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Is $32,000 your gross or your net?
by IAmGraydon 9y ago
Is $32,000 your gross or your net?
- ceejayoz 9y agoIt's the downpayment on the legal fees for running an illegal lottery (random amounts of random currencies?) and an illegal money transmitting business.
- IAmGraydon 9y agoMost likely. It's always annoying when startups post good numbers, but fail to mention if they're talking about profits or revenue. For all we know, they may have spent $31,000 on the crypto and $500 on the USB drives.
- stale2002 9y agoIt is not a lottery. They are giving random RATIOS of cryptocurrency, that add up to the amount of USD that you pay. So if you pay 200 dollars, you could get 100$ of litecoin and 100$ of ethereum. OR you could recieve 25$ of doge + 175$ of Bitcoin. (both add up to 200$ USD. Minus their fee obviously) That's not a lottery. It is a fixed amount of USD value.
- ceejayoz 9y agoBy the time you get it in the mail, it might be double. Or half. I wouldn't want to have to try to explain the volatility of altcoin markets to a grumpy Florida lottery regulator looking to charge you with something.
- stale2002 9y agoCryptocurrencies are treated exactly the same as commodities, legally. So it would be the same thing as if you shipped bars of gold and silver to someone. It really isn't complicated.
- JonDav 9y agoHave you personally dealt with receiving commodities like gold from CME group or something? My understanding is it is not simple at all. But would love to hear a person's first hand experience.