So if a company makes a billion in bitcoin profit can the government even track that income? is that why alot of people are headed this direction?
I think that there is a lot wrong with this question and it warrants an admonition rather than an answer. Whether it is possible or not, and whether or not other people or Corporations are engaging in the behavior, it is illegal and unethical. I'm not here to debate the issue of Government and Taxes, I'm just telling you that you can know and understand the answer for yourself when you actually know and understand something about money beyond a paycheck and a debit card.
So if a company makes a billion in bitcoin profit can the government even track that income? is that why alot of people are headed this direction?
I think that there is a lot wrong with this question and it warrants an admonition rather than an answer. Whether it is possible or not, and whether or not other people or Corporations are engaging in the behavior, it is illegal and unethical. I'm not here to debate the issue of Government and Taxes, I'm just telling you that you can know and understand the answer for yourself when you actually know and understand something about money beyond a paycheck and a debit card.
So this is what people say when they don't know the answer. Check.
Just trying to live long enough to play a new, released MMORPG, playing New Worlds atm
Fools find no pleasure in understanding but delight in airing their own opinions. Pvbs 18:2, NIV
Don't just play games, inhabit virtual worlds™
"This is the most intelligent, well qualified and articulate response to a post I have ever seen on these forums. It's a shame most people here won't have the attention span to read past the second line." - Anon
So if a company makes a billion in bitcoin profit can the government even track that income? is that why alot of people are headed this direction?
I think that there is a lot wrong with this question and it warrants an admonition rather than an answer. Whether it is possible or not, and whether or not other people or Corporations are engaging in the behavior, it is illegal and unethical. I'm not here to debate the issue of Government and Taxes, I'm just telling you that you can know and understand the answer for yourself when you actually know and understand something about money beyond a paycheck and a debit card.
So this is what people say when they don't know the answer. Check.
Right now you are not taxed on crypto holdings. Wouldn't make sense to do it either since what you hold doesn't necessarily equate to what cash value you'd receive. Only what you "cash out" is taxed,, so yeah you could "hide" money in the crypto market... but it's still not really a great idea unless you have money you don't mind losing.
Look at bitcoin, if you bought in at 50k you'd be happy when it hit 60, pulling your hair out when it dropped back to 28k.
Games have been a great opening for legal gambling and for predatory behavior from companies that take advantage of not only gambling addicts, but average people. Games are more predatory on the natural human than what most would consider typical gambling for real money at this point. And it's because of the accessibility. Phones/PCs have given people access to gambling in a way that seems safe, but the reality is that people, on average, get excitement from blowing money not just from the idea of making more money, but progression and comparison.
Progression is innate. Comparing oneself to others is innate. It is a basic biological reality that humans want to feel like they are moving in a positive direction. Games (MMORPGs, Gacha, etc.) are built from the ground up to exploit this.
No matter your take on the morality of gambling, it is undeniable that video games (games) are extremely attractive reward system that satisfy millions (a billion?), whether or not real cash is involved.
So if a company makes a billion in bitcoin profit can the government even track that income? is that why alot of people are headed this direction?
Tracking monetary transactions on a blockchain network is actually easier than traditional fiat money in most cases.
Literally every transaction is visible to the whole network (well, with bitcoin anyway). So, you can see when a specific bitcoin was mined and by who, then all the different people who owned that bitcoin.
The slight difficulty is, due to privacy, transactions are done between bitcoin addresses. Thats the unique identifier. Matching that address to a name might take a bit of work, however a lot of countries around the world already have money-laundering laws in place that make it hard to get a bitcoin address (wallet) without doing the whole ID thing first.
So, if a game company earned a billion in bitcoin, their bitcoin address that houses all that crypto would have to have been declared and verified first, then all transactions to that address would be visible. It would thus be very easy for the government to see that and tax them accordingly.
Even if the company tried to hide the money (e.g. by opening a bitcoin account under a false identity), all anyone needs to do is buy something in game using bitcoin and then they'd be able to see the receiving bitcoin address.
There actually exists various market analysts who seem to spend a lot of their time doing nothing but identifying bitcoin addresses and then seeing how much money they have. This is why I don't think many studios would be willing to switch fully to crypto, because they'd have difficulty hiding their financial details!
Currently Playing: WAR RoR - Spitt rr7X Black Orc | Scrotling rr6X Squig Herder | Scabrous rr4X Shaman
I don't see anything particularly interesting or revolutionary about blockchain games. Crypto isn't much different from fiat other than its decentralization. The items are just being treated like NFTs minus the artist, unless you consider the game dev the artist. It's basically just D3s RMAH on crack. RMAH didn't work very well for very long, and Blizzard is a big name in gaming.
I expect most of the blockchain games will be low quality games that will, at best, attract a few whales and a few hundred underlings. I personally don't mind having a few outlier games that encourage, promote and have as their core design philosophy the ability to make money from playing; but I wouldn't want to see it as the norm.
This is interesting, will such games attract whales? On the one hand cryptogames seem a good fit, you get something which is more unique, I don't see these as art items they are not that unique. But is a whale going to want to transfer his stuff to another game, where he unlikely to be a whale? Also players have ways of building up in game cryptocurrency that they don't in standard F2P, that may deter whales who want to be the biggest fishes in the pond. It will depend on what's sold in the cash shop.
If the whales don't come can cryptogames succeed, possibly but I don't see them being anywhere near as attractive to developers and investors if they don't.
I think almost any game that sells power has the potential to attract whales. I played some really barebones silly little idle game that had a chat room and there were people known to spend thousands per month on it....a single player idle game. So yea the potential is there if you build community and they have an incentive to spend.
But yea the items wouldn't be "art" like NFTs, but their uniqueness would come more in the form of "omg look at the stats on that perfect rolled [best legendary item in the game]" or something like that. Remember that Echoing Fury mace that someone bought in D3 for USD$10,000?
I think this stuff is an interesting novelty, but I don't see it catching on in a big way any time soon. Until/unless a large AAA developer adopts it for one of their games I think it's relegated to the shadows. I could see some already known-to-be p2w developer like Pearl Abyss or Perfect World being in the vanguard of mainstreaming something like this.
So if a company makes a billion in bitcoin profit can the government even track that income? is that why alot of people are headed this direction?
I think that there is a lot wrong with this question and it warrants an admonition rather than an answer. Whether it is possible or not, and whether or not other people or Corporations are engaging in the behavior, it is illegal and unethical. I'm not here to debate the issue of Government and Taxes, I'm just telling you that you can know and understand the answer for yourself when you actually know and understand something about money beyond a paycheck and a debit card.
So this is what people say when they don't know the answer. Check.
I echoed Theo's question. However, I am fully ignorant of the subject and answers are helpful.
From my purely "laymen"s" point of view, any trading on the stock market is subject to taxation (in the US). Does that fall under "corporate gain tax", maybe?
A point, if I may. I watch Tim Pool videos. He is a skater turned reporter who made his name covering the march on wall street back in the early 2000's. He is a big supporter of bitcoin. He has said (true, or not, I don't know) that there is a finite number of bitcoins. I don't understand that, if it's still being "mined", unless it's speaking more about the possible "key combinations" that are used as identifiers.
To try to get the thread closer to the topic, blockchain is similar, but different from bitcoin. With games, they seem to be "bosom buddies", often skipping hand-in-hand through the game-o-sphere. I think that has to do with money and "owning" bits of data. I may have totally missed the point here
If I do have my head up my ass, just ignore me
- Al
Personally the only modern MMORPG trend that annoys me is the idea that MMOs need to be designed in a way to attract people who don't actually like MMOs. Which to me makes about as much sense as someone trying to figure out a way to get vegetarians to eat at their steakhouse. - FARGIN_WAR
So if a company makes a billion in bitcoin profit can the government even track that income? is that why alot of people are headed this direction?
I think that there is a lot wrong with this question and it warrants an admonition rather than an answer. Whether it is possible or not, and whether or not other people or Corporations are engaging in the behavior, it is illegal and unethical. I'm not here to debate the issue of Government and Taxes, I'm just telling you that you can know and understand the answer for yourself when you actually know and understand something about money beyond a paycheck and a debit card.
So this is what people say when they don't know the answer. Check.
I echoed Theo's question. However, I am fully ignorant of the subject and answers are helpful.
From my purely "laymen"s" point of view, any trading on the stock market is subject to taxation (in the US). Does that fall under "corporate gain tax", maybe?
A point, if I may. I watch Tim Pool videos. He is a skater turned reporter who made his name covering the march on wall street back in the early 2000's. He is a big supporter of bitcoin. He has said (true, or not, I don't know) that there is a finite number of bitcoins. I don't understand that, if it's still being "mined", unless it's speaking more about the possible "key combinations" that are used as identifiers.
To try to get the thread closer to the topic, blockchain is similar, but different from bitcoin. With games, they seem to be "bosom buddies", often skipping hand-in-hand through the game-o-sphere. I think that has to do with money and "owning" bits of data. I may have totally missed the point here
If I do have my head up my ass, just ignore me
Mining isn't indicative of the amount of coins you have. Some currencies have a finite number of coins while others have unlimited coins, but enable a "burn" strategy that keeps prices high, rather than utilizing scarcity as a means to increase value.
Mining is just the means in which nodes transact coins. Basically a series of computers that solve an equation to assert the validity of and enable the transaction.
So if a company makes a billion in bitcoin profit can the government even track that income? is that why alot of people are headed this direction?
I think that there is a lot wrong with this question and it warrants an admonition rather than an answer. Whether it is possible or not, and whether or not other people or Corporations are engaging in the behavior, it is illegal and unethical. I'm not here to debate the issue of Government and Taxes, I'm just telling you that you can know and understand the answer for yourself when you actually know and understand something about money beyond a paycheck and a debit card.
So this is what people say when they don't know the answer. Check.
I echoed Theo's question. However, I am fully ignorant of the subject and answers are helpful.
From my purely "laymen"s" point of view, any trading on the stock market is subject to taxation (in the US). Does that fall under "corporate gain tax", maybe?
A point, if I may. I watch Tim Pool videos. He is a skater turned reporter who made his name covering the march on wall street back in the early 2000's. He is a big supporter of bitcoin. He has said (true, or not, I don't know) that there is a finite number of bitcoins. I don't understand that, if it's still being "mined", unless it's speaking more about the possible "key combinations" that are used as identifiers.
To try to get the thread closer to the topic, blockchain is similar, but different from bitcoin. With games, they seem to be "bosom buddies", often skipping hand-in-hand through the game-o-sphere. I think that has to do with money and "owning" bits of data. I may have totally missed the point here
If I do have my head up my ass, just ignore me
It all feels pretty daunting when you're just starting to learn about it, including taxes. But yea basically when you realize gains (or losses) on crypto that's a taxable (or rebate) event. Also, if you bought a bitcoin at, say, $100 in 2010 then you buy something with that bitcoin when the bitcoin is worth, say $100,000, you have to pay taxes on the $100k since technically you're selling that bitcoin (realizing your profits) at that price and receiving whatever item in return. Also the tax rates are different for long term holdings vs short term gains, and between miners doing it as a hobby or as a business. Kinda messy tbh.
As for bitcoin it has a finite number that will ever be in circulation of 21 million, to keep it from being an inflationary currency as anything with a non-finite number would be. Approx 18 million have been mined since its inception, and the final 3 million will be mined over the next hundred years or so assuming bitcoin stays with the PoW, or proof-of-work, method of validating transactions. Ethereum, the 2nd largest crypto by market share, is in the process of transitioning from PoW to PoS, or proof-of-stake which uses much less energy than PoW to mint new coins/operate the blockchain.
People make a big fuss about bitcoin's power consumption, but it's overblown in my opinion. A little research and you can find out that the hash power used for the BTC network consumes about the same amount of energy per year as the country of Sweden, which has a population of ~10 million. With the world pop of 7.5 billion, you can see how it might be a bit overblown by, probably, people with an agenda . Compare that energy usage to the energy used by banking..Yikes.
Blockchain is basically just a ledger of transactions, decentralized so it's, in theory, more difficult to tamper with. There are some notable attacks like the 51% attack that are interesting to investigate, but the whole idea is to keep the power spread out in as many hands as possible, rather than in just a few hands (like centralized banking).
Cool stuff, many people think it's the future of finance. I personally think it should be, but am always waiting for government crackdowns, which while they can't technically "ban" it they can definitely make using it more difficult.
It all feels pretty daunting when you're just starting to learn about it, including taxes. But yea basically when you realize gains (or losses) on crypto that's a taxable (or rebate) event. Also, if you bought a bitcoin at, say, $100 in 2010 then you buy something with that bitcoin when the bitcoin is worth, say $100,000, you have to pay taxes on the $100k since technically you're selling that bitcoin (realizing your profits) at that price and receiving whatever item in return. Also the tax rates are different for long term holdings vs short term gains, and between miners doing it as a hobby or as a business. Kinda messy tbh.
Which is what I was suggesting. If your experience with money is more than a paycheck and a debit card then you can answer your own question. Otherwise, a person's thinking is likely to be corrupted by the "wisdom" of some other types who couldn't recognize how applicable my warning is.
Here's the rub. I tried to post a few more comments to engage in a productive conversation about the intent of my original comment, but when hitting submit I received notifications that my comments would be reviewed. That's the kind of honest dialogue you can find here!
I have to wonder if China's digital Yuan is going to not only gain world wide acceptance but perhaps quickly replace the Dollar standard in the long term.
If so, we will have moved one step closer to "A Brave New World"
The China Yuan, will replace the USD as a national reserve currency, just as the USD replaced the Imperial Pound, as such, it is not a matter of IF, but a question of When.
Pretty much we kinda fked ourselves I'm just waiting for it tbh, this video did a number on me on realizing how screwed my generation is, meanwhile they say things like think about the future when they have essentially created a bonefire and put the millennials on it by continuing to borrow from the future
This is partially why I don't care on many things in life because at the end of the day in 10-30 years I don't expect good things, I expect the worse so when life hits harder then bricks I am not to depressed or surprised, in the mean time I just want fun
I respect this feeling, but lets be honest, England didn't turn into a 3rd world country eating their own young when the USD took over. When the Yuan takes over, America, well as far as the working stiffs go, will remain, I wager, mostly unaffected.
My history teacher told me something that still sticks with me today, they said that when Rome fell, most of the commoners lived their whole life and died, never knowing that Rome fell, because their life, the life of the common worker, remains for the most part, vastly unaffected by the people in power.
I think about this a lot.
Egotism is the anesthetic that dullens the pain of stupidity, this is why when I try to beat my head against the stupidity of other people, I only hurt myself.
I have to wonder if China's digital Yuan is going to not only gain world wide acceptance but perhaps quickly replace the Dollar standard in the long term.
If so, we will have moved one step closer to "A Brave New World"
The China Yuan, will replace the USD as a national reserve currency, just as the USD replaced the Imperial Pound, as such, it is not a matter of IF, but a question of When.
Pretty much we kinda fked ourselves I'm just waiting for it tbh, this video did a number on me on realizing how screwed my generation is, meanwhile they say things like think about the future when they have essentially created a bonefire and put the millennials on it by continuing to borrow from the future
This is partially why I don't care on many things in life because at the end of the day in 10-30 years I don't expect good things, I expect the worse so when life hits harder then bricks I am not to depressed or surprised, in the mean time I just want fun
I respect this feeling, but lets be honest, England didn't turn into a 3rd world country eating their own young when the USD took over. When the Yuan takes over, America, well as far as the working stiffs go, will remain, I wager, mostly unaffected.
My history teacher told me something that still sticks with me today, they said that when Rome fell, most of the commoners lived their whole life and died, never knowing that Rome fell, because their life, the life of the common worker, remains for the most part, vastly unaffected by the people in power.
I think about this a lot.
Unfortunately (or fortunately?) we are far more interconnected now, so I think this will be a change that everyone will notice and be affected by. It is just a question of how much change it will cause.
Since the "tiger has woken" Have you noticed anything about the way China works that gives you confidence in any arena; be in economically, obeying international law, protecting and serving their citizens? I have not, so I will not hold out any hope in that regard.
I have to wonder if China's digital Yuan is going to not only gain world wide acceptance but perhaps quickly replace the Dollar standard in the long term.
If so, we will have moved one step closer to "A Brave New World"
The China Yuan, will replace the USD as a national reserve currency, just as the USD replaced the Imperial Pound, as such, it is not a matter of IF, but a question of When.
Pretty much we kinda fked ourselves I'm just waiting for it tbh, this video did a number on me on realizing how screwed my generation is, meanwhile they say things like think about the future when they have essentially created a bonefire and put the millennials on it by continuing to borrow from the future
This is partially why I don't care on many things in life because at the end of the day in 10-30 years I don't expect good things, I expect the worse so when life hits harder then bricks I am not to depressed or surprised, in the mean time I just want fun
I respect this feeling, but lets be honest, England didn't turn into a 3rd world country eating their own young when the USD took over. When the Yuan takes over, America, well as far as the working stiffs go, will remain, I wager, mostly unaffected.
My history teacher told me something that still sticks with me today, they said that when Rome fell, most of the commoners lived their whole life and died, never knowing that Rome fell, because their life, the life of the common worker, remains for the most part, vastly unaffected by the people in power.
I think about this a lot.
Unfortunately (or fortunately?) we are far more interconnected now, so I think this will be a change that everyone will notice and be affected by. It is just a question of how much change it will cause.
Since the "tiger has woken" Have you noticed anything about the way China works that gives you confidence in any arena; be in economically, obeying international law, protecting and serving their citizens? I have not, so I will not hold out any hope in that regard.
Are you sure people will recognize the fall if or when it comes?
We live in a world where people deny getting vaccinated is a good idea, say global warming isn't real, dispute election results despite all evidence, believe 911 was a government conspiracy, and in QAnon.
Just trying to live long enough to play a new, released MMORPG, playing New Worlds atm
Fools find no pleasure in understanding but delight in airing their own opinions. Pvbs 18:2, NIV
Don't just play games, inhabit virtual worlds™
"This is the most intelligent, well qualified and articulate response to a post I have ever seen on these forums. It's a shame most people here won't have the attention span to read past the second line." - Anon
I have to wonder if China's digital Yuan is going to not only gain world wide acceptance but perhaps quickly replace the Dollar standard in the long term.
If so, we will have moved one step closer to "A Brave New World"
The China Yuan, will replace the USD as a national reserve currency, just as the USD replaced the Imperial Pound, as such, it is not a matter of IF, but a question of When.
Pretty much we kinda fked ourselves I'm just waiting for it tbh, this video did a number on me on realizing how screwed my generation is, meanwhile they say things like think about the future when they have essentially created a bonefire and put the millennials on it by continuing to borrow from the future
This is partially why I don't care on many things in life because at the end of the day in 10-30 years I don't expect good things, I expect the worse so when life hits harder then bricks I am not to depressed or surprised, in the mean time I just want fun
I respect this feeling, but lets be honest, England didn't turn into a 3rd world country eating their own young when the USD took over. When the Yuan takes over, America, well as far as the working stiffs go, will remain, I wager, mostly unaffected.
My history teacher told me something that still sticks with me today, they said that when Rome fell, most of the commoners lived their whole life and died, never knowing that Rome fell, because their life, the life of the common worker, remains for the most part, vastly unaffected by the people in power.
I think about this a lot.
Unfortunately (or fortunately?) we are far more interconnected now, so I think this will be a change that everyone will notice and be affected by. It is just a question of how much change it will cause.
Since the "tiger has woken" Have you noticed anything about the way China works that gives you confidence in any arena; be in economically, obeying international law, protecting and serving their citizens? I have not, so I will not hold out any hope in that regard.
How so? Do you beleieve "everyone" is on Twitter and YouTube?
Most communications for "normal people" take place one and one and in small groups, some tmes with "like minded" people. I agree that communication is much quicker today, but "we" are from as interconnected as many believe. 90% (or thereabouts) are NOT activists of any kind.
- Al
Personally the only modern MMORPG trend that annoys me is the idea that MMOs need to be designed in a way to attract people who don't actually like MMOs. Which to me makes about as much sense as someone trying to figure out a way to get vegetarians to eat at their steakhouse. - FARGIN_WAR
I have to wonder if China's digital Yuan is going to not only gain world wide acceptance but perhaps quickly replace the Dollar standard in the long term.
If so, we will have moved one step closer to "A Brave New World"
The China Yuan, will replace the USD as a national reserve currency, just as the USD replaced the Imperial Pound, as such, it is not a matter of IF, but a question of When.
Pretty much we kinda fked ourselves I'm just waiting for it tbh, this video did a number on me on realizing how screwed my generation is, meanwhile they say things like think about the future when they have essentially created a bonefire and put the millennials on it by continuing to borrow from the future
This is partially why I don't care on many things in life because at the end of the day in 10-30 years I don't expect good things, I expect the worse so when life hits harder then bricks I am not to depressed or surprised, in the mean time I just want fun
I respect this feeling, but lets be honest, England didn't turn into a 3rd world country eating their own young when the USD took over. When the Yuan takes over, America, well as far as the working stiffs go, will remain, I wager, mostly unaffected.
My history teacher told me something that still sticks with me today, they said that when Rome fell, most of the commoners lived their whole life and died, never knowing that Rome fell, because their life, the life of the common worker, remains for the most part, vastly unaffected by the people in power.
I think about this a lot.
Unfortunately (or fortunately?) we are far more interconnected now, so I think this will be a change that everyone will notice and be affected by. It is just a question of how much change it will cause.
Since the "tiger has woken" Have you noticed anything about the way China works that gives you confidence in any arena; be in economically, obeying international law, protecting and serving their citizens? I have not, so I will not hold out any hope in that regard.
.. I'm going to stop you right there.
This is a gaming forums, and that is bait to a political discussion.
Egotism is the anesthetic that dullens the pain of stupidity, this is why when I try to beat my head against the stupidity of other people, I only hurt myself.
I have to wonder if China's digital Yuan is going to not only gain world wide acceptance but perhaps quickly replace the Dollar standard in the long term.
If so, we will have moved one step closer to "A Brave New World"
The China Yuan, will replace the USD as a national reserve currency, just as the USD replaced the Imperial Pound, as such, it is not a matter of IF, but a question of When.
Pretty much we kinda fked ourselves I'm just waiting for it tbh, this video did a number on me on realizing how screwed my generation is, meanwhile they say things like think about the future when they have essentially created a bonefire and put the millennials on it by continuing to borrow from the future
This is partially why I don't care on many things in life because at the end of the day in 10-30 years I don't expect good things, I expect the worse so when life hits harder then bricks I am not to depressed or surprised, in the mean time I just want fun
I respect this feeling, but lets be honest, England didn't turn into a 3rd world country eating their own young when the USD took over. When the Yuan takes over, America, well as far as the working stiffs go, will remain, I wager, mostly unaffected.
My history teacher told me something that still sticks with me today, they said that when Rome fell, most of the commoners lived their whole life and died, never knowing that Rome fell, because their life, the life of the common worker, remains for the most part, vastly unaffected by the people in power.
I think about this a lot.
Unfortunately (or fortunately?) we are far more interconnected now, so I think this will be a change that everyone will notice and be affected by. It is just a question of how much change it will cause.
Since the "tiger has woken" Have you noticed anything about the way China works that gives you confidence in any arena; be in economically, obeying international law, protecting and serving their citizens? I have not, so I will not hold out any hope in that regard.
.. I'm going to stop you right there.
This is a gaming forums, and that is bait to a political discussion.
Well you started it, but you are quite right it is political and the last time that happened with a thread I was in I pointed that out and stopped posting on that thread. So a fair point.
I have to wonder if China's digital Yuan is going to not only gain world wide acceptance but perhaps quickly replace the Dollar standard in the long term.
If so, we will have moved one step closer to "A Brave New World"
The China Yuan, will replace the USD as a national reserve currency, just as the USD replaced the Imperial Pound, as such, it is not a matter of IF, but a question of When.
Pretty much we kinda fked ourselves I'm just waiting for it tbh, this video did a number on me on realizing how screwed my generation is, meanwhile they say things like think about the future when they have essentially created a bonefire and put the millennials on it by continuing to borrow from the future
This is partially why I don't care on many things in life because at the end of the day in 10-30 years I don't expect good things, I expect the worse so when life hits harder then bricks I am not to depressed or surprised, in the mean time I just want fun
I respect this feeling, but lets be honest, England didn't turn into a 3rd world country eating their own young when the USD took over. When the Yuan takes over, America, well as far as the working stiffs go, will remain, I wager, mostly unaffected.
My history teacher told me something that still sticks with me today, they said that when Rome fell, most of the commoners lived their whole life and died, never knowing that Rome fell, because their life, the life of the common worker, remains for the most part, vastly unaffected by the people in power.
I think about this a lot.
Unfortunately (or fortunately?) we are far more interconnected now, so I think this will be a change that everyone will notice and be affected by. It is just a question of how much change it will cause.
Since the "tiger has woken" Have you noticed anything about the way China works that gives you confidence in any arena; be in economically, obeying international law, protecting and serving their citizens? I have not, so I will not hold out any hope in that regard.
.. I'm going to stop you right there.
This is a gaming forums, and that is bait to a political discussion.
Well you started it, but you are quite right it is political and the last time that happened with a thread I was in I pointed that out and stopped posting on that thread. So a fair point.
I think technically Kyleran started it, given his quote is at the top..
Egotism is the anesthetic that dullens the pain of stupidity, this is why when I try to beat my head against the stupidity of other people, I only hurt myself.
From my purely "laymen"s" point of view, any trading on the stock market is subject to taxation (in the US). Does that fall under "corporate gain tax", maybe?
A point, if I may. I watch Tim Pool videos. He is a skater turned reporter who made his name covering the march on wall street back in the early 2000's. He is a big supporter of bitcoin. He has said (true, or not, I don't know) that there is a finite number of bitcoins. I don't understand that, if it's still being "mined", unless it's speaking more about the possible "key combinations" that are used as identifiers.
I can answer these points a little bit.
An increase in the value of a digital currency is subject to Capital Gains Tax when you sell it at a profit.
When cryptos first launched, this wasn't the case, because a digital coin wasn't viewed as an asset. Governments were still a bit slow, so to them an asset had to be something you could hold in real life, like a coin or a painting or a house. However, as money kept pouring into the crypto market, governments wanted a piece of that action and so crypto currency is now viewed as a taxable asset, subject to capital gains tax.
In the UK, this change happened in 2019, so its only been taxable for a few years. My American friend said something similar happened in the US, except the US decided to apply the law retro-actively, so any gains you'd made in previous years were now subject to taxes. Screwed a few people over!
In the UK, capital gains tax is about half what income tax is (£12,300 tax free, then 10% tax up to £44k, then 20% tax up to £150k is, something like that, whereas income tax is 20%, then 40%, then 45% for millionaires)
On the number of bitcoins, Tim Pool is correct, the total number of bitcoins is carefully controlled and there is a finite amount. This is deliberate and was one of the core purposes of bitcoin.
In a centralised monetary system, the actions of a few individuals can fuck over everyone else. The Prime Minister can say "I want to build a new road" and if he can't afford to pay for it, he can print extra money and pay for it that way (in 2008, printing money was called "quantitive easing" by many western governments).
However, when BoJo prints £1 billion in new money, it devalues all the existing money. So, my £100 may now only have the purchasing power today that £95 had yesterday.
That sucks! But it also happens all the time, by every centralised monetary system. We call the end result "inflation" and we just accept it as inevitable, because thats the way things have always been, right?
Bitcoin aimed to change that.
Mining a new bitcoin only happens when a new transaction is processed. Transactions are limited to something like 7 per second across the whole network. The amount of bitcoin awarded for mining is controlled, and the reward halves every 4 years.
Due to these factors, we know exactly how many bitcoins it is possible to mine, and when the last bitcoin will be mined.
The limit is currently set at 21 million bitcoins.
We're currently at something like 18.6 million bitcoins already mined.
The final bitcoin is due to be mined in 2130
All that is a very convoluted way of saying that the bitcoin network has been specifically designed so that it is impossible for anyone to "print" new money in the network and thus devalue other people's money. Of course, the value is still subject to change due to a whole host of things, but printing money has been taken off the list
Currently Playing: WAR RoR - Spitt rr7X Black Orc | Scrotling rr6X Squig Herder | Scabrous rr4X Shaman
On the number of bitcoins, Tim Pool is correct, the total number of bitcoins is carefully controlled and there is a finite amount. This is deliberate and was one of the core purposes of bitcoin.
In a centralised monetary system, the actions of a few individuals can fuck over everyone else. The Prime Minister can say "I want to build a new road" and if he can't afford to pay for it, he can print extra money and pay for it that way (in 2008, printing money was called "quantitive easing" by many western governments).
However, when BoJo prints £1 billion in new money, it devalues all the existing money. So, my £100 may now only have the purchasing power today that £95 had yesterday.
That sucks! But it also happens all the time, by every centralised monetary system. We call the end result "inflation" and we just accept it as inevitable, because thats the way things have always been, right?
Bitcoin aimed to change that.
Mining a new bitcoin only happens when a new transaction is processed. Transactions are limited to something like 7 per second across the whole network. The amount of bitcoin awarded for mining is controlled, and the reward halves every 4 years.
Due to these factors, we know exactly how many bitcoins it is possible to mine, and when the last bitcoin will be mined.
The limit is currently set at 21 million bitcoins.
We're currently at something like 18.6 million bitcoins already mined.
The final bitcoin is due to be mined in 2130
All that is a very convoluted way of saying that the bitcoin network has been specifically designed so that it is impossible for anyone to "print" new money in the network and thus devalue other people's money. Of course, the value is still subject to change due to a whole host of things, but printing money has been taken off the list
It's important to note that even after the last bitcoin has been mined, it doesn't mean that miners just disappear in relation to bitcoin. On the contrary, they will still be validating transactions.
For the US you're supposed to disclose your crypto holdings but you don't pay taxes on it unless you exchange it. That exchange also counts if you purchased something with it.
Earnings were taxes retroactively as far back as 2016 in some cases. But only within a certain dollar threshold, I think it's around 20k which is the lowest tax bracket
I keep wondering who is "control?" Who is the person, or body of people who make these decisions? Who do these decision makers answer to?
With paper money, at least the population know and may get a vote. Who is in control?
- Al
Personally the only modern MMORPG trend that annoys me is the idea that MMOs need to be designed in a way to attract people who don't actually like MMOs. Which to me makes about as much sense as someone trying to figure out a way to get vegetarians to eat at their steakhouse. - FARGIN_WAR
Just trying to live long enough to play a new, released MMORPG, playing New Worlds atm
Fools find no pleasure in understanding but delight in airing their own opinions. Pvbs 18:2, NIV
Don't just play games, inhabit virtual worlds™
"This is the most intelligent, well qualified and articulate response to a post I have ever seen on these forums. It's a shame most people here won't have the attention span to read past the second line." - Anon
I keep wondering who is "control?" Who is the person, or body of people who make these decisions? Who do these decision makers answer to?
With paper money, at least the population know and may get a vote. Who is in control?
Interesting comment yesterday by a man considered a giant in the financial industry.
While it is often said there is a limited number of Bitcoins which can be mined he asked, "how do you really know that is true?"
The whole technology is built on the idea that no one needs to be in control, which I think is incredibly naïve and why it appeals far more to the younger generation. It is one thing to follow such idealistic ideals when setting up the leadership rules in your students union, it is quite another to follow such ideas when handling your own money.
I keep wondering who is "control?" Who is the person, or body of people who make these decisions? Who do these decision makers answer to?
With paper money, at least the population know and may get a vote. Who is in control?
Interesting comment yesterday by a man considered a giant in the financial industry.
While it is often said there is a limited number of Bitcoins which can be mined he asked, "how do you really know that is true?"
The whole technology is built on the idea that no one needs to be in control, which I think is incredibly naïve and why it appeals far more to the younger generation. It is one thing to follow such idealistic ideals when setting up the leadership rules in your students union, it is quite another to follow such ideas when handling your own money.
Actually, one of the best lines I ever read was:
Governments will only exist for as long as people need to be Governed.
This is something I think about a lot with games, and gamers, because it address the need for control.
Originally, RPG's like D&D were just a guideline rule set, and the freedom of creation was put into the hands of the players, and this system exploded into what we see today, which is rather amazing all things said and done.
The True Sandbox system where players are in control, or have a lot of control is a thriving field, from Minecraft, to Valheim, we are seeing that giving players more impact and control is in fact a GOOD THING for the future of gaming.
It feels like games have gone in a more circular system, where they went from giving players MORE control to less control, now back to More control again.
Because.. you will be given what you can handle. And Overall, gamers have shown that they not only can handle the more organic worlds where they have control, they thrive in them.
In that venture, if Block Chain can help with that, that could be a super cool means to move forward with the future of MMO's.. that is, IF, greedy ass cooperate shrews could ever pull their heads out of their asses long enough to think how to go in that direction.
Egotism is the anesthetic that dullens the pain of stupidity, this is why when I try to beat my head against the stupidity of other people, I only hurt myself.
I keep wondering who is "control?" Who is the person, or body of people who make these decisions? Who do these decision makers answer to?
With paper money, at least the population know and may get a vote. Who is in control?
Interesting comment yesterday by a man considered a giant in the financial industry.
While it is often said there is a limited number of Bitcoins which can be mined he asked, "how do you really know that is true?"
The whole technology is built on the idea that no one needs to be in control, which I think is incredibly naïve and why it appeals far more to the younger generation. It is one thing to follow such idealistic ideals when setting up the leadership rules in your students union, it is quite another to follow such ideas when handling your own money.
Actually, one of the best lines I ever read was:
Governments will only exist for as long as people need to be Governed.
This is something I think about a lot with games, and gamers, because it address the need for control.
Originally, RPG's like D&D were just a guideline rule set, and the freedom of creation was put into the hands of the players, and this system exploded into what we see today, which is rather amazing all things said and done.
The True Sandbox system where players are in control, or have a lot of control is a thriving field, from Minecraft, to Valheim, we are seeing that giving players more impact and control is in fact a GOOD THING for the future of gaming.
It feels like games have gone in a more circular system, where they went from giving players MORE control to less control, now back to More control again.
Because.. you will be given what you can handle. And Overall, gamers have shown that they not only can handle the more organic worlds where they have control, they thrive in them.
In that venture, if Block Chain can help with that, that could be a super cool means to move forward with the future of MMO's.. that is, IF, greedy ass cooperate shrews could ever pull their heads out of their asses long enough to think how to go in that direction.
The thing is that people buying into cryptocurrency are not in control of it. When roleplayers expanded on rpg's they were in control and if it messed up you would figure that out even if you had to playtest the new ideas. Same for Minecraft. But here all you can do is invest and mine, these are cryptocurrency customers, they don't make decisions about the direction or development of cryptocurrency. This is both an asset and a flaw.
Comments
"True friends stab you in the front." | Oscar Wilde
"I need to finish" - Christian Wolff: The Accountant
Just trying to live long enough to play a new, released MMORPG, playing New Worlds atm
Fools find no pleasure in understanding but delight in airing their own opinions. Pvbs 18:2, NIV
Don't just play games, inhabit virtual worlds™
"This is the most intelligent, well qualified and articulate response to a post I have ever seen on these forums. It's a shame most people here won't have the attention span to read past the second line." - Anon
Look at bitcoin, if you bought in at 50k you'd be happy when it hit 60, pulling your hair out when it dropped back to 28k.
Speculative markets aren't good for the easily distressed.
Progression is innate. Comparing oneself to others is innate. It is a basic biological reality that humans want to feel like they are moving in a positive direction. Games (MMORPGs, Gacha, etc.) are built from the ground up to exploit this.
No matter your take on the morality of gambling, it is undeniable that video games (games) are extremely attractive reward system that satisfy millions (a billion?), whether or not real cash is involved.
Also, games are awesome.
- Al
Personally the only modern MMORPG trend that annoys me is the idea that MMOs need to be designed in a way to attract people who don't actually like MMOs. Which to me makes about as much sense as someone trying to figure out a way to get vegetarians to eat at their steakhouse.- FARGIN_WAR
Mining is just the means in which nodes transact coins. Basically a series of computers that solve an equation to assert the validity of and enable the transaction.
Here's the rub. I tried to post a few more comments to engage in a productive conversation about the intent of my original comment, but when hitting submit I received notifications that my comments would be reviewed. That's the kind of honest dialogue you can find here!
My history teacher told me something that still sticks with me today, they said that when Rome fell, most of the commoners lived their whole life and died, never knowing that Rome fell, because their life, the life of the common worker, remains for the most part, vastly unaffected by the people in power.
I think about this a lot.
Since the "tiger has woken" Have you noticed anything about the way China works that gives you confidence in any arena; be in economically, obeying international law, protecting and serving their citizens? I have not, so I will not hold out any hope in that regard.
We live in a world where people deny getting vaccinated is a good idea, say global warming isn't real, dispute election results despite all evidence, believe 911 was a government conspiracy, and in QAnon.
Yeah.
"True friends stab you in the front." | Oscar Wilde
"I need to finish" - Christian Wolff: The Accountant
Just trying to live long enough to play a new, released MMORPG, playing New Worlds atm
Fools find no pleasure in understanding but delight in airing their own opinions. Pvbs 18:2, NIV
Don't just play games, inhabit virtual worlds™
"This is the most intelligent, well qualified and articulate response to a post I have ever seen on these forums. It's a shame most people here won't have the attention span to read past the second line." - Anon
- Al
Personally the only modern MMORPG trend that annoys me is the idea that MMOs need to be designed in a way to attract people who don't actually like MMOs. Which to me makes about as much sense as someone trying to figure out a way to get vegetarians to eat at their steakhouse.- FARGIN_WAR
This is a gaming forums, and that is bait to a political discussion.
For the US you're supposed to disclose your crypto holdings but you don't pay taxes on it unless you exchange it. That exchange also counts if you purchased something with it.
Earnings were taxes retroactively as far back as 2016 in some cases. But only within a certain dollar threshold, I think it's around 20k which is the lowest tax bracket
- Al
Personally the only modern MMORPG trend that annoys me is the idea that MMOs need to be designed in a way to attract people who don't actually like MMOs. Which to me makes about as much sense as someone trying to figure out a way to get vegetarians to eat at their steakhouse.- FARGIN_WAR
While it is often said there is a limited number of Bitcoins which can be mined he asked, "how do you really know that is true?"
"True friends stab you in the front." | Oscar Wilde
"I need to finish" - Christian Wolff: The Accountant
Just trying to live long enough to play a new, released MMORPG, playing New Worlds atm
Fools find no pleasure in understanding but delight in airing their own opinions. Pvbs 18:2, NIV
Don't just play games, inhabit virtual worlds™
"This is the most intelligent, well qualified and articulate response to a post I have ever seen on these forums. It's a shame most people here won't have the attention span to read past the second line." - Anon
Governments will only exist for as long as people need to be Governed.
This is something I think about a lot with games, and gamers, because it address the need for control.
Originally, RPG's like D&D were just a guideline rule set, and the freedom of creation was put into the hands of the players, and this system exploded into what we see today, which is rather amazing all things said and done.
The True Sandbox system where players are in control, or have a lot of control is a thriving field, from Minecraft, to Valheim, we are seeing that giving players more impact and control is in fact a GOOD THING for the future of gaming.
It feels like games have gone in a more circular system, where they went from giving players MORE control to less control, now back to More control again.
Because.. you will be given what you can handle. And Overall, gamers have shown that they not only can handle the more organic worlds where they have control, they thrive in them.
In that venture, if Block Chain can help with that, that could be a super cool means to move forward with the future of MMO's.. that is, IF, greedy ass cooperate shrews could ever pull their heads out of their asses long enough to think how to go in that direction.