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WE READY!!! Hard Word & PATIENCE is about to pay off!
LOTTO POOL IS LAUNCHED! - 08-09-21
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LOTTO POOL INSTRUCTIONAL VIDEO
I was hoping this would have a cash app for bitcoin. I give Coinbase a test. & Bitcoin is up once again and also Riot Blockchain hope they continue climbing to the 100k mark ...
Here is some information if you are having trouble setting up your coinbase account when you reach the payment verification step.
After trying for two days to complete this process I finally called my bank to find out what the problem was. I was informed these deposits may take two or three days to show up in your account.. So far it has not been a pleasant experience. So this will require some patience to get your account established. Good luck everyone in the new lotto pools.
bmehmet changed the title to LOTTO POOL IS LAUNCHED! - 08-09-21.
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The first lotto pool is launched in BETA....YOU will see the link on the left side..You can fund your Coinbase account with a bank debit card immediately or transfer bitcoins from another account.
Here is the instruction video again
we reached a new level on lottodds..
bmehmet David what you mean by 40 numbers in total
I was wondering the same thing, Maybe one number can only be purchased 40 times so if 40 people played 123 the it would close for the day I was thinking, I may be wrong.
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40 numbers per lotto pool. We decided to open multiple BETA pools.
This is only a BETA version as explained in the video. Small pot one state at this time for testing only. Prize is divided by the max numbers purchased upto 40 numbers. THUS, doesn't mean all 40 numbers will be sold. Which means more than $1 per number awarded. For example, if only 10 numbers are sold $40 div 10 = $4 per $0.50 investment. OR if the winner is a double then $80 win..$80 div 10 numbers = $8 per $0.50 investment. Which means the more numbers a member purchased the higher the payout for them. For example, if a member purchased 5 numbers out of the 10 numbers, the payout is $40 from an investment of $2.50. In the future, members will be able to select from multiple lotto pools which allows them to shop for the best ones and to start their own private lotto pool and restrict the number of members in the pool for higher payouts per number. HOWEVER, the goal is to reach the larger lotteries for the huge payouts
So what does it mean for tax purposes to be using CoinBase on a daily basis to pay for transactions?
What I mean is my understanding is when you fund with bitcoin the IRS treats it as purchasing a stock and taking a position. Once you ramp up and have multiple games available on a daily basis (say two games FL Midday, FL Evening) and I purchase $5 for each game from the IRS perspective you have sold a proceeds of your stock and you have to track the price you purchased versus the price you sold at. I know from a consumer perspective we want to treat bitcoin as a digital currency but that is not how the IRS sees the transaction at least that is my understanding.
That would be my concern with using Coinbase is the rectifying of all these transaction's at the end of year (including winnings) for tax purposes.
That’s a good question
bmehmet I would agree with that except that is not what is happening here. If I fund my Coinbase with $100 worth of bitcoin and I purchased 2 combos @ .50 for 100 straight days I would expect to have 100 taxable transactions that I would have to be prepared to account for at the end of the tax year for short-term capital gain/loss on each transaction. I would just caution if you have not used Coinbase before that there are tax consequences.
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I would think that is only if the Bitcoins increase in price. If they decreased in price I would see that as a loss write off once spent. Furthermore, there maybe deduction allowances which amount depends on whether being married or not. But good question. We will soon add PayPal and the merchant account.
