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Author Topic: btc-arbs.com - Update: dead HYIP, Refund progress: BTC-arbs still doing refunds  (Read 254178 times)
dracolumina
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November 04, 2014, 12:20:25 PM
 #3201

Patiently waiting
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brianbbad
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November 05, 2014, 05:29:07 AM
 #3202

Patiently waiting

The waiting is tough man, I know. But this guy has been processing refund payments for several months now, so we should just be glad he didn't disappear.

chavysosavy
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November 05, 2014, 10:32:29 PM
 #3203

When do y'all think he'll be done with 2nd payments?
FreeJack2k2
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November 06, 2014, 08:18:06 PM
 #3204

When do y'all think he'll be done with 2nd payments?

This payment process takes a long, long time. I wouldn't put a timeframe on it...but it has been somewhere in the neighborhood of 4-6 weeks between payments, for me.

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November 07, 2014, 01:08:14 AM
 #3205

When do y'all think he'll be done with 2nd payments?

This payment process takes a long, long time. I wouldn't put a timeframe on it...but it has been somewhere in the neighborhood of 4-6 weeks between payments, for me.



I haven't even got a FIRST payment, let alone a second. Only posted, oh about 40 pages back.

BTCArbs username - blingbling
Amount missing - 1.2 BTC
Only had made .2 in interest, never harassed him, only asked for the 1BTC back. Likewise never got one post, mention or reply, sent PM and posted here.

BTC Address: 13gZsFdxiL1NXEbaGkLAvXQEXKSbLWcGQA
KingOfSports
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Acc bought - used solely for signature testing


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November 07, 2014, 01:20:41 AM
 #3206

If any of you understand accounting, do your own taxes or have a personal accountant, I would recommend they write off the USD value investment amount of when the site went dead. File all repayments as other revenues and leave a disclaimer for it. The chance of  full repayment is much less then 50% so you need to write it off, debit bad debt expense for the full lost amount (excluding repayments for this entry) and not leave it as a receivables in your assets. GAAP would recommend you do the same, not sure about ISAB principle.

.







.
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November 07, 2014, 02:03:29 AM
 #3207

When do y'all think he'll be done with 2nd payments?

This payment process takes a long, long time. I wouldn't put a timeframe on it...but it has been somewhere in the neighborhood of 4-6 weeks between payments, for me.



I haven't even got a FIRST payment, let alone a second. Only posted, oh about 40 pages back.

BTCArbs username - blingbling
Amount missing - 1.2 BTC
Only had made .2 in interest, never harassed him, only asked for the 1BTC back. Likewise never got one post, mention or reply, sent PM and posted here.

BTC Address: 13gZsFdxiL1NXEbaGkLAvXQEXKSbLWcGQA

   Then you really need to PM him again.  He's responded to almost everyone that had a valid debt.  You really need to provide all of the info in your PM.  He tends to only work from those. 

   

BTC-Arbs
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November 07, 2014, 06:00:09 AM
 #3208

When do y'all think he'll be done with 2nd payments?

This payment process takes a long, long time. I wouldn't put a timeframe on it...but it has been somewhere in the neighborhood of 4-6 weeks between payments, for me.



I haven't even got a FIRST payment, let alone a second. Only posted, oh about 40 pages back.

BTCArbs username - blingbling
Amount missing - 1.2 BTC
Only had made .2 in interest, never harassed him, only asked for the 1BTC back. Likewise never got one post, mention or reply, sent PM and posted here.

BTC Address: 13gZsFdxiL1NXEbaGkLAvXQEXKSbLWcGQA

When did you send your PM?

More refunds tomorrow.
s1m0n
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happy mining


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November 07, 2014, 10:16:07 AM
 #3209

...

More refunds tomorrow.

looking forward to it. any updates possible about the progress of the refunding ?
Hoof-arted
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November 07, 2014, 08:54:37 PM
 #3210

When do y'all think he'll be done with 2nd payments?

This payment process takes a long, long time. I wouldn't put a timeframe on it...but it has been somewhere in the neighborhood of 4-6 weeks between payments, for me.



I haven't even got a FIRST payment, let alone a second. Only posted, oh about 40 pages back.

BTCArbs username - blingbling
Amount missing - 1.2 BTC
Only had made .2 in interest, never harassed him, only asked for the 1BTC back. Likewise never got one post, mention or reply, sent PM and posted here.

BTC Address: 13gZsFdxiL1NXEbaGkLAvXQEXKSbLWcGQA

When did you send your PM?

More refunds tomorrow.

Sorry for the misinformation, forgot I Didn't sent a PM, I sent an email and posted here as well. I sent ya a PM earlier on my account details.

Thanks.
FreeJack2k2
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November 07, 2014, 10:45:59 PM
 #3211

If any of you understand accounting, do your own taxes or have a personal accountant, I would recommend they write off the USD value investment amount of when the site went dead. File all repayments as other revenues and leave a disclaimer for it. The chance of  full repayment is much less then 50% so you need to write it off, debit bad debt expense for the full lost amount (excluding repayments for this entry) and not leave it as a receivables in your assets. GAAP would recommend you do the same, not sure about ISAB principle.

How would you classify it, when writing it off on taxes?
BTC-Arbs
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November 08, 2014, 05:47:06 AM
 #3212

When do y'all think he'll be done with 2nd payments?

This payment process takes a long, long time. I wouldn't put a timeframe on it...but it has been somewhere in the neighborhood of 4-6 weeks between payments, for me.



I haven't even got a FIRST payment, let alone a second. Only posted, oh about 40 pages back.

BTCArbs username - blingbling
Amount missing - 1.2 BTC
Only had made .2 in interest, never harassed him, only asked for the 1BTC back. Likewise never got one post, mention or reply, sent PM and posted here.

BTC Address: 13gZsFdxiL1NXEbaGkLAvXQEXKSbLWcGQA

When did you send your PM?

More refunds tomorrow.

Sorry for the misinformation, forgot I Didn't sent a PM, I sent an email and posted here as well. I sent ya a PM earlier on my account details.

Thanks.

Your PM has been received. You will receive your first refund payment next week.

More refund payments will be made to others in 5 minutes.
brozinic
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November 10, 2014, 10:31:10 AM
 #3213

When's next repayment ?
BTC-Arbs
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November 15, 2014, 05:11:13 AM
 #3214

More refunds in 5 minutes.
chris45215
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November 16, 2014, 11:55:23 PM
 #3215

If any of you understand accounting, do your own taxes or have a personal accountant, I would recommend they write off the USD value investment amount of when the site went dead. File all repayments as other revenues and leave a disclaimer for it. The chance of  full repayment is much less then 50% so you need to write it off, debit bad debt expense for the full lost amount (excluding repayments for this entry) and not leave it as a receivables in your assets. GAAP would recommend you do the same, not sure about ISAB principle.

How would you classify it, when writing it off on taxes?

For personal taxes, just write it down as "investment loss", and include an attachment explaining that the bitcoin was bought as an investment, but subsequently lost or unintentionally destroyed. Do it the same way that you would if the bitcoin was sent to an incorrect address, or lost due to a hard drive failure without backup. The loss can offset your profit from conventional investments.

The key is to report the Bitcoin as the investment, and not BTC-Arbs as the investment, because then the IRS may try to check their records for a company named BTC-Arbs, and wonder how you invested in an investment that doesn't exist.  But feel free to identify BTC-Arbs as the reason for the loss.

The accounting required to "properly" report bitcoin profits is the reason that most people use brokers (Scottrade, E*Trade, etc)  to manage their investment information. Considering how unreportable Bitcoin is, I wouldn't be surprised if the IRS just accepted whatever claims you make, as long as you have some evidence to back it up - if they disagree, you can always file a corrected tax return and completely omit the bitcoin


If & When you get bitcoin back, you can claim it as "recovered losses", which would be considered a profit because you already wrote it off.

In the meantime, BTC-Arbs has a moral obligation to provide statements to customers identifying how much they have lost as of the end of this tax year. At the very least, this would provide some convenience for customers - much like how Gox was partially re-opened so users could see their account balances. This is one of the biggest problems with using unregistered and unregulated investment services. Losses ARE valuable, because they can reduce the taxes owed on other investment gains, but you need a way to show that the losses happened.
nightengale
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November 18, 2014, 02:47:36 AM
 #3216

0.05 BTC sent on September 5, and not a single satoshi since -- is anyone else in the same situation?
PanicBot
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November 18, 2014, 02:52:18 AM
 #3217

0.05 BTC sent on September 5, and not a single satoshi since -- is anyone else in the same situation?

Yeah. Just relax.
King Agamemnon
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November 18, 2014, 02:53:14 AM
 #3218

Any update about this? Were all paid with their refunds?

coinmaster222
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November 18, 2014, 11:42:42 AM
 #3219

IRS treat bitcoin as property and is taxed the same way.

nightengale
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November 18, 2014, 04:02:32 PM
 #3220

0.05 BTC sent on September 5, and not a single satoshi since -- is anyone else in the same situation?

Yeah. Just relax.

Not freaking. Just making sure I didn't somehow drop off of his radar.

Just relax.
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