Silk Road forums
Discussion => Philosophy, Economics and Justice => Topic started by: adamiz on August 11, 2013, 01:27 am
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Hello my friends. Let me introduce myself. I am Adamiz. My relation with SR forums is something like this.
My life before and after SR forums. Haha! I admit it finally. Anyway :)
I did a minor research and couldn't find much information about bitcoin mining and profit. So I felt creating a thread and try to gather information about it while trying finding answers to my questions. Now, once again I need your professional help and guidance.
This doesn't concern trafficking or any illegal activities but only hardware. I have or I am about to invest some capital for this process and I am thinking my safety and legality of this matter.
Lets say that I have the ability to produce/generate/mine 50-200 or why not 1000 bitcoins per month?
Will I have troubles in any way for selling my generated bitcoins somewhere? Will I be ok and "legal" even I use very verified details in markets like mtgox? Or at least at some local bitcoin trade provider. I can say that I am willing to pay also taxes for it to be legal. I know my margins very well.
Or is it indeed an "illegal" and not official currency where profit making is complicated? Do I have to seek information about laundry "services" and try keep my money untraceable?
My first target plan is to sell around 5-10 bit per day. Can I just sell my bitcoins in bc markets and having nothing to worry about?
I ask for your advices because I feel you "family" if I may say. These months when I have been here around has been life changing in a positive way. Any enlightenment on this economical matter will be more than appreciated and I believe this thread can help others who seek information about mining investments.
All the best,
Adamiz
P.S. I am EU citizen :)
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Any thoughts at all?
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Are you saying you can get at least 5 bitcoins a day by bitcoin mining? ??? I feel like if it were that easy everyone would be doing it
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I don't want to emphasize on the process. I know it is not easy. I am concerning about how easy is to have my money safe. Do you know anything that can help for this matter?
Regards,
Adamiz
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somebody get me a pick-axe im ready to start mining BTC!
what is the actual process of "mining" bitcoins
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There are no laws against bitcoins unless you are in Thailand. So the answer is no, it is not illegal to mine and trade bitcoins.
However I do think your margins are way off. It's near impossible for someone new to the mining game to attain the equipment unless they can build it themselves. It's not worth the $1,000's of initial investment imo.
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There are no laws against bitcoins unless you are in Thailand. So the answer is no, it is not illegal to mine and trade bitcoins.
However I do think your margins are way off. It's near impossible for someone new to the mining game to attain the equipment unless they can build it themselves. It's not worth the $1,000's of initial investment imo.
Well, I understand your point. But as I said I don't want to talk about the process because it is a prototype machine and we will just test it. Our hopes are high and quite sure. Just wanted to know about the legality of selling. So your message gives me hope that I will not have any problems. Even if the tax office realizes after some weeks that I have an income where I can't prove it, can I just tell them it comes from bitcoing mining and have no problem?
Thanks for your answer.
Adamiz
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1000 btc/month. sure. what you build like 20 x 500gigahash minirigs in one or what?
If you have so much money to invest in these chips... why the hell you want more? you want to buy your own planet sometime or what dude?
If you have 500.000 euros ready to buy bitcoins, you can manipulate the price (up) . same if you have many bitcoins (down).
you can cash out your bitcoins in an exchange site like MTgox, why you are so afraid?? If you want legal advise on that you should better ask a lawyer, and not a community of junkies and LE.
Seriously, my advice. If you have that big money invest on bitcoins rather than mining equipment... it makes no sense.. its very easy to take advantage of the panic, to sell and buy at the right moment, do you understand?
It is very risky. Not to mention that you will get so greedy with that "machine" that you will end killing each other. unless you build it with no help.
forgive me if i sounded mean..
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Well I didn't say that I can and will produce 1000 per month. I just said this to emphasize perhaps on the selling part of bitcoins. I don't have much money (not at all would I say) and the whole matter doesn't concern neither the "machine" or the investment. Lets say I am lucky or have managed not to worry about these 2 matters.
My only concern is again how easy is it to sell my bitcoins. That is my only question my friend.
You don't sound mean don't worry, you just emphasize on the technical matters...
Have a nice day
Adamiz
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my honest opinion, is that bitcoin will become more and more widely accepted from merchants in all kind of products, so you may well find yourself not needing to convert it to fiat currency at all... ;)
we have to fight the banks brother. If we spread the word "bitcoin" to merchants... we will rise the price (they just do the googling) - it is really one word only that we need to spread ;) and eventually kill fiat currencies... but i dont think we will be alive when this revolution happens.
If your country has yet no laws regarding bitcoin, i dont find a reason why you would be illegal to sell at mtgox (or other similar sites). The most possible is for goverments to tax it sometime.
all these millions that are exchanged each day there.. they are not from pizzas. All miners sell just like this. why would they fight you, only.
stay safe brother