Pattaya Beer Garden Free Bitcoin Sunday

[PattayaPete 530]

Woo hoo! The 100 baht of BTC I received is now worth 107 baht!

 

Time to party!!

If you owned 300 bitcoin that would have been around a 250,000 baht gain in 3 days. Just saying :-).

 

Bitcoin - the best performing currency in the world for 2015.

[jacko 8,822]

Woo hoo! The 100 baht of BTC I received is now worth 107 baht!

 

Time to party!!

How does that tie in with the BTC you bought a year or two ago?

[MM 6,562]

How does that tie in with the BTC you bought a year or two ago?

Still underwater, but hope springs eternal.

[Fatboyfat 361]

If you owned 300 bitcoin that would have been around a 250,000 baht gain in 3 days. Just saying :-).

 

Bitcoin - the best performing currency in the world for 2015.

Is that 20:15 UTC or Thai Time ?

[jacko 8,822]

I see Australian police just raided some guy for tax evasion who is thought to be the bitcoin creator (not Japanese after all!), rumoured to have a million BTC.

Reuters.

Edited December 10, 2015 by jacko

[PattayaPete 530]

This story is interesting but not for the reasons given by Reuters.

 

It turns out that the evidence used by Wired and Gizmodo that Dr Craig Wright is Satoshi Nakamoto (bitcoin creator) was fabricated by a blackmailer trying to extort Dr Wright.

 

Here's what is interesting. Dr Wright is in a tax dispute with the Australian Tax Office over tax credits and VAT refunds around a company he started that is now in bankruptcy. Nothing to do with Bitcoin. ATO says he owes them 3 million and are withholding a 5 million tax refund while it is sorted out. In other words if the investigation goes against Dr Wright he will only get 2 million instead of 5 million in his tax refund. Dr Wright's tax status is not clear at the moment and there may be more to the non-bitcoin part of the story that has yet to been revealed.

 

As the article states, within 2 hours of the story in Wired being released Dr Wright's Australian home was raided. The tax dispute has been ongoing for many months. Why the sudden raid? Australian authorities say it's just a coincidence.

 

Satoshi Nakamoto did mine the first Bitcoin into existence and over the next while he mined a further 1,000,000 bitcoin. We know it was him (her, them) because it is the first account on the blockchain. Those Bitcoin have never been touched or moved. It drives people crazy to know that the creator of Bitcoin has over $400,000,000 in Bitcoin but has never spent or used a single one. It appears it drives the tax authorities crazy as well.

 

Is Satoshi's stash taxable. Well we don't know which jurisdiction he lives in but generally the tax position would be zero at the moment. Clearly there was no law covering Bitcoin at the time they were mined in 2008. No money changed hands to create them. As long as they are not sold then no capital gain has been made. It is unknowable which jurisdiction they were mined in and clearly any tax law would have to be retro-actively enforced. It's a huge stash of wealth the authorities can not get their hands on. They can see it. They can admire it. They can lust after it but they can't touch it. It must be very painful for the tax man. I almost feel sorry for him.

 

Edited December 11, 2015 by PattayaPete

[jacko 8,822]

This story is interesting but not for the reasons given by Reuters.

 

I almost feel sorry for him.

 

Yes, great fun!

[BigusDicus 9,881]

. It must be very painful for the tax man. I almost feel sorry for him.

 

 

 

Yeah, me too. Okay, I am over it!

Edited December 12, 2015 by BigusDicus