You have really stir up another angle of discussion in my opinion. However, the point to note is that the people offering the loan facility are doing do in their personal capacity and not as a corporate organisation that comes with licenses, compliance, and filing of tax returns. Although, you might have to pay your taxes but its going to be in your personal capacity. Just like in our relationship with friends and colleagues, you borrow money from them, some others borrow money from you while some charge interest, others are interest free but does that mean you have to set up a company for that? Of course No. On the interest part, I think its on the basis negotiations considering the risk attached in such dealings would determine whether the interest would be high or low.
Topic: Is bitcointalk lending service legal? (Read 329 times)
Honestly they won't or no need to pay taxes until they keep their cryptos in the crypto form.When they enter them into an exchange for cash out they they can avoid taxes because they will get reported by the exchanges about the trading volume.
Lending is allowed here and the terms are based on who is giving the oney so admins are not taking any actions against them.
Lending is allowed here and the terms are based on who is giving the oney so admins are not taking any actions against them.
There are a lot of lending services on bitcointalk. All of them are asking for ridiculous interests, like 20% per month or so... Are they paying taxes for that, are they individuals or companies? Do they have licenses to do such kind of business. Or that is also related o so called financial freedom? Also I saw some online striptease and related services announces here on bitcointalk. Is that legal too?
everyone has to pay taxes, no matter is it profit comes from lending or signature campaign.
When you asking about legal business here, is it legal to sell replica watches? REPLICA WATCHES You use the Rolex brand name and design, probably without his permission, to sell trash product.
everything is in the eye of the beholder
They are individuals and the forum administration is not responsible for these people and whether they're filling their taxes or not.
So, I can sell illegal drugs too, the the forum administration is not responsible for anything?
As already mentioned, generally speaking, if it's legal in the country of both the buyer and the seller, you're good to go. But don't take this rule too literally, for example, due to how this forum operates, it's affected by SESTA/FOSTA, so in-person sexual services are disallowed even if both parties reside/agree on/carry out the transaction in one of the numerous countries worldwide where it is legal. Selling hacked or otherwise fraudulently obtained accounts is also against the forum rules, even if by some chance you would find yourself and the other party living in some country where that might be legal.
such as arms dealing
Legal in most of the world, even if subject to numerous restrictions, there is no blanket ban on that here.
There are a lot of lending services on bitcointalk. All of them are asking for ridiculous interests, like 20% per month or so... Are they paying taxes for that, are they individuals or companies? Do they have licenses to do such kind of business. Or that is also related o so called financial freedom?
You can ask them if you want to. If they're making serious money (which I doubt), they can't really avoid taxes in much of the world, either because there'll be a paper trail when they buy real estate or cars, or due to VAT, sales tax and other consumption taxes.
If I am not mistaken, the infamous Silk Road was once posted here.
Discussions about DNMs have always been allowed, afaik only linking isn't if theymos hasn't changed his stance on that.
At first lending on this forum isn't huge business which requires license and etc, people just lend some bucks so what kind of tax do you request from them? Some of them are even friends, do you pay tax when you lend some money to your friends or do you friends do the same when they lend you?
There are escrow services too run by individials, to make it clear, they aren't even paying taxes too. And there is really no need of that in both cases.
There are escrow services too run by individials, to make it clear, they aren't even paying taxes too. And there is really no need of that in both cases.
Is bitcoin pay taxes? No.
^ Lending services here in the forum is very risky to the lenders they don't know the risk will happen in the future after borrowers lend crypto. And having 20% of interest is fair enough both parties the lender and the borrowers.
^ Lending services here in the forum is very risky to the lenders they don't know the risk will happen in the future after borrowers lend crypto. And having 20% of interest is fair enough both parties the lender and the borrowers.
From the rules:
^ Nice quote, this is the fact and belongs to the forum rules. 11. No linking to illegal trading sites.
17. Trading of goods that are illegal in the seller's or buyer's country is forbidden. [2]
17. Trading of goods that are illegal in the seller's or buyer's country is forbidden. [2]
I think it's not our business, do they pay taxes or no. Everything depends on jurisdiction of country where they live. In many countries people have to pay taxes on Bitcoin only when they are cashing out it. So, if they keep everything in BTC, they don't have to pay any taxes. And I doubt that they have licenses. Otherwise they would have to ask KYC before lending money 
.
And, is it striptease illegal thing? Because I don't see any reasons why such services should be removed from Bitcointalk. Moderators remove only illegal stuff like sales of drugs, hacked accounts, stolen stuff and etc. But I'm not sure what jurisdiction they follow when making decision. US probably. But if something is illegal in US, it doesn't automatically mean that same thing is illegal in other part of world
.And, is it striptease illegal thing? Because I don't see any reasons why such services should be removed from Bitcointalk. Moderators remove only illegal stuff like sales of drugs, hacked accounts, stolen stuff and etc. But I'm not sure what jurisdiction they follow when making decision. US probably. But if something is illegal in US, it doesn't automatically mean that same thing is illegal in other part of world
There are a lot of lending services on bitcointalk. All of them are asking for ridiculous interests, like 20% per month or so... Are they paying taxes for that, are they individuals or companies? Do they have licenses to do such kind of business. Or that is also related o so called financial freedom? Also I saw some online striptease and related services announces here on bitcointalk. Is that legal too?
Isnt Legal nor Illegal as mentioned earlier yet we dont know if these people do pay up some tax or not.I dont know where you do get up that 20% per month rate yet mostly i do see that they do charge up for 10% most of the time.
People from all over the world conduct business on the forum, including lending coin in the lending section. The forum displays both the best and worst of globalization.
The tax obligations vary from person to person and some may not have any tax obligations. Some lenders may not even make money on their business after loan defaults.
I would not be surprised if some people don’t pay taxes when they should, probably due to incompetence in filing taxes. From what I have seen, the amounts of money involved in the lending section is very small and the collective tax obligations is probably very small, even if ignoring loan losses. I would be surprised if all lenders make $10,000 in interest per year, before loan defaults and other expenses.
The tax obligations vary from person to person and some may not have any tax obligations. Some lenders may not even make money on their business after loan defaults.
I would not be surprised if some people don’t pay taxes when they should, probably due to incompetence in filing taxes. From what I have seen, the amounts of money involved in the lending section is very small and the collective tax obligations is probably very small, even if ignoring loan losses. I would be surprised if all lenders make $10,000 in interest per year, before loan defaults and other expenses.
They are individuals and the forum administration is not responsible for these people and whether they're filling their taxes or not.
So, I can sell illegal drugs too, the the forum administration is not responsible for anything?
From the rules:
11. No linking to illegal trading sites.
17. Trading of goods that are illegal in the seller's or buyer's country is forbidden. [2]
17. Trading of goods that are illegal in the seller's or buyer's country is forbidden. [2]
If those "illegal drugs" are not illegal in your country and are not illegal in the buyer's country, you can sell them. Selling cannabis to Canada from Canada would not be against the forum rules, as cannabis is not illegal in Canada.
They are individuals and the forum administration is not responsible for these people and whether they're filling their taxes or not.
So, I can sell illegal drugs too, the the forum administration is not responsible for anything?
Things which are illegal by law in the US, (or not a grey area such as private lending with interest), will most definitely be removed by the forum administrators.
such as arms dealing, carding etc. allowing to turn this site into a blackmarket will get it shut down real fast.
BTW its good to have such if its already an untold rule of bitcointalk.
They are individuals and the forum administration is not responsible for these people and whether they're filling their taxes or not.
So, I can sell illegal drugs too, the the forum administration is not responsible for anything?
Things which are illegal by law in the US, (or not a grey area such as private lending with interest), will most definitely be removed by the forum administrators.
such as arms dealing, carding etc. allowing to turn this site into a blackmarket will get it shut down real fast.
There are a lot of lending services on bitcointalk. All of them are asking for ridiculous interests, like 20% per month or so... Are they paying taxes for that, are they individuals or companies? Do they have licenses to do such kind of business. Or that is also related o so called financial freedom?
People are free to do their business dealings here. The only control here I think is the red tags/flags in case someone defaulted a loan or failed to fulfill a contract. So, I can sell illegal drugs too, the the forum administration is not responsible for anything?
If I am not mistaken, the infamous Silk Road was once posted here. They are individuals and the forum administration is not responsible for these people and whether they're filling their taxes or not.
So, I can sell illegal drugs too, the the forum administration is not responsible for anything?
AFAIK, 20% interest rates are only for unsecured loans, lenders trust the borrowers based on their reputation in the forum, hence, it's considered a high risk loan and therefore they require a high interest rates.
There are also lenders who charge on a daily basis, but usually it's the borrowers who sets the interest rates, they know that lenders would easily approve their loans if they will set a high interest rates. If I have to borrow, the maximum interest rate I would take is 10%, for me, it's reasonable, but then again, that depends on the agreement of both parties. Lastly, they don't pay taxes for their business because they aren't required.
Actually if you have plans of running your lending business here, you are not prohibited and even if you charge the same 20%, I believe there are still borrowers that will apply for a loan.
There are also lenders who charge on a daily basis, but usually it's the borrowers who sets the interest rates, they know that lenders would easily approve their loans if they will set a high interest rates. If I have to borrow, the maximum interest rate I would take is 10%, for me, it's reasonable, but then again, that depends on the agreement of both parties. Lastly, they don't pay taxes for their business because they aren't required.
Actually if you have plans of running your lending business here, you are not prohibited and even if you charge the same 20%, I believe there are still borrowers that will apply for a loan.
They are individuals and the forum administration is not responsible for these people and whether they're filling their taxes or not.
So, I can sell illegal drugs too, the the forum administration is not responsible for anything?
They are individuals and the forum administration is not responsible for these people and whether they're filling their taxes or not.
There are a lot of lending services on bitcointalk. All of them are asking for ridiculous interests, like 20% per month or so... Are they paying taxes for that, are they individuals or companies? Do they have licenses to do such kind of business. Or that is also related o so called financial freedom? Also I saw some online striptease and related services announces here on bitcointalk. Is that legal too?
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