Auctions

Hi there. Been a while. I’mmmm back. Lol! Just a question. What y’all opinion of auctioning on CT? Thanks!

 

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Don't.

 

There may or may not be a rule against auctions here?
I'd say an auction would use up extra bandwidth not like we don't do that already but, a BIN in the classified section with offer would save time and space.
Who couldn't use more space and time?

 

Others have had regular monthly auctions on CT through the private messaging function. I was on that auction list for a few years.

 

The Buy/Sell/Trade is a function, but not sure how you would do an auction...

 

Easy peasy, It’s been done here for years. You put your auction in a message and you blast it out to everyone that you’d like to see in your auction. They message you with a bid, and every once in awhile you blast out a message with the updated high bids. I said monthly above, but now I remember it was a weekly auction. Ancient coins.

 

So it sounds like it was more of a covert activity as opposed to CT structured?

 

I was just a recipient (and occasional bidder) of the auction messages, but I’m guessing it’s the only “legal” way to do it on CT. I’m not aware of an auction of that type being against any rules.

 

Probably not it just seems like a "pain"... why not list in the B/S/T and say "Or best offer"

 

I don’t have an answer for that, but I can say that they were really cool (no different than emailing Frank Robinson with bid numbers for his auctions). I’ve been messaged to participate in over 200 of said auctions on CoinTalk.

 

WELL...now I feel left out, I've never been asked for any

 

We should start our own secret handshake! Or diddy......

 

It was done privately in the "Conversation mode" and the controller was John Anthony who now has his own material on Vcoins. It was basically ancients. But almost all of the members who were of that venue formed a separate Forum due to the Big Split. 12 people bidding was about average for the item over 1 day. I do not recall any problems from the members that were there. It was not a "wait until the last minute thing", as there was delays The forum had NO responsibility for any hit and run. As I remember. Jim.

 

That could get waaaay out of hand

 

I wouldn’t do an auction. But you could use the Buy, Sell, Trade forum.

 

If you want to auction why not do Ebay? They have plenty of buyers on there.

 

In my State Gross Receipts Tax (Sales Tax) is levied on the gross receipts or proceeds derived from all sales of tangible personal property. After Wayfair v South Dakota in 2018 my State in 2019 amended the tax code adding the following

• (b) A sale made through a marketplace facilitator:
  
  • (1) Is a sale of the marketplace facilitator for purposes of determining whether a person satisfies the criteria stated in subsection (a) of this section; and
    
  • (2) Is not a sale of the marketplace seller for purposes of determining whether a person satisfies the criteria stated in subsection (a) of this section.
    

Following is the codes definition of Marketplace facilitator

1. (21) “Marketplace facilitator” means a person that facilitates the sale of tangible personal property, taxable services, a digital code, a digital magazine, or specified digital products by:
   
   1. (A) Listing or advertising tangible personal property, taxable services, a digital code, a digital magazine, or specified digital products for sale in a forum; and
      
   2. (B) Either directly or indirectly through an agreement or arrangement with a third party, collecting payment from a purchaser and transmitting the payment to the person selling the tangible personal property, taxable services, a digital code, or specified digital products, regardless of whether the person receives compensation or other consideration in exchange for the person's services in collecting and transmitting the payment;

In a CoinTalk auction situation - Cointalk would certainly meet all the requirements of part (A).

Part (B) probably not but use of CoinTalk's PM feature by sellers for the purpose of billing, directing and collecting payments could be interpreted as CoinTalk being indirectly involved in the process.

Following is just a statement of my own personal opinion. My State is notorious for twisting and contorting our tax code for the sole purpose of collecting taxes.

 

I don't think CT collects the payment. BST is very much hands-off that part.

 

Correct, CT owners did not participate.

 

I am not sure actually collecting and transmitting the payment is a requirement of Part (B). The statute states "Either directly or indirectly". Granted I haven't conducted business through Ebay for over 15 years but when I did - I never made or collected a payment through Ebay services. I always made payment directly to the vendor or collected payment directly from the purchaser. Almost exclusively by way of checks, money orders and etc sent directly to the other party through the US mail.