1. #71
    DroopyDog
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    Robert, ignore sourtwist, he is one of the biggest dbags on this site.
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  2. #72
    RobertAnthonyT7
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    Quote Originally Posted by DroopyDog View Post
    Robert, ignore sourtwist, he is one of the biggest dbags on this site.

    Ok thanks

  3. #73
    BeatTheJerk
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    Quote Originally Posted by RobertAnthonyT7 View Post
    Ok thanks
    I bet you have a nice size shoe box full of cash !

  4. #74
    RobertAnthonyT7
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    Quote Originally Posted by BeatTheJerk View Post
    I bet you have a nice size shoe box full of cash !
    I wish. Down around $300K gambling. I bet way over my head.

    It’s amazing I could still bet at all. I was fortune to bail myself out of quite a few serious jams.

  5. #75
    BeatTheJerk
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    Quote Originally Posted by RobertAnthonyT7 View Post
    I wish. Down around $300K gambling. I bet way over my head.

    It’s amazing I could still bet at all. I was fortune to bail myself out of quite a few serious jams.
    Wow I don’t know what to say. I’m stumped here, I appreciate your honesty though.

  6. #76
    RobertAnthonyT7
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    Quote Originally Posted by BeatTheJerk View Post
    Wow I don’t know what to say. I’m stumped here, I appreciate your honesty though.
    No problem!!

  7. #77
    ThaWoj
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    Thanks for the thread Robert.

    I use the bitpay card a lot but I'd say I only use the ATM a few times a month and it's almost always at a casino to get cash.

    This news makes me nervous because I've been on the biggest winning streak of my life since October. No where near your amounts, but running up .01btc to almost 5btc is a lot for me. I only play at nitrogen (once in a while I fuk with horses or other bs on 5dimes).

    It would be such a pain in the ass to lose the card.

  8. #78
    RobertAnthonyT7
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    Quote Originally Posted by ThaWoj View Post
    Thanks for the thread Robert.

    I use the bitpay card a lot but I'd say I only use the ATM a few times a month and it's almost always at a casino to get cash.

    This news makes me nervous because I've been on the biggest winning streak of my life since October. No where near your amounts, but running up .01btc to almost 5btc is a lot for me. I only play at nitrogen (once in a while I fuk with horses or other bs on 5dimes).

    It would be such a pain in the ass to lose the card.
    No problem man. It’s a major blow losing the card, no doubt.

  9. #79
    mikejamm
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    Quote Originally Posted by RobertAnthonyT7 View Post
    No problem man. It’s a major blow losing the card, no doubt.
    Yeah, good thread Robert and some valuable information to know. There's gotta be some alternative to bitpay to keep you in the bitcoin game. Good luck man. And yeah, sourshit is a supreme broke dik fuk douche bag.

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  10. #80
    eaglesfan371
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    FYI The IRS will be notified of all these transactions if you loaded over 20k in one year to the bitpay card.
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  11. #81
    Optional
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    Quote Originally Posted by eaglesfan371 View Post
    FYI The IRS will be notified of all these transactions if you loaded over 20k in one year to the bitpay card.

    The only "20K limit" Bitpay mention is for MERCHANT accounts, business users, who get a 1099 form once they hit that number AND at least 200 transactions.


    Can you point to an end user who has received a tax form from Bitpay card use?

    I have not seen a single person post or tell me they have received a tax form for Bitpay card use.


    I've seen you post this like it is a fact about half a dozen times now. Unless you can explain how I am wrong here, please stop posting this sort of hysterical BS.



    Also, Bitpay have different license conditions per state. It's definitely not as simple, or as certain as you make it sound, that 20k is a magic number.

    And they give private users correct advice on how to handle their tax liability here: https://blog.bitpay.com/tax-tools/

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  12. #82
    Optional
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    Quote Originally Posted by eaglesfan371 View Post
    FYI The IRS will be notified of all these transactions if you loaded over 20k in one year to the bitpay card.
    Plus, the OP says he has put 100k plus through it and has not been issued a tax form.

    How do you explain that and your 20k limit?


    I have spoken to many people who have put way more than 20k through this card.
    Last edited by Optional; 02-22-19 at 01:57 AM.

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  13. #83
    raiders72001
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    Wirex is in the UK and will be in the US soon. Pre-paid physical and virtual debit cards. The downfall is small ATM withdrawal limits.

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  14. #84
    eaglesfan371
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    Quote Originally Posted by Optional View Post
    Plus, the OP says he has put 100k plus through it and has not been issued a tax form.

    How do you explain that and your 20k limit?


    I have spoken to many people who have put way more than 20k through this card.
    My bad, youíre right about the 200. From age 18-22 I did not document my bitcoin purchases or gambling habits. I live in everyday fear that the IRS will look into me after all the $3000+ cash transactions Iíve done which trigger SARS. Past two years Iíve documented everything but still, if they come to me and say why did you not pay tax on these 30k of bitcoin sales, show your purchase receipts Iím FUKKED.
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  15. #85
    Optional
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    Quote Originally Posted by eaglesfan371 View Post
    My bad, you’re right about the 200. From age 18-22 I did not document my bitcoin purchases or gambling habits. I live in everyday fear that the IRS will look into me after all the $3000+ cash transactions I’ve done which trigger SARS. Past two years I’ve documented everything but still, if they come to me and say why did you not pay tax on these 30k of bitcoin sales, show your purchase receipts I’m FUKKED.
    I get your concern about tax issues.

    But the only tax issue with bitcoin as opposed to $$ for gambling is capital gains tax during the time you own it.

    No one anywhere is going to have to pay income tax based on your total buys.

    Anyone who has ever traded FOREX will have got the same type of tax form before.



    As you are pretty much saying, just keep records and you won't be "FUKKD".

    No need to be panicking about 20k limits or if you get a form or not. Just tell people to keep records if you want to help them.

    Another good reason to keep one central wallet you own the private key for and have at one end of every transaction you make too.
    Last edited by Optional; 02-22-19 at 03:59 AM.

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  16. #86
    eaglesfan371
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    Quote Originally Posted by Optional View Post
    I get your concern about tax issues.

    But the only tax issue with bitcoin as opposed to $$ for gambling is capital gains tax during the time you own it.

    No one anywhere is going to have to pay income tax based on your total buys.

    Anyone who has ever traded FOREX will have got the same type of tax form before.



    As you are pretty much saying, just keep records and you won't be "FUKKD".

    No need to be panicking about 20k limits or if you get a form or not. Just tell people to keep records if you want to help them.

    Another good reason to keep one central wallet you own the private key for and have at one end of every transaction you make too.
    My problem is from 2012-2015 I bought a lot of bitcoin through LBC and other cash deposit sellers. Whenever I won, I sold on coinbase. Coinbase awhile back said theyíre releasing data on who sold a lot years back to the IRS, before the IRS recognized bitcoin as an asset.

    If the IRS receives receipts that I sold 30-40k of coin to coinbase, I will have no evidence of my cash purchases from back then. Without evidence my cost basis would be zero or at the mercy of IRS. 15-25% of 30-50k would not be cheap.
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  17. #87
    Optional
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    Quote Originally Posted by eaglesfan371 View Post

    My problem is from 2012-2015 I bought a lot of bitcoin through LBC and other cash deposit sellers. Whenever I won, I sold on coinbase. Coinbase awhile back said they’re releasing data on who sold a lot years back to the IRS, before the IRS recognized bitcoin as an asset.

    If the IRS receives receipts that I sold 30-40k of coin to coinbase, I will have no evidence of my cash purchases from back then. Without evidence my cost basis would be zero or at the mercy of IRS. 15-25% of 30-50k would not be cheap.
    You can't change that now. And the info Coinbase had to release ended up only being high value accounts, that appeared to be storing large sums there, ALA a Swiss Bank Account alternative. But if one day you are audited and that comes up, an accountant will know how to deal with it and make the required estimates etc anyway.

    Going forward, just keep records. The longer those records exist for, the more weight any estimates about previous usage will carry too.
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  18. #88
    RobertAnthonyT7
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    Quote Originally Posted by mikejamm View Post
    Yeah, good thread Robert and some valuable information to know. There's gotta be some alternative to bitpay to keep you in the bitcoin game. Good luck man. And yeah, sourshit is a supreme broke dik fuk douche bag.
    Thanks!

  19. #89
    RobertAnthonyT7
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    Quote Originally Posted by Optional View Post
    Plus, the OP says he has put 100k plus through it and has not been issued a tax form.

    How do you explain that and your 20k limit?


    I have spoken to many people who have put way more than 20k through this card.
    I haven't recieved any tax form. Well over $100K.... Actually a mind boggling amount of money.

  20. #90
    RobertAnthonyT7
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    Since it was mentioned, I personally don't sit around worrying about getting AUDITED. The tax laws regarding gambling are archaic.

    Bad enough that I've lost about $300K more than I've won.

  21. #91
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    Quote Originally Posted by mikejamm View Post
    Yeah, good thread Robert and some valuable information to know. There's gotta be some alternative to bitpay to keep you in the bitcoin game. Good luck man. And yeah, sourshit is a supreme broke dik fuk douche bag.
    https://www.sportsbookreview.com/for...ocurrency.html

  22. #92
    RobertAnthonyT7
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    From my experiences working as a bank teller as a kid and winning over $10K in a casino I could say with certainty that the IRS is notified of any transaction of $10,000 or more. It's called a Currency Transaction Report. The bank does not have to notify you when this report is being done. That doesn't mean you will get audited. It just becomes more likely.

    Even worse is a SAR's report. That is triggered if the bank thinks you purposely go under $10,000. I'm pretty sure I've gotten hit with that. I got booted out of a bank for making multiple cash deposits under $10,000. I wasn't trying to hide anything. I was just depositing money I had won. The bank questioned me as well....

    To this day, I've never been audited. Actually booted out of Citibank and TD Bank.

  23. #93
    MakeItRain711
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    Hey kona, I'm a long time reader, but just registered recently ... I've seen you post several times over the months on purchasing money orders at Post Office, or WalMart, to cash out .. For knowledge sakes, how do you normally cash them, and what /who do you fill out on the MO's, on the to: , and from: lines ? Thanks for your input ..

  24. #94
    littlekona
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    Quote Originally Posted by MakeItRain711 View Post
    Hey kona, I'm a long time reader, but just registered recently ... I've seen you post several times over the months on purchasing money orders at Post Office, or WalMart, to cash out .. For knowledge sakes, how do you normally cash them, and what /who do you fill out on the MO's, on the to: , and from: lines ? Thanks for your input ..
    I deposit them into my bank 80% written to me or my wife most of time the other 20% I either cash them at PO or Walmart or write them out to pay bills...No one ever ever questions

    FYI to write to self and cash them out you have to wait 24 hours

  25. #95
    ehp6737
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    If use this card strictly as an atm it wont end well, especially for large amounts. You shouldve used the card to pay your bills, and saved your "regular" income. You can still make atm withdrawals, but at a "normal" pace.

    Not only were your patterns susupicious, at the end of the day if youre not making purchases, then **** and bitpay arent making any money. They could care less about the $2 atm fee. They want to make their % off transactions.

    You presented as someone who had no upside for them, but instead only as a liability.

    None of this helps you now with bitpay, but apply it to your next out. You have to think about why they are providing the service, not just how it serves you best
    Last edited by ehp6737; 03-04-19 at 04:02 PM.

  26. #96
    ehp6737
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    Quote Originally Posted by MakeItRain711 View Post
    Hey kona, I'm a long time reader, but just registered recently ... I've seen you post several times over the months on purchasing money orders at Post Office, or WalMart, to cash out .. For knowledge sakes, how do you normally cash them, and what /who do you fill out on the MO's, on the to: , and from: lines ? Thanks for your input ..
    ........sincerely the IRS

  27. #97
    TheMoneyShot
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    Quote Originally Posted by ehp6737 View Post

    ........sincerely the IRS
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  28. #98
    TheMoneyShot
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    Quote Originally Posted by ehp6737 View Post
    If use this card strictly as an atm it wont end well, especially for large amounts. You shouldve used the card to pay your bills, and saved your "regular" income. You can still make atm withdrawals, but at a "normal" pace.

    Not only were your patterns susupicious, at the end of the day if youre not making purchases, then **** and bitpay arent making any money. They could care less about the $2 atm fee. They want to make their % off transactions.

    You presented as someone who had no upside for them, but instead only as a liability.

    None of this helps you now with bitpay, but apply it to your next out. You have to think about why they are providing the service, not just how it serves you best
    I agree with this 100%. I get it... we all need $ and we need it fast. But, by the same token.... budget your life style a little. Everyone running to the ATM and grabbing cash. It's the craziest thing you could do. I think I've had this card for 2 years now? Maybe longer? Not once have I used it at an ATM.

    You guys have to be calmer when shifting money. Or have a better game plan.
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  29. #99
    Optional
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    Quote Originally Posted by ehp6737 View Post
    If use this card strictly as an atm it wont end well, especially for large amounts. You shouldve used the card to pay your bills, and saved your "regular" income. You can still make atm withdrawals, but at a "normal" pace.

    Not only were your patterns susupicious, at the end of the day if youre not making purchases, then **** and bitpay arent making any money. They could care less about the $2 atm fee. They want to make their % off transactions.

    You presented as someone who had no upside for them, but instead only as a liability.

    None of this helps you now with bitpay, but apply it to your next out. You have to think about why they are providing the service, not just how it serves you best
    Good post

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  30. #100
    jtoler
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    Quote Originally Posted by ehp6737 View Post
    If use this card strictly as an atm it wont end well, especially for large amounts. You shouldve used the card to pay your bills, and saved your "regular" income. You can still make atm withdrawals, but at a "normal" pace.

    Not only were your patterns susupicious, at the end of the day if youre not making purchases, then **** and bitpay arent making any money. They could care less about the $2 atm fee. They want to make their % off transactions.

    You presented as someone who had no upside for them, but instead only as a liability.

    None of this helps you now with bitpay, but apply it to your next out. You have to think about why they are providing the service, not just how it serves you best
    thats bs

  31. #101
    RobertAnthonyT7
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    I still haven’t recieved my check from BitPay. Over $3000 and this has been ongoing since they closed my account in the middle of February.

    Thet keep telling me it’s in the mail.

    Hate to say it but I’m done gambling online. It sucks. Hard enough to win one game. Now I’ve been dealing with this nonsense for literally over a month.

    Procced at your own risk gentlemen

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