PWCC expands its lending activities

[raulus]

Originally Posted by Peter_Spaeth

I do think many people use the vault option to avoid taxes and take their cards out of the vault very quickly, and then fail to pay their state the taxes that automatically would have been collected by ebay.

I guess living in Oregon, I forget that everyone else gets to pay sales taxes, sometimes up to 10%.

[raulus]

Originally Posted by raulus

I guess living in Oregon, I forget that everyone else gets to pay sales taxes, sometimes up to 10%.

And there goes my competitive advantage when competing against other bidders for high priced items!

[perezfan]

Originally Posted by raulus

I guess living in Oregon, I forget that everyone else gets to pay sales taxes, sometimes up to 10%.

Or OVER 10% if you live just one state north of you.

[raulus]

Originally Posted by perezfan

Or OVER 10% if you live just one state north of you.

If it makes you feel any better, with single party hegemony here in Oregon, our politicos are working hard to implement a sales tax. As with all taxes, they will sell us all on the low rate, but it will just be a matter of time until we rival WA. Plus we have among the highest state income tax rates in the country, whereas you have none!

[Johnny630]

Collectors I know are not interested in using this kind of service. They want the cards in their possession. Investors/Day Traders May Be Intrigued by this Kind of Like Buying Stock on Leverage, take out a loan against your cards in their vault. If they drop your SOL, you still owe back the loan difference Once they sell your card at less than your loan. I guess this is where we are at...PWCC THE NEW BROKERAGE HOUSE FOR TRADING CARD ASSETS. WHAT A BEAUTIFUL STORY.

PWCC THE E TRADE OF SPORT CARD'S

[G1911]

I’m fine with traders and investors never actually even seeing their cards. I’m great with people finding legal means to keep more of their money instead of getting it taken by the state. But if a person chooses to leave their cards with PWCC, well, they don’t deserve what happens but it will be difficult to have any sympathy for them.

[Johnny630]

Originally Posted by G1911

I’m fine with traders and investors never actually even seeing their cards. I’m great with people finding legal means to keep more of their money instead of getting it taken by the state. But if a person chooses to leave their cards with PWCC, well, they don’t deserve what happens but it will be difficult to have any sympathy for them.

Boom, agree!

[BobbyStrawberry]

The vault thing combined with this loan scheme amounts to basically an online casino, no? I don't see the appeal of card collecting if you never even get to possess the items...

Much like the hyped-up NFT craze, I think we'll see this vault fad fade away with time.

[Peter_Spaeth]

Originally Posted by BobbyStrawberry

The vault thing combined with this loan scheme amounts to basically an online casino, no? I don't see the appeal of card collecting if you never even get to possess the items...

Much like the hyped-up NFT craze, I think we'll see this vault fad fade away with time.

investing not collecting, son
assets not cards

[Kidnapped18]

Originally Posted by BobbyStrawberry

The vault thing combined with this loan scheme amounts to basically an online casino, no? I don't see the appeal of card collecting if you never even get to possess the items...

It is similar to owning stocks and bonds these days. You buy what you want and look at it online in your Vault account. I personally have not held a stock certificate in over 20 years and have not held a bond in over 5 years. But I still have ownership of the stocks and bonds. Baseball cards are viewed as assets/investments now whether the "traditional" collector realizes or not. More and more "new" collectors view collecting this way. Whether they get burned or not in the long run well only time will tell...

[Peter_Spaeth]

Originally Posted by G1911

I’m fine with traders and investors never actually even seeing their cards. I’m great with people finding legal means to keep more of their money instead of getting it taken by the state. But if a person chooses to leave their cards with PWCC, well, they don’t deserve what happens but it will be difficult to have any sympathy for them.

What do you envision happening?

[G1911]

Originally Posted by Peter_Spaeth

What do you envision happening?

I think leaving expensive valuables with a fraud ring that has a significant risk of getting into trouble with the state poses clear and obvious dangers. Good luck to those who don’t see it.

[Peter_Spaeth]

Originally Posted by G1911

I think leaving expensive valuables with a fraud ring that has a significant risk of getting into trouble with the state poses clear and obvious dangers. Good luck to those who don’t see it.

I was trying to sort out whether your concern is that PWCC's legal problems might jeopardize one's ability to get their cards back, or that PWCC would commit some separate fraud and refuse to return cards, or both. These are different concerns.

[BobC]

Originally Posted by Johnny630

Collectors I know are not interested in using this kind of service. They want the cards in their possession. Investors/Day Traders May Be Intrigued by this Kind of Like Buying Stock on Leverage, take out a loan against your cards in their vault. If they drop your SOL, you still owe back the loan difference Once they sell your card at less than your loan. I guess this is where we are at...PWCC THE NEW BROKERAGE HOUSE FOR TRADING CARD ASSETS. WHAT A BEAUTIFUL STORY.

PWCC THE E TRADE OF SPORT CARD'S

True, but say they buy a '33 Goudey Ruth card for $33K off Ebay. Sending it to a vault in a state with no sales could easily save them $2K-$3K or more, in sales tax they would otherwise have to pay. You may have to leave the Ruth in the vault for a while, but you could buy a few more items with that saved money, no?