You dont have to use BTC to get out of paying taxes. The thing about any such venture however is that tax authorities will still want to know how you finance yourself and may arbitrarily prosecute you for withholding taxes even without knowing how much or what youve been doing if your lifestyle doesnt add up with what you report. I know a lot of idiots who have reported no income and then got killed by the tax authorities, even though they had no way of knowing exactly how much had been withheld or how the money had been earned.

I wasn't aware of anything like that until you told me. What's happened?

Can someone list some other exchanges with some brief info on why they are better than Gox? Ive only ever used Gox and Ive never had any problems with them, but I agree that it would be good if trading was more evenly spread out across exchanges and the OTC market.

Cheers.

I was a bit surprised at how unassuming the offices were, and how friendly Gonzague and Mark were. You hear and read so much about Mt. Gox, so at least for me it was easy to conjure up an image of a company with super fancy location (kind of like some banks) and arrogant people only out to suck money out of their clients (again, kind of like some banks, LOL) but it was nothing like that. They are just regular dudes with an interest in bitcoin that they have been able to capitalize on. While I for various reasons personally hope that trading will spread out more across exchanges and the OTC market, I dont really see a problem with Mt. Gox having such a large share as long as they do a decent job of it. It seems like they spend a lot of time and resources on being proactive with and working with governments and banks etc that could have been spent at improving and protecting their platform instead, but such is just reality. (at present anyway- maybe governments and banks will become easier and quicker to deal with in the future, but I highly doubt that)

https://b1tm3.wordpress.com/2013/04/01/a-visit-to-mt-gox/

Sorry for shameless plugging. I made a visit to Mt. Gox and got an interview with CEO Mark Karpeles and communications manager Gonzague Gay-Bouchery, and I thought some may be interested in reading it.

Cheers, appreciate it! I take it that posting a new one in Bitcoin Discussion is OK, so I might just go ahead and do that.

Please dont be offended, but this simply isnt true. The tax authorities will not care whether you change from BTC to fiat or not, and depending on the context it can be more or less easy for them to figure out that you are doing something and not telling them about it. They actually dont even need to figure out what that is or how much you are making from it, they can just decide on an arbitrary amount and prosecute you for not having paid that.

If you want make money from selling bitcoin goods and services and not pay taxes, you still ought to report some income that is feasible compared to your living expenses in order to keep the tax authorities happy. You also need to set up some way of actually spending and withdrawing the money you make, like e.g. a no-name card.

I enjoyed that one too. The comment section on theirs is hilarious, full of haters.


Yeah, I was surprised at how humble and genuine they seemed. Theyre really just a bunch of ordinary folks working hard to provide the community with high quality and good service. Of course there are lots of things that can be made a lot better but it seems to me that Mt. Gox get some unwarranted criticism, a substantial amount of which can be traced to things that are outside of their control.

Cheers, appreciate it!

Your local tax authority will not care whether you get paid in BTC, USD, EUR or any other currency, nor whether you sell it as a subscription or not. They will want to know the prices of the goods and services you sell, how much revenue you generate, how much income you receive etc (nominated in local legal tender) and tax you as usual.

https://b1tm3.wordpress.com/2013/04/01/a-visit-to-mt-gox/

Sorry for shameless plugging. I made a visit to Mt. Gox and got an interview with CEO Mark Karpeles and communications manager Gonzague Gay-Bouchery, and I thought some may be interested in reading it.

Since my Bitcoin Forum account is brand new, I can only post in the Newbies section; please move it to some other section if it fits in better elsewhere.