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204

It's a scam. It's called a money mule. Typically the way this will work is that the scammers will make a fraudulent money transfer into your friend's account. Your friend will convert the funds into Bitcoin and send it off to the scammers. After a few days or weeks, the bank will figure out that the original transfer was fraudulent and come after your friend'...


192

I think it is likely that your “friend” is doing something illegal, and that she is putting these payments in your name to avoid getting caught. You may be being used as an unwitting money mule. I recommend steering clear of this. Tell her that you will no longer pick up any of these payments for her, whether or not your name is on them. Giving your ...


163

Apologies for the brevity and avoidance of in-depth discussion in this answer, for simplicity's sake. To understand Bitcoin and its failures, we must understand what a 'currency' is, and why it is important. Prior to currency, people bartered for goods - I give you 4 chickens, you give me a goat. What if you don't want my chickens? How do I get my goat? ...


161

The existing IRS guidance in the US related to bitcoin indicates it will be taxed as property. You'll sell your coins then when you file your taxes for that year you will indicate the dollar value that you sold as a capital gain with a $0 cost basis since you can't prove your initial cost. You can use a block chain explorer to get an idea of when the ...


142

Absolutely a scam 100% chance. This is one of the most common scams out there. Here's how you will get ripped off. They send you a check which will deposit in your account Seeing the deposit went through everything looks peachy, you buy and transmit bitcoins. The check bounces in a few weeks and you are out the money or owe the bank if that gives you a ...


140

Legal? Maybe. Legitimate? Absolutely Not. I'm not qualified to guess whether documenting the make, model and location of ATMs is technically legal in your jurisdiction. A list like that isn't something I would want found in my possession during a police search though. However, I can say without a doubt: This information is not being gathered for legitimate ...


91

Barter is a taxable event. You would owe taxes on the full fair market value of the Bitcoin the moment that you trade housing for it. Things would work the same way if you bartered baseball cards or a car for rent. Later, if it appreciated, the appreciation would be taxed as capital gains. But the original receipt is regular income.


86

It’s a money-laundering scam, and your friend is likely to get into serious trouble, and possibly lose a lot of money, if he takes part.


82

It was a scam because they need you, and only you, to buy bitcoin (or any other cryptocurrency). Cryptocurrencies can be purchased almost anywhere in the world. There is no need to wire you money across international borders, so that you can turn it into something that is supposed to be hard to trace by authorities. Run away. Don't contact them again. If you ...


71

Here's the question, what I don't understand and I haven't been able to find the answer to, is if I own some bitcoin, how does that help me buy groceries at the market, or gas for my car? The market I go to doesn't accept bitcoin and neither do the gas stations. If I can't do that, how is bitcoin worth anything to me? The market you go to probably doesn't ...


64

Yes, it’s a scam. There are red flags all over it. Ask yourself whether you really think a huge multinational like Nissan would work in this way.


63

In addition to skimmers, another reason to have photos like this is that some ATMs are poorly secured. A surprisingly common type of theft is to steal the whole ATM. Banks are poor targets as their external ATMs are typically big and bulky. ATMs in stores, however, are often small and only bolted down. Stealing the whole machine can net you thousands of ...


59

Document how you came to have the stuff in the first place. First to defend against potential government inquiry; and second to establish that you held the asset more than one year, so you qualify for long-term capital gains rate. I wouldn't sell it privately all at once, if you can avoid it. If you can prove you held it more than a year, you should ...


56

So just to be clear, she gets so many of these ~$500 transactions she can't even make the time to show up and collect them all? Yet, she still holds down a day job cutting hair? You are on here asking if this is strange because well, it seems very strange. "Bitcoin" something something is a convenient way to explain away strange income sources. It's ...


52

Market cap doesn't mean that much money went into the system. Money in equals money out over time, and is not directly tied to market cap, which can actually be lower if price drops far enough. These concepts are the same for all traded assets, such as stocks, bonds, and commodities. "Market cap" is simply the current price times the number of ...


52

How is Bitcoin useful as a currency if so few services accept it? That's the point. It's not useful as a currency because so few services accept it. So far, it has some other uses - international transfers, storage of value, speculation object. Just because it was intended to be a currency doesn't mean it's useful as one. Like gold. Gold is not useful as ...


49

I contacted a lawyer, told to talk to Dept of Labor, DOL said they will not get involved that this is between my and my employer. Advise? What employer? You are 100% not employed by Nissan Motors....


40

Your friend should go to a lawyer. The lawyer can then make a deal with the government where your friend testifies as to the activities. Your friend may be asked to communicate with his "employer" to get them to do more illegal things. Or required to turn over his email, etc. to the authorities so that they can communicate with the "employer" and get them ...


34

What bank account are you supposed to cash the check into? My guess is "yours", and that's a complete and utter proof of scam. There is absolutely and categorically no way that a reputable company like Nissan would have checks cashed into anything except a business account of Nissan's. It would be illegal and stupid to do so, and no legitimate company ...


28

You need to meet a woman (or man if you are in a state that allows same sex marriage) who has a carried forward loss or other loss that exceeds the $3K/yr they can take against their own income. If they had a loss of $200K some time ago, and are taking $3K/yr, they may still have $100K they can offset with you. Marriages have been based on less than this.


28

This is definitely a scam Most electronic fund transfers are reversible, whereas bitcoin transactions are final. Your friend will successfully receive the money and transfer it as bitcoin. When the original transfer is reversed for being fraudulent (or even worse proceeds from an illegal act) the money will be reclaimed from your friend's account. They will ...


27

BTC isn't considered a currency so it's taxed as an asset under capital gains tax This statement is wrong. Let's say you charge 1 BTC rent on Nov 1st. From the IRS standpoint your earnings are the dollar value of 1 BTC on Nov 1st, so that's approx $6k. You will be charged income taxes on $6k. Now, if you keep your Bitcoin until the end of the year and ...


26

It's not really Nissan. The bank will put a hold on all but $100 of the check amount. After a few days, they will release the money, conditional on you making the money good if the check later bounces (read your bank agreement). You will go "haha, check cleared, money in the bank!" You will send the money onward via Bitcoin, which is irreversible. ...


24

I think it's a simpler scam And I'm sure of that because they want Bitcoin ATMs specifically. Scams work in small steps. Right now, the instruction is to go out and take photos of the ATM machines and gather data. They have no real interest in the data; it's just busy-work to build up your confidence. Later, the instruction will be to deposit cash into ...


24

Standard-issue scam: they send you money in a revocable format (in this case, wire transfers). You send the money back in an irrevocable format (in this case, Bitcoin). The payment to you gets revoked, and you get left holding the bag. And possibly facing criminal charges for money laundering, bank fraud, or other financial crimes. Assuming no actual ...


23

is this legal? No, in most places. You are likely participating in money laundering, fraud, tax evasion, or other sorts of crime. You are acting as a money mule. It is bad enough if you receive no monetary reward but if you take a cut of the proceeds of crime you are more likely to be deemed complicit in those crimes. Can I get into trouble doing this? ...


17

Uber, FB and Airbnb are facilitators, since they, well, facilitate connections between the consumer and the provider. Alibaba and Amazon are in that role, too.


17

Bitcoin or any other crypto currency is an incredibly volatile place to put your money. Its value fluctuates significantly, increasing its risk, and its value proposition is entirely unclear. In my opinion,the only true value of bitcoin is (a) hype; and (b) a tool for money launderers and organized crime. That is only my opinion, but to buy an asset I ...


16

1) Document that you held the bitcoins for more than one year. This should not be particularly difficult. Since you haven't moved the bitcoins, you hold the key to an address that has held them for more than one year. While this isn't absolute proof, it should be sufficient. 2) Since you can't document how you bought them easily, you can just assume a tax ...


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