[e-gold-list] Re: E-gold scam survey
You have proven my point. Instead of hiring additional accounting staff to handle the complications of foreign currency transactions (which I suspect they did too), they hired a programer to write a complex program to handle the calculations. That means spending money to handle a transactions. I am not saying that e-gold is impossible to use for large companies. I am saying that there would need to be some economic motivation to justify the extra expense. In your company's case, they must do enough foreign currency transactions to justify the expense of revamping their accounting department software and personel. In order to effectively use e-gold a company would have to do similar actions. I don't think e-gold gives such economic motivation to any but pyramid schemes. On Wed, 20 Dec 2000 21:12:53 -0600, Craig Haynie wrote: But if you are big company that does 1000s of transactions a day, e-gold would drive your accounting department bonkers. And they just can't ignore it and hope the IRS doesn't find out. I disagree again. Take the company I work for: $200 million a year, using about 6 different currencies every day. However, I wrote the billing software for them, and the accounting software they use is designed to work with multiple currencies. I won't go on any further, but I simply do NOT see the problem. E-Gold transactions are just data, and the manipulation of data can be automated. Indeed, it's the smaller companies that may have a harder time, but the larger ones won't even blink. Sincerely, Craig --- You are currently subscribed to e-gold-list as: [EMAIL PROTECTED] To unsubscribe send a blank email to [EMAIL PROTECTED] Glencannon Group Ltd. http://www.glencannongroup.com/ [EMAIL PROTECTED] [EMAIL PROTECTED] (for a more secure email) fax: 419-710-4339 _*_*_*_*_ For an e-gold funded Debit Card: http://www.glencannongroup.com/genucap/ ___ Send a cool gift with your E-Card http://www.bluemountain.com/giftcenter/ --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED]
[e-gold-list] Re: E-gold scam survey
My point, taken to extremes, is to use the mass (not weight) of gold, so that even a budding moon colony or space craft will not feel disenfranchised. Mass is not relative to anything I know of and can't be messed with by governments. Time for the nit harvesting. A gram is a measure of mass, not weight. 1 gram of gold has the same mass on earth, the moon, a small asteroid, a black hole, etc... Mass is the most basic explanation of how much (gold) is that? While it may weigh 22lbs on Earth, and only 1/100th of an ounce on a orbiting spaceship, it always masses 10kg. Viking Coder --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED]
[e-gold-list] Re: E-gold scam survey
True if you hold the e-gold, its ok. But if you use there is a question. And if you cash out, your screwed. It is just too much accounting work to tolerate. That is why no legitimate tax paying business can afford to use e-gold. It will cause their accounting departments too much headaches. It is useful for non-taxpaying entities only. And as such e-gold will always have a very limited exposure. On Wed, 20 Dec 2000 11:22:01 +1000, markab23 wrote: It could be argued that the question of capitalgain/loss does not occur unless you 'cash in' or bail out your e-gold. You are actually holding gold not a currency set against it as far as I know. Also tax offices also look at intention. If you are holding gold as a reserve or as an investment the case for capital gain/loss is clear. but if you are holding it for transactional purposes the case is no clearer than if you are using fait funds for transaction purposes which also may rise and fall in the market against other currencies. If you buy english oounds to buy something in the uk and during the transaction the pound rises suddenly have you made a capital gain? A capital gain is based on the investment of funds for into a investment body or subject which then returns a value ghigher than the original investment and only if the funds are then retrieved. This might all sound niaive and tell me if it doesnt make sense.= Original Message From [EMAIL PROTECTED] = I guess what I meant by "recognition" and as I think about it I realize it is a bad choice, is the IRS would recognize the receipt of e-gold as an income transaction and not a capital transaction. If you could treat 1.00 in e-gold as income instead of worrying about capital gains and losses, it would not be a problem. Glencannon Group Ltd. The problem isn't that receiving 1.00 in e-gold isn't considered income. The problem is that USD flucuates against 1.00 in e-gold. This is what capital gains/losses are. It is the same situation if you hold onto GBP, JPY, CHF, etc... The USD flucuates against them as well. The IRS doesn't claim that they aren't valid currencies. The only way to get rid of the capital gains/losses problem is to peg 1.00 of e-gold to x amount of USD. OR... You could just clear out your account at every possible instant. That way you can still accept e-gold, but not have the problem of capital gains/losses. Viking Coder --- You are currently subscribed to e-gold-list as: [EMAIL PROTECTED] To unsubscribe send a blank email to [EMAIL PROTECTED] - Powered by http://www.telstra.com --- You are currently subscribed to e-gold-list as: [EMAIL PROTECTED] To unsubscribe send a blank email to [EMAIL PROTECTED] Glencannon Group Ltd. http://www.glencannongroup.com/ [EMAIL PROTECTED] [EMAIL PROTECTED] (for a more secure email) fax: 419-710-4339 _*_*_*_*_ For an e-gold funded Debit Card: http://www.glencannongroup.com/genucap/ ___ Send a cool gift with your E-Card http://www.bluemountain.com/giftcenter/ --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED]
[e-gold-list] Re: E-gold scam survey
I believe e-gold will have to be treated as a commodity purchase or as a foreign currency. Either way the accounting is cost prohibitive for any but the largest of transactions, or for non-taxable entities. On Tue, 19 Dec 2000 17:47:36 -0500, CCS wrote: I guess what I meant by "recognition" and as I think about it I realize it is a bad choice, is the IRS would recognize the receipt of e-gold as an income transaction and not a capital transaction. I see. And payment of e-gold as an expense... The IRS has some rules for taxation of barter trade, altho I am not familiar with them. I expect the IRS would treat use of e-gold as a form of barter. Another (much less likely) possibility is that the IRS would treat trade in terms of e-gold just like it does the business of corporations that do substantial business in a "foreign currency". How is that handled without getting into the same problem of accounting for every single transation of a foreign branch as a foreign exchange speculation? CCS --- You are currently subscribed to e-gold-list as: [EMAIL PROTECTED] To unsubscribe send a blank email to [EMAIL PROTECTED] Glencannon Group Ltd. http://www.glencannongroup.com/ [EMAIL PROTECTED] [EMAIL PROTECTED] (for a more secure email) fax: 419-710-4339 _*_*_*_*_ For an e-gold funded Debit Card: http://www.glencannongroup.com/genucap/ ___ Send a cool gift with your E-Card http://www.bluemountain.com/giftcenter/ --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED]
[e-gold-list] Re: E-gold scam survey
The issue of whether e-gold is valid currency is not the issue. It is the very fact that it might be treated as such that gives problems. And even if you cleared out the e-gold on each transaction, it is just too complex an accounting problem for serious businesses to deal with. With the caveat being tax-exempt businesses and transactions. On Tue, 19 Dec 2000 15:52:11 -0500, [EMAIL PROTECTED] wrote: I guess what I meant by "recognition" and as I think about it I realize it is a bad choice, is the IRS would recognize the receipt of e-gold as an income transaction and not a capital transaction. If you could treat 1.00 in e-gold as income instead of worrying about capital gains and losses, it would not be a problem. Glencannon Group Ltd. The problem isn't that receiving 1.00 in e-gold isn't considered income. The problem is that USD flucuates against 1.00 in e-gold. This is what capital gains/losses are. It is the same situation if you hold onto GBP, JPY, CHF, etc... The USD flucuates against them as well. The IRS doesn't claim that they aren't valid currencies. The only way to get rid of the capital gains/losses problem is to peg 1.00 of e-gold to x amount of USD. OR... You could just clear out your account at every possible instant. That way you can still accept e-gold, but not have the problem of capital gains/losses. Viking Coder --- You are currently subscribed to e-gold-list as: [EMAIL PROTECTED] To unsubscribe send a blank email to [EMAIL PROTECTED] Glencannon Group Ltd. http://www.glencannongroup.com/ [EMAIL PROTECTED] [EMAIL PROTECTED] (for a more secure email) fax: 419-710-4339 _*_*_*_*_ For an e-gold funded Debit Card: http://www.glencannongroup.com/genucap/ ___ Send a cool gift with your E-Card http://www.bluemountain.com/giftcenter/ --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED]
[e-gold-list] Re: E-gold scam survey
Craig Haynie wrote: Each transaction should be listed as a purchase or a sale of e-gold! You can list the item purchased or sold in the memo field. If I buy $1000 US in [snip] Maybe you should consider tracking your transactions in grams instead of dollars. If you are basing your business on E-Gold, then you should be using grams as your base currency. The dollar value of your transactions becomes mute. --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED]
[e-gold-list] Re: E-gold scam survey
Maybe you should consider tracking your transactions in grams instead of dollars. If you are basing your business on E-Gold, then you should be using grams as your base currency. The dollar value of your transactions becomes mute. I think you're missing the point. At the end of the year, you are going to have to compute the capital gains tax on each transaction. If you are liable for US taxes, then you have to keep a record in US dollars. The dollar will only become 'mute' when the IRS accepts gold as payment, (or the capital gains tax is eliminated :) ) Craig --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED]
[e-gold-list] Re: E-gold scam survey
BINGO! On Wed, 20 Dec 2000 14:06:17 -0600, Craig Haynie wrote: Maybe you should consider tracking your transactions in grams instead of dollars. If you are basing your business on E-Gold, then you should be using grams as your base currency. The dollar value of your transactions becomes mute. I think you're missing the point. At the end of the year, you are going to have to compute the capital gains tax on each transaction. If you are liable for US taxes, then you have to keep a record in US dollars. The dollar will only become 'mute' when the IRS accepts gold as payment, (or the capital gains tax is eliminated :) ) Craig --- You are currently subscribed to e-gold-list as: [EMAIL PROTECTED] To unsubscribe send a blank email to [EMAIL PROTECTED] Glencannon Group Ltd. http://www.glencannongroup.com/ [EMAIL PROTECTED] [EMAIL PROTECTED] (for a more secure email) fax: 419-710-4339 _*_*_*_*_ For an e-gold funded Debit Card: http://www.glencannongroup.com/genucap/ ___ Send a cool gift with your E-Card http://www.bluemountain.com/giftcenter/ --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED]
[e-gold-list] Re: E-gold scam survey
Of course the transactions can be tracked, but why? If I just take $100.00 I have one transaction to list, and no tracking of Cost Basis whatsoever. there needs to be strong incentive to incure this sort of inconvenience, and at this point the only incentive has been for scammers to use e-gold. Since they are breaking the law anyway, who the hell cares if they track capital gains implications of thousands of transactions. God help the people who participate in these scams however, because if the IRS ever gets wind of the potential of lost capital gains revenue, they will have a field day. On Wed, 20 Dec 2000 12:26:28 -0600, Craig Haynie wrote: I buy $1,000.00 US in e-gold. The price of gold goes down. I use $100.00 of e-gold to buy something. I now have a transaction that needs to be accounted for. In this case I will incure a capital loss, and say still have $850.00. Then someone buys something from me, and pay me in e-gold, $100.00. This is an income transaction. However, the price of e-gold goes back up to what it was when I first bought my gold. I have more or less $1,000.00. If I buy something else, what is the basis for the transaction. Each transaction should be listed as a purchase or a sale of e-gold! You can list the item purchased or sold in the memo field. If I buy $1000 US in e-gold, this goes in as an e-gold purchase, as it should. If I then SPEND $100 to Joe Blow for a used copy machine, then this goes in as a SALE of e-gold at the current exchange rate. If you want to list the copy machine as an EXPENSE, then you will need to flag the transaction in some way, as an expense, or you may need to list it on a separate line. (If you have to list it in a separate location, or on a separate line, as an expense, then I see where you're coming from. You may need to make a double-entry for all itemized expenses.) Craig --- You are currently subscribed to e-gold-list as: [EMAIL PROTECTED] To unsubscribe send a blank email to [EMAIL PROTECTED] Glencannon Group Ltd. http://www.glencannongroup.com/ [EMAIL PROTECTED] [EMAIL PROTECTED] (for a more secure email) fax: 419-710-4339 _*_*_*_*_ For an e-gold funded Debit Card: http://www.glencannongroup.com/genucap/ ___ Send a cool gift with your E-Card http://www.bluemountain.com/giftcenter/ --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED]
[e-gold-list] Re: E-gold scam survey
I agree with you that all this accounting business is a horrible headache, and that is the problem. Little guys can more or less just ignore it and hope the IRS doesn't find out and if they do hope the IRS just doesn't care. But if you are big company that does 1000s of transactions a day, e-gold would drive your accounting department bonkers. And they just can't ignore it and hope the IRS doesn't find out. On Wed, 20 Dec 2000 10:12:54 -0800, [EMAIL PROTECTED] wrote: I totally see your point - and agree that is the way things should be done if we are to study and learn all the official rules. But I get a headache thinking about how inefficient the process is. In my scientific mind I just use grams. Looking at your example, who derives value from all that?? All I can see is that it supports a few bureaucracies. It provides no benefits to the company, except to help it fail. For my company, I just want to have good numbers to see where the money is going, how much I have and make a budget. That is pretty simple if using grams of gold. No worrying about currency fluctuation, inflation, deflation (well really you would - but indirectly). To take your point further, with precision, we should include inflation deflation in all our accounting on a minute to minute basis. Never mind the fact that the governments figures are widely discredited. And what type of inflation are we talking about? Financial, goods, services, M1, M3, oil, gold, all of them in a basket? The problem is all this stuff is relative to everything else and subject to differences of opinion. My point, taken to extremes, is to use the mass (not weight) of gold, so that even a budding moon colony or space craft will not feel disenfranchised. Mass is not relative to anything I know of and can't be messed with by governments. We have a global economy, despite all vested interests, efficient business evolution will eventually create a simple way to transfer value. We can either wait till someone officially says the obvious or do it ourselves. ~"Everything should be made as simple as possible, but not too simple." Albert Einstein If this post is worth 2 cents send me 2 milligrams instead: 110237 :) choose to ignore the whole thing, maintain limited records on a few odd transactions, or don't use it at all because my head is starting to hurt. --- You are currently subscribed to e-gold-list as: [EMAIL PROTECTED] To unsubscribe send a blank email to [EMAIL PROTECTED] Glencannon Group Ltd. http://www.glencannongroup.com/ [EMAIL PROTECTED] [EMAIL PROTECTED] (for a more secure email) fax: 419-710-4339 _*_*_*_*_ For an e-gold funded Debit Card: http://www.glencannongroup.com/genucap/ ___ Send a cool gift with your E-Card http://www.bluemountain.com/giftcenter/ --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED]
[e-gold-list] Re: E-gold scam survey
The discussion we are having concerns the issue of whether e-gold is appropriate for US companies. NOt Belize companies. If you were located in Belize, or some other tax haven this whole discussion would be irrelevant. (MAYBE - A Belize company that does business in the US is bound to observe US tax laws.) But I suspect that most users of e-gold are neither foreign residents nor US residents who have properly structured their business activities abroad. As such they are stuck with the stinking IRS! On Wed, 20 Dec 2000 12:49:11 -0500 (EST), [EMAIL PROTECTED] wrote: At Wed, 20 Dec 2000 08:43:42 -0800 (PST), "Glencannon Group Ltd." [EMAIL PROTECTED] wrote: Of course accounting is a headache, and if you are small business company or individual with a small amount of transactions, you can pretty much ignore it. But if you are business doing millions of dollars in business, you can't. I thought glencannongroup was based in Belize. Are you complaining about record keeping for the Belize tax system? I am curious because this would definately take Belize off my list of locations for an IBC that does its transactions principally in e-gold. don IMPORTANT NOTICE: If you are not using HushMail, this message could have been read easily by the many people who have access to your open personal email messages. Get your FREE, totally secure email address at http://www.hushmail.com. --- You are currently subscribed to e-gold-list as: [EMAIL PROTECTED] To unsubscribe send a blank email to [EMAIL PROTECTED] Glencannon Group Ltd. http://www.glencannongroup.com/ [EMAIL PROTECTED] [EMAIL PROTECTED] (for a more secure email) fax: 419-710-4339 _*_*_*_*_ For an e-gold funded Debit Card: http://www.glencannongroup.com/genucap/ ___ Send a cool gift with your E-Card http://www.bluemountain.com/giftcenter/ --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED]
[e-gold-list] Re: E-gold scam survey
The dollar will only become 'mute' when the IRS accepts gold as payment I know this may sound strange, but The I.R.S cannot and will never accept gold as payment for tax. Gold and Silver is defined under US law as real money but Federal Reserve notes are not (Legal tender). If fact the IRS can not tax pure gold at all but I don't think they will let you see it that way. Vic -Original Message- From: [EMAIL PROTECTED] [mailto:[EMAIL PROTECTED]] On Behalf Of Craig Haynie Sent: Thursday, 21 December 2000 09:06 a.m. To: e-gold Discussion Subject:[e-gold-list] Re: E-gold scam survey Maybe you should consider tracking your transactions in grams instead of dollars. If you are basing your business on E-Gold, then you should be using grams as your base currency. The dollar value of your transactions becomes mute. I think you're missing the point. At the end of the year, you are going to have to compute the capital gains tax on each transaction. If you are liable for US taxes, then you have to keep a record in US dollars. The dollar will only become 'mute' when the IRS accepts gold as payment, (or the capital gains tax is eliminated :) ) Craig --- You are currently subscribed to e-gold-list as: [EMAIL PROTECTED] To unsubscribe send a blank email to [EMAIL PROTECTED] --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED]
[e-gold-list] RE: E-gold scam survey
Imagine what the result would be if you searched on "money" or "make money", or "dollars"! ... at least with an exhaustive survey of the whole returned results. In the previous case the 'sample' was really 20 and the population was 2000. e-Gold is a means of exchange and a store of value that has some distinct advantages over government or bank issued/created money. Scammers and other individuals and corporations will use both, and encourage whichever is the most efficient for them. This does not mean that the tool itself is bad. If a money-making scheme seems too good to be true, it is quite likely to be so. People need to think critically and evaluate the trustworthiness of any entity they deal with. This is a need that remains from ancient times. These days, however, we through the Internet have the capacity to come into contact with many more people, with less reliable authentication than the old way of meeting them in person. For this reason it is imperative for a better development of Internet commerce that people increasingly learn to use authentication and security and to understand the exactly *who* is authenticating or verifying the individual or organisation in question. This is what "certification authorities" are for, but PGP signatures can be just as good ... if you already trust or know the other person's other contacts. Regards, Ian Green aoShop.com -Original Message- From: [EMAIL PROTECTED] [mailto:[EMAIL PROTECTED]]On Behalf Of CCS Sent: Tuesday, 19 December 2000 5:19 AM To: e-gold Discussion Subject: [e-gold-list] E-gold scam survey I did a little research. I did a simple search of the web for "e-gold". It returned over 3000 hits. Looking at the first 20 hits there were 4 obvious scams (and 4 other ads for internet gambling sites). If this extrapolates to the whole sample then there would be over 600 scams involving e-gold. It gives one pause. A substantial part of the growth in e-gold activity may be driven by scamsters. CCS --- You are currently subscribed to e-gold-list as: [EMAIL PROTECTED] To unsubscribe send a blank email to [EMAIL PROTECTED] --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED]
[e-gold-list] Re: E-gold scam survey
But if you are big company that does 1000s of transactions a day, e-gold would drive your accounting department bonkers. And they just can't ignore it and hope the IRS doesn't find out. I disagree again. Take the company I work for: $200 million a year, using about 6 different currencies every day. However, I wrote the billing software for them, and the accounting software they use is designed to work with multiple currencies. I won't go on any further, but I simply do NOT see the problem. E-Gold transactions are just data, and the manipulation of data can be automated. Indeed, it's the smaller companies that may have a harder time, but the larger ones won't even blink. Sincerely, Craig --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED]
[e-gold-list] Re: E-gold scam survey
The dollar will only become 'mute' when the IRS accepts gold as payment I know this may sound strange, but The I.R.S cannot and will never accept gold as payment for tax. Gold and Silver is defined under US law as real money but Federal Reserve notes are not (Legal tender). If fact the IRS can not tax pure gold at all but I don't think they will let you see it that way. Vic This is, indeed, my point. The original comment was that all e-gold transaction account should be left in 'grams'. However, US citizens are required to report all capital gains issues, and therefore they must keep a record of each e-gold transaction in US dollars, (even if they also keep a record in 'grams'). The IRS will never let them report their tax burden in 'grams'. Craig --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED]
[e-gold-list] Re: E-gold scam survey
I guess what I meant by "recognition" and as I think about it I realize it is a bad choice, is the IRS would recognize the receipt of e-gold as an income transaction and not a capital transaction. If you could treat 1.00 in e-gold as income instead of worrying about capital gains and losses, it would not be a problem. On Mon, 18 Dec 2000 19:19:35 -0500, CCS wrote: You make some good points about the impracticality of using e-gold for a taxpaying business because of the difficulty of figuring out the tax consequences of so much exchange/trading activity. It doesn't matter how much money is in e-gold, it will never be "real" currency until it is recognized as such by governments. But I am not sure what you mean by government "recognition" or why that would improve the situation. Historically, currency in the United States all used to be privately issued. The reason this is no longer the case is that around the time of the Civil War a circulation tax (of 10%, if my recollection serves me right) was enacted for the purpose of driving the private issues out of circulation. [I think this was done as part of Lincoln's Civil War income tax (which was later declared unconstitutional once Lincoln let the Supreme Court justices out of prison).] The last time I checked (which admitedly was 35 years ago) this circulation tax was still on the books. So government "recognition" might only mean being subject to this tax. In any case government "recognition" would, one way or the other, mean government control that would remove all reasons to use it. Now offshore companies that are tax free, and individuals and companies that have no compunction about defying tax laws can use e-gold without too much trouble, but I can't see it being useful for everyday commerce. That's good enough for me. CCS --- You are currently subscribed to e-gold-list as: [EMAIL PROTECTED] To unsubscribe send a blank email to [EMAIL PROTECTED] Glencannon Group Ltd. http://www.glencannongroup.com/ [EMAIL PROTECTED] [EMAIL PROTECTED] (for a more secure email) fax: 419-710-4339 _*_*_*_*_ For an e-gold funded Debit Card: http://www.glencannongroup.com/genucap/ ___ Send a cool gift with your E-Card http://www.bluemountain.com/giftcenter/ --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED]
[e-gold-list] Re: E-gold scam survey
It could be argued that the question of capitalgain/loss does not occur unless you 'cash in' or bail out your e-gold. You are actually holding gold not a currency set against it as far as I know. Also tax offices also look at intention. If you are holding gold as a reserve or as an investment the case for capital gain/loss is clear. but if you are holding it for transactional purposes the case is no clearer than if you are using fait funds for transaction purposes which also may rise and fall in the market against other currencies. If you buy english oounds to buy something in the uk and during the transaction the pound rises suddenly have you made a capital gain? A capital gain is based on the investment of funds for into a investment body or subject which then returns a value ghigher than the original investment and only if the funds are then retrieved. This might all sound niaive and tell me if it doesnt make sense.= Original Message From [EMAIL PROTECTED] = I guess what I meant by "recognition" and as I think about it I realize it is a bad choice, is the IRS would recognize the receipt of e-gold as an income transaction and not a capital transaction. If you could treat 1.00 in e-gold as income instead of worrying about capital gains and losses, it would not be a problem. Glencannon Group Ltd. The problem isn't that receiving 1.00 in e-gold isn't considered income. The problem is that USD flucuates against 1.00 in e-gold. This is what capital gains/losses are. It is the same situation if you hold onto GBP, JPY, CHF, etc... The USD flucuates against them as well. The IRS doesn't claim that they aren't valid currencies. The only way to get rid of the capital gains/losses problem is to peg 1.00 of e-gold to x amount of USD. OR... You could just clear out your account at every possible instant. That way you can still accept e-gold, but not have the problem of capital gains/losses. Viking Coder --- You are currently subscribed to e-gold-list as: [EMAIL PROTECTED] To unsubscribe send a blank email to [EMAIL PROTECTED] - Powered by http://www.telstra.com --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED]
[e-gold-list] Re: E-gold scam survey
It doesn't matter how much money is in e-gold, it will never be "real" currency until it is recognized as such by governments. The unfortunate fact is based on the tax code which mades every single transaction involving e-gold a capital gains or loss incurring transaction. If I buy a book that costs me $25.00, I sell so much e-gold to acquire $25.00 in currency. That transaction must be tracked along with every single e-gold transaction for potential capital gains and losses. For an individual to do so is almost impossible, but the possibility of the government really being concerned is minimal. However, for a legitimate tax paying business, (I'm not even going to think about a public company) to do business in e-gold on any other terms other than very large transactions is impossible. The complex accounting requirements would cost a company too much money to justify accepting e-gold. Now offshore companies that are tax free, and individuals and companies that have no compunction about defying tax laws can use e-gold without too much trouble, but I can't see it being useful for everyday commerce. On Mon, 18 Dec 2000 16:21:17 -0500, [EMAIL PROTECTED] wrote: CCS wrote: I did a little research. I did a simple search of the web for "e-gold". It returned over 3000 hits. Looking at the first 20 hits there were 4 obvious scams (and 4 other ads for internet gambling sites). If this extrapolates to the whole sample then there would be over 600 scams involving e-gold. It gives one pause. A substantial part of the growth in e-gold activity may be driven by scamsters. CCS But, when total accounts, or better yet, funded accounts get up around a million, watch regular businesses sit up and take notice. ; ) What's that, about a little over a year from now for total accounts and 2+ years for funded accounts? Roughly speaking. Bob -- http://www.bearerinstruments.com http://www.bearerinstruments.com/assets/BIMDsPGPkey.txt 650C 51DA 734F 697F 5706 3D6A 7712 BCC9 D1AE 00BA --- You are currently subscribed to e-gold-list as: [EMAIL PROTECTED] To unsubscribe send a blank email to [EMAIL PROTECTED] Glencannon Group Ltd. http://www.glencannongroup.com/ [EMAIL PROTECTED] [EMAIL PROTECTED] (for a more secure email) fax: 419-710-4339 _*_*_*_*_ For an e-gold funded Debit Card: http://www.glencannongroup.com/genucap/ ___ Send a cool gift with your E-Card http://www.bluemountain.com/giftcenter/ --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED]
[e-gold-list] Re: E-gold scam survey
You make some good points about the impracticality of using e-gold for a taxpaying business because of the difficulty of figuring out the tax consequences of so much exchange/trading activity. It doesn't matter how much money is in e-gold, it will never be "real" currency until it is recognized as such by governments. But I am not sure what you mean by government "recognition" or why that would improve the situation. Historically, currency in the United States all used to be privately issued. The reason this is no longer the case is that around the time of the Civil War a circulation tax (of 10%, if my recollection serves me right) was enacted for the purpose of driving the private issues out of circulation. [I think this was done as part of Lincoln's Civil War income tax (which was later declared unconstitutional once Lincoln let the Supreme Court justices out of prison).] The last time I checked (which admitedly was 35 years ago) this circulation tax was still on the books. So government "recognition" might only mean being subject to this tax. In any case government "recognition" would, one way or the other, mean government control that would remove all reasons to use it. Now offshore companies that are tax free, and individuals and companies that have no compunction about defying tax laws can use e-gold without too much trouble, but I can't see it being useful for everyday commerce. That's good enough for me. CCS --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED]
