I don't think an auction format will fly for the sale of bitcoins. I list a bitcoin at $10, someone lists it at $9.99. Now I have to edit my auction? How is that any different than an exchange?
Most people will set a "buy it now" price. It will not sell unless it is priced competitively. It's more of an open exchange with buy and sell offers but people can set their minimum asking price or leave it open to auction. If they have a good reputation they could possibly even command a premium. One of the primary benefits is avoiding some of the hassles associated with trading on exchanges. |
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Okay, here's the bounty:10 BTC for the best logo design. Post them in this thread. I will set up a poll where people can vote on the best with the winner getting the bounty, free publicity, admiration and envy of the community! If I'm missing something let me know.  Trader Steve
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So you are announcing... nothing?
To the contrary, it is a site that will be up shortly. I am posting now so bitcoin users can request the features that they value most. Also, I will have a bounty posted shortly for the logo design. |
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Update: I am no longer offering this service and I no longer control this domain.Announcing: BuyMyBitcoin.com!This site will be a place where you can buy or sell your bitcoin in auction format. You will be able to: 1. set "reserve", "no reserve" and "buy it now" for selling your bitcoin 2. dictate your preferred method of payment (payments will be settled directly between buyer and seller) 3. build your reputation through feedback 4. have FREE listings with miniscule commissions on closed auctions (introductory commissions will be FREE for a period of time and then they will be competitive with the exchanges) Benefits: 1. person to person trades 2. build your reputation 3. price discovery for bitcoin outside of the exchanges 4. and more things that I can't think of at the moment I am an investor who is funding a large portion of this project. If you have any suggestions or features that you would like to see on the site please post them below or send me a PM. Expected launch date: 7 - 14 days. Your feedback and suggestions are appreciated! Okay, here's the bounty:10 BTC for the best logo design. Post your design in this thread. I will set up a poll where people can vote on the best with the winner getting the bounty, free publicity, admiration and envy of the community! Thanks, Trader Steve
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Everyone keeps talking about bitcoin achieving "acceptance" but that is a vague term. The fact is that bitcoin is already accepted by a large number of people. I don't see there being any magic percentage. It has value now. It is accepted by many now. Why does everyone need to buy into it for it to be of value? Most people don't "buy into" gold and yet it still serves a useful purpose to those who value it. In my opinion, bitcoin has already succeeded. Just my 2 bitcents. |
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ok - maybe i'm just slow, but i don't get this sales tax thing. why would anybody have to pay taxes when exchanging BTC for USD, or the other way around?
my understanding has always been that...
1.) sales taxes apply to goods and services. Bitcoin isn't either of those. and,
2.) no sales tax is collected for or by anybody, when conducting a currency exchange transaction.
could somebody break down this sales tax thing for me in words of one syllable? kthxbai.
if the item is a currency with a denomination on it, it's not taxable. Like a Silver Eagle coin that says 1 dollar is not taxable. But a plain silver bar that is just metal, is taxable. uh-huh. that's what i thought. a silver bar is a tangible - so, sales tax. Bitcoin is not tangible. Bitcoin is a currency - so, no sales tax. in any state. n.b.: Bitcoin is remarkable in the same way that a photon of light is remarkable. light: sometimes it's a wave, sometimes it's a particle. Bitcoin: sometimes it's a currency, sometimes not - but it's always non-tangible. in any case, not taxable. right? See my previous post above yours... |
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could somebody break down this sales tax thing for me in words of one syllable? kthxbai.
In three syllables: "It depends". Each State has their own rules and regulations. They could argue that you are selling an item (bitcoin) for cash - and that this is a "sale" and could be subject to "sales" taxes. Many States exempt precious metals and other items from sales taxes. If you trade a non-legal tender item for another item then it would most likely fall under the "barter" guidelines and only be subject to taxes on gains. Again, it depends on the interpretation of the enforcers. For example, "trade dollars" from barter exchanges are considered a currency and tax enforcers expect sales tax to be paid on items "purchased" with trade dollars. Confused still? Me too! I say pick the box that you want to fit in and then get an opinion letter from the enforcers if you are concerned about your choice being rejected. |
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How do we get the women on board? Maybe we should get out from behind the computer and talk to a few...  I haven't said two words to my wife since I heard about bitcoin a couple months ago...  |
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Any idea what the sales tax ramifications are for this kind of business?
I would consider doing this in California, but I would prefer to stay out of any legal trouble.
This would be an amazing idea in every state with no sales tax!
Five States With No Sales Tax: Oregon, Alaska, Montana, New Hampshire, Delaware Source: http://www.kiplinger.com/tools/retiree_map/index.html?map=2#anchorAccept something other than currency for your bitcoin and you may be able to avoid the sales tax in the other states... |
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Bhutan should adopt Bitcoin. Would help a lot, at least about the 3-letter acronym debate.  Bhutcoins?  LOL |
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Today on IRC and via email, two other exchanges confirmed they had transactions that 'vanished' and that were 'reversed'. We are waiting for them to make this public.
Any exchange using Dwolla CSVs over the past two months almost certainly has loses to the order of 3 to 9% of their volume.
Adam
This could mean that some exchanges no longer have the funds to cover all their liabilities, and are now operating on a "fractional reserve" model where they just hope everybody won't withdraw their money all at once. Kinda scary. This is why I try not to leave any more money than I have to on the exchanges. There is nobody looking over their shoulder to make sure they aren't making big loans to themselves, writing off big losses, etc, all while naively intending to pay the money back "someday, with our future profits" Yes, you have "counter-party" risk. That is the reason for holding bitcoin in your personal wallet. Local, in-person exchanges are best. Develop local, trusted, trading networks. Only leave in the exchanges and online wallets what you can afford to lose. |
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Edit: I no longer control this domain name and I no longer provide this service.Announcing BTCGiftCards.comYou can now trade your bitcoin for Gift Cards (Walmart, Target and Safeway) at BTCGiftCards.comWalmart Gift Cards $100 denomination each – Ask Price: the 24/hr low of the Mt.Gox USD/BTC exchange rate + 4% Target Gift Cards $100 denomination each – Ask Price: the 24/hr low of the Mt.Gox USD/BTC exchange rate + 4% Safeway Gift Cards $100 denomination each – Ask Price: the 24/hr low of the Mt.Gox USD/BTC exchange rate + 4% Other Gift Cards - with your Walmart, Target or Safeway Gift Card you can buy just about any other gift card out there - pre-paid Visa cards, Specialty Store Cards, Amazon, iTunes, restaurants, etc. The Safeway Gift Cards are good in the U.S. for anything sold in the following stores: Safeway - (also good for gas at Safeway gas stations)Vons Carrs Safeway Genuardis Pavilions Dominicks Randalls Pak-n-Save Foods Tom Thumb (not in California) FREE Shipping to USAI've got lots of testimonials all over the forums so you can trade with confidence. Gift cards are shipped anywhere in the USA Visit http://www.BTCGiftCards.com for more info. Sincerely, Trader Steve http://www.BTCGiftCards.com
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thanks for making this thread - you are inspiring me to make my bitcoins!!!! gold and silver here i come!
You're welcome! Trader Steve |
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Bruce, not yet but they're coming. Services like your BTCNearMe.com, BitcoinLocator.com, TradeBitcoin.com, and Ubitex.com are key to helping this along.
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Nice! Any more bricks and mortar businesses want to step up to the plate? It would be nice to have one of these on every street corner. Anybody own a chain of pawn shops or Circle K's?  |
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Great idea. Advertise on Craigslist if you want to buy or sell bitcoins. Cultivate trusted trading partners and start building your local trading network. This keeps exchanges decentralized. Of course, make sure you take the safety precautions of meeting in a public place.
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Thanks SpendBitcoins.com! You have another satisfied customer here.
Trader Steve
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market to be down 10% by this time tomorrow. any side bets?
Market could be up too. If more people learn about bitcoin more people may buy. If people hear about bitcoin and are not interested they simply don't buy. A percentage will like what they see and end up buying potentially causing a net gain of purchasers. Like any good forecaster, I predict that bitcoin will either be up or down tomorrow. |
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market to be down 10% by this time tomorrow. any side bets?
Market could be up too. If more people learn about bitcoin more people may buy. If people hear about bitcoin and are not interested they simply don't buy. A percentage will like what they see and end up buying potentially causing a net gain of purchasers. |
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So... people won't lie, cheat, and steal to get dollars, pounds, or euros? Interesting!
I did not say that. Sorry if you got that impression. My point is that bitcoin is head and shoulders above Dwolla. |
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