Topic: [GPUC] GPU Coin | Mandatory Wallet Update - page 243. (Read 421421 times)

When you "mine" a Bitcoin or any other crypto, according to my CPA, you do not have to pay taxes. When you convert those coins to anything of value (not another crypto) THEN you have established a value for the coins and would need to pay capital gains on those coins with an acquisition cost at that point of 0 (and then take off cost of electric, possibly cost of mining rig unless you are depreciating it).

This information is according to how my CPA is readying into current laws, this post should not be considered tax advice, rather an example of how I am claiming taxes.

I sell amazon giftcards at a discount when using BTC, i generally do 3% but for GPUCoin only peeps ill do 5% discount.  

I currently have $2245 with of Amazon Gift Cards available.

My trading thread is here:
https://bitcointalksearch.org/topic/i-buysell-bitcoin-plenty-of-bitcoin-for-sale-499050

or send me a PM.

Current BTC Value = $667
667+5% = 700.35 is the value of your Bitcoin with me.
$2245 Giftcards would be 3.21 BTC (which has a Bitstamp value of $2141)

Let me know if you want any. Thanks!

Also just so everyone knows exact params i'm programming to (as per GPUC's request), 'cept for the extra 1 day .. that's debatable, i still think it's a good way to launch.

Proof-of-work algorithm:
 - Symbol: GPUC
 - Scrypt: Nfactor, N starting at 2048)
 - Maxcoins: 13,500,000,000
 - Premine: 400,000,000
 - 1 minute block targets
 - Subsidy initial reward: 20,000
  - block 0-200 : 0 reward
  - block 200-720: 1 reward (+1 day ahead of mining launch)
 - Subsidy halves in 250,000 blocks (roughly 173 days, or 1/2 a year)
   - halving happens 4 times
   - this means blocks 1-250000 + startoffset = 20000 reward
     - 250k-500k = 10000 reward
     - 500k-750k = 5000 reward
     - 750-1m = 2500 reward
     - 1m + = 1250 reward    
 - Confirmation needed: 12 (due to 1 min blocks)
 - COINBASE_Maturity: 100
 - KGW implementation
 
 - everything else: pretty much litecoin coin and paste.

Yes, Sunday is target launch date.

Update on my side of Dev.. just so you guys know stuff is actually going on....

I couldn't get in touch with cryptowest today.. may just be we're in diff timezones.. Decided instead just to continue with my code base.  This strategy isn't necessarily a bad thing: there's precedents in the industry for 2 teams to race to a project finish.. and then we have the luxury of picking the safest route.  Steve Jobs somewhat famous for driving his teams like that @ apple back in the day.

Anyways after getting home from work, doing the family stuff.. hosting some guests.  after everyone asleep.. picked up the code that I had from sunday night and made a few modifications and started testing.  Now I didn't actually just fork vertcoin/pandacoin code base to start this project, instead i took Realstackcoin, and that was from RPC and manually integrate the KGW and N-factor changes.  Not especially hard.. but you do have to be careful when splicing in other people's code in a code base where you might only understand 10% of (which in all honesty... I'm pretty noob at this, since i started hacking this code... just last week on RSC ).  A little nervous that i had some typos here and there or whatever... so started testing...

Found bug #1: TYPO on the premine.. 40M instead of 400M.. oops that would have been embarrassing
Found bug #2: had Nonce set incorrectly on genesis block (but bug was hidden behind the fact that i turned searchgenesis code block on.. which somehow modified my block.nonce to be.. correct..  i still don't get how that happens.. )  but anyways that was fixed.

Started mining on my 2 machines using linux daemon client gen=1 on CPU.. found premine block.. so basics are working....
Next test: check that block reward in GetBlockValue is working as expected (that was the relaunch2 FUBAR).

  Temporarily turned off KGW through return of bnProofOfWorkLimit in GetNextWorkRequired function
  Temporarily turned off the slow ramp Subsidy code (block 1-200 =0, block 200-720 =1 reward).  
  Temporarily turned lowered block havling down to 40 (from 250000)

Started pointing my vertcoin GPU cluster onto solo mining.. finding lots of blocks fast...
  Check listaccounts, to ensure that i'm actually getting block rewards that I'm expecting.
  Mining... waiting for my blocks to mature so i can start testing sending/receiving (should work.. but better test to make sure)

meantime : Provisioned 2 VPS nodes, one in Toronto, and one in Chicago.. to be the DNS seed , and 1 Blockchain seed node... this is for backup.  GPUC already has some nodes he purchased so we are probably going to use those nodes



Here's the full dev plan that I'm tracking to... yes it may seem a bit complicated for such a small project, but it really helps with NOT making mistakes...

Development plan
-------

Coding:
  - (done) Temporarily remove checkpoints
  - (done) Change ports
  - (done) Update GPUcoin_seeder with ports.
  - (done) All name changes, and symbol changes: GPUC
  - (done) Change max coins amount, and original COIN amount
  - (done) Change KGW retarget time
  
  - (done) Add in DNSSeed address, and hardcoded 3 node seed addresses, 3 data center VPSes: 2 in US, and 1 in canada
  - (done) Revert fix micro, milli units (this was changed before to avoid integer overflows for 100B+coins)
  - (done) Update subsidy schedule
  
    - (done) change confirmations needed to account for 60second blocktimes changed to 12
  - (done) nfactor schedule

Internal Testing:  
  - testing phase on intranet using linux CLI daemon
    - (done) test client mining
    - (done) test rewards
    - test KGW
    - test send/receive
    - test client mining (cpu)
    - test GPU mining - solo
    
   << -- we are here now -- >>
  
    - blow away all temp datadirs.
        
Final Modifications:
  - Get PNG logl & graphics from GPUC, and populate QT folder
  - Change address prefix from S to G
  - Build windows_alpha client
  - Test windows alpha client, test send on test network.
  - Add launch Seed nodes to DNSseed main.cpp hard code
  
  
  
  
  

Real Genesis blocks, and fork prevention:  
 - Update to launch pszTimestamp
 - Update to launch nTime to curent POSIX time
 - Create *real* genesis hash, merkle root, and get nonce
 - Mine to ~200 blocks
 - Get checkpoints, and update checkpoints.cpp
 - Settle on final node IP address hardcodes, and any changes to DNS seed host addresses
 
Deployment:  
 - Build Final Windows and OSX client release
 - Deploy on VPS behind firewall: DNSSeed, and Seed node
 - Setup IP tables, etc.

Final Test:
 - Test Run DNSseed and make sure it can ping seed nodes, and shows as available
 - Test that DNS seed is working using nslookup
 - Test Final windows build can connect immediately from fresh start (no previous blockdb)
 - Test Final windows build sends / receive coins working
 - Test GPU mining against "real" network for blocks 200-210 (reward=1)
 - Send private build to GPUC
 - Send 400M premine coins to GPUC's wallet
 
Final Launch:
 - Upload windows build to mega, post launch code to github
 - Launch

Since I can`t read all of the thread, can someone give an update at what stage is this coin. Is there a planned relaunch or it is not clear?

The merchant will be taxed depends on the market value of the product at the time of sale.

I think it would be very funny, if you tell your state (in my case good ol' germany), that you paid 534000 GPUcoins for the card. They will answer: you have to pay 101460 GPUC tax. Please pay to the following adress: 1GerGpuCx2650dfsd655fasas454d

 

There's some I've run across, but they fail my memory right now. You probably know this already, but gyft.com will also take bitcoin, and will give you instant giftcards to places including amazon. I've used them for "oh crap I need money now" moments.

GPUC isn't a federally accepted for of currency, so it's considered a commodity.
If you've ever ordered anything online from another state you are supposed to tell the state you live in what you bought and pay the appropriate state sales tax on it.

In reality, I've never once seen any single person do this.  I am not telling you to ignore state tax codes, I'm just informing you that I've never seen any one go out of their way to inform the state of any items they purchased on the internet just so they could pay additional taxes.

This is a little confusing, could you please clarify:
Are you not going to collect tax?  By commodity do you mean GPUCoin?
Will customers have to deal with taxes on their own?

That's good to know. Thanks!  I actually order a lot of stuff from Amazon (books and all sorts of household appliances) and have a prime membership with them as well.  Any other sites that sell discounted gift cards that you would recommend?

If they don't change the price before they ship them again we will be selling them at the GPUC equivalent of $420 or so shipped in the continental US.  When talking with my lawyer I found out that if I accept commodities as payment I personally don't have to collect tax on anything sold within the state of VA and it's up to the person who purchased the item to claim the item and pay taxes on it in their state.  I'm sure legalities involving crypto currencies will change, but my lawyer said he'll inform me if it does.

gc4btc.com helps out. You can talk to the owner and he'll get you bulk amounts offline. I keep giftcard in stock weeks before Amazon restocks. Newegg usually has them in stock longer because they charge more and put limits, so they're great if you absolutely have to buy something, but Amazon doesn't care if you order 5 or 90. I'm sure GPUC will get good pricing when they finalize their partnerships.

I'm assuming that it'll be pegged to how much the exchange rate is of GPU Coin to BTC to Dollars (Coinmarketcap would be good at showing this) at any given point.

How did you get a 20% discount?

Can anybody guess how many coins you'll need too get a R9 280X? I understand it's up to the markets. I'm just curious what so people may say.

I'm sure he can.

http://www.amazon.com/Gigabyte-GDDR5-3GB-Graphics-GV-R928XOC-3GD-REV2/dp/B00H34J64M/ref=sr_1_1?ie=UTF8&qid=1394080142&sr=8-1&keywords=r9+280x

I could place my bulk order and get those for $320 via amazon (20% discount). They were in stock earlier, they're getting more this week.

Just wanted to follow-up: Full refund is finally confirmed. Thanks and good luck to all.

I have a 280x showing up at my door on friday, and quite frankly, i would enjoy more 280x's   Newegg lists that card @ $469.99 + tax (I live in Cali = $35.25) + $5.92 S&H = $534.92
Let us know if you can beat that price GPUCoin

btw, %17.4 of the people that voted in the poll, said they would like 4-6 R9 280x's