Silk Road forums

Discussion => Newbie discussion => Topic started by: bluegreen23 on May 30, 2013, 06:25 pm

Title: exchanges and trying to understand them
Post by: bluegreen23 on May 30, 2013, 06:25 pm
many questions

Are casino chips considered a medium of currency?
Why are there any regulations from buying or selling bitcoins for cash? and how are they enforced?(business not persons meeting up)
Bitcoins are unregulated ? (as in i can sell my bitcoins for anything I want/i can buy bitcoins for anything that the seller will accept)
Are there any regulations on bitcoins?

Need help with an idea, looking for an item that has some value (roughly 100$) is easily obtainable, and stores its value well (think like gold but easier to get) any ideas? (no not silver I mean something your avg yo kid could pick up)

could a person operate a store with bitcoins and cash? One of the big stumbling blocks seems to be that governments freeze bank accts. They can't stop a store front from purshasing bitcoins, or selling items for bitcoins but eventually that store is going to have to purchase more products to sell and this requires bank acct (for the time being)

So how are exchanges stopped? if the government claims that bitcoins aren't currency then they are in their eyes a commodity, and a legal one. If bitcoins are considered a commodity (all currencies can be bought and sold anyway so whats the difference) then can't a store front sell them? or buy them?
Sorry I just don't understand why id is required at any point. I don't have to produce id when I buy gas, milk, or anything else. Hell I can spend 30k on a car and not have to show ID. Help me understand the issues with all this.
Note: Canadian. so.. US laws don't concern me for at least 2 years LOL
Title: Re: exchanges and trying to understand them
Post by: bluegreen23 on May 31, 2013, 03:22 am
anyone with some insight ?
Title: Re: exchanges and trying to understand them
Post by: TrippinOnHunger on May 31, 2013, 04:51 am
Since when do you need id to buy bitcoins?
Title: Re: exchanges and trying to understand them
Post by: dietcoke64 on May 31, 2013, 05:41 am
blue chips =5 bit coins
green chips = 1000 bit coins

everybody knows this
Title: Re: exchanges and trying to understand them
Post by: Nugz Buyer on May 31, 2013, 05:49 am
You dont need ID to trade Bitcoins. ID is required to move dollars into or out of Btc..
Gov't has it's hooks into anyone who helps people trades dollars for Btc. using a bank.

You can still go to localbitcoins.com to try to meet people to trade with without a bank.
Title: Re: exchanges and trying to understand them
Post by: bluegreen23 on May 31, 2013, 10:15 am
Sorry perhaps I worded a few of these questions poorly. but I'm reading a lot of threads that people are saying they need ID to purchase bitcoins (and no not from localbitcoins or from someone you meet. I mean from a store front)
But I was more concerned with cashing out. Theres no point to doing any of this if you can't cash out so I'm trying to understand the cashing out process without being to specific. I'm also trying to figure it out because I might want to open a store front, or an exchange of some sort but I'm curious about it. The Canadian gov seems to not care to much about bitcoins. I know this isn't the be all end all of information but I was just curious what some people had dealt with, as well as there might be some people on here with some knowledge or life experience which could offer a thought or two.

Such as if I sell something for a bitcoin in a store do I have to pay tax on it? what tax would I pay? Just weird thoughts like that.
Title: Re: exchanges and trying to understand them
Post by: Nugz Buyer on August 20, 2013, 02:44 am
If you have proof you paid $x for #y bitcoins, and, you sell all of them, I think the profit or loss is all that matters for taxes. If no proof you had expenses to get the Btc, then, it is probably all considered taxable profit.
Title: Re: exchanges and trying to understand them
Post by: galileosophia on August 20, 2013, 03:20 am
Sorry perhaps I worded a few of these questions poorly. but I'm reading a lot of threads that people are saying they need ID to purchase bitcoins (and no not from localbitcoins or from someone you meet. I mean from a store front)
But I was more concerned with cashing out. Theres no point to doing any of this if you can't cash out so I'm trying to understand the cashing out process without being to specific. I'm also trying to figure it out because I might want to open a store front, or an exchange of some sort but I'm curious about it. The Canadian gov seems to not care to much about bitcoins. I know this isn't the be all end all of information but I was just curious what some people had dealt with, as well as there might be some people on here with some knowledge or life experience which could offer a thought or two.

Such as if I sell something for a bitcoin in a store do I have to pay tax on it? what tax would I pay? Just weird thoughts like that.

I can't say for sure, but just think of the government as a mafia.  They can't see everything going on so Bitcoin could work untaxed and unregulated for a little while.  But, as soon they get wind of it, the first place they go after are stores and exchanges.  There's no way it could go on for very much longer without being subject to taxes and the usual government extortion.
Title: Re: exchanges and trying to understand them
Post by: Buttonwood on August 20, 2013, 04:26 am
TTT