Manmaster 2nd Gear March 5, 2014 Share March 5, 2014 Our MAS has issued warning on digital/virtual currency. It will impose/implement new regulations as it deems fit by monitoring the situation. ↡ Advertisement Link to post Share on other sites More sharing options...
RadX Moderator March 6, 2014 Share March 6, 2014 I smell a RAT http://www.straitstimes.com/breaking-news/singapore/story/boss-virtual-currency-exchange-first-meta-found-dead-her-cantonment-cl Link to post Share on other sites More sharing options...
Jman888 Moderator March 6, 2014 Share March 6, 2014 I smell a RAT http://www.straitstimes.com/breaking-news/singapore/story/boss-virtual-currency-exchange-first-meta-found-dead-her-cantonment-cl you never read the 2 post above you? Link to post Share on other sites More sharing options...
RadX Moderator March 6, 2014 Share March 6, 2014 you never read the 2 post above you? at lest i post in this thred than post new thred eh u tired of living ah... Link to post Share on other sites More sharing options...
Manmaster 2nd Gear March 6, 2014 Share March 6, 2014 I smell a RAT http://www.straitstimes.com/breaking-news/singapore/story/boss-virtual-currency-exchange-first-meta-found-dead-her-cantonment-cl Maybe she lost her money on Mt. Gox....hee hee hee. Link to post Share on other sites More sharing options...
Duckduck Turbocharged March 6, 2014 Share March 6, 2014 Maybe she lost her money on Mt. Gox....hee hee hee. my guess too... her FB page still active. u can see that shes been actively monitoring mtgox prices last few mths... no surprise she specualted herself... Link to post Share on other sites More sharing options...
Manmaster 2nd Gear March 6, 2014 Share March 6, 2014 my guess too... her FB page still active. u can see that shes been actively monitoring mtgox prices last few mths... no surprise she specualted herself... Using real money to buy fake money is stupid....ha ha ha. Link to post Share on other sites More sharing options...
Kusje Supersonic March 6, 2014 Share March 6, 2014 Using real money to buy fake money is stupid....ha ha ha. All depends when you got in. At the very beginning, I read that some chap bought a pizza for 20k bitcoins. Now it is the most expensive pizza ever bought. Link to post Share on other sites More sharing options...
Jman888 Moderator March 7, 2014 Share March 7, 2014 my guess too... her FB page still active. u can see that shes been actively monitoring mtgox prices last few mths... no surprise she specualted herself... you are probably right.... Bitcoin CEO in apparent suicide in S'pore had other issues too Reuters Thursday, Mar 06, 2014 SINGAPORE - A young American CEO who apparently committed suicide in Singapore was involved in the world of the bitcoin, but was also struggling with other issues prior to her death, friends and colleagues said. Autumn Radtke, chief executive of virtual currency exchange First Meta Pte Ltd, was found dead on February 26. Police said they were investigating her "unnatural" death, and "preliminary investigations showed no foul play is suspected." Neighbors said they thought Radtke jumped to her death from a residential apartment complex near her home. Friends and colleagues said Radtke, 28, was wrestling with professional and personal pressures, not least running a start-up that was struggling to gain traction. "She had a phenomenal network of highly successful people around her, and here she is running this little exchange and it just isn't taking off in the way anybody had hoped," Steve Beauregard, CEO and founder of GoCoin, a start-up which provided bitcoin-related services to First Meta, told Reuters. Beauregard rented a room in Radtke's large Singapore home-cum-office and was among the last people to see her alive. Bitcoin is under scrutiny after Tokyo-based Mt. Gox, once the world's dominant exchange for the virtual currency, filed for bankruptcy in Japan last week, blaming hackers for the loss of 850,000 bitcoins - worth more than $550 million at today's rates. A smaller, Canada-based exchange also shut, saying hackers had stolen all its bitcoins. Douglas Abrams, director of First Meta, denied the company was struggling or up for sale, and said Radtke "did a great job as CEO." But he said selling the company always remained an option and there had been plans to save money by moving out of its current office space, a townhouse which doubled as Radtke's home. Beauregard and others said First Meta, which initially functioned as an online trade platform for the currency used in the Second Life online world, and then expanded to other games, was not primarily involved in bitcoin. Last year, it allowed users to sell bitcoins for dollars and last month signed a deal with GoCoin. "I'm not trying to distance First Meta from bitcoin, but it doesn't provide two-way trading in bitcoin," Abrams told Reuters. Link to post Share on other sites More sharing options...
Solar Turbocharged March 7, 2014 Share March 7, 2014 Using real money to buy fake money is stupid....ha ha ha. Gambling on the possibility it will turn into real money... similar to those speculating shares and property. Once things go south, those cannot stomach the loss would go to this extreme. ..haiz... Link to post Share on other sites More sharing options...
1fast1 Supersonic April 6, 2014 Share April 6, 2014 (edited) I found this very funny. I love the self-referential meta-humour. http://www.collegehumor.com/video/6961115/should-we-do-a-bitcoin-sketch (Language [F-word] warning). Edited April 6, 2014 by Turboflat4 Link to post Share on other sites More sharing options...
BL_TQ Clutched April 7, 2014 Share April 7, 2014 I think the whole saga is getting crazy....at first when it came out, it seem aamazing...till news started coming out abt the reliability of the whole system.......thx goodness ppl are aware of it now...if not, I can't imagine the kind of money going down the drain... Link to post Share on other sites More sharing options...
Throttle2 Supersonic April 8, 2014 Share April 8, 2014 Gambling on the possibility it will turn into real money... similar to those speculating shares and property. Once things go south, those cannot stomach the loss would go to this extreme. ..haiz... Actually that gamble has already paid off becos bitcoin can quite easily be sold for hard cash. Its the fact that controls are not in place and dirty money can very easily be laundered several times through this bitcoin system which i am concerned of. 2 Link to post Share on other sites More sharing options...
Windwaver Turbocharged April 9, 2014 Share April 9, 2014 I have so far told friends to stay away from bitcoin as a form of investment. Guess some of them owe me meals Wow, this thread is still alive! Link to post Share on other sites More sharing options...
BL_TQ Clutched April 9, 2014 Share April 9, 2014 indeed, without the controls, it is quick buck....but for those who are ignorant, they will get their fingers burnt Actually that gamble has already paid off becos bitcoin can quite easily be sold for hard cash.Its the fact that controls are not in place and dirty money can very easily be laundered several times through this bitcoin system which i am concerned of. Link to post Share on other sites More sharing options...
Manmaster 2nd Gear April 9, 2014 Share April 9, 2014 No need to argue about bitcoins anymore. USA had already declared that bitcoins are not real money. USA will treat bitcoins as properties and will tax bitcoins for capital gains. Programmers are struggling to use digital currency technology, blockchain, for online gateway payment system. Therefore, digital currency has been relegated to online gateway payment system, no longer regarded as currency. The war now is whether blockchain can replace the current gateway payment system or not. Link to post Share on other sites More sharing options...
Jamesc Hypersonic April 9, 2014 Share April 9, 2014 Taxing bitcoin is the best thing for bitcoin. It gives it credibility and value. Damn I wish I bought some. 1 Link to post Share on other sites More sharing options...
1fast1 Supersonic April 9, 2014 Share April 9, 2014 (edited) Taxing bitcoin is the best thing for bitcoin. It gives it credibility and value. Damn I wish I bought some. Never sure whether you're joking or not, but just in case you're serious (or others take you seriously) - it's quite the opposite, actually. Taxation actually means that BTC cannot be considered currency. Currencies themselves are untaxable. Only transfers of currency (e.g. income, purchases, the returns from liquidation of an asset, bequest and inheritance, etc.) are taxable. Note the distinction. If tomorrow, the IRS (in the US) finds you "suddenly" have a 100 million dollars in some new account, they *cannot* tax you on that amount willy-nilly. But what they can do is to investigate how you came by that money - and if it's through legal means, you're screwed because that means you didn't declare it for income tax and you'll be hauled up on tax evasion charges. If it's illegally procured, you're screwed even worse because that means you'll be referred to the FBI for further investigation and prosecution. But barring all this, the IRS can't touch that money. Basically, the upshot of all this is that BTC is being legally viewed as something less than currency. The closest thing to what BTC is being viewed as is probably gambling earnings. The way it works in the US is that the proceeds of gambling are taxable, and should be declared as income. Even lottery winnings are taxable in the US (they're not in Singapore and the UK and some other places). Legal gambling is not a problem, but even the winnings from illegal games are taxable. If you declare it, and nobody died in that illegal Blackjack game, I doubt they'll even look further unless the FBI has got an itch it can't scratch. But if you make a loss with gambling, good luck trying to deduct it. For legal gambling, it won't happen most of the time. For illegal, not a chance in hell. So, if you get paid in BTC, or your BTC appreciates and you want to cash out in USD - huat ah, and you have to pay tax to the US gahmen. But if your BTC depreciates until you lose the shirt off your back, good luck with that - you can't deduct crap. And if your BTC gets stolen, misappropriated or "lost" (...cough MtGox...cough), I don't think any federal or police agency is going to be trying too hard to help you recover your "money". Would the police help an illegal gambler recover his winning purse if it got snatched when he stepped out of the gambling den? Edited April 9, 2014 by Turboflat4 ↡ Advertisement Link to post Share on other sites More sharing options...
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