bankbtc (OP)
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 Offline
Activity: 32
Merit: 0
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January 31, 2014, 11:10:17 PM |
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Terrahash accepted pre-orders for ASIC mining hardware. Terrahash failed to deliver the ASIC miner I purchased from them or return my money so I sued them.
My legal case against Terrahash was heard this past Monday. Terrahash failed to show up after being properly served. The judge asked to see my receipt and then asked some questions before awarding me a judgement for $10,000 plus court costs. The fact that my receipt was denominated in Bitcoin was a non-issue.
Contrary to popular belief there is legal recourse when making payments with Bitcoin.
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"With e-currency based on cryptographic proof, without the need to
trust a third party middleman, money can be secure and transactions
effortless." -- Satoshi
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Barek
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January 31, 2014, 11:16:17 PM |
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So far, so good.
Chances are there is no money left to be taken from Terrahash.
Fingers crossed it works out.
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TwinWinNerD
Legendary
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Activity: 1680
Merit: 1001
CEO Bitpanda.com
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January 31, 2014, 11:19:51 PM |
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You will probably see no single penny/bitcent
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AvalonMiner
Member
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Activity: 84
Merit: 10
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January 31, 2014, 11:26:35 PM |
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Congratulations on winning the case. Its good to see that the payment being in bitcoins didnt affect it.
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bankbtc (OP)
Newbie
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Activity: 32
Merit: 0
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January 31, 2014, 11:36:56 PM |
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You will probably see no single penny/bitcent
Nope. One way or another I am going to monetize the judgement. Worse case is I write off the judgement as un-collectable debt on my tax return and use the loss as an offset. The judgement is sufficient documentation in case the IRS decides to challenge the write off. |
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ScaryHash
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January 31, 2014, 11:41:33 PM |
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You will probably see no single penny/bitcent
Nope. One way or another I am going to monetize the judgement. Worse case is I write off the judgement as un-collectable debt on my tax return and use the loss as an offset. The judgement is sufficient documentation in case the IRS decides to challenge the write off. That is an excellent point. So it means that, depending on your tax bracket, you could get some benefit out of it. |
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bankbtc (OP)
Newbie
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Activity: 32
Merit: 0
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January 31, 2014, 11:54:59 PM |
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You will probably see no single penny/bitcent
One way or another I'm going to monetize the judgement, but not for pennies or bitcents, for dollar$. Worse case; I'll write off the $10,000 as un-collectable debt on my tax return and use it as an offset. If the IRS decides to challenge the write off the Court's judgement is sufficient documentation to support the claim. |
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bankbtc (OP)
Newbie
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Activity: 32
Merit: 0
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February 01, 2014, 12:02:11 AM |
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You will probably see no single penny/bitcent
Nope. One way or another I am going to monetize the judgement. Worse case is I write off the judgement as un-collectable debt on my tax return and use the loss as an offset. The judgement is sufficient documentation in case the IRS decides to challenge the write off. That is an excellent point. So it means that, depending on your tax bracket, you could get some benefit out of it. It depends on which form you use to file your taxes but not your tax bracket. I always file using form 1040 (the long form), so yes, I will realize some benefit. |
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Sonny
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February 01, 2014, 07:55:44 AM |
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Terrahash accepted pre-orders for ASIC mining hardware. Terrahash failed to deliver the ASIC miner I purchased from them or return my money so I sued them.
My legal case against Terrahash was heard this past Monday. Terrahash failed to show up after being properly served. The judge asked to see my receipt and then asked some questions before awarding me a judgement for $10,000 plus court costs. The fact that my receipt was denominated in Bitcoin was a non-issue.
Contrary to popular belief there is legal recourse when making payments with Bitcoin.
Grats and thanks for your report  You will probably see no single penny/bitcent
Nope. One way or another I am going to monetize the judgement. Worse case is I write off the judgement as un-collectable debt on my tax return and use the loss as an offset. The judgement is sufficient documentation in case the IRS decides to challenge the write off. I see |
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Phinnaeus Gage
Legendary
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Activity: 1918
Merit: 1570
Bitcoin: An Idea Worth Spending
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February 01, 2014, 08:13:09 AM |
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<overheard at Terrahash's former offices>
"We need to form another entity to fleece the unexpected so that we'll have the money to pay back those that win judgements. Any suggestions?"
"We could back some quasi-trusted schmuck, controlling the financing, for their believable alt coin mining rig idea."
"Sounds like a winner! Now, let's celebrate over a flûte of Heidseick I pulled from the cellar."
"A most appropriate choice, I may add, mate."
"To the future!"
"Here! Here!"
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