Reminder: forms must be completed to be paid

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Steve Sokolowski
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Joined: Wed Aug 27, 2014 3:27 pm
Location: State College, PA
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Reminder: forms must be completed to be paid

Postby Steve Sokolowski » Sun Jan 07, 2018 9:12 am

I wanted to remind customers that they must complete the 1099-MISC information to continue to be paid once debts exceed $600. This information can be provided on the "Settings" page, and once completed, payment will be issued the next day.

We are not a bank, and we require customers to be paid promptly. The documentation states, and has always stated, that we are not liable for balances greater than 90 days old. At 90 days, we pay inactive customers their balances in full, and move money owed to customers who have not provided the required 1099-MISC information offline. After that day, because our liability has ended, we will no longer guarantee payment to customers who are unable to be paid because they either have not entered a payout address, or have hit the $600 threshold and have not completed the required information.

Among other possibilities, we reserve the right to charge a 10% additional fee for the risk we incur for holding money after 90 days, to charge you the transaction fees required to move money to and from the cold wallets, to take a long time to pay these balances because of the difficulty of cold wallet management, to use the money to pay the IRS if they should issue penalties because you didn't provide the information, and to completely write off these old balances should we be "hacked" or decide to close the business.

Finally, we are not responsible for reminding you on day 89 that these problems will occur the next day. This is more than enough time for customers to enter the information.

There are significant amounts of money that are at risk because customers have not submitted the required information. Fortunately, you can eliminate any issues for yourself by simply filling out the form today so that regular payments can resume. All you have to do is fill out the seven fields and you can forget about this problem. Thanks for your help!
greaseman316
Posts: 107
Joined: Sat Dec 02, 2017 2:34 pm

Re: Reminder: forms must be completed to be paid

Postby greaseman316 » Sun Jan 07, 2018 11:27 am

You know Steve after spending a bit of time on the forum. going back thru some of my stuff, i remember back at beginning of Dec and today when i created some testing accounts.

I have noticed that not once have i gotten a confirmation email or such From Prohashing. Oh wait you do not require an email to sign up.
You may find this to be a BIG issue with your NON English speaking, non- USA "customers". Being as you only have a few thousand members on the forum which is usually due to problems. How can you get the word to the other say 70% or more of your "customers" if you have no contact info for them???

Maybe this is a little too quick of a roll out before having all your ducks in a row. I suspect when These "customers" that dont bother to come to the forum or log into their accounts find out, they are going to be pretty pissed off when their payments stop an they have received nothing from PH concerning the issue. Looks like a ton of extra support tickets and headaches "if" they understand they have to create 2 more accounts to log into support and forums. The word will travel fast, because in their minds, they were not informed of the changes and that PH stole their money.

Normally When a TOS agreement is updated every "customer" receives that information(Or at very least attempts are made with proof) so they have the chance to make an informed decision about the changes before they take effect. Changing of TOS on a web page or forum that doesnt get visited by many of your customers nor translated to their language is not allowing them the chance for an informed decision. This could and may open up a world of unwanted legal issues for you. With you in PA i dunno but i can tell you other states and some countries are very strict about the changing of TOS without allowing ALL customers in their jurisdiction the chance to make a timely and informed decision.

I know you guys are trying your best to do the "right thing" and be legal in the USA. on a FED level.

Are you sure you have been Informed correctly? I would maybe look into a second opinion since now you have 49 other states and rest of world to deal with.

Just something to think about
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AppleMiner
Posts: 739
Joined: Sat Sep 30, 2017 1:44 pm

Re: Reminder: forms must be completed to be paid

Postby AppleMiner » Sun Jan 07, 2018 11:41 am

If people are running mostly L3+, and making $20 a day.....30 days is 600, so just about the start of Feburary we should be seeing a huge influx of folks on the forums and chat demanding to know why they havent gotten a payout from here in a day or 2 now.

When to plan my winter beach vacation......
MinerMaximus
Posts: 21
Joined: Sat Dec 09, 2017 5:49 am

Re: Reminder: forms must be completed to be paid

Postby MinerMaximus » Sun Jan 07, 2018 2:36 pm

Interesting... this is an attepmt of goverments to tax mining? We pay already taxes for electricity bills already, we already pay taxes for all hardware bough, or import, we dont mine for "free"
I read Russia planning to add taxes to high miners too.
All what i see is governs again trying to leech money from peoples work...
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Steve Sokolowski
Posts: 2801
Joined: Wed Aug 27, 2014 3:27 pm
Location: State College, PA
Contact:

Re: Reminder: forms must be completed to be paid

Postby Steve Sokolowski » Sun Jan 07, 2018 4:21 pm

greaseman316 wrote:You know Steve after spending a bit of time on the forum. going back thru some of my stuff, i remember back at beginning of Dec and today when i created some testing accounts.

I have noticed that not once have i gotten a confirmation email or such From Prohashing. Oh wait you do not require an email to sign up.
You may find this to be a BIG issue with your NON English speaking, non- USA "customers". Being as you only have a few thousand members on the forum which is usually due to problems. How can you get the word to the other say 70% or more of your "customers" if you have no contact info for them???

Maybe this is a little too quick of a roll out before having all your ducks in a row. I suspect when These "customers" that dont bother to come to the forum or log into their accounts find out, they are going to be pretty pissed off when their payments stop an they have received nothing from PH concerning the issue. Looks like a ton of extra support tickets and headaches "if" they understand they have to create 2 more accounts to log into support and forums. The word will travel fast, because in their minds, they were not informed of the changes and that PH stole their money.

Normally When a TOS agreement is updated every "customer" receives that information(Or at very least attempts are made with proof) so they have the chance to make an informed decision about the changes before they take effect. Changing of TOS on a web page or forum that doesnt get visited by many of your customers nor translated to their language is not allowing them the chance for an informed decision. This could and may open up a world of unwanted legal issues for you. With you in PA i dunno but i can tell you other states and some countries are very strict about the changing of TOS without allowing ALL customers in their jurisdiction the chance to make a timely and informed decision.

I know you guys are trying your best to do the "right thing" and be legal in the USA. on a FED level.

Are you sure you have been Informed correctly? I would maybe look into a second opinion since now you have 49 other states and rest of world to deal with.

Just something to think about


We did careful research and decided not to pay anyone without their filling out the paperwork. The "settings" page displays a message in red when payment is being withheld due to this problem, so there's no worry that people are unaware of the reason why payment was withheld.
allen513
Posts: 1
Joined: Sun Jan 07, 2018 9:16 am

Re: Reminder: forms must be completed to be paid

Postby allen513 » Sun Jan 07, 2018 8:03 pm

I not living in USA ,I need filling out the paperwork so can start processing the pay out?
xominer
Posts: 2
Joined: Sun Jan 07, 2018 9:50 pm

Re: Reminder: forms must be completed to be paid

Postby xominer » Sun Jan 07, 2018 9:59 pm

Not sure where to ask this.... never mind I figured it out
Last edited by xominer on Mon Jan 08, 2018 3:26 am, edited 2 times in total.
xominer
Posts: 2
Joined: Sun Jan 07, 2018 9:50 pm

Re: Reminder: forms must be completed to be paid

Postby xominer » Sun Jan 07, 2018 10:06 pm

and to follow up my question... ditto as above

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