51attack
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November 09, 2017, 02:17:25 AM |
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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. 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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You get merit points when someone likes your post enough to give you some. And for every 2 merit points you receive, you can send 1 merit point to someone else!
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DaveMallettJSE
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November 09, 2017, 11:38:10 AM |
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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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AmphoraWines (OP)
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November 09, 2017, 01:08:42 PM |
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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
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51attack
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November 09, 2017, 02:09:43 PM |
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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 (OP)
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November 12, 2017, 09:04:43 PM |
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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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chrisrov
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November 24, 2017, 07:11:41 AM |
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How long does the transaction take to purchase the wine and what are the costs of moving it to another bonded warehouse?
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AmphoraWines (OP)
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November 24, 2017, 04:44:42 PM |
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The transaction is instant, once we send an invoice priced in Bitcoins and payment is received then you become the legal owner of the wines.
If you wanted to move wine from one bond to another then it costs around £15. Do you already hold wine in bond as we can certainly send it to your account if needed.
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AmphoraWines (OP)
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November 28, 2017, 01:33:21 PM |
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Updated the first post with some FAQ's
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BayAreaCoins
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Owner at AltQuick.com & FreeBitcoins.com
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November 28, 2017, 01:42:32 PM |
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The transaction is instant, once we send an invoice priced in Bitcoins and payment is received then you become the legal owner of the wines.
If you wanted to move wine from one bond to another then it costs around £15. Do you already hold wine in bond as we can certainly send it to your account if needed.
I'll have to dig into getting a wine bond when I wake up.
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AmphoraWines (OP)
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December 18, 2017, 10:52:36 AM |
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With the price of Bitcoin being so high we are seeing a lot of large holders decide to cash out and take some profit.
Whilst there has not been a correction in the Bitcoin price there is certainly talk of it. What do people reckon? Will we see it correct or will it continue to climb?
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AmphoraWines (OP)
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January 09, 2018, 12:08:56 PM |
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Whilst there has not been a correction in the Bitcoin price there is certainly talk of it. What do people reckon? Will we see it correct or will it continue to climb?
So, seems the day I posted the above asking if there was going to be a correction the market fell from just over $19,000 to sub $12,000. Interestingly we have seen a large spike in demand for our service as people realise the Bitcoin price behaves like any other market and the price can come down as well as up. If you are interested in converting BTC to Fiat through Fine Wine please email me at james@amphora.london
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AmphoraWines (OP)
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November 19, 2018, 09:28:21 AM |
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As a follow up to our last comment. The guys who bought fine wine with Bitcoin when it was over 10k a coin are rather happy right now. Some are now selling their wine saying they will buy back Bitcoin at just over $5k a coin.
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chilon
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January 10, 2019, 06:53:17 PM |
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Use PundiX or just make a Token on Wavesplatform that equels to usd.
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AmphoraWines (OP)
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January 30, 2020, 07:45:00 PM |
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Still here, still accepting Bitcoin.
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