Will I get in trouble with the IRS and government if I accept e-gold?

[rodent]

..

[Kingfisher]

Whats E-Gold?

[DarkLaw]

Not No But Hell No!

[DarkLaw]

Man, I just fubared my long response.

The short of it is; You can use whatever you WANT as payment as long as the other party is willing to accept it. Two consenting parties can exchange a bucket of sand as payment if they desire. Two and a half apples. A cup of concrete. A handful of silver. A digital gold coin. Hell, I could trade you a cat if you're willing to accept it as payment!

The FEDs only recognize their FedReserve Notes as 'legal tender' for various, nefarious reasons...but up until 50 or 60 years ago, you could even get gold from your bank as the Govt required them to keep it on hand!

[Chicago Joe]

Yes, as DarkLaw said, as long as the two parties are willing to both trade in the aforementioned currency, there is no legal issue. Don't expect to be able to pay any monies to the State, Federal Government, Market or banks in anything other than the Dollar, though.

[fedup100]

The cancer feds have been all over egold and others like them trying their best to put them out of business........they may be gone now.

You could wind up having to defend a bogus money laundering or God knows what from the corrupt thieves in control of the banks and world.

[rodent]

..

[jonahtrainer]

This is what I'm worried about. I need to talk to a lawyer.

They went after E-Gold because they said they were running an illegal money laundering service at the federal level. It really upsets me.


You can accept digital gold currencies. There is accounting to consider and tax consequences such as the 28% rate gain tax. But the IRS can't conduct 'fishing expeditions' because there are more barriers (foreign jurisdiction, etc.). With a US bank they just go ask for bank account records and the banks turn them over without warrants, etc. because you have no 'reasonable expectation of privacy' in your financial records.

I really like GoldMoney.com. The welfare states hate digital gold currencies but the market will decide. I would say GoldMoney.com is the single largest threat to the current financial establishment. In fact, I read a speech where a federal reserve governor was talking about digital gold currencies and specifically mentioned GoldMoney.com.

GoldMoney.com is good because if the bounds of the law is a circle they stay right in the center (Customer Acceptance Policy, working with reputable banks, etc.).

I would stick both forms of payment on your website and go after more sales! If people are going to give you money then don't refuse it. There is no bottom line without a top line.