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  1. #201
    Join Date
    Jan 2010
    Location
    Outside Philly
    A kiosk in my grocery store advertises, “Buy BitCoin Here”.


    I don’t know what to make of that.

  2. #202
    Join Date
    Nov 2020
    Location
    Western NC
    Quote Originally Posted by bundabergdevil View Post
    A kiosk in my grocery store advertises, “Buy BitCoin Here”.


    I don’t know what to make of that.
    Reminds me of the story of Joe Kennedy (father of JFK) getting a shoe shine in early October of 1929. As he worked, the shoe shine boy was giving out stock tips. Kennedy (as the story goes) reasoned that if a shoe shine boy was playing the market, it was time to get out and he sold out completely the next day. The rest, as they say, is history.

    Of course as either Oscar Wilde or Mark Twain (too lazy to look it up) said: History doesn't repeat itself, but it does rhyme.

    Section 15

  3. #203
    Join Date
    Dec 2011
    Location
    Albemarle, North Carolina
    Quote Originally Posted by bundabergdevil View Post
    A kiosk in my grocery store advertises, “Buy BitCoin Here”.


    I don’t know what to make of that.
    We got 1 at a gas station in Concord as well.
    "The greatest enemy of knowledge is not ignorance, it is the illusion of knowledge" -Stephen Hawking

  4. #204
    Join Date
    Mar 2007
    Location
    Boca Grande Florida
    I placed one in my retail store last October, mostly for marketing to spring break and holiday travelers this year. It’s getting a lot of attention, but not much use, yet.

    Most people don’t have a crypto wallet on their phone. It’s all still so very early in the game, despite Bitcoin’s +$40,000 price.

    I don’t recommend anyone use these machines to buy your coins, use an exchange, the fees are way too high, for now.

    I was given the option of taking 6% of sales, (they take 12%!!!), or they pay me $200 a month for the space.

    I took the $200 per month.

  5. #205
    Join Date
    Mar 2007
    Location
    Boca Grande Florida

  6. #206
    Join Date
    Jan 2010
    Location
    Outside Philly
    Quote Originally Posted by Wheat/"/"/" View Post
    I placed one in my retail store last October, mostly for marketing to spring break and holiday travelers this year. It’s getting a lot of attention, but not much use, yet.

    Most people don’t have a crypto wallet on their phone. It’s all still so very early in the game, despite Bitcoin’s +$40,000 price.

    I don’t recommend anyone use these machines to buy your coins, use an exchange, the fees are way too high, for now.

    I was given the option of taking 6% of sales, (they take 12%!!!), or they pay me $200 a month for the space.

    I took the $200 per month.
    Do you accept Bitcoin in your store?

  7. #207
    Join Date
    Mar 2007
    Location
    Boca Grande Florida
    Quote Originally Posted by bundabergdevil View Post
    Do you accept Bitcoin in your store?
    I do for my fishing charters.
    Waiting on my accountant to figure out how to handle the taxes for retail. Regulations aren’t especially clear at this time.

  8. #208
    Join Date
    Jan 2010
    Location
    Outside Philly
    Quote Originally Posted by Wheat/"/"/" View Post
    I do for my fishing charters.
    Waiting on my accountant to figure out how to handle the taxes for retail. Regulations aren’t especially clear at this time.
    Why is the fishing charter different than the retail? Is the charter under the table?

    Apparently Wal-Mart is creating its own cryptocurrency.

    https://www.cnbc.com/2022/01/16/walmart-is-quietly-preparing-to-enter-the-metaverse.html

  9. #209
    Join Date
    Mar 2007
    Location
    Boca Grande Florida
    Quote Originally Posted by bundabergdevil View Post
    Why is the fishing charter different than the retail? Is the charter under the table?

    Apparently Wal-Mart is creating its own cryptocurrency.

    https://www.cnbc.com/2022/01/16/walm...metaverse.html
    No. I’ve just been holding the Bitcoin I received from charters, for now.

    My accountant is working on that too, looking for clarity. It’s easy to keep track of for charters, too complicated for retail sales each week.

    My understanding is I will probably have to pay capital gains tax if I sell the amount I received as payment for service.
    But we’re not clear, it might be considered regular income.

    Regulators have some work to do.

  10. #210
    Join Date
    Feb 2007
    Location
    Washington, DC area
    Quote Originally Posted by Wheat/"/"/" View Post
    No. I’ve just been holding the Bitcoin I received from charters, for now.

    My accountant is working on that too, looking for clarity. It’s easy to keep track of for charters, too complicated for retail sales each week.

    My understanding is I will probably have to pay capital gains tax if I sell the amount I received as payment for service.
    But we’re not clear, it might be considered regular income.

    Regulators have some work to do.
    I'd have thought it would be taxed as income at the going exchange rate when you received it as payment for services. And that any capital gain or loss from holding the bitcoin would be an additional filing. Note IANAA.

  11. #211
    Join Date
    Sep 2007
    Location
    Undisclosed
    Quote Originally Posted by -jk View Post
    I'd have thought it would be taxed as income at the going exchange rate when you received it as payment for services. And that any capital gain or loss from holding the bitcoin would be an additional filing. Note IANAA.
    Is Bitcoin an investment for which gains/losses would be taken, or a currency treated as ordinary income? And if the latter, is it valued as of the date services are rendered?

    Hell if I know.

    How did the Dutch tax tulips?
    “Bob says run! Bob says run! Bob says run!”

    {good pick-up after handoff}

    “Bob was right! Bob was right! Bob was right!”

  12. #212
    Join Date
    Mar 2007
    Location
    Boca Grande Florida
    Quote Originally Posted by -jk View Post
    I'd have thought it would be taxed as income at the going exchange rate when you received it as payment for services. And that any capital gain or loss from holding the bitcoin would be an additional filing. Note IANAA.
    I need to take some time to look into how Tesla is doing Dogecoin for merchandise, its probably the same tax structure for BTC, but maybe not.

    The SEC has ruled that Bitcoin is digital property, hence cap gains, but I haven’t seen anything official on how to deal with BTC as a currency.

    Any info someone has, I’m all ears.

  13. #213
    Join Date
    Mar 2007
    Location
    Boca Grande Florida
    Did a quick search on my IPad and found this…. https://turbotax.intuit.com/tax-tips...ency/L1ZOgU00q

    I’m out in Vegas playing a little poker, so I can’t take the time to look into this article at the moment, but it’s the first time I’ve seen the term “convertible virtual currency”.

    Note:I jus saw it says “ You must convert the Bitcoin value to U.S. dollars as of the date each payment is made and keep careful records.”

    I don’t want want to sell my Bitcoin every transaction, that makes no sense as a retailer. Will have to look into it a lot more.
    Last edited by Wheat/"/"/"; 01-16-2022 at 09:30 PM.

  14. #214
    Join Date
    Feb 2007
    Location
    Washington, DC area
    Quote Originally Posted by Wheat/"/"/" View Post
    Did a quick search on my IPad and found this…. https://turbotax.intuit.com/tax-tips...ency/L1ZOgU00q

    I’m out in Vegas playing a little poker, so I can’t take the time to look into this article at the moment, but it’s the first time I’ve seen the term “convertible virtual currency”.

    Note:I jus saw it says “ You must convert the Bitcoin value to U.S. dollars as of the date each payment is made and keep careful records.”

    I don’t want want to sell my Bitcoin every transaction, that makes no sense as a retailer. Will have to look into it a lot more.
    I think they're saying you have to record the dollar value of the bitcoin on the day you get paid in bitcoin. Not actually convert the bitcoin itself into dollars. (Then you'd do the gain/loss when you convert it later.)

    Similar to keeping records when inheriting property.

    -jk

  15. #215
    Join Date
    Mar 2007
    Location
    Boca Grande Florida
    Quote Originally Posted by -jk View Post
    I think they're saying you have to record the dollar value of the bitcoin on the day you get paid in bitcoin. Not actually convert the bitcoin itself into dollars. (Then you'd do the gain/loss when you convert it later.)

    Similar to keeping records when inheriting property.

    -jk
    That makes more sense, but still seems like it’s going to be a pain for my accountant and bookkeeper.

  16. #216
    Join Date
    Sep 2007
    Location
    Undisclosed
    Quote Originally Posted by -jk View Post
    I think they're saying you have to record the dollar value of the bitcoin on the day you get paid in bitcoin. Not actually convert the bitcoin itself into dollars. (Then you'd do the gain/loss when you convert it later.)

    Similar to keeping records when inheriting property.

    -jk
    Exactly— establish your basis in the property, then take a gain or loss when you sell.

    It does sound like a pain, but it’s something that needs to be done (apparently) with every Bitcoin transaction anyway, just like stocks.

    I guess.
    “Bob says run! Bob says run! Bob says run!”

    {good pick-up after handoff}

    “Bob was right! Bob was right! Bob was right!”

  17. #217
    Join Date
    Feb 2007
    Location
    Cincinnati, Ohio
    Quote Originally Posted by Wheat/"/"/" View Post
    That makes more sense, but still seems like it’s going to be a pain for my accountant and bookkeeper.
    Now you have me thinking about how REALLY painful this could be. If there were a recognized exchange or authority that set the historical value of bitcoin on a daily basis, then it would only be modestly painful. Your accountant just needs to record the day of the transaction and refer back to the official value whenever you need it.

    But bitcoin and the other cryptocurrencies can swing so wildly during the course of a day, it wouldn't seem unreasonable that they might require you to document exchange rates on an hourly (or minute by minute) basis. And that's something I'm sure your accountant wouldn't enjoy. Do you have any sense of just how granular that might want you to be when you record your transactions?

  18. #218

    Co-founder of Ethereum Shouts Out Duke

    Vitalik Buterin is the world's youngest crypto billionaire and wrote the white paper on Ethereum in 2013 when he was 19 years old. This morning he tweeted a shoutout to Duke University for research done on the EIP 1559 update. Seeing him mention Duke made my morning.

  19. #219
    Join Date
    Nov 2007
    Location
    Vermont
    I'm still shouting out to Duke for the much rumored investment in Coinbase that brought in a few odd billions.

  20. #220
    Join Date
    Mar 2007
    Location
    Boca Grande Florida
    Quote Originally Posted by Ggallagher View Post
    Now you have me thinking about how REALLY painful this could be….. Do you have any sense of just how granular that might want you to be when you record your transactions?
    Short answer, no.

    I don’t plan on accepting crypto payments this year for retail. I just don’t have the time to sort it all out for my busy season, (now-July), and the demand from my customers is just not there, yet. I know it’s coming, and I’m looking forward to not paying 2 1/2% visa/MC fees ASAP so I’ll have to get on top of it.

    I saw this really interesting interview today about the future of Bitcoin mining with Kevin O’Leary, (yes, Mr. Wonderful the shark tank guy).

    Countries and large institutions competing to mine the limited number of Bitcoin in the future…billions of dollars devoted to these mining operations around the world??? Smart, very wealthy people, seem to think Bitcoin is going to be very valuable in the future.

    I’m planning to start buying more tomorrow on this recent Bitcoin dip before these big players get their &$@# together over the next few years and realize just how scarce a full Bitcoin will be.


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