| Redisplay Messages: Compact | Brief | All | Full Show Messages: All | Without Replies| Author: | TedNFlitsBricks  | | Posted: | Jul 10, 2021 10:42 | | Subject: | Re: Bitcoin, how would it work with VAT or ST ? | | Viewed: | 36 times | | Topic: | Payment Methods | |
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| In Payment Methods, Heartbricker writes:
| | In Payment Methods, cosmicray writes:
| | Up until now, I have not ventured into the world of crypto, either sending, receiving,
or investing. Something this morning got my attention, and makes me wonder if
the time has arrived.
I live in a small rural north Florida community. Agriculture is big here. There
is a significant Latino community, many who work in agriculture, and many who
send remittances to their families. Up until now, that has been done via Western
Union. This morning, I happened to visit a local grocery store (which has a WU
terminal), and there sitting next to front door, is a Bitcoin (BTC) ATM. I get
why it's there. But this is the same store where I once received WU payments
for BrickLink orders. So BTC is now being treated on the same level as WU.
That leads to my question ... How could BTC payments (which are offsite) be handled
by BL, to account for VAT or Sales Tax collection ? I don't believe that
BL is getting involved with offsite payments, other than denying the ability
for buyers to use offsite for those states where BL is collecting/remitting sales
tax.
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Even though we seem to constantly be hearing about crypto currency; it is not
considered a legitimate form of currency by the government because it is decentralized
so governments have limited access to monitor its activity in their mission to
prosecute illegal activities from ransom to tax evasion.
Therefore; no government regulated financial institution (banks or PayPal etc.)
are allowed to process it therefore; Bricklink or any other sellers will not
be able to use it in transactions where taxes have to be collected (state taxes
or income taxes) without circumventing tax laws or Bricklink’s TOS.
The threshold for reporting income for taxation purposes is virtually $0 right
now so any use of decentralized currency for income purposes is not compliant
with the tax code.
The only legitimate reason that governments consider using crypto currency is
for transferring money rather than for business or trade reasons.
As long as crypto currency remains decentralized, it will not be considered a
lawful form of payment for goods or services.
Much of the tax code for reporting income that isn’t processed by a centralized
system (bank or PayPal) such as accepting crypto currency or cash or any other
tangible assets is based on “the honor system” where the IRS hopes that you report
it as required but most people take advantage of the this lack of supervision
but financial institutions are not able to process any payment without being
subjected to supervision.
Bottom line: as long as crypto currency remains decentralized: you won’t be able
to use it legitimately on Bricklink.
Once/if it becomes supervise-able by the government; you’ll be able to use crypto
currency but you won’t be able to call it a decentralized currency anymore…
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There is also the conversation of whether or not cryptocurrency should be treated
as a "currency" or as a form of property.
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| Author: | TedNFlitsBricks | | Posted: | Sep 19, 2018 14:56 | | Subject: | Re: bean there donut that | | Viewed: | 32 times | | Topic: | Catalog | |
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| In Catalog, Biscuit_head writes:
| | does anyone know when there will be a catalog entry for set 40358? It's a
target exclusive that's all I know so far.
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Technically, I don’t think it is suppose to released until October 1st.
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| Author: | TedNFlitsBricks | | Posted: | Apr 30, 2018 17:41 | | Subject: | Inventory Change Request for Set 75055-1 | | Viewed: | 24 times | | Topic: | Inventories Requests (Entry) | | Status: | Open | |
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| Please make changes to the following inventory:
* Add 1 Part 60581 Trans-Light Blue Panel 1 x 4 x 3 with Side Supports - Hollow Studs (Counterpart)
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| Author: | TedNFlitsBricks | | Posted: | Apr 16, 2018 01:16 | | Subject: | Inventory Change Request for Set 21310-1 | | Viewed: | 35 times | | Topic: | Inventories Requests (Entry) | | Status: | Open | |
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| Please make changes to the following inventory:
* Add 1 Part 60623pb06 Reddish Brown Door 1 x 4 x 6 with 4 Panes and Stud Handle with 'GONE FISHIN'' Pattern (Sticker) - Set 21310 (Counterpart)
* Add 1 Part 60623pb07 Reddish Brown Door 1 x 4 x 6 with 4 Panes and Stud Handle with 'OPEN' Pattern (Sticker) - Set 21310 (Counterpart)
* Add 1 Part 60603pb008 Trans-Clear Glass for Window 1 x 4 x 3 - Opening with Newspaper 'The Conspirator' Pattern (Sticker) - Set 21310 (Counterpart)
* Add 1 Part 3068bpb1150 White Tile 2 x 2 with 'OPENING TIMES' Pattern (Sticker) - Set 21310 (Counterpart)
* Add 1 Part 26603pb018 Dark Bluish Gray Tile 2 x 3 with 'BOAT Rentals' Pattern (Sticker) - Set 21310 (Counterpart)
* Add 1 Part 87079pb480 Dark Bluish Gray Tile 2 x 4 with Scratches and Screws Pattern (Sticker) - Set 21310 (Counterpart)
* Add 1 Part 87079pb479 Dark Bluish Gray Tile 2 x 4 with Scratches and Worn Plates Pattern (Sticker) - Set 21310 (Counterpart)
* Add 1 Part 30350bpb067 Medium Dark Flesh Tile, Modified 2 x 3 with 2 Clips with Wood Grain and 4 Nails Pattern (Sticker) - Set 21310 (Counterpart)
* Add 1 Part 30350bpb068 Medium Dark Flesh Tile, Modified 2 x 3 with 2 Clips with Worn Plate Pattern (Sticker) - Set 21310 (Counterpart)
* Add 1 Part 30350bpb069 Reddish Brown Tile, Modified 2 x 3 with 2 Clips with Worn Plates Pattern (Sticker) - Set 21310 (Counterpart)
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| Author: | TedNFlitsBricks | | Posted: | Apr 16, 2018 00:50 | | Subject: | Inventory Change Request for Set 21310-1 | | Viewed: | 25 times | | Topic: | Inventories Requests (Entry) | | Status: | Open | |
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| Please make changes to the following inventory:
* Add 1 Part 3245cpb072 Light Bluish Gray Brick 1 x 2 x 2 with Inside Stud Holder with Newspaper 'Fish Tales' Pattern (Sticker) - Set 21310 (Counterpart)
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USA, Wisconsin
