That may help ?
In March 2013, the U.S. Financial Crimes Enforcement Network issues a new set of guidelines on "de-centralized virtual currency", clearly targeting Bitcoin. Under the new guidelines, "a user of virtual currency is not a Money Services Businesses (MSB) under FinCEN's regulations and therefore is not subject to MSB registration, reporting, and record keeping regulations."
Miners, when mining bitcoins for their own personal use, aren't required to register as a MSB or Money Transmitter.In general, there are a number of currencies in existence that are not official government-backed currencies. A currency is, after all, nothing more than a convenient unit of account. While national laws may vary from country to country, and you should certainly check the laws of your jurisdiction, in general trading in any commodity, including digital currency like Bitcoin, BerkShares, game currencies like WoW gold, or Linden dollars, is not illegal.
Source:
https://en.bitcoin.it/wiki/Myths#cite_note-3Now as I understood they are not mining for us. We are mining in a way via cloud mining. We own the miner, we own the GW token to get the electricity, we pay the fees, we choose the pool, the coin to mine, even if we want the miner on or off, everything is done by us except maintenance ...via a software. They only
host and service our miner technically. No ?
I don't really know if it works like this. I just try to understand.
Well this does help a little bit (shocking that they were not able to provide that info yet) but I was talking about a simple business venture. That you do not need a Money Transmitter License as a miner is right, but you still use your own hardware to produce a good. Even if it is not considered legal tender. See it as a chair. If you are a woodsman and you use your tools and wood to create a chair, this is a finished product worth X. And therefore you need to pay Tax on the amount of X which will be Y. If someone does not do that (and mining is nothing else) they will evade taxable income and GIGA is helping with that.
Look at Mossack Fonseca. They were charged in Panama with helping others to do tax evasion. Why would the IRS stop before GIGA. They still need to make sure they can identify all their customers equipment. If they can't do this simple thing, they are in trouble. Worst case the get shut down or sued such a high amount they need to and your shit is offline and gone for so long that by the time you will get it back (maybe) its not profitable.
I am kinda worried that everyone here, wants to mine, but has no idea what tax problems they might getting into if not done correctly. And GIGA did not make a lot of effort to clarify how they will conduct business in such a case. Everybody can have tokens they are anonymous and everyone can use false credentials or offshore companies or something else they might need to check. How do they do it, what are their measurements to prevent a lawsuit with some foreign entity?
I personally would love to place a lot of my miners their, but I need to make sure first if THEY know what THEIR duty is to prevent me from loosing money.
I see your points. And I understand your worries. I will keep looking for more infos.