Flexcoin Invites

[dacoinminster]

@Flexcoin, I request that you chime in on this thread about online wallets keeping offline reserves:

https://bitcointalk.org/index.php?topic=34011.0

[the founder]

ok if you requested an invite over the past 48 hours .. it should work

[Jonathan Ryan Owens]

It will be open to the masses on or about Monday... right now if you requested an invite until roughly 4pm EST you can get in, though no e-mails were sent out.. a notice was put on this forum... so basically if you know anyone that registered for an invite anywhere in the past month until about 4pm EST.. they can get in with that valid e-mail address they registered with an invite for.   We opted not to send out mass mail... because trust me... it would have been a MASSIVE mail list.   So we're trickling them out via this forum and a handful of other places..

Invite please?

[the founder]

No need... we're expected to go live on or about 1 pm EST Thursday.. or better said about 13 hours from now.

I'll post when it's up.

[BitMofo]

Hi President,

Is "Discount Awarded" the new name for interest payments?

[the founder]

Hi President,

Is "Discount Awarded" the new name for interest payments?

Yes... you noticed that? 

Evidently both the IRS and our accountant stated that we cannot call it interest or else we must 1099 everyone that receives more than 10 USD worth of bitcoins.   Meaning we would have had to collect social security numbers,  etc etc...  something completely unacceptable for the bitcoin community.

If I called it commission,  it would have had the same process for over 600 USD worth of BTC.

The funny thing... same process, same coding, same everything.. but if it's called a discount it's not reportable.

Go figure...

[BitMofo]

Hi President,

Is "Discount Awarded" the new name for interest payments?

Yes... you noticed that? 

Evidently both the IRS and our accountant stated that we cannot call it interest or else we must 1099 everyone that receives more than 10 USD worth of bitcoins.   Meaning we would have had to collect social security numbers,  etc etc...  something completely unacceptable for the bitcoin community.

If I called it commission,  it would have had the same process for over 600 USD worth of BTC.

The funny thing... same process, same coding, same everything.. but if it's called a discount it's not reportable.

Go figure...

Haha nice! The world today if full of funny little loop holes like that!

[Rassah]

Can you call it a "Service Fee" and charge a negative amount? 
I think rebates are also non-taxable, since the assumption is that it's your own money that you get back.