Comments
-
BPAwesome product and completely agree with your future path. Just started depositing this week. Wonderful meeting you briefly at the Phister Erik in Milwaukee last week.
-
MSI don't understand - so a guy saves some dollars on transaction fees.... and then the gold he receives as payment drops by $50 an oz in less than a week. How has he made a saving?
-
wwTotally agree w/ Erik, others that it's utterly EXECRABLE for any gov't to put any discriminatory level of excise tax - or worse, ANY form of "INCOME" tax - on any money-exchange transactions!
-
EKI find it galling that we have to report 'gains' and 'losses' on gold transactions. Could you imagine doing that for your euro, dollar or yen transactions? It's all money!
-
ACHow does one handle Short-term volatility? Gold is great longterm store of value but 2015 32bbl(oil)/oz, 2005 5bbl/oz. Your coffee might be 0.004oz 1week, 0.005 the next (25%more!)
-
RACan Bit Gold generate a summary "statement" at year end for net Profit or loss on all annual transactions, short and long term, for our tax filing obligations? Can we view a sample on the web site?
-
CHJohn, thanks for the link with Roy's response to Shiff. I am unable to find any link where Peter says (concedes) his own analysis of Bitgold is wrong. Peter has been at this for sometime. I trust him
-
NHGreat concept, but how do these guys make money after paying for free insurance and storage? Only a 1% charge on transactions both ways doesn't seem sufficient.
-
MSAccount opened! Genuinely looking forward to removing banks from oversees transfers - thanks for the heads-up RV and thanks fr BitGold for their innovation
-
MCGreat TECHNOLOGY to get the masses involved in gold,although the challenge will always be, the manipulation and volatility involved in the underlying commodity & models centralized point of failure.
-
BDBitgold is a potential BANK KILLER! Benefits are similar to block chain technology, and it's outside of Govt monitoring, absolutely brilliant...Bring it on!
-
AGThis video was particuarly good
-
JB@Calvin. Roy and Josh responded to Schiff in this takedown. Schiff subsequently endorsed BitGold and conceited that his analysis was wrong. https://medium.com/@roysebag/roy-sebag-response-to-peter-s
-
BVI think these guys are on to something. Like the idea of being able to borrow against it. May be a way to utilize gains without being taxed on it.
-
CHFor those thinking about signing up, consider Peter Schiff's thoughts. He has a podcast on it as well. Buyer beware. http://schiffgold.com/commentaries/beware-bitgold-ticking-tax-timebomb/
-
TSIt would be great to get a second segment to explain how teh customer gold is protected from the hungry government. From a US/non US perspective. I found the service perfect on paper?
-
DJStarted my account a few weeks ago. The one issue I have is the website. I would like to see the actual purchase price and transaction fee on each transaction.
-
TMI have been using them for over a year now. Very solid platform, easy to use.
-
WEI am a "Tiny" client of these guys and they do what they say!
-
LVExcellent piece. Bring that future! Would have been nice to hear the inner workings re earlier GoldMoney customers on the platform. They still don´t benefit from same fees or access the same services.
-
ASThanks for the follow up John. I really like the concept. My gold savings is already in place. Might make sense to fund an account with bit gold and get a gold debt card as part of covering all bases.
-
MHI am very impressed with this platform after watching this I will be setting up my BitGold account today!
-
DH#2 Re the future kids: I'm still not sure if I can set up an account for 2 of them. They don't have the docs I needed..
-
DHI've been with BitGold from early days and even have the (real) t shirt. I know an 11 year old who is fascinated by Bit Gold and we have discussed it many times. It's normal to him. Kids see future
-
JBYou just add one figure (either positive or negative) which reflects your net gain or loss on the year. The bigger question to ask is, if after all these taxes it still makes sense to use gold....YES
-
JBHamed and Andrew, the taxable events are no different than those in your brokerage account. BitGold's technology allows you to export a .CSV at the end of the year with all these "deltas".
-
ASFor a US person, if you buy gold grams every month ( so multiple cost basis ) and use the debit card, how is this not a tax accounting nightmare? I assume you have cap gains/loses on all transactions.
-
HAThe problem is that in most countries the tax burden of these transactions would be a nightmare no? every time you transact you are creating a taxable event
-
mmAn extraordinary well developed platform. Real heroes that are thinking big, starting small and moving fast. This can change how the the world exchanges value while encouraging co-operation. Tx RV!
-
mm@Shaun BitGold provides a tax tool (Tax Currency setting) to calculate your gains or losses from the purchases, sales, and spending transactions.
-
ssOverall like the concept. In the US since gold and bitcoin both treated as commodities aren't transactions cumbersome tax reporting wise?
-
PVBrilliant concept. This technology could really change the perception of gold's utility value. I plan to open an account.
-
ELThis piece is great.I have been wanting to learn about bit gold since I learned of it on KWN. Will listen to this many times. These guys are brilliant.