Crypto in Ahs?

[oldjudge]

If an auction house takes bitcoin and such I assume they convert it as soon as they can. They are in the business of providing a platform for sales, not in speculating in cryptocurrency.

[CJinPA]

Originally Posted by oldjudge

If an auction house takes bitcoin and such I assume they convert it as soon as they can. They are in the business of providing a platform for sales, not in speculating in cryptocurrency.

True - most likely converting pretty soon after accumulation. That said, I'd be really surprised if AH's took anything other than BTC or ETH.

And not to get off topic too much, but crypto as a technology is NOT speculative. Some elements certainly are but Bitcoin, Ethereum and some are NOT! Think 1998 - 2002 and the entire dotcom bubble..... boy did Amazon boom and bust.... Bitcoin is better, the entire crypto ecosystem is more important that the internet of the 90's.... we are in early times.

I'll be selling some of my vintage collection and unopened wax here in the coming weeks - these are historic times!

[Jobu]

Given how quickly the price of crypto fluctuates, I am surprised that an AH would risk it.

AH: Sends invoice on Friday.
Customer: Pays on Sunday using crypto.
Monday: AH shows up to work, the coin is down 11% from the day before.

So the AH just takes the loss? It seems like it would be a challenge to always be able to immediately convert a crypto payment, but I am not experienced in the ways of crypto and maybe the AHs that take it have a 24-hour alert set up so they never miss it the second one of those payments comes in.

[BobC]

Originally Posted by Jobu

Given how quickly the price of crypto fluctuates, I am surprised that an AH would risk it.

AH: Sends invoice on Friday.
Customer: Pays on Sunday using crypto.
Monday: AH shows up to work, the coin is down 11% from the day before.

So the AH just takes the loss? It seems like it would be a challenge to always be able to immediately convert a crypto payment, but I am not experienced in the ways of crypto and maybe the AHs that take it have a 24-hour alert set up so they never miss it the second one of those payments comes in.

And I would assume/hope that loss doesn't get passed through to the seller/consignors. Unless they actually asked to be paid in crypto.

[BobC]

Originally Posted by CJinPA

True - most likely converting pretty soon after accumulation. That said, I'd be really surprised if AH's took anything other than BTC or ETH.

And not to get off topic too much, but crypto as a technology is NOT speculative. Some elements certainly are but Bitcoin, Ethereum and some are NOT! Think 1998 - 2002 and the entire dotcom bubble..... boy did Amazon boom and bust.... Bitcoin is better, the entire crypto ecosystem is more important that the internet of the 90's.... we are in early times.

I'll be selling some of my vintage collection and unopened wax here in the coming weeks - these are historic times!

Until various governments get tired of the largely unregulated status and start creating their own government sponsored/backed digital currency(ies). In which cases they may ban independent digital currencies, or do something to much more closely regulate/control them.

Interesting, after some further checking it turns out Zelle sneaked through a loophole, and is not subject to the IRS' 1099-K reporting requirements. Earlier stories and reports I had read always seemed to lump Zelle in with Paypal, Venmo, and similar third-party services, and that all of them would be subject to the same reporting requirements. Good to know.