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Alternate cryptocurrencies / Announcements (Altcoins) / Re: Incorporation
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on: January 21, 2014, 03:17:44 AM
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Are you talking about incorporating Devtome so that income can be reported? It would be difficult to do it otherwise.
Neither devtome nor devcoin will be incorporated. Any ventures which need incorporation would be separate organizations. Ok, thanks. I was thinking that neither could be incorporated but wasn't sure. |
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Alternate cryptocurrencies / Announcements (Altcoins) / Re: [DVC]DevCoin - Official Thread - Moderated
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on: January 21, 2014, 01:21:28 AM
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novacadian, that is a sweet idea! In fact I thought I would give it a try for you. There is no need for a web sight down in the islands. You can do it on any forum. This one or the new forum that is getting underway if no one has any objections. If anyone does then I will try to figure out somewhere else that payment hashes can be posted.
What I have in mind is this....
Each ticket on the raffle is 100,000 devcoins. You will send me that amount and the hash of that payment will be assigned a number. First payment I will make number 1, the second payment will be number 2. You get the idea. Every time someone buys a ticket I will post it to the forum so there is no funny business. You will see the number and the hash so you will know it is your ticket. You will also know how many tickets have been purchased and the payoff to expect. At the end of the week I will make a draw using a random number generator or maybe something more random and totally out of my control in case there are doubters in the crowd. Hmmm.... let me think on that. I will also make a wallet for this express purpose so there is no confusion. Anyone sending 100,000 devcoins to that wallet will get a ticket on the raffle. When the winner is picked I will send half of the devcoins collected to the winner. I will buy more devcoins with the other half at the going rate to steady the market. I will post the wallet hash once it is created and we can get this baby up and running.
PS. Just shout out if you don't want the postings to go to new forum and I will find somewhere else where I will just post the hash payments and leave the link where everyone can find it.
Stay tuned for the devcoin raffle!!!!!!!
This is idea sounds interesting but the 100,000 amount is a little high for a chance at Devcoins. If the price goes back up to the 0.00000150 range, you are talking about roughly 15% of a Bitcoin to buy ONE raffle ticket. Maybe it should be in the 10,000 range. Also.. Why not just have 1st, 2nd and 3rd places prizes and given the majority of the Devcoins collected to the participants? Bittzy78 |
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Alternate cryptocurrencies / Announcements (Altcoins) / Re: [DVC]DevCoin - Official Thread - Moderated
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on: January 20, 2014, 11:55:03 PM
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People who take home real products from the sites without paying fiat for the things obtained the things as income in effect.
Possibly if the bitcoins had been held for a year prior to buying something with them then it could be argued the things bought are capital gains rather than income.
Re an auction site, there are probably laws about auctions, a law firm in the jurisdiction it is to be operated in should be consulted, also the laws where each customer lives might also need taking into account.
Basically it would be a full fledged "startup", so probably need a "totally puts his entire life into it" founder and a team of co-founders willing to work overtime and weekends for a few years for shares to get it started up then hopefully be rich enough to retire when the site is sold to quibids or google or who-ever for millions or billions, along of course with all the personal data on its users that its privacy policy pretends will not be given or sold...
-MarkM-
i think it would be almost impossible for this type of auction site to not take the crypo world by storm. It would probably be quickly duplicated but, the ones who get their foot in the door first might have the best chance of making it. |
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Alternate cryptocurrencies / Announcements (Altcoins) / Re: [DVC]DevCoin - Official Thread - Moderated
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on: January 20, 2014, 11:33:54 PM
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I think the way that crypto coins currently work getting them is like playing World of Warcraft or whatever, it is all just theoretical points that might or might not actually end up being sold for something real.
So your earnings as a Devtome author aren't really earnings at all, they are just like Dragon Kill Points in an RPG, the Devtome uses them to measure the relative contributions of the team.
Your earnings however as a seller of devcoins for fiat on an exchange are earnings, as are your barter earnings if you barter devcoins for something real of real value such as a cup of coffee or a meal or rent or whatever.
I am not licensed to practice law on this planet though so check with your own local licensed practitioners.
-MarkM-
Yeah, that is my take on the whole matter. How would one even figure out a price on your holdings of Devcoins if the price is different on each exchange? Not to mention they could just disappear into thin air almost overnight. I am only going to report my earnings that I convert to Bitcoin and cashout to my bank through Coinbase. Remember fiat is the only thing taxed not crypto. If you sell back to crypto your taxed. Unless they make bitcoin legal tender and you can pay tax with it then depends where you live i think in Uk some placed wanted to do this. I guess in that way it would be pretty similar to owning stock in an individual company. It doesn't matter if the shares go up 10000% during a 4 month period. You only have to pay tax on them when you cash them out for actual cash in your trading account or bank. If they require crypto in crypto form to be reported as earnings then they have to allow you to report your crypto trading losses... I simply don't see that happening.  |
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Alternate cryptocurrencies / Announcements (Altcoins) / Re: [DVC]DevCoin - Official Thread - Moderated
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on: January 20, 2014, 11:18:27 PM
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I think the way that crypto coins currently work getting them is like playing World of Warcraft or whatever, it is all just theoretical points that might or might not actually end up being sold for something real.
So your earnings as a Devtome author aren't really earnings at all, they are just like Dragon Kill Points in an RPG, the Devtome uses them to measure the relative contributions of the team.
Your earnings however as a seller of devcoins for fiat on an exchange are earnings, as are your barter earnings if you barter devcoins for something real of real value such as a cup of coffee or a meal or rent or whatever.
I am not licensed to practice law on this planet though so check with your own local licensed practitioners.
-MarkM-
Yeah, that is my take on the whole matter. How would one even figure out a price on your holdings of Devcoins if the price is different on each exchange? Not to mention they could just disappear into thin air almost overnight. I am only going to report my earnings that I convert to Bitcoin and cashout to my bank through Coinbase. |
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Alternate cryptocurrencies / Announcements (Altcoins) / Re: [DVC]DevCoin - Official Thread - Moderated
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on: January 20, 2014, 11:04:37 PM
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Seems awfully strange that when a round ends and payments begin that there are large dumps every time. Maybe not you but in general. There were not really many bounties before so we ruled out developers as noone even bothered developing when you can write yourself a share per hour and in a week have yourself more shares than a months worth of developement and testing.
I don't want to get in an argument about it right now as I am not thinking exactly straight. But, from what i have seen of the bounties here with the "months worth of work and testing" for things isn't quite there. The main thing I have seen for development is lets get an idea and throw code at it without thinking about it. I am not saying that the writing is of par either, there are a LOT of article I wouldn't have given 1/5th a share to that got 10, but the coding isn't on par either with the bounties that have been given out that i have seen. I am sure there are a few that have been worth it, just like some of the writing. Just as an example the way the auction bounty has been discussed (and now dropped it seems) was handled. Not interested in working on it at all, and do not think it would be worth the proposed bounty were it to come to light in the current form. But bounties are one-offs unless you think the mistakes are being repeated, then bring it up to the bounty admin and we should review how much a bounty should be worth. But at the same time we shoudl review how much each word is worth with bounties in mind as well? I think the auction bounty of 50 shares is fine, its probably more alot more if we have to create it from scratch, I think 50 is good for starting from a template adding coin payments, setting up initial share offerings etc, all the ad banners and marketing. Its not just 1 person unless noone wants to do it. The benefits also outweigh the bounty as you have to think long term that if the business ends up being profitable that it will help anyone who holds the coins. Likewise with any business that we can come up with that would be funded via shares in some form or another. It should take very little time to install an off the shelf auction system. After that, maybe put four people on one share a round as admins for it, ten hours per month each, and let them gradually modify it fancy it up etc toward doing anything we want/need it to do that, off the shelf, it doesn't already do. If that seems to be making progress but not fast enough, consider adding some more one share a round admins to it, to increase the number of hours a month being put into it. -MarkM- EDIT: It might even be that installing an off the shelf auction system is done simply by clicking one button in the cpanel or whatever panel the hosting company provides to the website admin. So maybe someone who already admins one of our domains and uses cpanel or other similar type of panel can click on each auction site the panel offers then we can all look and see if any of them have anything useful and if not which is closest to being able to be modified/forked to produce what we want? I didnt know that, cool... I was actually looking at one that seems to be professional and better than the others I looked at... its $899 on ebay original price of $1200: http://www.ebay.ca/itm/171047705105?ssPageName=STRK:MESELX:IT&_trksid=p3984.m1555.l2649There are others like: http://itechscripts.com/quibids_clone.html which is $240 + $160 for source and $70 for SEO package. I think the first one has some better featurs, but the second one would do the job as well. THe first one (if we plan to allow fiat) would have ability to set tax codes up or just simply enable it and the current tax rates would be applied to where you live... and the second one allows you to simply say hey, your in USA? Sucks to be you, you cant register. An important thing to remember is that I suggested a penny auction, not just a normal auction. These style of quibids style auction sites generate insane profit and are easily organized since the company is the only one who is doing the selling. What we want to leverage is the share system so that we can buy things and put them up for sale and generate profit on the go. Report these profits monthly, and spend the profit either to buy up the exchange rate or on another resource like maybe funding bounties or something. By leveraging the share system we actually seperate ourselves from a traditional business so you can answer the question, "Why dont I just start this business my self without the help of Devcoin?", well devcoin is funding it so unless you have a continous funding stream good luck, with Devcoin we have it and so we use it to try to bring in a profit. Im not sure what the right number is, but we need for it to grow as demand increases. Either the price rises of devcoin to allow for this or the number of shares are increased and sold at market to buy the things needed to sell. Anyways I'll try to start a writeup. This is all very interesting Are you talking about incorporating Devtome so that income can be reported? It would be difficult to do it otherwise. |
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