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Posted on 04/04/2014 11:11:39 PM PDT by TsonicTsunami08
It's getting easier for consumers to buy and spend bitcoin, the cybercurrency that has captured much of the tech world.
With each passing month, Bay Area entrepreneurs are rolling out new technology for consumers to buy and store bitcoin, shop online with the virtual currency and send it to friends.
(Excerpt) Read more at mercurynews.com ...
Ping.
Still don’t trust it. It seems too easy a way for our masters to impoverish us individually at will.
The more interesting bit though is that the state Franchise Tax Board is contemplating treating bitcoin as a commodity purchase, equivalent to bullion purchases. Which would mean that any sale UNDER $1000 would be subject to sales tax on the purchase of bitcoin.
The state of California permits purchases using barter and exchange, but the laws specify that all such purchases of real goods and taxable services MUST be collected in US dollars at the time of purchase. Any purchase of bullion or equivalent materials must be in bulk if to be exempted from sales taxes, with a minimum exchange value of $1,000 at the time of sale.
Tentatively, the state is ONLY going to go after resale certificate holders who accepted bitcoin (their view as ‘barter value’) who failed to collect sales taxes at the time of sale in US currency.
Interestingly, the intention is to collect data on the ‘purchasers’ of product who bought it with bitcoin as some within the Franchise Board are pushing to interpret it as unlawful sale of taxable items (bitcoin sales for product under $1,000) without collecting sales taxes nor holding a resale certificate.)
Those who participated in BXI will recall the same tactics being used against the barter currency as well, including the intentional seizure of business records to use to audit others.
Still don’t trust it.
And, what will these “coins” be worth if the Power Grid goes down?
It is $1500.00 now for no CA sales tax on individual bullion purchases.
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I seriously doubt the power grid would go down all over the country and certainly would not go out all over the world, bitcoin has no central location, it is every where, you will just need to get your computer to a power source to use it, and ensure you have a hard copy of your bitcoin, it will be there in your wallet, and probably IMO be worth much more.
If the power grid goes down do you think you can walk into your bank and withdraw money? Banks have an extremely low volume of cash on hand, go to your bank and ask to withdraw 20,000 dollars, even less than that at most banks, they will tell you it takes between 3 to 10 days to get it.
Do you think you can walk into a grocery store and spend money? Even if you could how much do you think a dollar would be worth, providing the store has not yet been looted?
Do you think you’ll be able to spend gold or silver, how would anyone know the true value of such, how would your local grocer know it is not fools gold, no one has dealt in gold or silver in many years.
Expect and prepare for the worst and you’ll never be disappointed...right now the best investment for the future is in Bitcoin technology IMO, the tech is far superior to banks, stocks or bonds and is safer, so folks who think like you should avoid Bitcoin, it is not about trust, it is about risk...if you snooze you lose!
For the worst case scenario you describe, I also invest in Guns and Ammo, it provides personal safety and will be worth more than gold, silver, or any other commodity, the value of all which now is electronically controlled, with G&A you will control how much it is worth, like a pound of bullets for a pound of gold.
This is not to ridicule you, I’m sure like me you can look back in the past and say, I wish would have invested in this, that or the other thing when it first started, hindsight being 20x20, it is time for me to look to the future, before the boat leaves the dock, besides my future is much shorter than my past.
Fear vs Risk; for the vast majority, fear rules, not me not anymore.
As far as TRUST...ALL my trust and faith is in, the great God and our Saviour Jesus Christ...2Tim 2:13
“you will just need to get your computer to a power source to use it, and ensure you have a hard copy of your bitcoin, it will be there in your wallet, and probably IMO be worth much more.”
Your bitcoin is worthless without a working internet.
And it's not just bitcoin which will be worthless in this day and age without a working internet. Btw, guess who now controls the internet kill switch:
...worst case scenario...
Heavily vested in all of the scenarios mentioned. But putting faith in a nebulous intangible such as BitCoin is faith misplaced, IMHO
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