CSZiggy · · #88143

and you just proved thats what you are so now what?

Hobo01 · · #88144

No.

Hobo01 · · #88145

I am a service.

Hobo01 · · #88146

That was consumed

Hobo01 · · #88147

by a contractor

CSZiggy · · #88148

you are the paint?

Hobo01 · · #88149

I am the painter"

CSZiggy · · #88150

or you are the hashrate?

Hobo01 · · #88151

paint is a product.

CSZiggy · · #88152

or you are the electricty?

Hobo01 · · #88153

The action of manipulating both to do.

CSZiggy · · #88154

because at the end of the day, the painter, was still just a contractor hired to paint

Hobo01 · · #88155

And the $100 is the fee for having him do it.

Hobo01 · · #88156

Not the materials.

Hobo01 · · #88157

Get it now?

CSZiggy · · #88158

and the $ coins you get is the fee you got paid, not the electricty you burned to make it

Hobo01 · · #88159

No the coins represent futures.

Hobo01 · · #88160

Other customers.

CSZiggy · · #88161

the painter got $100 to paint, you got 1 BTC to mine?

Hobo01 · · #88162

Who like the work and call you.

Hobo01 · · #88163

All his friends are watching.

Hobo01 · · #88164

They all watch you paint.

Hobo01 · · #88165

and say damn this guy is great!

Hobo01 · · #88166

Come paint for me, and here’s the payment up front.

Hobo01 · · #88167

Now at some point.

Hobo01 · · #88168

the painter has to go do the work.

Hobo01 · · #88169

But until the work is done. (Converting coin to USD)

Hobo01 · · #88170

there is nothing done.

Hobo01 · · #88171

afk

CSZiggy · · #88172

no, if the painter got paid upfront, then he is already tax laible right?

Hobo01 · · #88173

Not if the payment is an idea.

Hobo01 · · #88174

Lets say the payment is a business card and a handshake.

CSZiggy · · #88175

if he got paid in december and doesnt do the work until nexty spring, if he got paid he still owes taxes that year

CSZiggy · · #88176

then its not a payment

Hobo01 · · #88177

Your still thinking payment is currency.

CSZiggy · · #88178

its not

Hobo01 · · #88179

It is a payment. It’s a trade for a promise of future money.

CSZiggy · · #88180

its any item that has an agreed upon price

Hobo01 · · #88181

Money that is yet to be paid in currency.

Hobo01 · · #88182

Exactly!

CSZiggy · · #88183

if it hasnt been received its not owed

CSZiggy · · #88184

its not in currecny

CSZiggy · · #88185

its value

Hobo01 · · #88186

Which means the price is. After you complete the "SALE/TRANSACTION" I will give you x dollars. It’s a contract.

CSZiggy · · #88187

if I pay you in gold. gold has a value, you owe whatever that value of gold is worth

Hobo01 · · #88188

coins are not received.

Hobo01 · · #88189

They are owed

Hobo01 · · #88190

In the exchange as USD

Hobo01 · · #88191

not as the coin itself.

CSZiggy · · #88192

not according to the us IRS

Hobo01 · · #88193

The transaction is not complete.

CSZiggy · · #88194

crypto is valued and taxed at the value at the time its received

Hobo01 · · #88195

I don’t care what the IRS says. That is the truth.

Hobo01 · · #88196

They are IOU.

Hobo01 · · #88197

No

Hobo01 · · #88198

It is not

CSZiggy · · #88199

technically so is a US dollar then

CSZiggy · · #88200

its also an IUO

Hobo01 · · #88201

Because it is not a recognized currency.

CSZiggy · · #88202

its not

Hobo01 · · #88203

Then all crypto is worth 0.0$

CSZiggy · · #88204

its property according to the IRS

Hobo01 · · #88205

End of story.

Hobo01 · · #88206

Worth $0.0

CSZiggy · · #88207

and the property tax is what is owed

Hobo01 · · #88208

USD

Hobo01 · · #88209

It has no value.

Hobo01 · · #88210

It’s ESOTARIC

CSZiggy · · #88211

in arizonia i think you can pay state taxes with it now

Hobo01 · · #88212

not regulated.

CSZiggy · · #88213

its recognized as a form of currency in some states

Hobo01 · · #88214

That would be illegal

Hobo01 · · #88215

VERY!

Hobo01 · · #88216

In fact that may cause a civil war if what you say is true.

CSZiggy · · #88217

ok, if you think so

Hobo01 · · #88218

Only form of currency accepted by the United States is USD.

Hobo01 · · #88219

Everything else is on the exchanges and subjected to SEC

Hobo01 · · #88220

Crypto and "Trade" is not.

CSZiggy · · #88221

http://fortune.com/2018/02/10/arizona-bitcoin-taxes/

Hobo01 · · #88222

Yeah, well good luck when the national guard comes.

Hobo01 · · #88223

The Arizona Senate on Thursday passed a bill that would allow residents to pay their income taxes using Bitcoin or other cryptocurrencies “recognized” by the state’s revenue authorities

Hobo01 · · #88224

What are the "recognized" cryptos?

Hobo01 · · #88225

NONE!

Hobo01 · · #88226

afk

Hobo01 · · #88227

So with that said. In any transaction other than "Joint-Venture" between 2 entities. Only 1 entity can be a consumer and the other a provider. Accounting 101.

Hobo01 · · #88228

Either I am the consumer, or Prohashing is.