Hope you realise that dealers in silver and gold - including coins - are required to report transactions over $600 to the IRS as of 1 January this year and that if you're selling them as an individual you're required to report any profit you make on the sale as a capital gain.
Didn't you know, the IRS is accepting love instead of money for tax purposes. Funny how dank isn't accepting love instead of money for his coins or paying his rent with love. Sorry to be fueling conversation in this sort of thread, but I'm curious. What law is this? I've worked pretty closely with my local silver dealer, and in the U.S, depending on what state you are in, there is either no tax on Silver/Gold, no tax if you purchase more than $500 worth, or no tax if you purchase more than $1000 worth. It looks like it's an amendment to the Patient Protection and Affordable Care Act (I've never understood why US laws contain clauses that are totally unrelated to the purpose of a particular legislation). The act now also requires dealers to report transactions of goods and services that exceed $600 by using Form 1099. The requirement goes into effect as of January 1, 2012. Gold, considered a precious metal, falls under this category. The Joint Committee on Taxation, as reported by ABC News, estimates the new reporting requirements will allow the government to collect $17 billion in previously uncollected taxes over 10 years. Gold coins are considered a capital asset -- something that cannot be converted quickly into cash. Any gain or loss gold sustained during a sale is considered to be a capital gain or loss. The taxpayer must report the proceeds noted on the 1099-B as a capital gain on his annual tax filing. http://www.ehow.com/info_7917671_government-buying-selling-gold-coins.htmlThe dealer doesn't need to collect tax on the sale from what I can see, they only need to report the sale to the IRS and the onus is on the buyer to include any capital gains in their tax return. |
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Hope you realise that dealers in silver and gold - including coins - are required to report transactions over $600 to the IRS as of 1 January this year and that if you're selling them as an individual you're required to report any profit you make on the sale as a capital gain.
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Maybe we are just going through a phase where people are learning hard lessons?
Must be slow learners then - all of these scams and failures have been dismissed as "teething problems" since MyBitcoin. |
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2. High maintenance account: I likely had a much higher ratio of chargebacks and fraudsters come through my account than 99% of other paypal accounts.
Which will actually lead to pretty much any financial service provider/payment processor dumping you including your credit card acquirer and your bank. |
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You could just say you are selling "A paper wallet with 1BTC in it".
90% of the scammers are people with stolen accounts. If you mail a paper wallet with keyinfo and instructions on how to import/transfer it then you get the advantage of using a verified physical address.
Never done it, but it seems like it would thwart a lot of scammers. People can still lie about not getting it but you could just show a delivery confirmation number and will win the dispute 90% of the time.
People have done this before and still had their PayPal accounts frozen because PayPal explicitly states in their ToS that they won't process transactions for digital currency. There are already many threads on this board posted by people who thought they'd found a "loophole", including someone who shipped paperclips and gave BTC as a "free bonus". I'm pretty sure that the ToS are also written in a way which says they won't arbitrate disputes over digital currency, too - so there's no incentive for buyers to trust sellers. |
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What's interesting is that there are so very many really crappy attempts at scamming for the last three days or so.
Can you blame them when people like usagi come back for a second bite of the cherry? |
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It should only take a couple of days for an electronic transfer of funds to an Australian bank account, and that's if the transfer has to be done manually, it's the first transfer to that account and it's to a different bank than their own.
There've been a lot of complaints over the last few months about unreasonable delays in withdrawals from CryptoXchange and users having trouble getting a response from them. It's very concerning.
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He got the tag...
Holy shit, He got the tag!, Who slapped that on! I dont feel that Patrick Deserves it!, He is clearly paying other people, There is just THIS one messup and he gets labled a SCAMMER? He's not a SCAMMER... wtf... Did he go rouge? I dont see any evidence of that... What the fuck guys.. https://bitcointalk.org/index.php?topic=124152.0^ WTFFFF?! The evidence suggests that he created Kraken in order to transfer his own toxic pirate debt to others. He literally stated that contributed capital was backed by his personal funds and that any losses would be funded personally. He set the maximum size of the fund at 25,000 BTC so he should have been willing and able to personally cover any losses up to and including that amount. |
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We also publish and sell our own language textbooks, and they are some of the most advanced language textbooks in the world. We're starting with Japanese (although others are in development). We currently have the only Japanese textbook in the world that attempts to use comprehensible input theory to teach the language. And our website will be the same. You should disclose to potential investors that you are not fully skilled for Japanese language teaching. You have less than two years of Japanese language writing/speaking: http://renli.wordpress.com/2011/06/Bwahahaha. |
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Tried calling the phones in the other thread, only a robot answering the US phone. Will try again.
Next step: ASIC report.
ASIC doesn't actually mediate disputes or assist in debt recovery. That's the function of the various state Fair Trading departments (and, to some extent, the ACCC) and the courts. ASIC can investigate whether a company is breaking regulations which come under ASIC's jurisdiction - so regulations relating to the provision of financial services, the trading of securities, the sale of commodities and precious metals, etc and invoke penalties for non-compliance with those regulations (usually fines and directives to comply). For what it's worth, the ASIC registration for Mr Bitcoin ( registered in June and also operated by KenseyCol) shows the following address as the registered place of business/address for service of documents 27 Kamdell Pl Orange NSW 2800 I don't believe that any competent lawyer wouldn't have found this information as it's linked to KenseyCol's record through their ABN as well as their ACN. |
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Time for the scammer tag.
Indeed. |
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The cognitive dissonance is strong in this one.
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Everyone will walk away from this story, and this article specifically, with totally different opinions, and I fully respect yours. In analyzing this story I attempted to remain true to my organizations public purpose, that being "To endeavor to provide clarity and support on legal issues related to cryptocurrencies to both existent and future cryptocurrencies, as well as to the legal community at large". Further our public mission statement is "...to advocate for a clear regulatory environment for cryptocurrencies." If I have failed on either of those fronts, no one is forcing you to support my organization.
There have been no charges filed in the Michael Brown investigation.
I don't see how explaining potential legal outcomes makes me a wolf in sheep's clothing. Responding to posts like this is a massive waste of time. I am putting forth a genuine effort to legitimize Bitcoin, only to defend myself against wholly baseless attacks. Thanks benjamindees, you have once again successfully demonstrated the abhorrent level of discourse that is all too common on this forum.
My only issue with your article is that it implies the SEC has no interest in Bitcoin, when the SEC is known to be investigating pirate's scam and that may ultimately lead to the SEC taking a stance on Bitcoin investment schemes. |
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This was a bait and switch on a massive scale. I agree. I can't find any mitigating factors here. There's absolutely no rational explanation for why he would borrow other people's money to buy bad Pirate debt other than to sell his own bad Pirate debt at an above-market rate. That is, I believe that he used Kraken to bail out himself, probably knowing all along he'd renege on the guarantee. The evidence strongly suggests that he put those who trusted him with their money, both through Kraken and through the earlier loans, last. Unfortunately, the scenario that I think is most likely is this one: Patrick put his personal profits from his loan business into Pirate. When Pirate defaulted, he lost a personal fortune and was left holding a pile of bad Pirate debt. To preserve his personal funds, Patrick created Kraken to use other people's money to buy his personal bad Pirate debt at rates well above market. He had to have realized that there was a significant chance that Pirate would never pay a dime and he already knew his own portfolio was shaky. So I can't see his personal guarantee of Kraken as anything but an outright scam for him to take other people's money and make it his money by exploiting this conflict of interest. Surely that justifies a scammer tag, Joel. |
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Thank you for information, i know all public addresses
But crypto gone from that address:(
And no way to contact with Ken and other staff
He afraid
I know that English isn't your first language but can you not read? It doesn't matter whether they are still at that address or not. It's the responsibility of the company officers to advise ASIC of any change in the address of their registered office. Legal notices sent to the address on file are deemed to have been served. If they don't actually receive the documents because they didn't update their address with ASIC, that's their problem - you win by default because they don't respond. There is no way that your lawyers don't know this. There is also no way that your lawyers cannot locate Ken. Orange has a population of 40,000 people and he's well known in the town. What attempts have they made to locate Colin? Either you're lying or you have totally incompetent lawyers. If your lawyers thought you could prevail in court they'd have issued a statutory demand months ago. BTW, Mr Bitcoin is operated by KenseyCol and they have a different registered address than CryptoXchange. A lawyer would have found this as their ABN and ACN records are both linked to the KenseyCol record. |
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Obviously those of you engaging in endless speculation as to what could prompt the SS to investigate him missed this article: http://www.usatoday.com/story/news/2012/11/12/romney-tax-returns-hacker/1699075/In 2009 the same agency came to his house looking for evidence tying him to the alleged theft of thousands of Social Security numbers held by an insurance company. He was never charged, and Brown said he met with federal agents four times to answer questions; he even agreed to a polygraph, he said. Nah, we didn't miss it - that particular incident doesn't have an obvious connection to Bitcoin, though. The SS may well investigate everyone in the area who's ever been previously investigated for any kind of computer-related crime, but once you know that one of those people has a link to Bitcoin they're going to go to the top of your suspect list - especially once you find out about him screwing people out of a large amount of Bitcoins earlier in the year. The guy definitely has a sketchy history, only some of which is Bitcoin related. |
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So what exactly do you need to do around these lands to get a scammer tag? Send a video from the Bahamas while drinking a pina colada with a little umbrella that says "Haha! I scammed you, you gullible idiots"?
Pretty much. |
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At registration address of Kenseycol PTY LTD nobody, that fake, where i must to send docs? (I want to hear that from crypto, but no anwer)
At address of owner nobody
By phone Ken afraid talk...
By law the official address for the service of legal documents for a company is the address registered with ASIC. A statutory demand sent to that address will be deemed to have been served and if the defendant does not respond within 21 days in the manner required by the Corporations Act (Section 459E) a legal presumption of insolvency applies. In fact in order to serve a statutory demand you must provide proof of having conducted an ASIC search to establish the creditor's registered office. All of this is laid down by statute - it's not negotiable. You lawyers can absolutely go to court and get a default judgement if there is no response to a statutory demand within the period required by statute. They can even apply for the company to be wound up in insolvency on the basis of non-compliance with a statutory demand if you're willing to spend the money to go that route. I simply don't believe that your lawyers are too incompetent to know this - it's business law 101 stuff. |
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If you just want to reap the rewards of materialism, why would you have kids? I thought we all wanted the best for our kids, we're the future after all. If I had a son that was following his dream, I would do every damn thing I could to help make it reality.
Support need not be financial - in fact financial support is often the least important type of support someone "following their dream" requires. Nor does supporting you children mean indulging their every whim. If parents indulged every whim of their teenagers they'd have no money left with which to help their kids out down the track when they had more stable goals or greater financial needs (such as putting deposits on homes). It's interesting that you deride materialism and yet you seem to equate parental support with financial aid. I don't think you'll find many parents who consider financially indulging their children as "best" for their kids. Few people have limitless resources. Are you happy for your parents to fund your dream du jour and then if it doesn't work out not have money to help you out with future ventures? |
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ok, that story can make sense. However it would make knightmb having owned the stick before a pure coincidence. It would be more satisfying if there was a connection.
I'm not saying that him owning the USB stick is a coincidence - obviously it isn't if he's the one who sent the extortion demands. What I'm saying is that it's not unusual to receive tip-offs which are based on little more than "sounds like something person X might do" or for people to make reports to government agencies out of pure spite. Many such tips will go absolutely nowhere, but sometimes they lead to actual evidence that the person being reported was involved in the crime even if the person making the report didn't really believe they were responsible but just wanted to cause them grief. Maybe someone thought this is exactly the kind of thing KnightMB would do because of his prior sketchy behaviour or maybe they just saw an opportunity to make his life difficult. Maybe the SS received no tip-offs regarding KnightMB at all and it was something else entirely which made them look in his direction. If he's eventually charged, there's a good chance that we'll find out more background information about what led to him being investigated. |
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