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The value of the estate my result in the estate paying inheritance taxes which might reduce the value of the inheritance. Just winklevoss Shares, Gold twins Cash. Winklevoss old owners pushed Bitcoin stories People laughed at the Winklevoss twins in when bitcoin started buying up bitcoin — lots of it. It could also be used in industries stakeout financial services such as retail, healthcare twins real estate. While other foreign exchange instruments are subject to controls and manipulation by governments and monetary authorities stakeout the world, Bitcoin is a pan-global means of exchange tool. Most bitcoin are raw materials or hard assets that owners can hold in their hands or store for safe-keeping.
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Trump vaults to 49 per cent approval rating among likely Blockchain has many applications for other assets and could revolutionize the back-office function creating economies of scale and decreasing the cost of settling transactions across all assets. So you don't unload the entire block all in one go. I quite agree that if someone owned enough of the real estate market they'd have the same problem, but that actually gets at the point I was making. Today's headlines Most Read Brendan Cole bites back! We take the Glo Germ test to show what works and what doesn't to
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Stock quotes stakeout finanzen. If the stock tanked, it bitcoin not hurt you, just everyone else that owned Apple stock. Share winklevoss article Share. Depends on what you mean by "fair share". Comments Share what you think. But twins, the Bitcoin revolution has extended beyond the techies and miners.
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About 4, results 0. Anyway, it's not the fact that pretty much 1 out of the 10 stories a day is about bitcoin, it's that they are completely uninteresting. This one is basically "Rich people have money". He's a billionaire in America because the current value of those Bitcoins exceeds one billion dollars. In case you're pedantic rather than ignorant, I'll remind you that net worth is calculated by converting all assets and liabilities to dollars at current market prices.
This is entirely consistent with how traditional stock-and-bonds billionaires are assessed. I agree with that. However, in the greater world, simply saying "billionaire" is not enough, so it's better to specify the currency. For instance, a dollar billionaire might not be a euro billionaire. Using the same logic, a bitcoin billionaire would mean having a billion bitcoins.
Of course, this assumes that you treat Bitcoin as a currency. There's no single unit of Nokia share, for example, so it's easier to agr. Over million folks have bought iPhones when you can make calls from a 5 dollar flip phone. Sometimes a need is not known to exist till a product is created. BTC is a product and needs are constantly getting invented for it. We know those coins have never moved since being mined, because the blockchain tracks every transaction.
It is always possible those early coins are lost, or the private keys intentionally destroyed. The folks in on the ground floor make money. Other people may make money as the scheme progresses Then Everybody left loses all they invested once it falls apart.
I assure you, Santa would not insure his list, if he was worried about he'd just wiggle his nose to ensure the data integrity! Really easy, it just crushes the price as it tears through sell walls because of relative low volume. What's wrong with striving for more than you have?
Even physical ones like rental property. The market could literally collapse overnight and make your properties worth less than you owe on them, and indeed it has happened numerous times in history. Don't invest money you can't afford to lose. It's always at risk in any investment. Risk is the nature of investing. The only two people on the planet who can make Mark Zuckerburg look better in comparison.
The Founding of Facebook: Yeah, he basically took Eduardo Saverin's story and fictioned it up a little bit. It also shouldn't shock anyone that serial character assassin Aaron Sorkin liked it enough to adapt it for the Social Network. There may be more comments in this discussion. Without JavaScript enabled, you might want to turn on Classic Discussion System in your preferences instead.
Sign up for the Slashdot Daily Newsletter! The twin brothers who gained notoriety for suing Mark Zuckerberg over the claim that they started Facebook have done remarkably well in the wake of Bitcoin's record gains. This discussion has been archived. No new comments can be posted. Share twitter facebook linkedin. Reality of All Billionaires Score: Parent Share twitter facebook linkedin. You don't need a billion dollars or really even a million for that matter in cash for any reason.
What the hell would you actually buy with it? Perhaps you could perform a hostile takeover of some other company that's publicly traded or just for sale by the owner, but the kinds of people who'd do that would be looking at it as an investment instead of like buying a car.
You don't even need to be cash rich at all as long as you're just rich. Banks will always be willing to lend you money when you have. Even with a hostile take over, most of the consideration is in the form of shares. The human brain doesn't comprehend numbers that large consciously.
This is not even accounting for any interest on the principal, and considerably higher than median household income in the US. If they were able to recover even a fraction of the amount, they are set for life even if they spend exorbitantly.
I've tried to explain this many times and usually get modded down. Valuation of personal wealth based largely on securities should not be compared to cash in the bank. This is very often made clear. You just say that they have over a billion dollars "on paper". How much of that could he get in cash in one year? What happens to markets when word gets out that Gates is cashing out everything?
Selling all at once doesn't magically make buyers appear at the spot price. Because it seems like it's on the tip of your tongue, I think the word you're looking for is "liquidity. Bezos doesn't have any issues selling a Billion or so of amazon stock each year. He does that with regularity to finance Blue Origin [bloomberg. Some will say it's better, but it is still not cash. If currency was guaranteed to have a specif value, inflation wouldn't be a thing.
Is it not a currency? BC is as liquid as cash. Bitcoin does over 6 billion a day in trade volume. If you owned one billion dollars in Apple stock and sold all of it all at once, provided there were instant buyers, you might get your one billion. If the stock tanked, it might not hurt you, just everyone else that owned Apple stock. The key is finding buyers all at once. Just like the stock market.
So you don't unload the entire block all in one go. Just like people do on the stock market. Demand for BTC remains pretty strong still plenty of speculators eager to take a gamble , so they can sell smaller blocks on the way up. I bet they've already started doing that a while back. Wait, no government regs? Who told you that?
Not a lawyer, that's for sure. If you don't l. Maybe worth a virtual billion dollars Score: Unless they can actually cash out that billion at any moment, I wouldn't consider it real. So I guess the stock market isn't real either. You can't take that much money out of a bank in one go either. I guess banks aren't real. Until you sell your stock investment you haven't made any money at all.
That is why you are taxed on sale. I don't know how true this is, but I've heard that many of these wealthy people will take out large loans and default on them and pay it off with stock, which doesn't count as a sale.
Essentially it allows them to get around the taxes. There may be more to it than that, or it may have been some loophole that's since been closed, but it seemed like the type of scheme bankers would dream up.
I'm guessing transfer of ownership is a sale, but like you I'm unsure. The only sure way I know of avoiding paying taxes on the transfer of asset title is inheriting them. When a person dies the cost basis of the assets is reset to their value as of the date of death.
Of course the estate owner isn't seeing any gain. The value of the estate my result in the estate paying inheritance taxes which might reduce the value of the inheritance. Any income tax due the heir would come from the increase in value of th.
I should have mentioned that when a spouse inherits upon the death of a husband or wife, there are nor taxes owed. And that fact has caused a few problems over the years. In contrast, when s. Any valuation of wealth is speculative until it is actualized into the denomination specified. Even when converting between two different currencies.
If I have a few leftover euros in my pocket after a trip, their worth in US dollars is speculative until I actually make the exchange.
Well shit, now I've gone and done it! Some random anonymous dude on the Internet isn't going to do business with me.
As long as we don't agree, I won't do business with you. Better business model Score: I think they found a better business model. Facebook sells user data, especially to the NSA, spies on everyone, abuses monopolies and patents, violates multiple countries' laws, and lies about everything all the time.
Bitcoins fight oppression and discrimination from the World Bank and UN, fights manipulative billionaires, fights Wall Street assholes, and fights oppressive governments.
Bit a difference there. I hope they didn't put it in Mt. Because you know, that would be sad. The premier news source for bitcoin. I'm convinced that the new owners of Slashdot have a big stake in Bitcoin. There may be a market opportunity there I'm an Eve billionaire! More of a tangible currency than BC. No, they are not. With a hard cap of 21 million bitcoins in total, nobody will ever be a Bitcoin billionaire.
I'm not even sure if there are Bitcoin millionaires, though Satoshi could well be one. Also, why say "1 percent of the entire currency's dollar value equivalent"? They have 1 percent of total coin supply, and that won't change whether you compare 1 BTC to Euro or whatever. Good luck selling that Satoshi Nakamoto Did it First Score: Looks can be deceiving I guess, but not unusually. The message in the Exodus block is "Drink Your Ovaltine.
Will they convert to something less volatile before bitcoin value crash? When Santa makes a database he verifies it twice to insure data integrity. I'm not a faggot, I'm a furry! Printing the key — and keeping it off the internet — helps protect it from people trying to steal it. The Winklevoss twins take it one step further — they cut up a paper printout of their private key, then stored the pieces in banks around the country.
They cut up printouts of their private keys into pieces and then distributed them in envelopes to safe deposit boxes around the country, so if one envelope were stolen the thief would not have the entire key.
The Winklevosses say they use a similar system for Gemini, the bitcoin exchange they created that's licensed in New York to hold the cryptocurrency on behalf of banks and traders. That's because if the Winklevosses were to lose their bitcoin billions, that would be a tragedy for them — but if their exchange were hacked, there would be a lot of angry financiers looking for answers.
The entire Times story is worth reading. Get the latest Bitcoin price here. Most Internet of Things data is useless unless companies embrace these 2 tech trends. You have successfully emailed the post. Thomson Reuters The Winklevoss twins, known for suing Mark Zuckerberg, started buying bitcoin in The twins keep the private key for their bitcoin fortune in multiple pieces in bank vaults around the country.
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