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Anyone accepting payment in Bitcoins?

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They seem to be gaining traction. Minimal transaction fee's. no international fee's.

 

shops starting to accept them on experimental basis. apparantly paypal/ebay is considering it.

 

anyone out there experimenting with this?

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I'd do it just because I'd love to see my accountants face when I tried to explain to him what bitcoins were…. although it probably would be less funny to try and explain it to a governement auditor.

 

I honestly like the idea but on a practical business level for taxes and all that stuff seems like more headache than it's worth also the value fluctuations seem absolutely nuts.

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Didn't something happen with bitcoins lately, like they were hacked, or devalued or something? I remember hearing something in the news about it, but can't remember.

Also, it's hard enough getting real money out of clients. Forget about digital internet money,

Edited by theta

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Silk road, the largest market for bit coin interactions got raided.

I believe some of the exchange services got raided at the same time.

 

Bit coins just seem like a financially risky currency that only pays off if you're doing something illegal.

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silk road got raided, but that was not the bit coins, thats just a bunch of drug dealers got arrested.

 

In australia a "bit coin bank" got "hacked" but its more likely that the 18 year old just screwed over a bunch of gullible fools and made off with the money. the whole story sounds stupid.

 

Yeah im not sure how you'd pay taxes on bitcoins unless your country of taxation officially recognizes them as currency...

 

it doesn't seem like a great idea, but was just wondering if anyone tried.. I think i might add it as an acceptable form of payment, just to see if anyone decides to pay with it.

 

was thinking of buying some bitcoins anyway. Just as a small gamble.

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I mentioned Silk road being raided not because it has anything to directly do with how you're operating, but because it's severely damaged the bitcoin economy.

From what I understand, cashing out is much more difficult today than it was a few months ago.

 

I understand the appeal of an anonymous currency, especially considering all the surveillance issues coming to light lately, but beyond that, I just don't see any advantage to using bitcoins. Since I don't use services like silk road, being paid in bitcoins would be the equivalent to receiving highly volatile stocks instead of dollars.

Edited by Spence

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The major appeal, is that it removes a lot payment issues. For example paypal has huge fee's and some countries don't have paypal functionality, so paying freelancers that i work with could be simplified in theory.

 

but yeah it is like a volatile stock at the moment....

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I mentioned Silk road being raided not because it has anything to directly do with how you're operating, but because it's severely damaged the bitcoin economy.

From what I understand, cashing out is much more difficult today than it was a few months ago.

 

Its actually the polar opposite. You would think it should have a negative impact, but bitcoins have quadrupled in value since the day before the Silk Road bust. I went though the process of trying to buy 1 bitcoin (a rather odd process that involves a sketchy red phone at CVS) out of curiosity and to see how transactions etc work about a month before the silk road thing. I ended up finding no way to spend it on anything useful for me, so I have just been holding onto it, following the value since. It was at $109 the day before the DPR bust and is now at $447. Also, its recent news that this f*_&in guy happened.

 

In order to pin DPR, the prosecution had to get bitcoin officially viewed as a currency by the courts, which was a HUGE win for bitcoin.

 

The whole thing fascinates me, especially the mysterious back story, and I hope to see it grow, but its currently far too volatile to rely on for business and living expenses. If a client asks me if they can pay in bitcoin, I'd do it. I just think screaming "accepting bitcoin!" may still only attract a shady bunch. I'm sure nothing good can come from the tax man getting wind of any serious bitcoin activity. Or even worse, him suspecting it even though it was never really used.

 

chart.png?width=940&m=mtgoxUSD&SubmitBut

Edited by AromaKat

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Just wanted to throw an update out...

 

I tried cashing out my bitcoin when it reached $1,200ish, and found it to be a very difficult thing to accomplish.

 

Through Mt. Gox, they said it could take up to 10 weeks. I figured I'd just sell them on ebay instead in small chunks.

 

They started selling like crazy. And people were paying a lot more than their value, which was awesome because I figured they just didn't know how to get them otherwise. It is an oddly difficult thing to do, after all. So I ended up making about $2,600 in sales after it was all said and done.

 

But then.... MONTHS later after I had already taken the money, spent it on stupid shit because it was funny money anyway... Ebay... Well.. rather, Paypal refunded everything to the buyers - taking the funds to do so straight out of my bank account.

 

Turns out all of the buyers were hacked paypal and ebay accounts. It also turns out that since I didn't physically ship anything, paypal doesn't protect me, the seller. The true owners of the accounts got their fraud protection, but I was penalized. I'm a bit upset with paypal / ebay (same company), to put it gently. I feel like I am being punished for someone else's poor security practices.

 

Point being, I lost $2,700 and now feel like a moron.

 

Apparently that image I embedded up there keeps updating. The price crashed... so between that and my experience of trying to turn it into funds I can actually use, I wouldn't recommend it.

Edited by AromaKat

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Well HOly FUCK! that sucks.

 

i keep hearing these horror stories about paypal pulling funds out of your account. I generally never keep more than couple of hundred in my primary accounts, but i wonder if they can overdraft it..

 

And there really should be some kinda of process to deal with this. coz that's pretty bullshit that you are out that much money for ebay's system being hacked...

 

have you tried emailing thier support? what did they say?

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Been thinking about using our GPUS to mine bitcoin or some other crypto currency overnight when we're not rendering, not sure about the wear and tear on the machines but figure we have the gpus anyways and electricity is included in our lease could be worth trying as another way to monetize our hardware purchases.

 

In a few major cities in Canada we have bitcoin ATMs now. Not sure exactly how they work, but assuming you can put in cash to buy bitcoins and access your wallet to withdraw cash instantly in exchange for your bitcoins….not sure how they will make this work though since there seem to be long delays with all the exchanges.

 

I kinda feel bitcoin is a bit doomed though because it has become a speculative instrument more than an alternative currency, no one wants to use it to buy shit just hang on to it and cash out for regular dollars at a high price.

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Wow Aromakat, sorry to hear you lost so much loot.

I'm surprised that ebay even let you sell the bitcoins in the first place.

I remember hearing a ways back about ebay cracking down on sales of non-physical things, the oddest being a person's soul, along with an assortment of spells and shit.

I'm old fashioned, while bitcoins and mining are interesting, it's all about the money in my mattress.

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have you tried emailing thier support? what did they say?

 

They just replied with a link to their Terms of Service, which says that if no shipping tracking number was provided, I'm not covered for protection.

 

 

Been thinking about using our GPUS to mine bitcoin or some other crypto currency overnight when we're not rendering, not sure about the wear and tear on the machines but figure we have the gpus anyways and electricity is included in our lease could be worth trying as another way to monetize our hardware purchases.

 

Look into bitcoin mining profitability calculators online. Its not worth it. Basically, after cost of power etc it barely breaks even after a year if you run 24/7. Its depressing and pointless. They have little usb sticks made specifically for crunching bitcoin that work better than your awesome video cards.

 

I have BOINC up on our render farm machines. http://boinc.berkeley.edu/ It basically detects when your machine is idle, then donates GPU / CPU processing power to a cluster of machines for a project of your choice. Computer time / percentage of power etc will get you more in donation tax write-offs than mining bitcoin will, plus its for any cause you want. You can donate your resources to run medical simulations for medicine research, help nasa crunch data from satellites, students in colleges, etc. A lot of cool stuff in there.

Edited by AromaKat

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At the moment, payment in Bitcoins and other cryptocurrencies is accepted almost everywhere. Even banks, payment systems and other types of settlements. Bitcoin is invested by them to make payments, recalculations and it is progressively growing.

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