[P2P-F] Bitcoin @ EFF

Mon Jan 24 16:45:56 CET 2011

very simply: as long as the exchange is equivalent to a neighborhood  
service you do not pay tax, as soon as you get into professional  
dimensions you do
Margrit Kennedy

Prof. Dr. Margrit Kennedy
MonNetA, Ginsterweg 3
31595 Steyerberg, Germany
Tel. +49 5764 942403
margritkennedy at monneta.org
www.margritkennedy.de
www.monneta.org

Am 24.01.2011 um 14:16 schrieb Douglas Rushkoff:

> Meanwhile, Venessa Meimis just forwarded this:
>
> www.unifiedfieldbank.com
>
>
>
> On Jan 23, 2011, at 10:11 PM, Michel Bauwens wrote:
>
>> european LETS faced the same tax issues in the 80's-90's but they  
>> all seemed to have solved them ... but they do pay some kind of  
>> taxes,
>>
>> do we have an expert on these aspects here?
>>
>> On Mon, Jan 24, 2011 at 12:16 AM, Douglas Rushkoff <rushkoff at gmail.com 
>> > wrote:
>> Fascinating. Sounds like he got the same attack that Paypal did in  
>> the early days, when the banks went after the company for earning  
>> its profit on the "float."
>>
>> The thing that could bring Bitcoin to its knees in the US is the  
>> tax law. Ultimately, the network operator would be responsible for  
>> tax reporting when people are making exchanges of value and not  
>> using cash. I found all this out while working with the Superfluid  
>> guys.  If I administrate trades for you like ebay does, in US  
>> currency, I'm not obligated to produce 1099's. If I don't do the  
>> value exchange in dollars, I must report the dollar equivalency to  
>> the IRS.
>>
>> This law has yet to be enforced, but it surely would be if any of  
>> these currencies scaled up.
>>
>>
>> On Jan 23, 2011, at 11:59 AM, magius wrote:
>>
>> > Bitcoin and Opencoin are "sons" of David Chaum's Digicash both.  
>> Chaum
>> > is one of the most important cryptographers and freedom fighters in
>> > the world and invented in the eighties the first digital cash, that
>> > was refused, attacked and destroyed by credit card companies
>> > societies, that instead wanted to propagate a model not based on
>> > anonimity. The big difference between them is that Bitcoin is a
>> > complete currency system instead Opencoin is the system to make a
>> > currency (a digital mint). Bitcoin you need to use as-it-is, with
>> > Opencoin instead you can create your own currency system.
>> >
>> > _______________________________________________
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>>
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>>
>>
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>>
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