
Working for Bitcoin: Update - ncarlson
http://ncarlson.com/post/5493803214/bitcoin-experiment-first-job-offer
======
jarin
It would be kind of a cool experiment to try to get everything past the first
$5000 in client work (or whatever covers living expenses, taxes, savings, and
beers in your area) per month paid in Bitcoin.

There needs to be a really easy way to do it though for clients who don't
understand the concept, maybe some kind of service where a client can pay with
credit card and it converts to Bitcoin and sends it to the recipient's
account.

Maybe an alternative would be to just make a policy to buy Bitcoin with
whatever you get over your quota each month.

~~~
ncarlson
I think what's needed most at the moment is an easy way for US dollars to be
exchanged for Bitcoin. This _was_ easy enough when Mt Gox was accepting
Paypal.

However, now that Paypal has suspended Mt Gox's account, anyone wanting to
work with that exchange now has to jump through additional hoops by opening up
a Dwolla or Liberty Reserve account. Personally, I found these sites to be
rather shady looking.

~~~
sgornick
Dwolla looks shady? Seriously? <http://www.dwolla.com>

Incidentally, they are FDIC and NCUA insured:
[http://www.dwolla.org/help/dwolla-deposits-are-protected-
by-...](http://www.dwolla.org/help/dwolla-deposits-are-protected-by-the-fdic-
and-ncua/)

~~~
ncarlson
> they are FDIC

My question would be, are individual Dwolla accounts protected on a per
depositor basis? Or, is it just Dwolla Corp's own bank account which is
protected under FDIC. Their website doesn't make that clear.

It's entirely possible that user funds are stored in a bank account, owned by
Dwolla, and that bank account is FDIC insured. If that's the case, then that
bank account is only insured up to $250,000 USD.

~~~
jimrandomh
> My question would be, are individual Dwolla accounts protected on a per
> depositor basis? Or, is it just Dwolla Corp's own bank account which is
> protected under FDIC.

The former. If it were the latter, then writing "Dwolla Deposits Are Protected
By The FDIC and NCUA" on their web page would be fraud.

~~~
eli
I'm almost certain you are wrong about that. Dwolla is not listed in the FDIC
database.

~~~
sgornick
"Dwolla Deposits Are Protected By The FDIC and NCUA"

Yes, every dime you have in your account is protected by the FDIC and NCUA.
The same way that amounts in your PayPal balance are protected.

[http://www.dwolla.org/help/dwolla-security-and-partner-
overv...](http://www.dwolla.org/help/dwolla-security-and-partner-overview/)

~~~
eli
OK, I'm glad that _their_ banks are insured, but if Dwolla goes bankrupt are
you sure I'll get my money back? I'm not.

PayPal does the same thing, but at least they're upfront about how it works:
[https://www.paypal.com/cgi-bin/webscr?cmd=p/gen/travelers-
ou...](https://www.paypal.com/cgi-bin/webscr?cmd=p/gen/travelers-outside)

And I don't keep money in my PayPal account either.

------
meric
A few weeks ago 1 bitcoin was only 0.8 US dollar. Now it's 8.

My 0.05 BTC is now worth 0.4.

Should've gotten more.

~~~
waterlesscloud
It's down to 6.5 now in the last couple of hours. Very little volume was
required to drive it down so much (10s of thousands of USD). BTC isn't even
vaguely stable, in either direction.

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joe_the_user
If this becomes common, it will certainly be a test of bitcoin's legal status.
Seeing how the IRS and Social Security calculate what taxes, if any, you have
to pay will be interesting...

~~~
jared314
There is a good chance it would be treated as another foreign currency. So,
you would file in USD using a current conversion rate.

[http://www.irs.gov/businesses/small/article/0,,id=130524,00....](http://www.irs.gov/businesses/small/article/0,,id=130524,00.html)

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tectonic
What's the best way to exchange my bitcoins for USD?

