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Reb Frost

9 Years Ago

Does Anyone Accept Bitcoins For Currency When Selling?

I've been watching the Bitcoin market lately and I was wondering if anyone has considered payment in Bitcoins and what do you think of the prospect of accepting this new form of currency for your work? I'm also wondering what FAA thinks about this new trend in currency.....

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Abbie Shores

9 Years Ago

I would consider it. Perhaps a half and half for a while

I do not know what Sean thinks about them

 

Reb Frost

9 Years Ago

I've been watching the markets on this for a while. I know it has dropped, but it is interesting to have some sort of currency outside the realm of banksters.. lol.. I'd really like to know what Sean thinks about this subject. :)
Many businesses are looking into cryptocurrency now... So perhaps it is worth taking a second look at it..

 

Edward Fielding

9 Years Ago

Dropping like a rock. No one is seriously considering accepting this gamble. Can you image selling a print for $100 and then getting 10 cents when payout time comes around?

Its not a currency but property according to the IRS. As such it is subject to tax.

"The federal government will tax digital money such as Bitcoin like property, not currency, the IRS said Tuesday in its first significant guidance on the virtual coin."

 

Gales Of November

9 Years Ago

Nope.

 

Reb Frost

9 Years Ago

Then why are so many big investors interested in it? Like Branson, Google, etc? If it is so bad.. then why the sudden interest in it?

 

Reb Frost

9 Years Ago

An IRS notice released March 25 makes clear that transactions using virtual currencies count as “property transactions” under current tax law. “Virtual currency operates like ‘real’ currency,” it reads. “But it does not have legal tender status in any jurisdiction.” Rather than a legitimate foreign currency like the Chinese Renminbi, Bitcoin is actually a commodity with its own fluctuating value, like a stock or bond. That designation makes things a lot more complicated when it comes to tax time http://www.psmag.com/navigation/business-economics/irss-taxation-ruling-means-bitcoin-digital-currencies-78588/

 

Edward Fielding

9 Years Ago

Hmmm let's see - because Branson and Google gamble on all sorts of far fetched ideas. They have the extra dough to blow. Do you? Might as well accept penny stocks or casino chips.

 

Joshua House

9 Years Ago

Given that people have been asking this question for a year now (basically since the main stream heard of bitcoin) and there's been no movement towards it here I think you know Sean's answer. My comments on being able to use them in the real world remain. Would a homeless person in Quebec be able to use bitcoins to buy themselves a coat off the rack, a cup of coffee or a warm bed?

http://fineartamerica.com/showmessages.php?messageid=1730177

http://fineartamerica.com/showmessages.php?messageid=2243599

 

Joshua House

9 Years Ago

Actually Edward, assuming it's a casino that's still open I'd accept their chips over Bitcoin in a heartbeat. They have a fixed value to the real world, and aren't traded on exchanges created to sell pokimon cards.

 

Edward Fielding

9 Years Ago

Sure, I suppose if you resisted the temptation to bet with the casino chips you could cash them in for face value, as long as the casino is still in business. Maybe scratch tickets would have been a better choice.

....

The question begging to be asked is WHY would anyone want to accept Bitcoins? You can take your hard earned real money and buy your own Bitcoins at any time.

Do people think that criminals are suddenly in the market for fine art?

 

Reb Frost

9 Years Ago

Branson and Google may have the $$$ but then one Bitcoin is less than 300 bucks to someone investing right now.... So its the same as penny stocks or casino chips really... I know some people who spend a fortune at the casino, more than that in one day......lol... so that is not really a debate Edward.. but I do see your point...

Joshua, apparently there is supposed to be a movement towards it now.. in Canada. And with regards to your comment on a homeless person being able to use it to buy themselves a coat or a cup of coffee... well perhaps if the person who invested in it initially, made money from it.. they could buy the homeless person those things.. don't you think?

 

Abbie Shores

9 Years Ago

Sheesh.

I would accept Bitcoins as there are growing markets for them. SOme people only accept them now (in certain businesses) and people trade with them. It is quite a large (and growing) area and I like to play with new things. It is not only criminals that play in the Bitcoin marketplace

 

Reb Frost

9 Years Ago

Well sometimes life is all about taking chances, risks.. some of the smartest and wealthiest people in the world have taken such risks and either failed or gained...and yes it is actually growing, becoming more secure as time goes on Isabella.. According to what I have been reading online... :)

 

Edward Fielding

9 Years Ago

Bitcoin was created to hide transactions - drug sites, porn sites and other illicit trade loves it.

The question remains - why would you choose to be paid in a virtual currency that is accepted in LESS THAN 100% of places as opposed to a real currency accepted around the world by everyone?

 

Nicole Whittaker

9 Years Ago

while I disagree with only criminals using them, I do agree that the currency is too volatile atm and at least where I live it's too unknown and unused.

 

Reb Frost

9 Years Ago

Bitcoin was first described in 1998 by Wei Dai on the cypherpunks mailing list, suggesting the idea of a new form of money that uses cryptography to control its creation and transactions, rather than a central authority. The first Bitcoin specification and proof of concept was published in 2009 in a cryptography mailing list by Satoshi Nakamoto. Satoshi left the project in late 2010 without revealing much about himself. The community has since grown exponentially with many developers working on Bitcoin.

Satoshi's anonymity often raised unjustified concerns, many of which are linked to misunderstanding of the open-source nature of Bitcoin. The Bitcoin protocol and software are published openly and any developer around the world can review the code or make their own modified version of the Bitcoin software. Just like current developers, Satoshi's influence was limited to the changes he made being adopted by others and therefore he did not control Bitcoin. As such, the identity of Bitcoin's inventor is probably as relevant today as the identity of the person who invented paper.

I don't remember ever reading anything about drugs, porn or other stuff related to this Edward. Can you send me a link about that?

 

Reb Frost

9 Years Ago

I don't think it is going away because the value of all bitcoins in circulation exceeds US$ 1.5 billion with millions of dollars worth of bitcoins exchanged daily.

 

Reb Frost

9 Years Ago

But in all fairness.. I will post this...
What are the disadvantages of Bitcoin?

•Degree of acceptance - Many people are still unaware of Bitcoin. Every day, more businesses accept bitcoins because they want the advantages of doing so, but the list remains small and still needs to grow in order to benefit from network effects.

•Volatility - The total value of bitcoins in circulation and the number of businesses using Bitcoin are still very small compared to what they could be. Therefore, relatively small events, trades, or business activities can significantly affect the price. In theory, this volatility will decrease as Bitcoin markets and the technology matures. Never before has the world seen a start-up currency, so it is truly difficult (and exciting) to imagine how it will play out.

•Ongoing development - Bitcoin software is still in beta with many incomplete features in active development. New tools, features, and services are being developed to make Bitcoin more secure and accessible to the masses. Some of these are still not ready for everyone. Most Bitcoin businesses are new and still offer no insurance. In general, Bitcoin is still in the process of maturing.


 
 

Rudi Prott

9 Years Ago

For virtuel currency You can buy virtual bread, virtual meat, virtual water ...

Why are google and others interested?
It is like everytime when big players want to hornswoggle the masses: They want to speculate as long as they have an advantage in information. Later when the innocent hold them they will drop them like a hot potatoe. There is no real value behind a bitcoin and nobody guarantees for them.

The story remembers the tulip bulb speculation (tulip mania) in the Netherlands in the 17th century: You could get a house for one bulb. When suddenly everybody recognized how crazy this was the speculation crashed very fast.

http://en.wikipedia.org/wiki/Tulip_mania

 

Reb Frost

9 Years Ago

Thanks Edward, but I didn't see anything about porn on there.. Bitcoins have been scrutinized due to some bad circumstances related to the people running the sites for investor..... but actually no worse (if not better) than what the banking and investment institutions having been doing to people in both the U.S. and Canada for years...

 

Reb Frost

9 Years Ago

I'm pretty sure the banks, nor the government want this to come into fruition... and in saying that...perhaps we should take a look at this....http://www.ibtimes.com/worlds-biggest-bitcoin-wallet-owned-us-government-1514100

 

Edward Fielding

9 Years Ago

With anything, ask yourself - Am I a financial wizard with secret information that no one else has? Am I somehow smarter and have access to better information then those who do this for a living?

The average person has no chance of out foxing any financial market - shady or mainstream. You will lose in the long run just like gambling in Vegas.

....
The Feds seized SilkRoad's (a site that allow the transactions of illegal drugs), so now they have a bunch of bitcoins. Its not the same as backing a currency like the U.S. Dollar.

 

Reb Frost

9 Years Ago

Thanks Rudi for bringing that up. You are certainly right that the general public is often at the mercy of these companies and government that want us to invest and then they manipulate the markets so that they can succeed, while we lose out... Something to certainly think about.. especially when investing! :)

 

Edward Fielding

9 Years Ago

 

Rudi Prott

9 Years Ago

... and all thiis software, security, cryto things: do You really want to give the control from the FED to the NSA ?

 

Abbie Shores

9 Years Ago

Edward

The question remains - why would you choose to be paid in a virtual currency that is accepted in LESS THAN 100% of places as opposed to a real currency accepted around the world by everyone?

Why not? The things can rise or they can bomb. Same as anything in life. Why do people play on the stock exchange? The thrill and the adventure and the beating the system. Some people just ask questions and play safe.

 

Reb Frost

9 Years Ago

Yes, perhaps you are right Edward. :) But your comment was interesting in the fact that it was also said with much defeat... Never say never Edward... We should never assume that these institutions own us or are smarter than us, or control us... because then.. we just become silent numbers ..giving away our rights.... Never consider yourself "average".. No one should....And I'm not just implying the bitcoin thing.. I mean in everything you do.. :)

 

Edward Fielding

9 Years Ago

When you get paid in real cash you have the freedom to spend it on anything you want.

Most people don't play on the stock exchange, they invest with a diversified portfolio that spreads the risk over a wide range of financial instruments designed to create a return on their investment.

 

Reb Frost

9 Years Ago

These type of investments are certainly not for everyone.. A lot of people can't afford to make ends meet these days due to high taxes, and high food costs.. but then again.. we ought to really ask ourselves why are we paying so much and working so hard and receiving so little? And is there a solution..? Well bartering is one solution that certainly has helped people over the years... and I'm sure we will begin to see more ideas regarding this in the future..

 

Reb Frost

9 Years Ago

Well thank you for commenting on this. i have to go to work, but...Its really good to hear other members views. I appreciate it very much :) Have a great day!

 

Edward Fielding

9 Years Ago

Food has never been cheaper in the history of food.

"food prices on average are about 10% of disposable household income, whereas 50 or 60 years ago they were roughly 25-30%." http://www.debatingeurope.eu/2014/05/07/do-we-know-the-real-cost-of-the-food-we-eat/#.VLRGzivF98c

But that's a discussion for another day. bye!

 

Nicole Whittaker

9 Years Ago

I think the point was that bitcoins (atm anyway) are a gamble. gambling is fine for those that like to and/or can afford to but... for those that need the money from sales to buy food, pay bills, or simply don't like gambling then I can certainly understand not wanting to accept bitcoins.

 

Jason Christopher

9 Years Ago

.

 

Edward Fielding

9 Years Ago

As long as the Bitcoin "investors" are not bailed out after its collapse, I don't see the problem. Its not like Bitcoin is a legitimate bank backed by the FDIC.

 

Jason Christopher

9 Years Ago

.

 

Joshua House

9 Years Ago

Is that job paying you in bitcoins? Would you work there if they were?

There, I just answered all your questions about bitcoin.


 

Abbie Shores

9 Years Ago

The question was, would you accept payment in Bitcoins.

I would not go out and BUY Bitcoins but yes, I would take half a commission payment in them. I would look on it as in investment as I do not know what they will do in the future. If they flop then they flop. I never had the money to buy them with so didn't lose anything apart from a few canvases. If they raise in value I could well make more than I would have done if I had had the money

I do not gamble funnily enough. But, I do know several people who trade with each other in this currency and it works ok for them. I can make a currency myself if I wish, let's call it 1stAngel. I can then jump through the hoops to make it worth something and then use it on my site to trade goods and work. It would be legal tender where it is based. Many sites already do this with plugins.

Bitcoins is just a larger form. It matters not who started it. It has grown from that.

 

Bill Tomsa

9 Years Ago

Reb Frost

Branson and Google may have the $$$ but then one Bitcoin is less than 300 bucks to someone investing right now....

I have only been following news on Bitcoins in a very casual manner so I have no expertise on the subject, But it seems like not too long ago I recall thinking $800 for one Bitcoin - that seems like a lot of money. Have they really fallen by $500 in a relatively short time? Seems like more than your average "risk".

Bill Tomsa

billtomsa.blogspot.com/

 

Mike Savad

9 Years Ago

i didn't think those thing had any value to them. i can't worry myself with imaginary money unless it has a long history and some kind of backing behind it. i consider it fad money.


---Mike Savad
MikeSavad.com

 

Abbie Shores

9 Years Ago

Reb, just don't bring clowns into this and I will be happy ;)

 

JC Findley

9 Years Ago

How about dolls? Can I bring dolls in?

 

Jason Christopher

9 Years Ago

ok i got a dog

 

Abbie Shores

9 Years Ago

NO DOLLS dogs are good

 

Floyd Snyder

9 Years Ago

Please go talk to an investment council before you invest in bitcoins.

"but it is interesting to have some sort of currency outside the realm of banksters.. "

This is just one of the reasons that bitcoins is an extremely high risk investment for the average person. There are no bankers or countries backing bitcoins. That means it is like a penny stock that has no market maker. If on any particular day if there are no takers on you bitcoins, you simply will not be able to use them.

The IRS determining that they are property and NOT currency means they are treated as capital gains instead of income. Capital gains taxes as much higher then income taxes.... and the deductions for losses are capped. You can only deduct a percentage of capital losses. It will also mean filling a more complicated tax form

Branson and Google owners and most other billionaires ARE NOT the people you want to follow with you investment dollars. They have billions of dollars and they can lose hundreds of millions of dollars, and often do on any one or two investments, and not even feel it.

If you are worth 10 billion dollars and you lose half of it, you are still worth 5 billion dollars. Just ask the Don Trump. Trump has filed more then one bankruptcy and is still a billionaire. Can you afford to lose half of your net worth?

Paul Allen, one of the original founders of Microsoft with Bill Gates and still one of the largest stock holders has lost more money in the stock market then any other human being in the history of the stock market and he is still one of the top 25 richest people in the world.

 

Nancy Ingersoll

9 Years Ago

gosh. I thought it was just for illegal stuff - perhaps I have been watching CSI too much.

 

Floyd Snyder

9 Years Ago

"Might as well accept penny stocks or casino chips."

I would put casino chips way above bitcoins! lol

"They have a fixed value to the real world, and aren't traded on exchanges created to sell pokimon cards."

Casino chips have a market maker behind them, the casino issuing the chips.

 

Floyd Snyder

9 Years Ago

" US$ 1.5 billion with millions of dollars worth of bitcoins exchanged daily."

And that right there is another good reason to stay out of it.

Do you have any idea how easy it would be for just one unscrupulous person with a few bucks to manipulate the market on that amount of money?

If I had ten guys with $25,000-$50,000 dollars I could totally destroy the value of bitcoin by manipulating the market.

$1.5 billion is peanuts these days when you are talking about any kind of currency or even a market cap on a stock.

You see small caps with a lot higher market cap then that manipulate every day.

Back in the heydays of day trading, this was done all the time, every day, SEC had a department that dealt with it.

And that is another problem, there is no regulatory agency. I am not even sure it would be illegal to manipulate bitcoins. That is one of the ways the stock manipulators are caught. The fail to report according to SEC regulations or they phony the reports. Who is regulating bitcons, I mean who as in someone with policing authority? No one that I know of.

Think about that people. $1.5 billion. That means that there are thousands of people out there that can buy the entire float and do what every they want with it. You would be begging that the bankers had been involved.

 

Reb Frost

9 Years Ago

Thanks everyone for your views on this. I really enjoyed reading them :) and not to worry Isabella, no clowns involved at all LOL!!

 

Edward Fielding

9 Years Ago

I've also heard that Beanie Babies are a good investment.

 

Abbie Shores

9 Years Ago

PHEW!!

 

Reb Frost

9 Years Ago

Well I guess we'll wait and see what happens with these Bitcoins... while you collect Beanie Babies Edward... LOL :)

 

This discussion is closed.