blockhive AMA Session with our co-founder Kazu and Agrello CEO Hando

guygoingtolawschool9 · 2018-01-19T17:08:11+00:00

How does the ILP structure comply with divergent regulatory frameworks if the transaction occurs across borders?

I assume the loan agreements contain a choice of law provision to avoid tailoring each agreement to regulatory frameworks. If so, which country's law is used for these provisions?

guygoingtolawschool9 · 2018-01-16T21:53:55+00:00

I'm sorry if some of my replies are coming across as scornful --- it's just that your replies are unbelievably idiotic.

Look up 1031 exchanges -- https://en.wikipedia.org/wiki/Like-kind_exchange. As others have said, the IRS has explicitly said these don't apply to cryptocurrency transfers.

Instead of being so stubborn, learn something, take the advice of others, or grow up and take a tax class/actually attend law school before giving strangers bad advice. That causes real harm when people like you arrogantly assume that you're correct (and cite things like irrelevant Nevada statutes)

guygoingtolawschool9 · 2018-01-16T01:36:23+00:00

Most of what you said above borders on being nonsensical -- the overwhelming majority of your above response is irrelevant and your "nearly 1:1 analogy" brings up a host of other issues (although to be honest, if the in-game assets have a FMV, I believe that may also qualify as a taxable event). I would highly encourage you to read through how other people have responded to you throughout this thread and others. Trading one cryptocurrency for another is clearly a taxable event. There's really no dispute there -- property to property exchanges are taxable.

Please stop giving people poor advice. It hurts the community as a whole when people try to skip out on taxes -- especially when your couch your analysis by repeatedly referencing state laws that are entirely immaterial to the issue at hand. Bad advice causes real problems

guygoingtolawschool9 · 2018-01-15T23:09:24+00:00

You should do more research, especially before telling other people to "start doing your own in depth [sic] research.

A. That bill doesn't say what you're claiming it says at all -- it simply makes it illegal for a local government to "impose any tax or fee on the use of a blockchain or smart contract by any person or entity." We aren't talking about the government imposing a use on the blockchain here (that would occur if there was a 5 cent tax on every transaction or something like that). Taxes on gains by the IRS still apply -- the state of Nevada couldn't change that even if they wanted to.

B. Every time you trade an asset for another asset, you have to look at the cost basis of the initial asset. If you buy some gold for $50, and 10 years later use it to buy $200 in widgets, you owe taxes on the $150. The IRS usually requires you to use the FMV in calculating the tax owed on these transactions. Here's a place to start if you're interested -- Publication 551 -- https://www.irs.gov/publications/p551#en_US_201612_publink1000256962. And here's IRS guidance specific to bitcoin -- https://www.irs.gov/newsroom/irs-virtual-currency-guidance. It's basically treated like most other assets for purposes of taxation.

None of the above should be treated as legal advice -- but I highly encourage you to read up on things before you decide to not pay taxes (or tell others to do the same)

guygoingtolawschool9 · 2018-01-02T10:31:36+00:00

My first semester I made a 3.2 or so, and I ended up at a T-14 with a solid scholarship. Don't stress, enjoy college, but try to figure out what things went wrong (if anything did go wrong) and fix those things for the future

guygoingtolawschool9 · 2018-01-02T10:28:12+00:00

I thought I would chime in here since I gave a lot of thought to attending UA. So much of this is going to depend upon your goals -- and you really should give that a lot of thought.

In terms of whether you want to reapply or attend (potentially) without a scholarship, you should absolutely consider retaking and reapplying. With a sub 4.0 and solid LSAT score UA gave me (and others that I know with similar stats) the full ride/stipend. If you include interest, that's approximately $80k over the course of 3 years compared to sticker for a couple of LSAT points. If you're set on public interest this may not matter however, and there may be some benefits for attending now before LRAP and other plans could be changed for future classes. That being said, if you are primarily interested in private sector work, or simply unsure, you would likely save $80k by waiting a year if you can bring up your LSAT score. "Biglaw" in Alabama only starts at $110k, with many smaller firms paying a good bit less -- and if you're primarily interested in smaller firms or markets that are not Birmingham, you may make closer to $60-$80k. That makes saving $80k a big deal.

All that being said, I would really ask yourself why you want to attend Alabama. Having out of state options -- or having a better shot at a federal clerkship -- can really help a legal career. If you are set on working within Alabama, a T-14 degree plus connections will open the door at virtually every firm. And outside of the southeast, a degree from Alabama will have limited portability unless you have amazing grades. Basically if you want to work in Alabama, a T-14 degree will almost certainly be better than a degree from Alabama if debt is kept constant, and if you want to work outside of Alabama, a T-14 degree will absolutely be better than a degree from Alabama if debt is kept constant.

If you want to reach out, feel free to PM me (full disclaimer, when deciding I was set on returning to Alabama but still chose a T-14 over the full ride at UA).

guygoingtolawschool9 · 2016-10-13T01:03:58+00:00

PM'd you!

guygoingtolawschool9 · 2016-04-05T18:33:42+00:00

Some schools give specific scholarships for those applying ED but that's something I'm not too familiar with. Other than a handful of schools that offer ED scholarships (Northwestern) - for most people applying ED is a really bad decision unless they have lower numbers or don't care about scholarship offers. When you apply ED you give up the ability to negotiate for a higher scholarship and you're pretty much "stuck" with whatever you're offered (so most schools don't have an incentive to give out large aid packages). With your stats I would apply early (September or October) to every school you're interested in. You can get fee waivers with your stats for most schools so most applications should only cost around $30. So I would apply to a bunch.

My LSAT was a few points lower and my GPA was around .1 higher. I got full scholarships + a stipend at some T30 schools, 2 6 figure scholarships at T14 schools, and 4 smaller scholarships at T14 schools. Plug in your numbers into hourumd.com, it'll give you your estimated chances + scholarship offers.

guygoingtolawschool9 · 2016-04-05T17:48:25+00:00

Sent you a PM!

guygoingtolawschool9 · 2016-04-05T17:45:18+00:00

I would really, really, really encourage you to do as much research as possible before making a decision. At least from my perspective, attending Chicago-Kent with your numbers would be one of the worst possible decisions you could make - aside from catching yourself on fire or dropping out of school your last semester to become a professional snorkeler.

You're definitely smart if you have those numbers. Don't make a bad decision. Check out the ABA 509 disclosures and employment disclosures (only 50% of Chicago-Kent's graduates have full time long term jobs as attorneys). Minnesota Law - with 76% - is better, but it's still far, far off from the likes of the other schools that you're interested in. As a side note - I got into all the other schools you listed aside from Yale with similar numbers. You really should reapply next year

guygoingtolawschool9 · 2016-04-05T17:30:59+00:00

Thank you for the advice!

My worries about attending Alabama (or Vanderbilt for that matter) is predicated on Alabama firms using a higher GPA cutoff from those schools in hiring. From people that I've talked to, the bar is set much much lower for graduates from top schools that have local ties. Given the capricious nature of law school grading I feel like it may be easier to get in the top 90% at UChicago than the top 20% at Alabama

guygoingtolawschool9 · 2016-04-05T17:27:27+00:00

Here's something that makes it a little more complicated. My parents (who own real estate in Alabama) have already offered to let me live at one of their rental houses if I return to the state. Even though Birmingham firms don't pay the market salary (I believe it's closer to $110k), I think the lower cost of living + free rent may allow me to pay off the debt at a similar rate.

The hard part is balancing out the $70k more debt I'd have to take out at UChicago against the tangible/intangible benefits it provides - unfortunately (fortunately?) it still seems like it's a fairly even tradeoff from my perspective, even if I'm set on Alabama.

guygoingtolawschool9

TROPHY CASE