Topic: [DVC]DevCoin - Official Thread - Moderated - page 231. (Read 1058949 times)

I think the goal is to help stablilize the exchange rate by providing a monthly weekly profit. This will do that. They cannot trace which coins were used so they cannot undo the transactions, but they can shut the website down if it gets big enough, so I would bet we wouldn't see that for a long time. In the mean while we would benefit from the profit it brings in. Just like all the other bitcoin sites allowing exchange of bitcoins for goods, im sure some of them are just plain old websites with a web wallet too.

Im sure it would get duplicated but yea the original one would be popular enough at that point that it would be generating profit right? That's the goal? Also we would have funding rather than the competitors which would be a private venture and the person would have to risk quite a bit to get it up and running him/herself to justify any potential profits considering that we would be a direct competitor with a community behind us.

For those who still are thinking, why the heck would I go to this auction site when I can go to quibids.com or any of the other auction sites? Well that market is big, but we are after a different market. We are after the crypto-currency market and actually we really care about the devcoins mostly, as if you are paying via devcoins you must either earn or purchase them, directly benefits all of us who hold. Those who hold coins and cant spend? Well we all know that the biggest issue is there is nowhere cool to spend coins on... this tries to solve that problem. Other people from other crypto communities would come in and try to emulate us, but I think we would be good for a while because we would have developers willing to make features etc for coins, we already have a bounty process thats probably better than most other coins and is giong to get better. It serves the purpose of devcoin well, any business that any competitor would emulate we should have market advantage only because of the share system. If we leverage that we win.

I think of it this way, in the worldwide marketplace for goods vs crypto's there are bids and offers for goods and we are essentially giving very low offers for the same thing that another one gives higher offer, the buyer will come eat up our offer first, like for example if vircurex had an offer alot lower than crypsty, it just takes knowledge that vircurex exists(marketing), and to check it and transfer the coins if its a big enough difference.

i think it would be almost impossible for this type of auction site to not take the crypo world by storm.  It would probably be quickly duplicated but, the ones who get their foot in the door first might have the best chance of making it.

Sounds like you maybe didn't use the colon that tells the wiki to look in the main articles section insead of the current (aa user homepage or homepages) section?

-MarkM-

People who take home real products from the sites without paying fiat for the things obtained the things as income in effect.

Possibly if the bitcoins had been held for a year prior to buying something with them then it could be argued the things bought are capital gains rather than income.

Re an auction site, there are probably laws about auctions, a law firm in the jurisdiction it is to be operated in should be consulted, also the laws where each customer lives might also need taking into account.

Basically it would be a full fledged "startup", so probably need a "totally puts his entire life into it" founder and a team of co-founders willing to work overtime and weekends for a few years for shares to get it started up then hopefully be rich enough to retire when the site is sold to quibids or google or who-ever for millions or billions, along of course with all the personal data on its users that its privacy policy pretends will not be given or sold...

-MarkM-

So if we dont support fiat, payments are done via crypto wallets, how is that any different? Unless the business gets so big that it becomes a big enough fish for someone to care?

Does anyone know what the problem is?
On my devtome user page, http://www.devtome.com/doku.php?id=wiki:user:athanasios_motok a few articles appear red, this only happens on my page. When put into the homepage this issue does not happen. Is there a syntax error? Also one of my pages is not even showing up (Paper Thin Flash Drive)
Thanks so much for your help,
-AM

It is all a matter when they get round to you. When consulting the lawyer about a football pool site she said that it would likely fly for a while yet once they got porn somewhat under control they would turn on gambling. This was back in the 90's and she was spot on.

If a raffle/pool is kept among the community it is not likely to get much attention. If payments back and forth are done through crypto wallets it will just be too hard to nail down. My guess is that it would not be worth the person power to try to litigate. In your area, MarkM, you can get one hour of free consulting from a lawyer as a free service. It is in the yellow pages, or was.

- Nova

Yea I know... first he said he doesnt give his customers websites out... I asked why he said company policy... and then goes ahead and tells me just look at quibids for an actual representation, its their software.

Sent an email to quibids asking about it anyhow.

So all these bitcoin sites or anything sold for bitcoins are also susceptible to tax? We wouldnt be a registered business so how is tax applicable? Just because we allow barter? hmmm....

I wonder if Quibids would confirm who they got their software from?

Seems unlikely somehow thus seems easy claim to make...

-MarkM-

So I called this guy http://www.ebay.ca/itm/171047705105?ssPageName=STRK:MESELX:IT&_trksid=p3984.m1555.l2649 ... seems to be the tech guy who worked on it at 1 (989) 303-1012  .. anyways he claims that this is the actual software used on quibids.com and dealdash.com and it is not a clone.  I msged him about the metrics and he will get back to me but thats what I got from what I talked to him. He said there is about a 40% conversion rate between a visitor and a customer.

At one point some politician did try to say virtual things are like barter and found-treasure, so that if a magic sword sells on e-bay for $5 and your world of warcraft character finds such a sword that is $5 of income to be taxed.

It didn't fly though.

What about when you barter an apple share for an IBM share on an exchange site via the intermediary of the dollars or whatever that are used to measure both stocks, that is, sell an apple share and buy an IBM one?

Or you barter a magic sword for a magic shield? Again possibly with the mediation of a MUD-currency so you sell the sword in the shop for MUD gold and buy a shield with that MUD gold?

-MarkM-

In my country at least, if something is traded for something else then a tax is expected. Yeah, they don't even want barter without a piece of the action. You may as well go all the way getting into granny gambling in my opinion. i.e. raffles, pools, etc.

- Nova

I guess in that way it would be pretty similar to owning stock in an individual company. It doesn't matter if the shares go up 10000% during a 4 month period. You only have to pay tax on them when you cash them out for actual cash in your trading account or bank.

If they require crypto in crypto form to be reported as earnings then they have to allow you to report your crypto trading losses... I simply don't see that happening.

Dont know I will ask for that and report back. There are demos you can see them in action but yea a demo is just a demo.

Remember fiat is the only thing taxed not crypto. If you sell back to crypto your taxed. Unless they make bitcoin legal tender and you can pay tax with it then depends where you live i think in Uk some placed wanted to do this.

Are any facts available re those commercial auction-scripts regarding actual websites using them, the Alexa ratings, visitors, earnings per visitor average, percentage of conversion of visitors to paying customers, retention rate and/or lifetime profits per customer, cost of aquisition per customer, actual sites we can go watch and see how well they are thriving, or anything at all along those lines?

Or are they just some unknown person selling a script with no sign anywhere that the scripts even work let alone are earning profits for those who have deployed them?

-MarkM-

Yeah, that is my take on the whole matter. How would one even figure out a price on your holdings of Devcoins if the price is different on each exchange? Not to mention they could just disappear into thin air almost overnight.

I am only going to report my earnings that I convert to Bitcoin and cashout to my bank through Coinbase.

The auction templates have reporting features for what was sold and for how much... we also would know how many coins we used to purchase the item for ( an admin whos buys it tracks that ) So you would be able to derive profits from there..

If we stay away from fiat then I dont think we would need to incorporate anything.. However if we do then yea we would have to get all the legal things right and prove how much we make for tax.

I think the way that crypto coins currently work getting them is like playing World of Warcraft or whatever, it is all just theoretical points that might or might not actually end up being sold for something real.

So your earnings as a Devtome author aren't really earnings at all, they are just like Dragon Kill Points in an RPG, the Devtome uses them to measure the relative contributions of the team.

Your earnings however as a seller of devcoins for fiat on an exchange are earnings, as are your barter earnings if you barter devcoins for something real of real value such as a cup of coffee or a meal or rent or whatever.

I am not licensed to practice law on this planet though so check with your own local licensed practitioners.

-MarkM-