Assuming there are no fake complaints, the percentage of accidental losses in the mail will be very small, not enough for me to get a bad reputation.
It will be almost zero losses when customers are sending cash to you. Assuming you don't do anything sloppy like change PO boxes suddenly, etc.
You will have losses for sure when mailing cash to customers. I am certain of this.
Wrong addresses, customers lying about weather or not they received it, misdirected mail (either on purpose or by accident), postal workers stealing it, theft right from the customer's doorstep, people move and forget to have mail forwarded, etc. I could go on and on.
The customer will not care what the excuse is. In their eyes you owe them cash. I realized this very early on and decided to do cash trades in only one direction for this very reason.
If there is active theft on the part of the postal employees, I'll be aware of it and will be able to take action.
So you will seriously fill out a USPS claim for cash that was in an envelope? This may actually alert more thieves in the postal system to what you are doing.
As for fake complaints, I don't think many people have much of a reason to do that but that's really just a risk that any business faces, even yours.
Oh sure. When you have piles of people with less than 5 posts under their belt complaining all at once it is easy to see that it's a "joe job". The real problem is when you have established/trusted members of the forum complaining, your reputation is toast.
There are no more laws that I have to follow as an LLC than as a private individual. It actually offers me protection from being sued personally for my assets.
That's just plain wrong. Look up the LLC Acts in your state. Do they apply to you as a private citizen if you never registered an LLC? Nope. Are there more Acts that apply only to LLCs? You bet! Keep digging.
Protection of personal assets from what? An angry customer that is missing cash? They won't sue you for such small amounts of money. (Talking about dollars). In terms of Bitcoin, since it isn't a recognized currency (not legal tender) you can't be sued or sue for them. No court will honor contracts in Bitcoin.
The LLC is a hindrance. You should drop it.
The same can be said for any form of payment. As long as I'm not actively encouraging illegal activity and had no prior knowledge of it, I'm in the clear.
I don't think so. An investigator will follow cash to you for a drug purchase and you'll have them at your door at 4am. (Drug dealers sleep in I guess. This is also your warning to remove any/all contraband from your premesis.) They'll likely look for drugs on your premises and find none.
You'll begin your long speech about how Bitcoin works and how you don't need to follow any KYC regulations. It will sound fishy. It's hard to say where it will go from there. They are uncharted waters. I'm sure it won't be fun.
I've read up on it extensively. The laws he violated only apply to metal coins. Otherwise, people would be
You don't think that the ruling applies to Bitcoin. Interesting. Are you sure? I guess it all depends on if Bitcoin undermines the US currency or not, right?
getting arrested for WoW gold since it has value, can be used for drug deals, to undermine fiat currency, etc.
They can go right to Blizzard (? I don't play games) and demand the data or tell them to stop it. They don't have that option with Bitcoin.
Thanks for your concern but I've got things under control.
Have you looked at the US statutes around 'stored money items'? What about money transmitting without a license? As soon as Bitcoin is determined to be money-like they'll bend those statutes out of shape and upon your LLC. That's if the unique form of domestic terrorism crap isn't slapped upon you first.
A private citizen is exempt from the money transmitting license statutes as far as I can tell. Yet another reason not to use an LLC.
Human rights don't apply to LLCs. You have less rights in any legal situation. If you are going to try to stand on your constitution you will fail with a LLC. There are many examples floating around.
You'd be even better off if you let your customers mail cash to each other with a WoT or similar trust system. Be sure to host your site outside of the USA, drop the LLC, and you'll be far better protected.
