Bitcoin Forum

INTRO -- TAXCOIN The first ever cryptocurrency to be tied directly with gold with strong financial backing.
 

http://elitechoice.org/wp-content/uploads/2009/10/gold-bars.jpg

Hello, we are a team of 5 people from the UK looking to revolutionize the coin market by circumventing tax laws legally. The name TAXCOIN is made to honour our brittish wittyness. And also someone has already taken GoldCoin.  ::)

Positions in our group are as following:

PR + Customer support.
Developer/Coder x3.
Legal advisor.


Why?

Seeing as this is starting to look like the wild west rather than a booming economic market we've decided to stir up a proffessional, although experimental way to become a truely independent currency and a store of value. We hope to change the cryptocurrency market from being constantly flooded with new coins with no intristic value only to die out, with a lot of similiarities to the IT bubble of 2000 with insane market caps and valuations.

Before this potential market dies out solely because of gaining a bad reputation - experiments to get something extremely new to the table is essential according to us.

PERKS

Tying a cryptocurrency solely to gold not only frees it from the volatility in bitcoin but also the dollar. Other perks being that if you sell your bitcoins to dollar to cash it out, in almost all countries except a few exceptions you'll be vulnerable to capital gains by the end of the year if you've made profits (30% taxes for a currency?) It'll never work. But if you tie it solely to gold, you'll only have to pay taxes if the gold itself increases in value. It's hard to call something a currency if it's directly tied to another currency.



How?

Guaranteed value with limited continuent supply to the market by us acting as the Crypto Reserve.

We've decided to put up the most basic way to do this; as opposed to BitCoins way of being complicated for everybody off the bat. We'll pave way for innovation and create a different playground for the cryptocurrency market by changing the rules ourselves.

With the open source project of http://www.wired.com/2014/04/dark-wallet/ and http://www.wired.com/2014/04/darkmarket/ creating a stable cryptocurrency that only will increase in value is the best idea. As we all know, illegal markets are cashcows - but with it's recent scam behaviour of BSM and the possibility of somebody shutting it down (SilkRoad), a decentralized market will revolutionize the way trades are being done. By rebranding the obviously taunting name and cloning it, we'll create the best market place to buy and sell whatever suits you - using TaxCoin. Having received a 45000 USD investment through an angel investor, the first kilo of gold has been bought. The market needs a push and financial backing in the start, to stabilize it. Other than that, we've invested significantly ourselves and will work tirelessly to meet the deadline.


Specifications - BC clone to add another layer of resistance against inflation and PnD.
Total coin supply - 45 million coins - 8% Premine > distribution will be as following - 5% IPO 2% Promotion bounties & giveaways 1% dev team. Any remaining IPO coins publicly destroyed at launch.

Proof of work
Algo: scrypt
Block reward: 10000 TXC, no halving
Max height: 10000 (after this network will not accept PoW and transition purely to PoS)

Proof of Stake stage
Specifications
Block time: 1 minute
Difficulty retarget: every block
Nominal stake interest: 1% annually
Min transaction fee: 0.0001 TXC
Fees are paid to miners
Confirmations: 10, maturity: 500
Min stake age: 8 hours, no max age




Launch Date: 30 May 2014 06:00 UTC

IPO -
1. Deadline: 27th of May (23 days) will be the final day of the IPO. I plan to shorten the deadline of IPO, and increase rewards to early donors
2. Method: Send any amount of BTC to 1L5oPxpwZiPboieHh1u4W9QxztntwSDu5P (Dont forget to PM ME!)
3. Large investors will have the perk to sign an non-disclosure agreement to see documents/projections that aren't displayed before launch.
4. Coins bought through IPO will have the benefit of having a 10% cheaper price under the guaranteed market price.

Questions/business inquiries > taxcoin@gmail.com
I'll gather all questions and answer them every 2 to 3 days by updating this post, as my area is purely going to be communication between the community and my team and I suspect there will be questions in different areas of expertise. I ask of patience as we are creating the biggest launch of a service and currency there has been in months and are working to meet the deadline. Also, there are a few areas I can't disclose publicly yet, as we don't want somebody cloning our idea, also we have a few exciting deals to explore and getting them done before speaking of it. As the deadline closes in, more and more information will be distributed.

Want to help?
Mail me your area of expertise and I'll look into it. Exceptional people are always welcome to pitch what they can do, with a paid salary and a bump if a job is well done. List to be updated further with whatever position is needed to be filled.

www.twitter.com/taxcoin

Questions UPDATE -
1. Proof of the gold reserve will be released at launch - by webcam you'll be able to see it live through a webpage.
2. Webpage & Logo design about to be released.
3. Exciting news by the end of the week.
4. Specifications updated.

Update 6th of May.
We are now working together with the guys doing DarkWallet and DarkMarket in order to attach our coin into a decentralized market for buying and selling goods, whatever they may be without any worry for it shutting down.


People wanting to join the IPO can show their escrow of choice, whatever is the most legit one. The way I understand it it is simple to bribe the people holding the escrow, therefor, I was thinking it didn't matter - just like Karpeles not being anonymous didn't stop him, whilst BTC-e is still operating while being completely anonymous. Whatever floats your boat. We are here to stay, and will launch at 30th of May. Cheers

TaxCoin team.


Ready for something truely revolutionizing?

- TaxCoin team

I could have sworn there was already a crypto that supposedly was tied into the value of gold, and allowed people to even cash out for gold. No idea if it got off the ground, was a scam, or not even released yet.

I'd think the coin's name would be gold related, or commodities related, instead of 'taxcoin', in my opinion. My first thought was that this is a crypto meant to be used for paying taxes in some oddball country, or something.

Then again, I thought maidsafe sounded like it should be a crypto for a housecleaning service. Maybe names don't matter as much as I think.

Hehe, maybe - instead of some 16 year old doing it solo with no financial backing, this time it's proffessionals able to move a business - something that is often lacking in this community. Tie TaxCoin to gold - ensure it's value by slowly increasing it with the reserves as backing of it's value - embrace the dark market along with gambling will cause some sick profits for everybody involved in it. Guys selling dope don't want their currency going down as they need to pay their supplier for whatever it is they are selling. Same with gambling. Going around BTC and the USD by tying it to gold will ensure this and create the first real currency in cryptography.

omg sign me up  ;D ;D ;D 8) o.0

Sounds good!

Sign me up.

Sign me up for the giveaway

Where is all the gold stored?

Sign me up for the giveaway please. Thanks!

I remember there was some crypto predating bitcoin that was tied to gold, but I cannot remember its name.

Hopefully it works out. I'm curious if tying crypto to a commodity will work or not. I know that Air Coin tried to tie its value into some weird exchange rate/premine calculation, and that ended horribly. I realize this isn't the same thing... just wondering what happens if too many people try to 'cash out', so to speak. Also curious how the tax man in certain countries will view this... not sure if the loophole would work or not (haven't followed tax laws, as I haven't made tons of crypto).

And how is this any different than coins that currently can be used to buy gold/silver? I mean, Btc, Noble and I think even XBC can be used to buy gold directly (or indirectly).

And sign me up for the giveaway, please. I didn't even notice there was one until just now.

Sign me up for the giveaway

This link says there is already something backed by gold and silver.

https://www.gldtalk.org/index.php?topic=2179.0

Quote

A new digital currency backed by gold and silver is attracting wide spread attention on the internet. Traded on the Ripple Network, this next generation cryptocurrency released by NoFiatCoin | XNF is the first coin in the digital currency market to be backed by precious metals. The coin was released on the 6th of January and saw its value rise almost 50% to $2.10 in just one week.

Sign me up for giveaway.

BTW you should invest some of this $45000 in better formatting of your post  :P
Proof of having this gold is also required if you really want to have some serious investements.

Let's see how this one pans out....

Sign me up for giveaway.
Thanks.

Sign me up for the giveaway
Thanks

I want to be a part of it :o

SMU

Giveaway threads aren't allowed.

Reserving posts is not allowed.

British people, and people who know how to spell, would have written, "British wittiness", not "brittish wittyness".

I'm going to go ahead and guess that your kilo of gold doesn't exist, you're not British, and you're not a professional (notice "professional" has one "f", not two).

Why this thread hasn't already attracted a bunch of big red text posts screaming "SCAM", I don't know. Funny that.

Sign me up, please and thanks.

interested in free Taxcoins  :)

Looking forward to this coin.
Would like to be a part of it. Please sign me up

ok  ;)

Looking interesting so far, good name :)
Sign me up scotty  :)

i like the idea. thanks for some taxcoins.

I like free coins.  Gimme gimme gimme.

Coins giveaway.

Thank you

I like sudden gifts. sign me please :)

Sign me up for the giveaway

Interested

Isn't backing a crypto with gold a bit like backing up a machine gun with a pea-shooter ?

All your doing is selling gold - and not even physical gold at that. Why don't you just open a shop and sell actual gold instead ?

Why would the value of TXC rise above that of gold ? And if it's not expected to, why isn't the physical preferable to the crypto proxy ?

I don't see TXC's advantage in avoiding capital gains tax over any other investment, e.g. stocks, shares, commodities or gold. You avoid capital gains tax as long as you don't realise any investment to fiat. What advantage does a crypto have here (e.g. over gold ETFs) ?

Not trolling, just curious. There may well be valid answers and I might have mis-understood this project.

Thanks.

I am also interested in giveaway  ;)
Thank you!

Let's see  :).

I'm in for the giveaway.

i have to post more  :-\

please sign me up for the giveaway. Thank you!

Sign me up :)
Thanks.

Sign me up too, please...Thanks

i want to take part in this :D

sign me up! :D

Me too!  ;D

(sign me up and thank you)

....and me please

ill take some aswell :)

Please count me in  ;D

Yeah, i am not to late.
Please sign me up.

thanks

Count me in too

counting the replies think I'm still in  :)

Count me in too.

I thought it was just the first 50, but if its the first 50 repliers with 20+ posts then sign me up.

Pleas count me in if I qualify. Best of luck tying TaxCoin to gold. :)

I am interested also
Count me in

Please oh please! I need some too!

Count me in too please!!

Sounds sick  :)

What algo?

Will US citizns have to pay tax on their tax coins?

Also giveaways are now banned here so it's not a good idea to have a thread full of addresses.

can't do giveaways like this...

Interested

reserved

No, tax coins are sold to gold. You only pay capital gains on the amount of price increase of your gold after you've bought it.

Moved to Twitter to comply with Bitcointalk rules. Thanks Mod for the warning.

Updated!

Are you looking for a subreddit maintainer? I already look after two and I used to run a rather blog about the gold market a few years ago. (It was called "The Gold Bubble.")

What if we sell the gold?

Do we have to pay tax then?

Until this has an Escrow its simply a forum post. we have to assume this is a scam until they have a reliable escrow, don't send money people.


I like they way they spelled Professional as Proffesional wrong twice as they claimed they were not like the amateurs but PROFFESIONAL...too funny.



Plus all these idiots posting interested... They didn't even say you would get free coins. They want you to send BTC....


Scam likelihood = 90%

Shut up sockpuppet tit.

Interested, gimme the GOLD!

NO escrow will show gold at launch lol.  Yeah freakin right!  If you get scammed you deserve it.

I'm just going to repeat that this is a scam.

The poster should be banned and this thread should be locked.

6th may - Updated original post with new information if the interested wants escrow, since a lot of people are complaining - along with our collaboration with DarkMarket/DarkWallet.

Show us evidence that you are in fact working with these people.

Also, showing a webcam video of some gold does nothing to bind you to actually backing the value of your cryptocurrency. Also, if the currency is tied to gold and therefore only eligible for capital gains taxes, then it basically consists of gold certificates, which will ALWAYS have a fixed price with respect to gold, and ALSO which you certainly do not have the authority or knowhow to issue. Your anonymous say-so is not a sufficient base of trust to create an electronic system of de jure gold trading. Not by a FUCKING long shot.

This is a scam. The only other possibility is that you're incredibly stupid. Given the way you write, I suspect it's a combination of the two -- greedy entrepreneurship toeing the line of graft ("Send me Bitcoins for an arbitrary, unspecified stake in something that there's no evidence actually exists, plz!") and absolute ignorance of what's involved in creating what you've described.

I have no evidence of your actual ill intent, but your clear misrepresentation of your level of experience and knowledge should be enough to steer people clear of this venture.

tl;dr - scam