You can't be serious, right? Who in their right mind would buy at an unknown exchange rate a week later?
I just bought about $5k on the "market price", a week later (Thursday). The transaction can be cancelled up to the day before. Basically, it's a Put Option, of sorts. |
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This is great. The more opportunities for people to engage in bitcoin commerce, the better!
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Good luck, this is a hell of a task! Took us two month of full time + overtime work to get us where we are at www.coingig.com What's your language of choice? It's not new code, it is just pre-integrated and customized Wordpress store. Wordpress is PHP. Not a language choice, as this is targeted for store owners who will not "open the hood" of their store. Wordpress is accessible, broadly documented and has a huge community, so that makes it easier for people to learn the interface and manage the content. We have got it working to the point where we can launch a basic store in one minute and have it live with products for sale in less than an hour. It's manual process and I need help automating it, but it works. |
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Can you store virtual goods on the Server to have them delivered automatically once payment completes?
Yes. At least one of the store modules does downloadable or intangible products. |
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I could certainly comment on those issues. I'll even include a basic thought process here for the first question to provide some evidence of my qualifications. Payment of payroll in Bitcoin would appear to require an immediate valuation of the compensation on the date paid. The source of the valuation is probably a bit flexible, but consistency would likely be the rule that would be most important. Thus if you valued with Mt.Gox once, you should probably do so every time (unless you can document a very specific reason why you change, such as the site is not available on the date). Might make sense to build a formula that does a weighted average of multiple sources just to try and smooth out some volatility.
You would report the dollar-value estimate as compensation and withhold an amount of cash valued at the required tax table rate. If you're trying to pay only in Bitcoin though (no cash portion of payment), you'd need essentially build an employment agreement that included an "employer buy back" of the right amount of Bitcoin to withhold for the tax. I.e., employee is to be paid 10 bitcoin, withholding requirement is 1 BTC, you agree to buy (for cash) the one bitcoin back immediately at payroll, thus providing sufficient cash to cover the employee's withholding.
The amounts granted as compensation and withheld would then feed directly into the appropriate W-2. Of course, this is all assuming a W-2 employee, if you're looking at 1099s it would be far simpler.
Great analysis, I'm persuaded enough to pursue further. Sending PM. |
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OpenBitcoinStore
OpenBitcoinStore is a community effort to deliver a turn-key bitcoin-enabled Wordpress/Woocommerce retail store, entirely for FREE, including free hosting. The first four beta testers have started testing stores. The project has already achieved the goal of delivering a working store in less than an hour for free, for anyone. Now, it's about automating it so that a hundred thousand bitcoin retail stores can bloom! Please join us here: https://bitcointalk.org/index.php?topic=161264.0;allWe need more volunteers: beta testers, sysadmin/devops (heroku, git, WP), front-end designers and donations to enable community funded tech support for the store owners.
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It may come to that but the other exchanges look to be even worse...they make it more difficult to get your money into them and also less volume so less liquidity...bid/ask spread is smaller too. MtGox sucks but it may be the best option at the moment.
MtGox have had 3 years to get their shit together. I am not persuaded they will succeed, ever. Why not give the other exchanges a chance to prove themselves and improve? We know what Gox does with their commission fees, hundreds of thousands of dollars: They piss it away without improvement. They've been down 3 days, more or less. What more do you need to leave? "The other exchanges don't have any volume, so I wont give them any of my volume".... How's that working for you? |
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It been up and down for an hour now. Mostly down.
The bullshit will continue until morale improves or until you all pull your money out to another exchange.
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We can fight over the economics of bitcoin, or over the evil bankers or over libertarian ideals. But don't you EVER try to argue that dogs > cats, or cats > dogs. Are you trying to destroy this forum in a giant vortex of Internet LOLcat DDoS? You are touching the Internet's third rail. Step back from the abyss man! |
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However, if you're interested, I'm happy to have a conversation via PM and then you can pay what you think the information I provide is worth (in BTC or LTC of course). If you ultimately decide I'm a phony, feel free to pay nothing.
Do you feel comfortable advising corporate clients about running bitcoin payroll in the US, paying payroll taxes at the right rate (in USD of course)., and accounting properly for cap-gains or mark-to-market valuation of "retained" earning or such issues? I ask in public, because others may be interested in whether you can address these scenarios more specifically. I am *not* asking for answers here, if you say "yes I can do", we can take the rest of the discussion to PM. Serious interest (funded, incorporated, already have 2 CPA on retainer, so have paid for this before - need BTC expertise or insight). |
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And what if the little critter runs away or gets killed and eaten by some larger animal?
Cats have limited lifespan even when compared to Western Digital hard drives. Always have at least one backup of your private keys. Cats as storage devices are not reliable and they also are expensive to maintain and sometimes are louder than worn out cooling fan.
Hey! Are your paper wallets as cute and purr-loving as my Cat Wallets? I rest my case. |
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OpenBitcoinStoreOpenBitcoinStore is a community project to deliver a turn-key bitcoin-enabled Wordpress/Woo retail store, entirely for FREE, including free hosting. The first four beta testers have started testing stores. The project has already achieved the goal of delivering a working store in less than an hour for free, for anyone. Now, it's about automating it so that a hundred thousand bitcoin retail stores can bloom! Please join us here: https://bitcointalk.org/index.php?topic=161264.0;allI need more volunteers: beta testers, sysadmin/devops (heroku, git, WP), front-end designers and donations to enable community funded tech support for the store owners.
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https://github.com/openpaperwallet/openpaperwalletOpenPaperWallet repo has been moved to its own organization. Please follow/star/fork as you need. Pull requests for designs/code are now welcome! Anyone interested in co-admin of the repo, let me know to add you. Let's start filling it up!
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I just received the first set of quotes from the printers:
Multi-Part
1,000 Digital Color, 8.5 x 11 Bright White 80# Mohawk Color Copy 98 Cover
28.76, digitally printed on 2 sides
Perforation 3 horizontal by 1 vertical
$1,182.75 + Tax
5,000 Digital Color, 8.5 x 11 Bright White 80# Mohawk Color Copy 98 Cover
28.76, digitally printed on 2 sides
Perforation 3 horizontal by 1 vertical
$4,767.00 + Tax
Cost basis:
1 sheet (4 notes) = ~ $0.95 - $1.18
A paper wallet kit (10 sheets, 40 notes) = ~ $9.50 - $11.8 (wholesale)
120 stickers = ~ $4.8
Misc sheets, envelope = ~ $2
Total = ~ $17 wholesale for 40 paper wallet kit, at first production run.
I think I can get it down to about $13 with a bit of haggling and a larger order of each component. That would allow a retail of $18-$25 per kit, with a reasonable profit.
Comments? Thoughts?
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If so my idea is that in your high-end "pro" kit you could also include a little plastic stamper (shortrun 3D printing) that would let you press a subtle bitcoin symbol onto the scratcher. I'm guessing there's no point in trying with ink since the scratcher material is probably some kind of wax/non-inkable surface.
It will be a lot easier to simply order custom scratch-offs, pre-printed at the factory. They come in a roll, like a tape dispenser or a roll of stamps. I will cut strips of 10 stickers and pack 5 of the strips in each kit. Love the idea of custom stickers for the pro kit. It will be a lot easier to do as a pre-printed order, I will share my supplier info. Finally, we can also add a custom emboss, foil, raised ink or watermark to the paper (for added cost) at the printing shop. I will be getting the first printing quotes early next week, I've already sent the specs to three printers. I'll let you know as soon as I have a better idea of the possibilities and costs. |
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Sure eventually a decentralized exchange would be nice. For now we just need some competent adults with prior trading systems experience. I've seen 4-5 startups, so hopefully one of them will grow to replace gox and be better architected.
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Of course it is. 3/4 of the world is asleep and mtgox has no volume.
It will crash soon again, don't worry. The incompetence didn't go away even if the volume did for a bit.
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How is it not speculation? Do you have first-hand information or are you repeating the press release?
How do you know the volume of DDoS?
MTGox is down because they pissed away two years and millions of dollars on a very poorly designed infrastructure that doesn't scale, isn't resilient and can't grow. The DDoS was just the straw that broke their back.
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You are imagining a level of executive competence that is greater than that of their spokesmonkeys. Given their recent performance and past history, I expect their management is about as incompetent as their PR hires.
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