[ANN][SLG] Sterlingcoin v1.7 | United Kingdom |

[Skydog]

With statements like that you just successfully banned yourself from ever being adopted by real life merchants ever. Merchants can already escape the VAT via cash yet most don't do this - why? Because the risk of dong so is in no relation to the reward of doing so. No merchant in their right mind would ever accept a coin whose customer would annoy him with the request of "selling them the stuff under the table" especially if accepting the coin would basically guarantee him he instant attention of the tax authorities.

VAT cannot be avoided by taking cash unless you are implying that merchants can avoid tax completely by not declaring the transaction (this is illegal).

All transactions that a business processes must be declared to the relevant tax authority for their country otherwise the business owner may face jail/prison time (FIAT or Crypto).

Merchants have been getting harassed by customers since the FIAT system was born. Customers ask for discounts and expect better treatment if they are paying in cash and not debit/credit/cheques.

Most of our merchants however will carry over the saving to the customer giving them an incentive to purchase goods in Sterlingcoin and Bitcoin i.e. 10% off all items.

You do realize that if declare the transaction, you'd have to pay VAT on purchases with sterlingcoin too? As you have and do pay VAT if you pay something with bitcoin so I am not sure where you are coming from. Maybe you should try buying something with bitcoin once.

Sorry I thought this coin was developed by a grown up not a seventeen year old ideologist and no world or business experience.

Best of luck though.

[1714010131]

1714010131

[Sterlingcoin]

For VAT purposes Bitcoin and similar cryptocurrencies will be treated as follows below, this in no way reflects on how they are treated for regulatory or other purposes:

1.Income received from Bitcoin mining activities will generally be outside the scope of VAT on the basis that the activity does not constitute an economic activity for VAT purposes because there is an insufficient link between any services provided and any consideration received.

2.Income received by miners for other activities, such as for the provision of services in connection with the verification of specific transactions for which specific charges are made, will be exempt from VAT under Article 135(1)(d) of the EU VAT Directive as falling within the definition of 'transactions, including negotiation, concerning deposit and current accounts, payments, transfers, debts, cheques and other negotiable instruments.'

3. When Bitcoin is exchanged for Sterling or for foreign currencies, such as Euros or Dollars, no VAT will be due on the value of the Bitcoins themselves.

4. Charges (in whatever form) made over and above the value of the Bitcoin for arranging or carrying out any transactions in Bitcoin will be exempt from VAT under Article 135(1)(d) as outlined at 2 above.

For retail/goods/services:

However, in all instances, VAT will be due in the normal way from suppliers of any goods or services sold in exchange for Bitcoin or other similar cryptocurrency. The value of the supply of goods or services on which VAT is due will be the sterling value of the cryptocurrency at the point the transaction takes place

http://sterlingcoin.org.uk/uk-tax-rulings/

[Sterlingcoin]

This I hope clears up for people where Sterlingcoin is VAT exempt and not.

Also, our team are in their late 20's and 30's.

[Sterlingcoin]

Google+ Hangout TONIGHT @ 10PM GMT, 5pm EST, 2pm PST

Come and join the Sterlingcoin developers in a Google+ Hangout.
Ask questions, make suggestions and get to see and talk to the team.
Link will be posted 5 minutes before.

[Yza_azY]

Google+ Hangout TONIGHT @ 10PM GMT, 5pm EST, 2pm PST

Come and join the Sterlingcoin developers in a Google+ Hangout.
Ask questions, make suggestions and get to see and talk to the team.
Link will be posted 5 minutes before.

Posterd in Ita Topic...

[Sterlingcoin]

Google+ Hangout TONIGHT @ 10PM GMT, 5pm EST, 2pm PST

Come and join the Sterlingcoin developers in a Google+ Hangout.
Ask questions, make suggestions and get to see and talk to the team.
Link will be posted 5 minutes before.

Posterd in Ita Topic...

[Sellman]

link?

[Skydog]

For VAT purposes Bitcoin and similar cryptocurrencies will be treated as follows below, this in no way reflects on how they are treated for regulatory or other purposes:

1.Income received from Bitcoin mining activities will generally be outside the scope of VAT on the basis that the activity does not constitute an economic activity for VAT purposes because there is an insufficient link between any services provided and any consideration received.

2.Income received by miners for other activities, such as for the provision of services in connection with the verification of specific transactions for which specific charges are made, will be exempt from VAT under Article 135(1)(d) of the EU VAT Directive as falling within the definition of 'transactions, including negotiation, concerning deposit and current accounts, payments, transfers, debts, cheques and other negotiable instruments.'

3. When Bitcoin is exchanged for Sterling or for foreign currencies, such as Euros or Dollars, no VAT will be due on the value of the Bitcoins themselves.

4. Charges (in whatever form) made over and above the value of the Bitcoin for arranging or carrying out any transactions in Bitcoin will be exempt from VAT under Article 135(1)(d) as outlined at 2 above.

For retail/goods/services:

However, in all instances, VAT will be due in the normal way from suppliers of any goods or services sold in exchange for Bitcoin or other similar cryptocurrency. The value of the supply of goods or services on which VAT is due will be the sterling value of the cryptocurrency at the point the transaction takes place

Except that you have to still pay VAT when you go shooping you just can recieve it back when doing your tax declaration and good luck with that keeping all your billings and fighting the tax authorities over that. Oh not to forgot that it only works if you have mined the coin. And have fun with the nightmare if you dared to trade with the coin in the meantime.


[

[Sterlingcoin]

For VAT purposes Bitcoin and similar cryptocurrencies will be treated as follows below, this in no way reflects on how they are treated for regulatory or other purposes:

1.Income received from Bitcoin mining activities will generally be outside the scope of VAT on the basis that the activity does not constitute an economic activity for VAT purposes because there is an insufficient link between any services provided and any consideration received.

2.Income received by miners for other activities, such as for the provision of services in connection with the verification of specific transactions for which specific charges are made, will be exempt from VAT under Article 135(1)(d) of the EU VAT Directive as falling within the definition of 'transactions, including negotiation, concerning deposit and current accounts, payments, transfers, debts, cheques and other negotiable instruments.'

3. When Bitcoin is exchanged for Sterling or for foreign currencies, such as Euros or Dollars, no VAT will be due on the value of the Bitcoins themselves.

4. Charges (in whatever form) made over and above the value of the Bitcoin for arranging or carrying out any transactions in Bitcoin will be exempt from VAT under Article 135(1)(d) as outlined at 2 above.

For retail/goods/services:

However, in all instances, VAT will be due in the normal way from suppliers of any goods or services sold in exchange for Bitcoin or other similar cryptocurrency. The value of the supply of goods or services on which VAT is due will be the sterling value of the cryptocurrency at the point the transaction takes place

Except that you have to still pay VAT when you go shooping you just can recieve it back when doing your tax declaration and good luck with that keeping all your billings and fighting the tax authorities over that. Oh not to forgot that it only works if you have mined the coin. And have fun with the nightmare if you dared to trade with the coin in the meantime.


[

Your comments apply to all crypto currencies.

[Sterlingcoin]

link?

Link will be posted 5 minutes before.

https://plus.google.com/events/cftu2803dqm3j8jtletcu8bhnqk 

Event will be recorded to YouTube.

4 hour session in total.

[Sterlingcoin]

Google+ Hangout on YouTube

We set the Google+ Hangout to record for 4 hours but ran over by 1hr 29mins.

Because we ran over the video starts 1hr 29mins in.

It is long. But we believe we covered as much as possible.

We form a new future partnership live in this Hangout and receive praise and support from Coin Source.

Enjoy.

Sterlingcoin YouTube Channel

[Skydog]

For VAT purposes Bitcoin and similar cryptocurrencies will be treated as follows below, this in no way reflects on how they are treated for regulatory or other purposes:

1.Income received from Bitcoin mining activities will generally be outside the scope of VAT on the basis that the activity does not constitute an economic activity for VAT purposes because there is an insufficient link between any services provided and any consideration received.

2.Income received by miners for other activities, such as for the provision of services in connection with the verification of specific transactions for which specific charges are made, will be exempt from VAT under Article 135(1)(d) of the EU VAT Directive as falling within the definition of 'transactions, including negotiation, concerning deposit and current accounts, payments, transfers, debts, cheques and other negotiable instruments.'

3. When Bitcoin is exchanged for Sterling or for foreign currencies, such as Euros or Dollars, no VAT will be due on the value of the Bitcoins themselves.

4. Charges (in whatever form) made over and above the value of the Bitcoin for arranging or carrying out any transactions in Bitcoin will be exempt from VAT under Article 135(1)(d) as outlined at 2 above.

For retail/goods/services:

However, in all instances, VAT will be due in the normal way from suppliers of any goods or services sold in exchange for Bitcoin or other similar cryptocurrency. The value of the supply of goods or services on which VAT is due will be the sterling value of the cryptocurrency at the point the transaction takes place

Except that you have to still pay VAT when you go shooping you just can recieve it back when doing your tax declaration and good luck with that keeping all your billings and fighting the tax authorities over that. Oh not to forgot that it only works if you have mined the coin. And have fun with the nightmare if you dared to trade with the coin in the meantime.


[

Your comments apply to all crypto currencies.

Other crypto currencies don't promote the coin byclaiming youcan escape the VAT.

[Sterlingcoin]

Other crypto currencies don't promote the coin byclaiming youcan escape the VAT.

Neither does Sterlingcoin. The previous comment we made, that you have in fact quoted, states:

However, in all instances, VAT will be due in the normal way from suppliers of any goods or services sold in exchange for Bitcoin or other similar cryptocurrency. The value of the supply of goods or services on which VAT is due will be the sterling value of the cryptocurrency at the point the transaction takes place.

Our main selling point is the fact Sterlingcoin will launch with services and merchants in place from launch, not through avoidance of taxation.

[Sterlingcoin]

Here is a time marked point in the Google+ Hangout where Spencer Lievens (Sterlingcoin Developer) shows the online wallet system, iOS wallet, QT wallet etc.

http://youtu.be/By95MELlUXU?t=2h29m33s

[Sterlingcoin]

Coin Telegraph add Sterlingcoin to their Coin Catalog

http://cointelegraph.com/category/altcoin_catalog

[Sterlingcoin]

More progress on the sterlingcoinapi.org.uk online wallet system

Here are some screenshots of the work being done:

[Sterlingcoin]

Another article from cryptoarticles:

http://www.cryptoarticles.com/crypto-news/sterlingcoin-online-wallet-updates-google-hangout

[Sterlingcoin]

Fun site for cryptocoin rankings - http://coingorilla.com/servicedetails.aspx?sid=2459

[Sterlingcoin]

Timing Refinements to Sterlingcoin

unsigned int nTargetSpacing = 2 * 60; // 2 Minutes
unsigned int nRetarget = 7.5;
unsigned int nStakeMinAge = 1 * 60 * 24; // 1 day
unsigned int nStakeMaxAge = -1; //unlimited
unsigned int nModifierInterval = 10 * 60; // time to elapse before new modifier is computed
static const int64_t nTargetTimespan_legacy = nTargetSpacing * nRetarget; // every 15 blocks
static const int64_t nInterval = nTargetTimespan_legacy / nTargetSpacing;
static const int64_t nTargetTimespan = 16 * 60;
int64_t devCoin = 0 * COIN;
int nCoinbaseMaturity = 30; //Amount of blocks for coins to mature
CBlockIndex* pindexGenesisBlock = NULL;
int nBestHeight = -1;

These timings are the same as those listed in the OP (No Change). Just cleaned up and commented.

[Sterlingcoin]

One of our merchants BitSMS have created a thread to keep you up to date with their progress and service.

https://bitcointalk.org/index.php?topic=761900.0