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And I am not much familiar with taxes as I’m in Dubai.
However - MOST people I know within SMM (pretty much everyone on my Telegram/Skype list of vendors) all are established in Dubai. Haha.
Most live in their countries but for business reasons have a company in Dubai where the money comes in. Most of it they invest in local market - stocks - real estate - cars. And some they send back to themselves which gets taxed.
Again - I don’t have much clue about this as I live in Dubai and have 0% tax on all earnings.
However, if you are earning $100k a month, there is no point taxing the whole $100k. You take $10k as salary to your European account and get it taxed. And you invest the rest. Again - NOT - MY - IDEA. Haha. Kind of common sense and general practice.
ALLLLL the Indian SMM providers (bot farm owners) have companies in Dubai. Literally all of them that I know of.
One thing I do understand completely though is that SWAPD may need to grow bigger before making these moves.
It depends a bit what you want to achieve. There are as many coins out there as purposes/problems. Here just a few thoughts.
A stablecoin like FB Libra is bound to FIAT. There won’t be a big change in its value.
A coin tied to another coin like Ethereum based coins will move alongside ETH at least for now. So 1 ETH will likely stay 1000 SWAPD. They will move alongside each other. The FIAT value will change so 1 ETH might be 100 USD or 1000 USD and consequently also 1000 Swapd.
If you make an ICO and fundraise 100-250k and then list on an exchange for 30-50k you will not have to payout anyone - the market will. You do not need to facilitate that process. The coin value is backed by the initial funding. Your currency is also backed by the community and its utility to securely trade social assets and services.
Transaction fees. Some coins have integrated transaction fees. That means you scale and simplify the checkout process. This lays the ground for a swapd social media trading ecosystem. Think it much bigger than what swapd does now. It’s a starting point for a digital asset trading economy that can change the way the social media economy works but that’s up to you. The potential is there because you have already a very loyal community and a real life problem you solve. That’s a fantastic starting point.
With the transaction fees you solve the issue of people going off platform. You can earn fees beyond the website swapd.co but there are a lot of use cases thinkable. Shoutouts, Reach, Ad-exchange, Brand Collabs. Swapdcoin can be earned on Swapd for valuable contributions and users can tip each other for good contributions. You could also consider like JSEcoin that ppl mine Swapd while browsing the forum, people can more seamlessly offer social media related services and and and…
There aren’t any chargebacks with cryptocurrency. That’s one of the issues you solve with a coin.
I think there are endless options. I would also strongly consider partnering with established coins. Very often they have the tech but lack a proper use case. You may lack the tech but you have the use case.
Thank you for your detailed response (and you too, @rmgf) but you’ve hit the nail on the head with your last sentence. These are ale feasible options but at the moment, the revenue wouldn’t support such expansions. I wouldn’t want to go full crypto though, I’d prefer to keep a credit system like Evanto has and just call them SWAPD coins. And the only reason we would want is to save companies in the EU (and us) on taxes. But I don’t know whether that would be circumventing the tax laws or not. Poland/EU is pretty specific on how/what gets taxed online, if creating a credit system and only invoicing for buying/selling credits would work, that would be an amazing loophole which would probably be exploited by everyone (casinos/betting sites/etc).
I am bumping this old thread in hopes of re-establish contact with a member who is knowledgeable in this field and offered SWAPD help in establishing its own coin (we want to further explore the topic as a side project, strictly for fun). I lost the PM from the member and I don’t recall his username.
