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  #161 (permalink)  
Old February 27, 2014, 08:50 PM
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Quote:
Originally Posted by supaflyx3 View Post
You have to report your earnings at the time you earn them, so if you mined 1BTC worth in a month, back when it was $1000, you'd claim $1000.
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Originally Posted by BlueByte View Post
cavirtex says on their site they report your earnings to the government, so I wouldn't try hiding it. Now what you should be able to do is claim some of your electricity towards that if you are registered as a business. Talk to an accountant if its a substantial amount, otherwise just claim it.
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Originally Posted by supaflyx3 View Post
That's not what Andreas Antonopoulos says, and I would take his word over some random lawyer as he actually is paid in BTC.

Where he talks about it:

Joe Rogan Experience #446 - Andreas Antonopoulos - YouTube
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Originally Posted by BlueByte View Post
Revenue Canada says BitCoins aren't tax exempt - Business - CBC News

How about the CRA? Its a barter system and is only taxable when the exchange of services or goods happens. If you mine it and sit on it, then it is not taxable. I have talked to my accountant and in all honesty no body really knows how to deal with it. but the CRA wording on it at this point is pretty clear it is NOT a currency.
That's pretty BS man. So if I sell a buy a car for $1000, fix it up, then sell it for $3000, I'd have to report it as a capital gains revenue? Psht no way would I be doing that. Plus I've bought stuff in for cheap before than sold them for profit. Made like $200 in high school selling R4DS and Acekards. Didn't report a single cent.

What about a cell phone? I only bought it for $100 on contract. Next month I decide to sell it for $600 off contract. Does that mean I report $500 to CRA as other revenue/income? Would you do that?

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Originally Posted by BlueByte View Post
Nope!!!! Don't do this!!!! that is false. The coin is considered a barter system and is only worth anything at the point of the sale of the coin and is considered a capital gain.

Read this, its American but will be fairly close to our side of the border;

http://www.reddit.com/r/Bitcoin/comm...nswers_to_the/
Exactly! That amongst many other reasons.
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  #162 (permalink)  
Old February 27, 2014, 09:08 PM
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Fools! You should all be trading in chickens and sheep like me!!! Revenue duh Canada won't bother collecting entrails! I have it made! /off teh grid
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  #163 (permalink)  
Old February 27, 2014, 10:54 PM
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Anyone interested in Zeitcoin? Seems solid. Going to read more about it in the morning.
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  #164 (permalink)  
Old February 28, 2014, 08:45 AM
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Originally Posted by geokilla View Post
So many scamcoins recently... Ugh I don't know what to mine anymore. It seems like nothing is profitable.
I bin mining DGC little over 2 months now. Yeah that DGC network was only at 300 Mh/s last night, last time a checked it was at 3.7 Gh/s.
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  #165 (permalink)  
Old February 28, 2014, 07:26 PM
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I bin mining DGC little over 2 months now. Yeah that DGC network was only at 300 Mh/s last night, last time a checked it was at 3.7 Gh/s.
If it fluctuates by a lot, it was probably hit by a switchpool (or a switchpool left it). For instance, Hashcows was grazing on DGC today with 2.2 Gh/s. I think a few weeks ago it was harassed by more switchpools than it is now (since they're all poking at DOGE if they're big enough, or some of the little coins).
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  #166 (permalink)  
Old March 8, 2014, 06:28 PM
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Anyone here use switchpools?
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  #167 (permalink)  
Old March 8, 2014, 08:46 PM
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Yes. Using Middlecoin now, tried Hashcows previously. !'m about to go back to mining Litecoin, I don't think the return is any more than I would see mining LTC.
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  #168 (permalink)  
Old March 8, 2014, 09:44 PM
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Yes. Using Middlecoin now, tried Hashcows previously. !'m about to go back to mining Litecoin, I don't think the return is any more than I would see mining LTC.
I've heard good things about Scryptguilds. Much better than Middlecoin, and you can choose what coins to hold and deposit into your wallet.

How's Middlecoin and Hascows? I'm guessing you didn't have much success with them?
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  #169 (permalink)  
Old March 8, 2014, 10:19 PM
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I ran Middlecoin for a couple weeks, then tried Hashcows for about 10 days before I went back to Middlecoin. The return from Hashcows was sub-par, and the return from Middlecoin has been pretty close to what my LTC return was. Middlecoin is kind of flaky though, lots of outages. If I was getting 25% more, it would be worth the hassle.
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  #170 (permalink)  
Old March 9, 2014, 04:06 PM
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I was using middlecoin for a bit as well, but for about the last couple weeks I have been using wafflepool. It was better than middlecoin, but the profits have dropped the last few days.
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