Re:Tarsnap Support for Bitcoin Ending April First
by thesmallestcat on Sunday January 28, 2018 @10:55AM
(#16251743)
That makes no sense, businesses that have been accepting Bitcoin generally charge the USD price at the current exchange rate and convert that back to USD not long after the transaction, for fear that Bitcoin would turn into funny money. We're talking business here, not investment.
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Re:Tarsnap Support for Bitcoin Ending April First
by yebyen on Sunday January 28, 2018 @11:18AM
(#16251856)
Yeah, business. So about those transaction fees... you can save money by grouping your transactions and clearing them in blocks.
Now you're dangerously close to figuring out that you can make more money by waiting for the best time to clear the block.
Once you've crossed that bridge, if your business has any margin at all, it's not hard to imagine that keeping some of the exchanged crypto currency back from each clearing block until the next block, or even longer, during any bullish run (that we've seen on more than one occasion) can result in a measurable margin increase with a fairly low (or at worst, quantified) risk profile.
Re:Tarsnap Support for Bitcoin Ending April First
by dahdum on Sunday January 28, 2018 @12:48PM
(#16252287)
That would still be investing, business would pay taxes on the Bitcoin value at the time of purchase as revenue, regardless of conversion to fiat in whole or part.
Re:Tarsnap Support for Bitcoin Ending April First
by yebyen on Sunday January 28, 2018 @01:19PM
(#16252456)
I know, so you pay your taxes and now you might as well have been a day trader for the levels of complexity that adds to your tax accounting burden.
Not sure what my point was really — that's just about exactly how this plays out.
Re:Tarsnap Support for Bitcoin Ending April First
by rrdharan on Sunday January 28, 2018 @11:48AM
(#16251983)
50 Cent begs to differ:
https://www.theverge.com/2018/1/24/16930010/50-cent-rich-bit...