$11,500,000 buy-out (exit) for "SatoshiDice" - the sale was done with Bitcoins

QuestionAuthority

legendary

Activity: 2156

Merit: 1393

You lead and I'll watch you walk away.

Quote from: J.R. BOB DOBBS on July 19, 2013, 09:02:27 PM

Quote from: QuestionAuthority on July 19, 2013, 12:53:54 AM

That's just Voorhees realizing too late that Internet gambling is illegal in the USA and that by telling US customers to go away the business will not be as profitable as it once was. It's a double edged sword and he was holding the handle. If you hope US customers don't stop gambling at your site then you're a criminal. If you really block them then you're no longer as profitable because all the really diseased gamblers were from the US. I said in a post long ago that no matter what happens with Bitcoin, succeed or fail, Voorhees will be rich. Time to retire off shore with all your wealth Erik. At least until the statute of limitations runs out. lol

http://scholarship.law.duke.edu/cgi/viewcontent.cgi?article=1181&context=dltr

http://www.adlawbyrequest.com/uploads/file/2009_07_17%20U_S_%20Federal%20&%20State%20Online%20Gaming%20Law%20Survey.pdf

http://cyber.law.harvard.edu/fallsem98/final_papers/Glassberg.html

I hope he's paying taxes as a US citizen on that windfall. Even if you renounce your citizenship and live abroad your taxes are still due. lol
http://www.nolo.com/legal-encyclopedia/bitcoins-tax-liability.html
http://www.irs.gov/Individuals/International-Taxpayers

Many Las Vegas casinos are run by publicly traded companies nowadays good luck trying to pull a fast one with their assets no slack there(=

You're right no slack at all. Also, Nevada casinos are heavily regulated and policed. I remember I once watched a guy at the Excalibur in Las Vegas during one of our trips there win one of those big prize slots. I asked a security guard what was going on because there were all of these cop looking guys around the machine. I thought the guy broke into it or something. It turns out when a large prize is won they have to call the machine company, Ballys I think, and gaming commission officers to review tapes and sign off on the win. The Nevada Gaming Commission has their own police force and legal code. Wierd isn't it!

QuestionAuthority

legendary

Activity: 2156

Merit: 1393

You lead and I'll watch you walk away.

Quote from: vokain on July 19, 2013, 10:48:42 PM

can you owe taxes if you don't have any assets listed for them ie bitcoin?

He wouldn't owe any taxes if he never converts it to fiat or spends it on anything of substantial value. But if its a capital gain and is used like someone would usually use $11mil and he doesn't pay nearly half of it in taxes he can be put in prison. Read through the sources I posted above and you can get a pretty clear picture of what to report.

vokain

legendary

Activity: 1834

Merit: 1019

can you owe taxes if you don't have any assets to seize listed for them ie bitcoin?

J.R. BOB DOBBS

member

Activity: 65

Merit: 10

GOT SLACK ?

Quote from: QuestionAuthority on July 19, 2013, 12:53:54 AM

That's just Voorhees realizing too late that Internet gambling is illegal in the USA and that by telling US customers to go away the business will not be as profitable as it once was. It's a double edged sword and he was holding the handle. If you hope US customers don't stop gambling at your site then you're a criminal. If you really block them then you're no longer as profitable because all the really diseased gamblers were from the US. I said in a post long ago that no matter what happens with Bitcoin, succeed or fail, Voorhees will be rich. Time to retire off shore with all your wealth Erik. At least until the statute of limitations runs out. lol

http://scholarship.law.duke.edu/cgi/viewcontent.cgi?article=1181&context=dltr

http://www.adlawbyrequest.com/uploads/file/2009_07_17%20U_S_%20Federal%20&%20State%20Online%20Gaming%20Law%20Survey.pdf

http://cyber.law.harvard.edu/fallsem98/final_papers/Glassberg.html

I hope he's paying taxes as a US citizen on that windfall. Even if you renounce your citizenship and live abroad your taxes are still due. lol
http://www.nolo.com/legal-encyclopedia/bitcoins-tax-liability.html
http://www.irs.gov/Individuals/International-Taxpayers

Many Las Vegas casinos are run by publicly traded companies nowadays good luck trying to pull a fast one with their assets no slack there(=

vokain

legendary

Activity: 1834

Merit: 1019

Quote from: zeroday on July 19, 2013, 03:31:29 AM

Quote from: 🏰 TradeFortress 🏰 on July 19, 2013, 02:45:48 AM

Assuming he didn't sell it to himself. Wink

It would be a smart move to sell such business to own anonymous identity in order to waive any legal or moral obligations in the future.

wow, did not think of that.

zeroday

donator

Activity: 784

Merit: 1000

Quote from: 🏰 TradeFortress 🏰 on July 19, 2013, 02:45:48 AM

Assuming he didn't sell it to himself. Wink

It would be a smart move to sell such business to own anonymous identity in order to waive any legal or moral obligations in the future.

SeanArce

full member

Activity: 182

Merit: 100

Quote from: 🏰 TradeFortress 🏰 on July 19, 2013, 02:45:48 AM

Quote from: smoothie on July 19, 2013, 12:59:35 AM

wow big pretty penny to Eric if he sells it.

Assuming he didn't sell it to himself. Wink

I see what you did there

🏰 TradeFortress 🏰

vip

Activity: 1316

Merit: 1043

👻

Quote from: smoothie on July 19, 2013, 12:59:35 AM

wow big pretty penny to Eric if he sells it.

Assuming he didn't sell it to himself. Wink

smoothie

legendary

Activity: 2492

Merit: 1473

LEALANA Bitcoin Grim Reaper

wow big pretty penny to Eric if he sells it.

QuestionAuthority

legendary

Activity: 2156

Merit: 1393

You lead and I'll watch you walk away.

That's just Voorhees realizing too late that Internet gambling is illegal in the USA and that by telling US customers to go away the business will not be as profitable as it once was. It's a double edged sword and he was holding the handle. If you hope US customers don't stop gambling at your site then you're a criminal. If you really block them then you're no longer as profitable because all the really diseased gamblers were from the US. I said in a post long ago that no matter what happens with Bitcoin, succeed or fail, Voorhees will be rich. Time to retire off shore with all your wealth Erik. At least until the statute of limitations runs out. lol

http://scholarship.law.duke.edu/cgi/viewcontent.cgi?article=1181&context=dltr

http://www.adlawbyrequest.com/uploads/file/2009_07_17%20U_S_%20Federal%20&%20State%20Online%20Gaming%20Law%20Survey.pdf

http://cyber.law.harvard.edu/fallsem98/final_papers/Glassberg.html

I hope he's paying taxes as a US citizen on that windfall. Even if you renounce your citizenship and live abroad your taxes are still due. lol
http://www.nolo.com/legal-encyclopedia/bitcoins-tax-liability.html
http://www.irs.gov/Individuals/International-Taxpayers

J.R. BOB DOBBS

member

Activity: 65

Merit: 10

GOT SLACK ?

BOB laughs at this dollar amount no way anyone can liquidate that amount of bitcoin and this has NOTHING to do wirh that softwares sdice sniper~ give me a little slack(=

btc237ftw

full member

Activity: 157

Merit: 100

hey guys,

did you hear about this news?
http://www.coindesk.com/bitcoin-company-acquisitions-begin-gambling-site-satoshidice-sells-for-11-5m-126315-btc/

How and what impact do you think this will have? also what do you expect from future "exits"? How many of them will ask their price in BTC? Also, what do you think about the volatility aspect of BTC when talking about big exits? For example, maybe a company that is asking for payment to be done with BTC buys a lot of Bitcoins and jumps the price in order to get a good deal, and vise versa...

Let's talk Bitcoin startups/exits:)

Topic: $11,500,000 buy-out (exit) for "SatoshiDice" - the sale was done with Bitcoins (Read 6979 times)