Ready to Pledge

I remember that Flavien didin’t want to do that in the past to not boast the rumors of vapoware.

Well the issue now is what’s the point in accepting donations immediately prior to launching a Kickstarter? It kind of disincentivizes people to donate.

No … it made me think about donating even more …

But I won’t suggest it. Just set up a pararell or after kickstarter purchase page like many others (Planetary Anahilation) did and just sell game keys.

Accept donations but make it bitcoin only so you don’t have to deal with paypal chargebacks and all the paypal bull^&$

Where should I get bitcoin? I tried to find a place that trade them but those were mostly … shady … also don’t forget that 25 GB client.

I think allowing us to donate before Kickstarter is actually a better idea, I mean alot of us have been supporting you from the beginning and we should have some sort of way of proving that.

What if one of us goes on holiday and we can’t donate to the kickstarter until week 2 of the campaign, then we become Backer #10,000 this doesn’t show any of the time and dedication that we’ve put into following the Infinity project.

Please come up with a way to show this for those of us that have been checking the site Weekly for the past 7 years

I used to subscribe to the Rooster Teeth website. The gist was for a few dollars per month, you got their videos 2 or 3 days early, a yellow star next to your name on the discussion forum, and a 10% discount from their store.

While I might be inclined to donate a few dollars here and there post Kickstarter if you installed a donate button, I would be happy to throw $4 or $5 dollars a month at you for a yellow star and a 24 hour head start on dev journal updates. A small discount at your mod store, whenever that comes online, probably wouldn’t hurt, either, but it wouldn’t be essential to my subscribing.

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Yeah its a little hard to get ahold of bitcoin but for me at least I use https://coinbase.com and it works like paypal also you don’t need to download the full bitcoin client you can have an online wallet.

However this is for the USA I don’t know about other countries.

It seems the minority have spoken, toss up that donation button!

But in honesty I think a few people are going a bit stir crazy, I’d say give a date for the kickstarter but then next thing I know it’s pushed back to January of 2052.

Here is my concern -

I do not want to be an old man before Battlescape arrives let alone infinity comes out. I have already been waiting for the MMO for a while now about 1/3 of my life.

@INovaeKeith
Some times you just need to call it good and not be a perfectionist. Because not everything will be perfect - Especially in software and games development.

Furthermore - Put up a kick starter date or a Donation button with certain perks and start to show off stuff every month or so. Do regular blogs to keep backers up to date.

What will this do?

  1. It will start to generate talk among the game press and other sites that cover this stuff.
  2. It will show that this is NOT vapor ware.
  3. It will start to bring in some revenue.
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Yes, no vaporware or sell-you-the-Eifell-tower-for-scrap-venture has ever had a donation button, kickstarter date, or list of perks to be delivered at an undefined point in the future!

Honestly, the bitcoin idea almost made more sense… and you don’t want to get me started on just how little sense cryptocurrency makes.

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Still beats using paypal.

Except that in the US bitcoin gets taxed as if it was property: http://money.cnn.com/2014/03/31/technology/irs-bitcoin/

I’m not entirely sure how that works if we immediately convert BTC into USD but it sounds like it could be a bit of a headache to support cryptocurrencies with proper accounting.

You can convert bitcoin in USD almost instantly most big businesses like Tigerdirect use https://bitpay.com/
If you convert your bitcoins to fiat currency and then make everyday purchases using dollars, it will be relatively easy to report the short or long-term capital gains from that single transaction.

Keith isn’t asking whether it’s fast or difficult to convert bitcoin into USD. Keith is questioning how one does the accounting on such a transaction.

If the IRS taxes bitcoin as if it’s property, as opposed to currency, then a bitcoin purchase becomes much more complex for the seller. They need two accounting systems to deal with two separate kinds of transactions: cash-based purchases, and barter-based trades.

Bitcoin isn’t money. In spite of the nomenclature that has grown around it, at least in the US you do not exchange bitcoins for USD. You sell them for USD. An individual may be able to slip through the cracks and evade taxation on the sale of bitcoins, but a business cannot. This means that INovae could end up paying taxes on bitcoin gifts twice: Once at the point of income, where they would be taxed on the bitcoins as if they were property, and once at the point of sale, where they would be required to pay the appropriate sales taxes.

Well I said donation, I never said he was selling anything? Let alone bitpay provides the data needed to easily get the info of taxation without much headache.

http://blog.bitpay.com/2014/03/26/bitcoin-tax-confusion-bitpay-merchants-not-affected.html

While I’m not sure how the tax system works in the US, as far as I can tell technically any “donation” we make to INovae would have to be considered a gift, and taxed accordingly. I’m not sure whether cash gifts and gifts of property are taxed differently there or not, but it’s something that would need to be considered on INovae’s end.

The selling I was talking about was in the conversion of bitcoins to USD. That is a sale, and it’s a sale on which INovae would have to pay sales tax. Even if they’re capable of reporting transactions made in bitcoin in a similar fashion to as if they were transactions made in cash, as the link kinda hints at, unless they could pay their costs in bitcoin, they will have to pay sales tax on their BTC sales in addition to the income and/or property tax they will have to pay on the initial gift.

Bitcoins are straightforward for individual users because, frankly, we evade taxes when we use them, just like we evade taxes when we buy things off of Craigslist. They’re less straightforward for businesses to use, especially when governments haven’t finished codifying how businesses have to report them or get to use them. It really isn’t a simple decision for INovae either way.

While I’m not sure how the tax system works in the US~ 99.999% of Americans~

Also with craiglist many states don’t have sales tax.

Again the link to bitpay shows prime example of how you deal with it.
Yes you will be taxed but its not like people paying with paypal somehow makes it not taxed let alone the fee’s attached… Are the fee’s higher I am not an expert I have no Idea the % difference in cost of taxes and fee’s.

All I know is paypal is garbage and I know from experience chargebacks are real and they hurt.

Do not touch the poop. Bitcoin is an awful thing to deal with and almost every way to move real money trough it is shady and weird and convoluted. Don’t turn Inovae Studios into a joke by accepting a joke “payment” option that doesn’t move much further than echo chambers on redit.
This Site offers a good look into the insanity that is the Bitcoin community.

Rather touch poop then use paypal.