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New York Coin

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Similar to Bitcoin - the New York Coin is a local digital currency that is taking off. It is based on open source code - so other local digital coins could pop up. Are we heading back to the Token era?

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Tokens were also a sort of early advertisement for business and goods in the true physical sense, IE; the merchant gave the buyer a small increment token as change during a transaction. Can that be said about ethereal currency?

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On ‎2‎/‎23‎/‎2018 at 7:56 AM, Zebo said:

It could promote New York City or some small municipality or area. Not very likely, but....  Tax free use???

I'll never own digital currency but here's something I have not considered. Like gains in my 401k are taxable how can digital currency gains be taxed federally and at the state level ?

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2 hours ago, numisport said:

I'll never own digital currency but here's something I have not considered. Like gains in my 401k are taxable how can digital currency gains be taxed federally and at the state level ?

If your bank pays you interest, it's just an electronic entry, right?

If it's a gain, it is taxable. As soon as you sell, you've locked in a gain and the tax man wants his slice...

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18 hours ago, bstrauss3 said:

If it's a gain, it is taxable. As soon as you sell, you've locked in a gain and the tax man wants his slice...

Nobody can report these gains unless you actually cashed out. Where does the cash come from if you could cash out ?

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On 2/23/2018 at 10:07 AM, LINCOLNMAN said:

More like 19th century local bank notes, IMO. 

That's what I was thinking too. I heard a report the other day that said there are over 3000 different digital currencies out there. Just like the 19th century when every banks notes were valued differently, anyone want to try and keep track of 3000 different digital currencies and what they're worth?

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On 2/25/2018 at 9:01 AM, numisport said:

Nobody can report these gains unless you actually cashed out. Where does the cash come from if you could cash out ?

It comes from other people buying in.

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It takes another sucker to come in and buy your tulip bulbs - a pyramid scheme with electrons.

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On 2/25/2018 at 10:01 AM, numisport said:

Nobody can report these gains unless you actually cashed out. Where does the cash come from if you could cash out ?

Coinbase just lost a court case, and they were forced to give over all their information to the IRS on the top 10,000 (based on value) accounts in their database.  And they considered this a victory, because the IRS wanted access to every account.

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The notes from this Milford, Delaware bank are fairly common. Why? The bank took a dive three and half years after it opened because there was a "specie run" on it. Seven months after that it's charter was repealed. The people who were holding these notes got nothing. That's what some of these Internet currency people are going get ... what my father used to call "a darn good stinging."

There are those who only believe in hard money, gold and silver. Then there are those believe in money that is backed by the legal system. Then there seems to be a group of people who believe in thin air. Some these Internet currencies make the "wild cat banks" of the 19th century look good.

Milford 2 dol Note.jpg

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On March 2, 2018 at 5:45 PM, BillJones said:

There are those who only believe in hard money, gold and silver. Then there are those believe in money that is backed by the legal system. Then there seems to be a group of people who believe in thin air. Some these Internet currencies make the "wild cat banks" of the 19th century look good.

 

image.jpg

image.jpg

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