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vtbones

Joined: 05/20/2005 Posts: 6627
Likes: 455

What's this?

Nothing you say he said is true, or even a sensible thought.


> "He said right now they are primarily backed by nefarious organizations and seem to be a common currency on the Black Market."

Bitcoin is not backed by anything. And so what if they use bitcoin on the deep web/black market? Cash is used too by criminals but that doesn't change it's value.

> "He thought the Yakuza seemed to be a big player since a large percentage of websites that accept Bitcoins are based in Japan."

The Yakuza? What is he even talking about? The majority of businesses that accept bitcoins are in Europe.

> "FWIW he is looking into investing in Bitcoin as soon as he can come up with a program to mine them."

If he wants to invest, just buy some. And he doesn't need to "come up with a program" to mine them. Just buy/setup a mining rig, download the free software, and go. However, you'll spend more money on electricity running the rig than you will gain in mined coins.

> "However, he did agree with there are a couple concerns about investing in them."
> "1. If DOJ can prove that Bitcoins are backed by the Yakuza and/or any other criminal organizations, then could he lose his entire investment? "

No. Again, bitcoins are not "backed" by anything. There is nothing the Feds can do to bitcoin to make it lose its value. It's decentralized; there's nothing to seize or take.

> "2. Are there any extra tax issues associated with the investment? Basically could the IRS see investing in Bitcoins as an attempt to evade any tax responsibilities since Bitcoins aren't tracked."

All income is taxable. Even bitcoin investments. Also, bitcoins are tracked. That's what the bitcoin blockchain is, a history of every single transaction of every single bitcoin.

> "3. Because Bitcoins are primarily used on the Black Market or "fronts" for nefarious organizations, then is there any additional risk (particularly employment) to someone who just wants to invest in Bitcoins?"

No.


I'm far from an expert on bitcoins, but I know enough to know that nothing your co-worker said was even remotely true.

[Post edited by vtbones at 11/01/2017 3:40PM]

(In response to this post by VTHokie2000)

Posted: 11/01/2017 at 3:37PM


+3

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