What do finance professionals want to know about bitcoin and cryptocurrencies?

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There are a lot of moving parts to this question. First, you need to determine in which states you have "nexus" and then determine do those states require you to charge sales tax, as each state has different rules. As an example, MA requires salesforce.com to charge sales tax to MA customers but does not require newyorktimes.com to charge sales tax. The difference is that users can manipulate data on salesforce.com vs. neworktimes.com is read only. This example can only be applied to MA, Arizona, Illinois, New York, Texas, Pennsylvania and Washington State (as of now). There are also "click-through" and "affiliate" nexus rules that need to be considered. Be careful, as state and local taxation has become a very hot due diligence issue in M&A transactions. So, if you plan to sell your business in the next few years, you want to get this right. Also, the Officers and Directors are personally responsible for uncollected Sales tax. You are best to get an expert to review your sales tax compliance, as it is a very specialized area and changing constantly. I am not an expert, but know of some firms that offer this service at a very reasonable rate. Feel free to call me. Thank you, Joe Faris Accountalent Management Corp. 45 Prospect Street Cambridge, MA 02139 Tel (978) 621-0759 Fax (978) 278-1517 Website: www.accountalent.com LinkedIn: www.linkedin.com/in/farisjoe/ Twitter: @accountalent

I've been into bitcoin since 2011, and here's my brief take on where the opportunity lies. - Mining: Bitcoin mining is too difficult unless you invest a significant amount of money into it, think over $10,000 ... and it only becomes profitable if the price of bitcoin does another 10X (which it may. - Mining: Altcoins may be the quicker path to profits (http://coinmarketcap.com/) ... mine some altcoins and then converting them to bitcoin through one of the exchanges like cryptsy.com - Buying: I am waiting for another price crash before I buy back into bitcon, I'm hoping it will drop to $500. I see it rising back up over $2000 if it does drop, however now that the Chinese are into bitcoin, its a real possibility that the price will just keep rising. - Arbitrage: The price difference between exchanges is massive. You can now buy bitcoin at btc-e for $1000 and sell it instantly at mtgox.com for $1200. If you had $100,000 to arbitrage with, that is a cool $20,000 profit. The probem is that these exchanges may go down at any time and you risk losing your money/bitcoins. -Startup: You could build something with real value, although the competition now is fierce to build a product with real value that has not already been built. VC's are getting hot for bitcoin startups, check out press on Ripple Labs, BTC China, BitInstant, Coinbase, etc. There are some other opportunities, like buying a bitcoin ATM machine from a franchise (Robocoin, Lamassus) or something a little more in the grey area like starting a bitcoin casino. There's lots of opportunity in cryptocurrency if you look hard enough, I feel though that the window of opportunity for massive profits and value creation is narrowing due to the eyeballs looking at the bitcoin world right now. So whatever you want to do, take massive action and do it fast before you lose momentum and first movers advantage.

Meta coins are just another name for altcoins that are issued on the ledger of another coin or cryptocurrency platform. IE Ripple, Mastercoin, Ethereum, NXT are example of standalone blockchains/legers where you can issue new coins that transact on top of that network. metacoins can also be referred to as Digital Assets, Smart Contracts, DACs, DAOs, etc. There's a lot of buzz words around altcoins, the terms are fragmented since the industry is just starting.

The other answers are good, and here is one practical approach to handling this. First, the accounting capitalization (10m x $0.001 = $10k) is really irrelevant. In fact, we went for 10m x $0.0001 = $1k. Whatever you pick, your company after formation will show $X of assets (the cash in the back) and $X of shareholder equity. So far so good. You then need to start spending money through the company. Rather than issue more shares, you can lend the money to the company; write out a loan agreement (probably something like a balloon payment 10 years out with 0% interest) and deposit the check. If you're doing everything at the same time, and want to have $1k of shareholder equity with a total of $25k to spend, then deposit the $25k check and call it $1k to purchase the founder's shares and $24k loan. In this case, your company now has $25,000 assets/cash, $24k liability (to you) and $1k shareholders equity: assets = liabilities + shareholder equity. Hope that helps clarify things a bit...