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

[Akashic Retard]

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

I know nothing about you, but I assume you're moving the goal posts and that your original "warning" was that the government was going to ban bitcoin. If not, you seriously thought you were wise or prescient to predict that the government would collect capital gains tax? As if this wasn't expected by everyone holding BTC that isn't completely deluded and zealous.

 

[Carlos Weston Chantor]

I know nothing about you, but I assume you're moving the goal posts and that your original "warning" was that the government was going to ban bitcoin. If not, you seriously thought you were wise or prescient to predict that the government would collect capital gains tax? As if this wasn't expected by everyone holding BTC that isn't completely deluded and zealous.

https://news.bitcoin.com/biden-administration-cryptocurrency-regulation-treasury-sec/

I assume you're a faggot who's moving the goal post from "sovereign independent money that's liberating and a fuck you to the banksters" to "just another stonk, possibly taxed 40% but that's okay".

Seoul government seizes $22M worth of crypto from tax evaders

Seoul's government says it has confiscated $22 million worth of cryptocurrencies including Bitcoin and Ether from tax delinquents.

cointelegraph.com

Amazing, crypto exchanges now sending crypto directly to the IRS. Very sovereign, so much freedom. Moving the goal posts to thinking that an ecosystem that has 100% accepted KYC/AML is not totally compromised

 

[Badungus Kabungus]

How exactly are they planning to track Monero? Or BTC bought for Monero from miners on the dark web? It's a futile attempt, IRS boomers will always be 5 steps behind crypto. If they actually had a way of tracking tax fraud, they'd crack down on it in silence so people don't spook and run, instead of spending countless resources on propaganda and advertisements. It's all for show. At most they'll make an example of a couple of midwit redditors with 4-5 figure stacks, but anyone who isn't a total and complete muppet will be easily able to get around them.

 

[tulskij_tochnyj]

How exactly are they planning to track Monero? Or BTC bought for Monero from miners on the dark web? It's a futile attempt, IRS boomers will always be 5 steps behind crypto. If they actually had a way of tracking tax fraud, they'd crack down on it in silence so people don't spook and run, instead of spending countless resources on propaganda and advertisements. It's all for show. At most they'll make an example of a couple of midwit redditors with 4-5 figure stacks, but anyone who isn't a total and complete muppet will be easily able to get around them.

When the government makes something illegal enough to scare normies away, they are lowering political costs of further punishing those who remain. If you have 2 million gun owners in 100mil country, it's easier to crack down on them than on 50mil of gun owners. Here's how it works:
Push reasonable legislation to limit the number of voters involved (capital gains tax on crypto)
->start manufacturing consensus ("experts(tm) warns about dangers of obfuscated blockchain")
->create moral outrage and start dehumanizing the group ("only pedos and cartels use Monero, here's an interview with child trafficking victim, BE DISTURBED")
->possible false flag ("the shooter bought his FGC-9 with unknown amount of Monero, we could've prevented this if legislation was in place")
->more harsh laws are implemented
->goto 1.

 

[Carlos Weston Chantor]

How exactly are they planning to track Monero? Or BTC bought for Monero from miners on the dark web? It's a futile attempt, IRS boomers will always be 5 steps behind crypto. If they actually had a way of tracking tax fraud, they'd crack down on it in silence so people don't spook and run, instead of spending countless resources on propaganda and advertisements. It's all for show. At most they'll make an example of a couple of midwit redditors with 4-5 figure stacks, but anyone who isn't a total and complete muppet will be easily able to get around them.

Monero is 0.3% of the total crypto market cap

"Monero is resilient" doesn't mean "crypto is resilient". It means "99.7% of crypto is extremely easy to track and control"

 

[The Wicked Mitch]

Imagine making bigly amounts of money on crypto and still subjecting yourself to US taxation.

 

[Badungus Kabungus]

When the government makes something illegal enough to scare normies away, they are lowering political costs of further punishing those who remain. If you have 2 million gun owners in 100mil country, it's easier to crack down on them than on 50mil of gun owners. Here's how it works:
Push reasonable legislation to limit the number of voters involved (capital gains tax on crypto)
->start manufacturing consensus ("experts(tm) warns about dangers of obfuscated blockchain")
->create moral outrage and start dehumanizing the group ("only pedos and cartels use Monero, here's an interview with child trafficking victim, BE DISTURBED")
->possible false flag ("the shooter bought his FGC-9 with unknown amount of Monero, we could've prevented this if legislation was in place")
->more harsh laws are implemented
->goto 1.

For the most part I agree about the process but I think right now the goal of the Biden admin is not to actually destroy crypto but to insert themselves into the revenue stream as they are desperate for tax revenue. Also for virtue signalling. They're just going about it with their usual grace of a retarded bull in a China shop. Don't forget how many institutions have bought in already and would be pissed at Biden for rugging them.

Monero is 0.3% of the total crypto market cap

"Monero is resilient" doesn't mean "crypto is resilient". It means "99.7% of crypto is extremely easy to track and control"

Converting to Monero would be just one of many steps used to facilitate crypto laundering, they wouldn't end up keeping everything in XMR. If they do manage to run a PR campaign against XMR and completely demonize it someone can just fork it, or create some new anon coin, or create a new concept like Bitcoin tumblers, etc.

 

[Begemot]

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.


Nope. It was only considered anonymous when people mined their own, and had their own wallet.

Yeah, I went from using a bitcoin atm without any ID to using a passport.

Does kucoin allow Americans to bypass KYC?

 

[Hollywood Hulk Hogan]

It's no different than buying and selling stocks. You gotta report your income, which includes capitol gains, to the IRS

 

[aRandomNobody]

Oh booooy I can't wait for the crypto bubble to pop.

 

[CharlesFosterOffdensen]

Oh booooy I can't wait for the crypto bubble to pop.

Me either









Can't wait to buy more.

 

[Sithis]

Yeah, I went from using a bitcoin atm without any ID to using a passport.

Does kucoin allow Americans to bypass KYC?

Kucoins KYC in my experience was the closest I've come to an "honor system" KYC on a major exchange lol just "yep I do in fact have a driver's license in x state" and I was in, never had to send any scans of it or verification of my info.

 

[GeorgeFloyd]

Why should I give the government any money when they want to genocide me?

 

[dirtydeanna96]

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

You will either get the mark of Epimanes or you will starve to death

https://www.youtube.com/watch?v=lknW2mzXMMY

 

[Absolutetense]

It doesn't really work like that. They're called capital gain tax for a reason.



Every now and then Null makes a post that makes me feel some weird sense of patriotism towards my fellow kiwis and being on this forum. He's 100% right, this should be a really exciting time for a lot of people and a way to try and get the same kind of wealth that our parents generation had. I used to lament that I was born too late to take advantage of the dot com bubble - well if you're a milennial with some liquid cash to invest this is going to be looked back on as the second round of that. There are going to be shitcoins, for sure, and 90% of these projects will ultimately not last the test of time but the next Amazon or Yahoo (obviously these companies will stay around, but you're investing more in the tech of the sector than the company) are already out there in the wild waiting to be discovered and you can make a metric fuck ton of life changing money if you do great due diligence.

Like, at least if you feel like you're priced out of Bitcoin (you aren't, it's going to go to 100k from here, conservatively) spend some time looking into some of the new alt coins that are cropping up, the protocols (especially DeFi), and research teams. Throw a grand or so into the project and wait a year.

The last time I did something with bitcoin was in 2012 at end of my college days.
I did not buy any because having to make a digital wallet was way too weird for me.
You need to open a fucking virtual wallet where you can store your coins. And oh no, since quite some wallet providers have been exposed as thieves, you gotta worry on moving your coins to another wallet like every half year.

Is it still that way?

And I fucking hate pricks that tell me that bitcoin/crypto is totally secure and can't be fucked with like fiat currency.
Fucking dumbasses, anything made by man can be manipulated by man.

I don't want to get into financial waters that harbor so many fuckwits with self-righteousness, and I don't mean null. He's got legit grievances with the usual financial institutions.

But since I hear the bells ringing a lot lately on the stock market I was thinking selling some stocks and getting into crypto for maybe 2 grand.

 

[Vecr]

If you use the Bitcoin core software you should never need to move it, but you do need to update it if new features are added to the network in many cases. You can have it prune old data if you want, but if you want to go back and look at old transactions, you should have at least 1 TB of reliable storage space for the blockchain.

 

[Brahma]

I can't wait for the crypto collapse. There will be hundreds of dumb whinging faggots complaining that their cryptocurrency is worthless while facing a six figure tax bill. I can't fucking wait.

It'll never end. Four million retards turn 18 every year