'Guys, File Your Crypto Taxes, the IRS is Coming' - In a shocking turn of events the government won't let everyone become millionaires

Carlos Weston Chantor

Experienced For Her Pleasure
kiwifarms.net

lmao I warned you about the government coming for your magic internet money

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Carlos Weston Chantor

Experienced For Her Pleasure
kiwifarms.net
oh yes I'll get right on that, being a huge whale I definitely earned made enough to pay tax on...
Transactions worth $20,000 in a 5 year long period are enough for the IRS to want to steal your money (these are all transactions including deposits, not just your gains). I think that's a low enough limit for many people to be fucked simply by buying some BTC in 2016 and selling in 2018, or buying in 2019 and selling in 2021
 

Carlos Weston Chantor

Experienced For Her Pleasure
kiwifarms.net
I lost my crypto in a boating accident
The cool thing about crypto is that all your crypto is literally publicly visible to everyone in the world, IRS included. It's the easiest shit to track. Every transaction is already recorded at a public ledger, the government just has to look at it. On-chain tracking of most digital assets is easy and cheap and it will get easier and cheaper as the companies doing it start getting more government funding

I've lost all my gold and cash in a boating accident and I have never owned any Monero (in fact I don't even know what a "monero" is), but if you have or ever had some bitcoin you can be sure that the government will know about it and they will want their share
 

GenociderSyo

Syo
kiwifarms.net
Wasn't peoples entire point of crypto though to sell it as something untrackable? I remember bitcoin advertising as such.

Never got much into it besides reading about people burning their homes down with bitcoin rigs. And am genuinely curious about the reality of it since most info out there seems to false.
 
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Erika Furudo

Me an intellectual 🎶
kiwifarms.net
The cool thing about crypto is that all your crypto is literally publicly visible to everyone in the world, IRS included. It's the easiest shit to track. Every transaction is already recorded at a public ledger, the government just has to look at it. On-chain tracking of most digital assets is easy and cheap and it will get easier and cheaper as the companies doing it start getting more government funding

I've lost all my gold and cash in a boating accident and I have never owned any Monero (in fact I don't even know what a "monero" is), but if you have or ever had some bitcoin you can be sure that the government will know about it and they will want their share
Don't forget how widespread KYC is. I was looking into getting crypto for the kiwi coin and it's pretty much impossible to avoid so I didn't bother. No one was trading giftcards for crypto, ATM machines require ID for depositing and withdrawing cash, coin exchanges want your ID and are a FB/Gab situation waiting to happen, etc. Bitcoin mining isnt doable anymore, and unless you are being paid in bitcoin for something it's just not worth getting into it.

Wasn't peoples entire point of crypto though to sell it as something untrackable? I remember bitcoin advertising as such. Never got much into it besides reading about people burning their homes down with bitcoin rigs.
Nope. It was only considered anonymous when people mined their own, and had their own wallet.
 

Kamikaze

kiwifarms.net
Are there any cryptocoins that are not easily trackable by the IRS?
I believe it was Hayek that said in the world of private currencies, the first iteration is almost sure to fail. Though my knowledge of that quote belies my utter ignorance of the cryptocurrency world.
 

Null

Ooperator
kiwifarms.net
OP is a seething retard who's absolutely livid that he missed every buy signal that I've been sending to all users constantly for years after Vordrak had the site demonetized through traditional means. He now smugly sits back and waits for Uncle Sam to make the word a little less free so he's fractionally less mired by his own lost opportunity costs.
 

Leonard Helplessness

kiwifarms.net
Guessing this won’t be the only exchange getting pursued. My expectation is that the IRS will roll out new reporting requirements for exchanges in the near future, similar to how stock sales and shit get reported to the IRS on Form 1099-B so they can slug you for capital gains.

Not long ago I looked up the tax reporting done by Coinbase. They issue 1099s if you’ve received more than $600 in crypto rewards on their shitty debit card, but they explicitly do not report any other crypto transactions to the IRS. I doubt that will last long. Exchanges are a bottleneck right now for getting into crypto or converting it back to cash, and the IRS seems likely to make the exchanges glow as much as a Tor exit node. Hell, Blockchain.com already requires to to upload a photo of your driver’s license and another of yourself and get verified before you can buy much at all.
 
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MODUS

"Hello, member."
kiwifarms.net
OP is a seething retard who's absolutely livid that he missed every buy signal that I've been sending to all users constantly for years after Vordrak had the site demonetized through traditional means. He now smugly sits back and waits for Uncle Sam to make the word a little less free so he's fractionally less mired by his own lost opportunity costs.
Classic Null, seething and bitter during those rare occasions when he's not inebriated.
 

Kamikaze

kiwifarms.net
Guessing this won’t be the only exchange getting pursued. My expectation is that the IRS will roll out new reporting requirements for exchanges in the near future, similar to how stock sales and shit get reported to the IRS on Form 1099-B so they can slug you for capital gains.

Not long ago I looked up the tax reporting done by Coinbase. They issue 1099s if you’ve received more than $600 in crypto rewards on their shitty debit card, but they explicitly do not report any other crypto transactions to the IRS. I doubt that will last long. Exchanges are a bottleneck right now for getting into crypto or converting it back to cash, and the IRS seems likely to make the exchanges glow as much as a Tor exit node. Hell, Blockchain.com already requires to to upload a photo of your driver’s license and another of yourself and get verified before you can buy much at all.
V. Interesting, are there any less vulnerable alternatives to exchanges? Do you think IRS will effectively hobble bitcoin?
 

Carlos Weston Chantor

Experienced For Her Pleasure
kiwifarms.net
OP is a seething retard who's absolutely livid that he missed every buy signal that I've been sending to all users constantly for years after Vordrak had the site demonetized through traditional means. He now smugly sits back and waits for Uncle Sam to make the word a little less free so he's fractionally less mired by his own lost opportunity costs.
Lmao I work in crypto professionally, last time I bought any for fiat was years ago because I was getting paid with btc or eth so I didn't have to buy any. I still own a lot of crypto that I didn't manage to get rid off yet. I worked with like 150+ crypto projects over the past 4 years, I know very well how the sausage is made and I don't have to pretend crypto has anything to do with "freedom"

Getting rid of cash is actually the definition of "making the world a little less free" and at this point it's obvious privately own cryptocurrencies are being used to groom the population into accepting central bank digital currencies which will be absolute privacy nightmare
 
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