21–30 of 132 posts
Earlier quoted context omitted.
Hey, Steve from Balanced here. Curious as to why you say 'sort of' for us: if it's that we're in beta, so is Stripe. (We're hoping to get out of beta in the near-ish timeframe.)
Last I saw, you accepted Bitcoins only from Coinbase accounts. Until I can directly pay with Bitcoins from my own wallet I consider that "sort of".
When Bitcoin's are converted to a fiat currency that's now a taxable event correct? That's when the gain or loss is "realized" So if you pay in Bitcoin and the platform/processor immediately converts it into $US to pay the merchant does that create a taxable event for the seller? I suspect people would like to pay in Bitcoin to a merchant who accepts and keeps it in Bitcoin so that a gain is not realized and no taxab…
I believe the taxable event is exchanging Bitcoin for something that isn't Bitcoin. Even if the merchant holds on to the Bitcoin, a gain has been realized.
Earlier quoted context omitted.
Hey, Steve from Balanced here. Curious as to why you say 'sort of' for us: if it's that we're in beta, so is Stripe. (We're hoping to get out of beta in the near-ish timeframe.)
Last I saw, you accepted Bitcoins only from Coinbase accounts. Until I can directly pay with Bitcoins from my own wallet I consider that "sort of".
When Bitcoin's are converted to a fiat currency that's now a taxable event correct? That's when the gain or loss is "realized" So if you pay in Bitcoin and the platform/processor immediately converts it into $US to pay the merchant does that create a taxable event for the seller? I suspect people would like to pay in Bitcoin to a merchant who accepts and keeps it in Bitcoin so that a gain is not realized and no taxab…
Umm... April fools?
When Bitcoin's are converted to a fiat currency that's now a taxable event correct? That's when the gain or loss is "realized" So if you pay in Bitcoin and the platform/processor immediately converts it into $US to pay the merchant does that create a taxable event for the seller? I suspect people would like to pay in Bitcoin to a merchant who accepts and keeps it in Bitcoin so that a gain is not realized and no taxab…
Only for transactions over 600 USD, aiui.
When Bitcoin's are converted to a fiat currency that's now a taxable event correct? That's when the gain or loss is "realized" So if you pay in Bitcoin and the platform/processor immediately converts it into $US to pay the merchant does that create a taxable event for the seller? I suspect people would like to pay in Bitcoin to a merchant who accepts and keeps it in Bitcoin so that a gain is not realized and no taxab…
Only for transactions over 600 USD, aiui.
How is Square/Stripe getting around the issue that most exchanges wait for 6 confirmations before a transaction is accepted? Are they ignoring the risk of a double spend and just going ahead once a transaction has propagated to the network for mining?
Probably. Unless you're working in concert with major mining power, it's still hard to engineer a successful double-spend. And by pushing their preferred observed transaction to major pools, Square could help ensure a double-spend can't succeed, or get a near-instant indication that a competing transaction exists. (I don't know if they're doing this.) It also looks like most 'Square Market' purchases take more than a…
Earlier quoted context omitted.
Probably. Unless you're working in concert with major mining power, it's still hard to engineer a successful double-spend. And by pushing their preferred observed transaction to major pools, Square could help ensure a double-spend can't succeed, or get a near-instant indication that a competing transaction exists. (I don't know if they're doing this.) It also looks like most 'Square Market' purchases take more than a…
Makes me wonder - would we ever get to a point where it's in Square/Stripe/Coinbase/et. al's interests to contribute mining power to help their own transactions along? Or is that pretty much taken care of by transaction fees?
How is Square/Stripe getting around the issue that most exchanges wait for 6 confirmations before a transaction is accepted? Are they ignoring the risk of a double spend and just going ahead once a transaction has propagated to the network for mining?
> Are they ignoring the risk of a double spend and just going ahead once a transaction has propagated to the network for mining? After a majority of the nodes have seen a transaction it becomes relatively safe to accept it as valid before 6 confirmations. You wouldn't want to do that for high value transactions, but I think it's fine up to a couple BTC (read: $1000 or less). The Mycelium wallet implements transaction…
Mycelium's "transaction confidence" feature is well intentioned but it is a disaster waiting to happen.