Bitcoin Forum

hey, please don't trust your coins with these popular exchanges. today my exchange handled my details to my government and i am totally unhappy about that, as i have a group involved and i will be paying heavy taxes as the government thinks i am the one who made that money, but the truth is it was split between the group.


if the government doesn't compensate on bitcoin going down, then it has no right to have the gains too.


Please support decentralized exchanges, it will make governments to stop shitting about crypto gains taxes and other takedown noticed.



SUpport Decentralized Exchanges

Well if the government asked you to pay taxes then you can inform the group that the government is asking you the tax and subdivide it to your group that way you will not be the only one to shoulder it. In our country our identity and records were also submitted to the government but as long as we do not earn too much btc the Anti Money Laundering Authority will not mind us and we will not be forced to apply for a business permit and pay income taxes coming from the profit we made in bitcoin.

Exchanges in countries are working only with the permissions of the respective governments.  As a result they have to follow the instructions given to them.  In case some Government asks some exchange to provide the details; they will have to provide; they can not disobey the government otherwise they will have to shut their business and other punishment too may have to be faced by them.  So they can not be blamed.
As far as taxing is concerned, all the expenses of the Governments like social security; medical facilities to citizens, army expenses, and other administrative expenses are to be born by the governments,  But the governments have to source of funds except taxing the rich people.  So we have to contribute for the betterment of our society we live in and our country.
As far as the group funds is concerned, all the members may be informed about the government action and the tax burden to be shared by all as the profits are being shared by all the group members.

the thing is I gave them their payout and parted ways, but now they are not willing to pay taxes.

if the exchange was going to tell me that it will be doing this, i would have taken measures, or maybe have a contract a company set up for this, but for now its a nightmare.

they can disclose to their government, but it was not necessary to forward it my country, without even notifying me

right, centralized exchanges are going to give away your data to tax authorities, sooner or later. Even decentralized exchanges are of thread if you need to use their domain. I recommend to use exchanges based on atomic swaps technology, there are quite few of them coming.

yes eye open, lets see what are the options

Centralized exchanges around the world will have to report to their respective governments one day in future to continue with their business. They can't really avoid this because they have a business to run so they will have to comply with the directives of the tax authorities. Decentralized exchange is one way we can counter this situation. But I am really worried about handing over my private key to a decentralized exchange.

I had used etherdelta for quite a few times to cash out some tokens that I had earned from various bounty campaigns, but the uncomfortable part starts when I have to import my private keys to that exchange. Even though I have never traded any significant volumes in Etherdelta, but I am sure, I will not be using any decentralized exchange where I will have to place my private key and the trade volume is higher. Am I missing something here?

I believe Waves is a good DEX platform.

I've haven't personally used them yet but there are few people I know that are more than happy with the platform.

Yeah, this cryptocurrency is meant to be decentralized. Why some exchanges handles stuffs to government i dont know.

Yes they did it wrong for handed over to Govt without your consent.  But in case of tax paying issue I think there is nothing to be unhappy. If you pay the govt tax based on your earning from cryptos, you should pay tax.

Yes, I also don't support the centralized system getting involved with cryptocurrency. They will provide your datas to the tax authority. So, you are not really secured with your informations.

certainly we will support a decentralized market of criptocurency. because we want criptocurenshi to continue and continue to grow in the future. we also hope that there will be no obstacles from any party either from government or other institutions.

Exchanges in countries are working only with the permissions of the respective governments.  As a result they have to follow the instructions given to them.  In case some Government asks some exchange to provide the details; they will have to provide; they can not disobey the government otherwise they will have to shut their business and other punishment too may have to be faced by them in that respect they are not to be blame and in addition if they fail to provide detail government might sanction that said exchange.
As far as the group funds is concerned, all the members may be informed about the government action and the tax burden to be shared by all as the profits are being shared by all the group members.
Their was a topic that I contributed to recently, when they are asking for the best exchange and reply that decentralized exchange is more better than centralized exchange bcos u av control of ur fund and that exchange also ur private key is known to only u.

But in some countries there are some users who cannot verify their identity because of the lack of papers or accepted forms of identification, and maybe the others might be underaged. Some of the posts here make it look like they are. Hahaha.

At any rate, what we need is more information and educational materials about decentralized exchanges like BISQ. The lack of information might be the only deterrent for its use.

I want to support that's why I registered here.

Take it easy. Make the bitcoin legal by paying tax. Well if the legislature requesting that you pay imposes then you can educate the gathering that the administration is asking you the expense and subdivide it to your gathering that way you won't be the just a single to bear it. In our nation our character and records were additionally submitted to the administration yet as long as we don't procure excessively btc the Anti-Money Laundering Authority won't worry about us and we won't be compelled to apply for a business allow and pay salary charges originating from the benefit we made in bitcoin.

i am using decentralized exchange too. but unfortunately decentralized exchange is not very secure.
they have no security like 2fa, email confirmation, etc. unless they have better security, i think peoples will prefer to centralized one.

Yes, I always support decentralization process because the data remain safe. But decentralization sometimes also creates problems if you use their domain. Moreover you should have informed the other members about the tax issue.

I fully support it. There is a number of good decentralized exchanges such as Forkdelta, Token.Store and IDEX where you can buy and sell with a low fee and almost independently on the third party.

Yeah, that's a good idea ;)

feeling very bad for you mate, they have no right to do this kinda thing, it's very unethical. we all support decentralized exchanges man, and we forever will be. thanks for leting us know we will be aware from now.

Bitcoin itself preaches Decentralization and that's why no single entity have control over it. It was a bad experience for you mate.  Though what your exchange did was a breach of agreement except it's otherwise stated in their terms and condition.

decentralized exchanges are having many issues to be solved. i often see the exchanges not updating their order book.
one of the advantages of centralized exchange is the speed of transactions. look binance, it can do many transactions per second.

its just with time we will start seeing many decentralized , and you need to know that you government has the right to collect you information from the site as they are  one ruiing and has power of all.. .

If the government asking for taxes, I think there's nothing wrong about it. Even, it seems good to me as they are giving you the permission for exchange. There're many people who are doing it illegally as their government doesn't permit them to do so. However, taxes are for our own good. It helps the people of our country.

i don't think anybody likes using these centralized exchanges which are pretty shady and risky to use, specially with all the scams that happened throughout history and all the money that they have stolen from us. but the problem is that using decentralized exchanges is much harder and it is not as fast either. on top of that they sometimes don't have the same volume so it may become harder to trade certain coins with lower volume, a big spread and a thin orderbook.

i dont know why people dont want pay taxes. your probably doing some shady things if you dont want to know your information being given you should be not worrying if your not doing shady things besides government already have your information they just need to get those money launderers. im thankful our government here in philippines is thinking not just giving ban because they cant tax it bitcoin is legalize here already.

people just need to avoid these type of exchanges. people would not mind the service being fast if their crypto's is safe. i agree the volume is low thus the spread is big people just need to bear with it if they want to use decentralized exchange.

may it happen to you and your country, for now the government in my country has not legalized bitcoin as the currency that applies what may the government taxes even for transactions only the government forbid

    Yes,we support decentralized crypto exchanges because this was a nice exchange which is anonymous. But we all know government don't stop to find a way to get what they want...So,much better if you want to continue to operate decentralized exchange i think you should talk to your group and tell them what government want to happen. If government ask for tax then pay for it,you and your group must decide to solve the problem than to have a big problem in the future.

A lot must happen, before people will trust Decentralized Crypto exchanges. This will take a lot of marketing and reputable people giving these exchanges good reviews, before they will become more popular than Centralized Crypto exchanges. A lot of these Decentralized Crypto exchanges do not have insurance to cover people's losses, when they get hacked.

Where do you take your complaints when you lose money on a Decentralized Crypto exchange? Most of these Decentralized Crypto exchanges are 100% anonymous, so you have no recourse when things goes wrong.

If it will be in a reality then we support this decentralized crypto exchanges, if ever there will be cases that your account or money will be hacked then , that is the big problem of the exvhanges , then they will loose their reputation and trust from people , so this decentralized crypto exchanges must have mitigation in cases that this might happen in the future in order to continue the business.

I think giving your information to the government will not effect you much until you are not making a huge profit from bitcoin and I think you should not worry about this. But if you are earning enough and taxes are being imposed on you what you can do is divide it among your group as you mentioned that you have one. Then you alone will not have to take the burden.

I am not agree with him because why we shouldn’t trust with our coins because this coin like bitcoin gives us proper value and giving us many benefits but some cases some government apply tax on coins but it’s not fare based on this in online they can’t apply any taxes but there may be some reasons that not mean you shouldn’t trust on coins it’s your problem not all of us.  :o :(

they re not helping, as it was not mentioned in contrat

Its true they are wants to take data from investors and i think if decentralized system are used by the investor and they also may use to their domain that’s why i agree with decentralized crypto exchange.

Decentralized exchanges and exchangers are really worth supporting. They will not transfer information about their clients to state and tax authorities, especially if they are located in the territory of countries friendly to the crypto-currency or even neutral to them. I think that in the future it will be decentralized exchanges and exchangers that will be in demand in comparison with others.

Decentralized exchange is still the best and i believe it will take over in future...

Of course, we all should support Decentralized Crypto Exchanges. Because we want to continue working with cryptocurrency and want to continue to increase its value in the future.  I recommend to use exchanges based on atomic swaps technology, there are quite few of them coming. will always support a decentralized cryptocurrency exchange for the future of crypto.

can you recommend me some ?

From proxy-tokens DEX to multi-sig escrow DEX to atomic swap-enabled DEX, the decentralized crypto trading ecosystem is evolving, but this evolvement is yet to address issues related with liquidity/advanced trading functionality/user-friendly interface, but at the same time, platforms like Blocknet and BarterDEX are somewhat resolving the user interface issue.

Although centralized exchanges are against the ethos of decentralized cryptocurrencies, I don't think they are going anywhere. There would always be investors who would prefer centralization/convenience over decentralization/ideology/privacy/security. The early investors traded Bitcoin in a decentralized environment, but the next wave of adoption which is in process now, 90% of investors were introduced to crypto market through centralized means.

But, I think, in the long-term as the crypto market matures and decentralized trading platforms comes up with better functionality and user experience, the adoption phase from here would be dominated by investors who are privacy/security oriented and do understand the potential of trading Bitcoin in a decentralized environment and I guess from this point we will be seeing a big switch from CEX to DEX, but definitely it's going to take some time.

About tax, if you earn with a minimum amount like how a regular earn base on daily base salary in your country then bother paying tax, but you should consider paying a voluntarily tax if you earn Tripple or more than the minimum salary in your country its like also mutual understanding between decentralized things and your government.

I haven't actually used EtherDelta because of the reviews I read about it. The slow, transactions and all. I am not aware that they require uploading of private key? Can't they just create a wallet for the user via that decentralized exchange?

I don't think there's anyone who wouldn't support DEXs - I've been waiting for over a year now and have to say have been mildly disappointed with how unsatisfying they have been - with the mild exception of Waves, for example. But as you said, there's that Catch 22 issue that's affecting DEXs even though they've been around for two years now. Liquidity is still the killer. People won't come to DEXs if there's no liquidity, but there won't be liquidity until people start coming onto them.

I haven't been successful in getting people to trade over Waves or even Counterparty - even though the former has got an interface that's as simple as could be.

I think once atomic swaps become as easy as single click execution, we might get a new wave of people coming onboard. But not until people actually learn how to use their own wallets can that happen. Most are still perfectly happy having a custodian (centralised exchange) taking care of their funds.

its not like that i am not  running a Non Profit Organisation, neither does my government

but decentralized exchange has many complains too. with a minimum security, their website can be phished.
if you using centralized exchange, they have some security layers such as 2f authentication. it makes harder to hack.

Decentralized exchange should be developing so their platform won't have any issues in the future.
peoples choose centralized exchange because the transaction speed is very fast compared with dex one.

are you serious DEX can be more secured then the central exchanges

ofcourse it sucks

They can't really avoid this because they have a business to run so they will have to comply with the directives of the tax authorities. Decentralized exchange is one way we can counter this situation

ofcourse  authorities fear bitcoin, this is why we really need to team up for DEX

Cryptocurrency gave a big impact to many crytpo enthusiast especially those who have gained a lot from bitcoin. I have invseted on LEDU COIN which I believe will give us different aspect of gaining through expert content creators and professionals. Whats your idea about this?

If you wanted to use Bitcoin for tax evasion, then you should not have used regulated exchanges. Why do you think these

exchanges are still open for business? They report everything to their local governments and we end up paying whatever is

due to the tax authorities. You should also check the ToS of the exchange you used, because they usually include this clause

somewhere in there, including a clause that states that you cannot "share" your account or use it on behalf of someone else.

yes anonymous hosted decentralised exchange is needed !