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Author Topic: How to convert Bitcoin to cash using fine wine.  (Read 1122 times)
51attack
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November 09, 2017, 02:17:25 AM
 #21


51attack, We do accept US clients, whilst there is no UK tax issues when you sell the wine (VAT, duty, capital gains tax) I can't give you a firm answer on what tax implications have been triggered (if any) when you convert Bitcoin to wine. Every country has different views on the matter.

The reason why I was asking, is that if you are providing a return on someone investing, there maybe some legalities with the SEC. Even if you are in the UK, if you accept US customers, the US could still knock on your door. Sad

Similar to the way ICOs are locking out United states citizens. Because they fear repercussions.

I think the idea of investing in wine using the blockchain is very interesting and doable. I know there are those gold backed cryptos.

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DaveMallettJSE
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November 09, 2017, 11:38:10 AM
 #22

I guess you'd just have to consider which was going to increase in value more over the length of the planned investment, wine or BTC. Unless you just want to drink it, which seems like a pretty good plan.
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November 09, 2017, 01:08:42 PM
 #23


51attack,
all good points. technically clients are buying physical cases of wine and storing them in perfect conditions. The fact they tend to appreciate in value as they get consumed reducing the original finite supply is a benefit but we never sell wine with a guarantee of return.

If a customer wants to drink the wine then of course that is their prerogative but they may also chose to sell it at a later date if they so wish.

US customers are of course subject to local tax rules and regulations.


DaveMallettJSE. I think its safe to say that BTC will fluctuate much more than the fine wine prices. I would even go as far as saying the % return on BTC will outperform most other asset classes. The idea that we are proposing is giving people the opportunity to not have "all eggs in one basket" and diversify to mitigate the risk. Converting some of your BTC into fine wine does exactly this. It provides you with a store of wealth and the potential for capital gains. And of course the option to drink it if you so wish  Smiley
51attack
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November 09, 2017, 02:09:43 PM
 #24


51attack,
all good points. technically clients are buying physical cases of wine and storing them in perfect conditions. The fact they tend to appreciate in value as they get consumed reducing the original finite supply is a benefit but we never sell wine with a guarantee of return.


I see the model now. Very good!

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AmphoraWines
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November 12, 2017, 09:04:43 PM
 #25

Thanks 51attack, I've had quite a bit of interest and lots of questions so will get an FAQ section up on the website over the next day or so.

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