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Author Topic: [NEW] The Bitcoin Block, full block reward from BTCC Mint  (Read 4086 times)
cryptoheadd
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July 01, 2016, 06:01:36 AM
 #61

I wonder what the customs import duty would be on this one.
Someone had to pay 185€ on the 1 BTC coin.  Grin
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between a rock and a block!


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July 01, 2016, 06:14:23 AM
 #62

From our collection of the Bitcoin Blocks mined so far, we have an extra large one:

Block #: 418,402
Address: 16AEBbzXfBuZb6atJu5coDMxtqGR8ieCoK
Bitcoins: 26.03392740

https://blockchain.info/tx/0d36ca5eb506babc58650d42a42e28f1aef1cf5b6d043c3b4c88b933c464efbe

Since it's the largest block mined so far, we are not selling it in the store, but rather, will auction it off in this forum if there's enough interest. (Starting bid for the auction will be 1.00 BTC, with no reserve price.)

If there are at least 5+ parties interested, then I'll start the auction in a separate thread.

thanks,
Bobby


I bid 27 btc

edit:
Im in, lets do an auction and see where this goes.  I agree this is definately a nice piece.  Lets see what the bct market think its worth.

so that's 4 people interested

one more ? Cheesy
it's 5 now

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July 01, 2016, 06:17:28 AM
 #63

I wish you had used troy ounces instead of that puny 28 gram per ounce stuff...

31.1034768 * 10, now we're talking... and you can compare to gold Smiley

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July 01, 2016, 07:01:55 AM
 #64

Is that an official bid or will there be a seperate thread with auction terms and conditions made...ending time, bid increases, etc.?














 

 

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July 01, 2016, 10:41:58 AM
 #65

I wonder what the customs import duty would be on this one.
Someone had to pay 185€ on the 1 BTC coin.  Grin

Sorry, don't intend on derailing the thread ( feel free to remove if necessary ) but is BTC something that you can be charged import duties on? I thought most countries class Bitcoin as a 'digital token'? I understand the duties on metals etc, but would they really charge duty @ x% of ~£15k?  Huh If so I'm out.


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cryptoheadd
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July 01, 2016, 11:29:13 AM
 #66

I wonder what the customs import duty would be on this one.
Someone had to pay 185€ on the 1 BTC coin.  Grin

Sorry, don't intend on derailing the thread ( feel free to remove if necessary ) but is BTC something that you can be charged import duties on? I thought most countries class Bitcoin as a 'digital token'? I understand the duties on metals etc, but would they really charge duty @ x% of ~£15k?  Huh If so I'm out.

This shipment would be insured by BTCC and for that, they would have to declare the shipment value, i.e 30BTC or 20500 USD (As of now).
Customs fee would be a percentage of this value.
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July 01, 2016, 11:30:34 AM
 #67

I wonder what the customs import duty would be on this one.
Someone had to pay 185€ on the 1 BTC coin.  Grin

Sorry, don't intend on derailing the thread ( feel free to remove if necessary ) but is BTC something that you can be charged import duties on? I thought most countries class Bitcoin as a 'digital token'? I understand the duties on metals etc, but would they really charge duty @ x% of ~£15k?  Huh If so I'm out.
Import duty is for goods/products, not money. So its whether a given country classifies Bitcoin as money or not. A crude rule of thumb, would be if a country charges VAT on Bitcoin transactions or not, IMO. Trouble is, if it is money, then the problem is declaring this money as it enters a given country. All countries have limits to how much is allowed before declaration...or you get a stiff fine. And while Bitcoin price continues moon-like, this item certainly exceeds the vast majority of the limits, out there.
Tricky  Undecided
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July 01, 2016, 11:56:08 AM
 #68

I wonder what the customs import duty would be on this one.
Someone had to pay 185€ on the 1 BTC coin.  Grin

Sorry, don't intend on derailing the thread ( feel free to remove if necessary ) but is BTC something that you can be charged import duties on? I thought most countries class Bitcoin as a 'digital token'? I understand the duties on metals etc, but would they really charge duty @ x% of ~£15k?  Huh If so I'm out.
Import duty is for goods/products, not money. So its whether a given country classifies Bitcoin as money or not. A crude rule of thumb, would be if a country charges VAT on Bitcoin transactions or not, IMO. Trouble is, if it is money, then the problem is declaring this money as it enters a given country. All countries have limits to how much is allowed before declaration...or you get a stiff fine. And while Bitcoin price continues moon-like, this item certainly exceeds the vast majority of the limits, out there.
Tricky  Undecided

Thanks for the responses cryptoheadd and stereotype, appreciated. Guess I have some investigating to do, better give HMRC a call and see if someone can advise. The main reason for concern would be exactly this - this is sent funded due to the nature of this product. I know when I've purchased coins in the past from Titan and Alitin Mint that they were sent unfunded, with funding being done upon receipt of your order, so the declaration for Customs was just for the metal contents. With an incoming value into a country at ~$20k, I'm assuming you would get stung instantly with full import charges, which would be pretty damn substantial. Tricky indeed Undecided


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July 01, 2016, 12:37:18 PM
 #69

I wonder what the customs import duty would be on this one.
Someone had to pay 185€ on the 1 BTC coin.  Grin

Sorry, don't intend on derailing the thread ( feel free to remove if necessary ) but is BTC something that you can be charged import duties on? I thought most countries class Bitcoin as a 'digital token'? I understand the duties on metals etc, but would they really charge duty @ x% of ~£15k?  Huh If so I'm out.
Import duty is for goods/products, not money. So its whether a given country classifies Bitcoin as money or not. A crude rule of thumb, would be if a country charges VAT on Bitcoin transactions or not, IMO. Trouble is, if it is money, then the problem is declaring this money as it enters a given country. All countries have limits to how much is allowed before declaration...or you get a stiff fine. And while Bitcoin price continues moon-like, this item certainly exceeds the vast majority of the limits, out there.
Tricky  Undecided

Thanks for the responses cryptoheadd and stereotype, appreciated. Guess I have some investigating to do, better give HMRC a call and see if someone can advise. The main reason for concern would be exactly this - this is sent funded due to the nature of this product. I know when I've purchased coins in the past from Titan and Alitin Mint that they were sent unfunded, with funding being done upon receipt of your order, so the declaration for Customs was just for the metal contents. With an incoming value into a country at ~$20k, I'm assuming you would get stung instantly with full import charges, which would be pretty damn substantial. Tricky indeed Undecided

yeah ... and dont forget VAT considerations/declarations ... these points should have been clearly exposed before .. but they just seem to forgot this.. as they forgot it for the launch of their first physical crypto items.. just  ask to their first customers in EU  what they think about it..
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July 01, 2016, 02:15:23 PM
 #70

From our collection of the Bitcoin Blocks mined so far, we have an extra large one:

Block #: 418,402
Address: 16AEBbzXfBuZb6atJu5coDMxtqGR8ieCoK
Bitcoins: 26.03392740

https://blockchain.info/tx/0d36ca5eb506babc58650d42a42e28f1aef1cf5b6d043c3b4c88b933c464efbe

Since it's the largest block mined so far, we are not selling it in the store, but rather, will auction it off in this forum if there's enough interest. (Starting bid for the auction will be 1.00 BTC, with no reserve price.)

If there are at least 5+ parties interested, then I'll start the auction in a separate thread.

thanks,
Bobby



5 people have expressed interest, should we have an auction?


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July 01, 2016, 04:18:20 PM
 #71

5+ people  Grin
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July 01, 2016, 05:33:21 PM
 #72

5+ people  Grin

There are 6 interested people so far so that's 5+  Wink

1
...
I'd bid for the "superblock" though, hopefully it could sell for less then its weight in gold!  Smiley

2

I'm in


3

I'm in

I'm interested.


4
Im in, lets do an auction and see where this goes.  I agree this is definately a nice piece.  Lets see what the bct market think its worth.


5

Jesus, I'd have to sell a god damn stack of my bullion to afford this, I'd probably rid myself of a proportion of my physical coins too - but I'm in - subject to the fact that if I win the auction you give me 1 week to acquire the BTC to pay you.

This thing is a monstrosity, in an awesome way of course Shocked

6

I bid 27 btc

edit:
Im in, lets do an auction and see where this goes.  I agree this is definately a nice piece.  Lets see what the bct market think its worth.

so that's 4 people interested

one more ? Cheesy
it's 5 now

So when does bidding start? Cheesy



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between a rock and a block!


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July 01, 2016, 05:54:39 PM
 #73

Patience!!!

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July 01, 2016, 10:06:40 PM
 #74

7
count me  Grin
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July 02, 2016, 02:29:58 PM
 #75

Watching...
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July 02, 2016, 06:18:57 PM
 #76

Do I have to trust the seller with the private key? If I want to keep this long-term, can I ever trust the 25 bitcoin stays in there?
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July 02, 2016, 06:55:36 PM
 #77

Do I have to trust the seller with the private key? If I want to keep this long-term, can I ever trust the 25 bitcoin stays in there?
Yes. Same principle of trusting Mike C, smoothie, etc.

Maybe Bobby should explain the manufacturing process, with regards to security, like Mike did years ago.
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July 02, 2016, 07:12:43 PM
 #78

Do I have to trust the seller with the private key? If I want to keep this long-term, can I ever trust the 25 bitcoin stays in there?

I personally trust BTCC, Bobby Lee and team. Trust is for their reputation, they are well known in the space and have been around for a long time.

However you don't only have to trust the manufacturer but the fact that their list of private keys doesn't get leaked by an employee or misused.
Also they may be subject to hacking and if a hacker gets hold of a list of private keys that could also be disastrous.
Another risk is that in the near future, as computers become more powerful, someone may be able to brute force private keys for BTC Addresses.
And finally some xray scanners, current or future ones, may be able to see under the hologram and allow to read the private keys.
There are other risks like using chemicals to get the holograms off...
Not sure if anyone else is aware of other risks.

There has been one case "coinographic" who made physical Litecoins and other coins and when his company packed up he (or someone related to him) swiped all the Litecoins present in his products, about USD 60,000 worth. I'm not aware of any other case.

There is a note on the BTCC site FAQ page:

How do you ensure the security of private keys?
The private key under each coin’s hologram is produced on a computer that is not connected to the internet during the creation and printing process. The private keys are printed on a secure printer once and the soft copy of each private key is immediately destroyed, meaning that the only copy of the private key left is the printed private key under the coin hologram sticker.

To ensure the highest security standards, the important process of attaching each private key underneath the hologram is performed by BTCC’s chief executive of officer Bobby Lee, or under his direct supervision.


I trust many of the previous and current physical btc manufacturers. In BTC or other crypto nothing is for sure, it can all go downhill tomorrow if someone finds a way to exploit the system.
So even if you have em in your own BTC Wallet there is still a risk that technology advancements may put your coins at risk.

But for me having a physical BTC is so cool, I like looking at them, feeling them (with gloves LOL), collect the different types.









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July 02, 2016, 07:42:10 PM
 #79


But for me having a physical BTC is so cool, I like looking at them, feeling them (with gloves LOL), collect the different types.



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July 02, 2016, 08:14:17 PM
 #80


But for me having a physical BTC is so cool, I like looking at them, feeling them (with gloves LOL), collect the different types.

Cheesy



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