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Soros Shorts
Donator
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Activity: 1617
Merit: 1012
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April 12, 2015, 09:48:31 AM |
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It's not on their radar yet. It will be if Bitcoin gains mass adoption and we need to be prepared for that time.
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GTO911
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April 12, 2015, 09:59:48 AM |
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Shouldn't they be scratching their heads on how to tax anonymous bitcoin users?
Only a fool believes bitcoin is anonymous. Bitcoin users have all their financial history on the internet for anybody to see |
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ashour
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April 12, 2015, 10:03:55 AM |
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It's not on their radar yet. It will be if Bitcoin gains mass adoption and we need to be prepared for that time.
Yep , once bitcoin is more popular and more often used there will be more regulations and laws come regarding bitcoin taxation. But for now its just a matter of time. |
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ashour
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April 12, 2015, 10:06:19 AM |
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Shouldn't they be scratching their heads on how to tax anonymous bitcoin users?
Only a fool believes bitcoin is anonymous. Bitcoin users have all their financial history on the internet for anybody to see Exactly bitcoin transactions are easily traceable and open, that's why the DEA agents were caught, using the blockchain tracing back their bitcoin usage. |
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NyeFe (OP)
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April 12, 2015, 10:08:54 AM |
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Shouldn't they be scratching their heads on how to tax anonymous bitcoin users?
Only a fool believes bitcoin is anonymous. Bitcoin users have all their financial history on the internet for anybody to see Exactly bitcoin transactions are easily traceable and open, that's why the DEA agents were caught, using the blockchain tracing back their bitcoin usage. Let's not forget there's online bitcoin mixers out in the wilder. I doubt they would have had that available at the time. |
MicroDApp.com—Smart Contract developers. Lets build a decentralized future!
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innocent93
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April 12, 2015, 10:09:39 AM |
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Businesses will not evade tax, and if they do they make themselves a target. The financial reporting from businesses already has to include information about their employees, so even if they pay their employees in Bitcoin the employees can't avoid their earnings being reported. The tax man will be able to see on the blockchain where the deposits were paid to and what happened to the funds after that, and the more information they have from companies the more they'll be able to figure out on the blockchain.
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GTO911
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April 12, 2015, 10:14:04 AM |
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Let's not forget there's online bitcoin mixers out in the wilder. I doubt they would have had that available at the time.
Centralized mixers will be the biggest honeypot for authorities, again, only a fool will trust their privacy on third party mixers At this time, only the cryptonote protocol(Monero) is mathematically guaranteed to be anonymous |
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Amph
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Activity: 3206
Merit: 1069
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April 12, 2015, 10:16:50 AM |
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Shouldn't they be scratching their heads on how to tax anonymous bitcoin users?
Only a fool believes bitcoin is anonymous. Bitcoin users have all their financial history on the internet for anybody to see Exactly bitcoin transactions are easily traceable and open, that's why the DEA agents were caught, using the blockchain tracing back their bitcoin usage. unless i'm missing something, with a mobile phone you can avoid being traced back, you just need to do a transaction and then move to another location, connecting to another wifi many will take advantage of this and evade taxes |
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Lauda
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Terminated.
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April 12, 2015, 10:18:08 AM |
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Only a fool believes bitcoin is anonymous. Bitcoin users have all their financial history on the internet for anybody to see
We've already had this discussion. It is pseudo-anonymous. If you know what you're doing they won't know you're tax avoiding. I guess people need to be more careful when using Bitcoin. Everything is in the public ledger after all. |
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks" 😼 Bitcoin Core ( onion) |
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Borisz
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April 12, 2015, 10:30:43 AM |
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Only a fool believes bitcoin is anonymous. Bitcoin users have all their financial history on the internet for anybody to see
We've already had this discussion. It is pseudo-anonymous. If you know what you're doing they won't know you're tax avoiding. I guess people need to be more careful when using Bitcoin. Everything is in the public ledger after all. I agree. On the other side owever, if the tax authority sees that you have a new house and car and private jet on your name, they might come knocking and ask what you do for a living. I think it can get messy, especially if you want to make a full income/living from bitcoin and pay no tax. It might raise some eyebrows. |
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Lauda
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Terminated.
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April 12, 2015, 10:35:00 AM |
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I agree. On the other side owever, if the tax authority sees that you have a new house and car and private jet on your name, they might come knocking and ask what you do for a living. I think it can get messy, especially if you want to make a full income/living from bitcoin and pay no tax. It might raise some eyebrows.
That can't happen. Anyone who tries to pull that off is a fool. When avoiding tax you should determine a nice sum, you can't just avoid millions. That would definitely get you into trouble no matter what you're using Bitcoin or fiat. |
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks" 😼 Bitcoin Core ( onion) |
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countryfree
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Your country may be your worst enemy
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April 12, 2015, 03:02:19 PM |
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Closing tax havens? How about doing it the other way, and closing tax hells?
I love tax havens.
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I used to be a citizen and a taxpayer. Those days are long gone.
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dothebeats
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Cashback 15%
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April 12, 2015, 04:02:35 PM |
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Only a fool believes bitcoin is anonymous. Bitcoin users have all their financial history on the internet for anybody to see
We've already had this discussion. It is pseudo-anonymous. If you know what you're doing they won't know you're tax avoiding. I guess people need to be more careful when using Bitcoin. Everything is in the public ledger after all. I agree. On the other side owever, if the tax authority sees that you have a new house and car and private jet on your name, they might come knocking and ask what you do for a living. I think it can get messy, especially if you want to make a full income/living from bitcoin and pay no tax. It might raise some eyebro Even if it's an ill-gotten wealth or not, the authorities would still raise their eyebrows. Taxes are vital to every nation. Without it, the whole nation wouldn't survive trying to help its inhabitants. But sometimes, the authorities are just too much--too much that you don't even have the right to buy the things you want, especially costly things, because they'll think that you've done something that's "against the law". Very true and evident in my country. |
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manselr
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April 12, 2015, 04:11:56 PM |
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It's not on their radar yet. It will be if Bitcoin gains mass adoption and we need to be prepared for that time.
My question on this matter is: How the hell are they even going to do it? I realize they could find out if you own X BTC because you bought them from an exchange where they need your credentials, or from an BTC ATM machine where the machine asks for even fingertips.. but let's say you have a business as a freelance and accept BTC (with no public data linked to your BTC address where you get paid), let's say you have a successful mining operation going thats giving you profits, or even let's say you are making a couple bucks a month throught sig campaings and faucets and end up with a decent amount... how are they going to link to you all that BTC and try to tax it, if it never left the BTC ecosystem and the addresses aren't linked to your personal data? |
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bitgeek
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April 12, 2015, 04:29:45 PM |
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Are you talking about taxing Bitcoins or taxing fiat you get from converting your coins? In EU you are not obliged to report your Bitcoin holdings, but you have to report fiat. A lot of people avoid paying taxes from Bitcoin mining and trading simply by cashing out small sums. If your day trading or your miner miner earns you $300 a month and you don't report it nobody will ever know, the sum is just too small for anyone to bother.
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Kprawn
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Activity: 1904
Merit: 1073
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April 12, 2015, 07:42:16 PM |
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If you use one of the US 3rd party service providers for Bitcoin buying and selling, you are under obligation under KYC and AML regulations to provide your personal details. {That would identify you to the IRS and you will end up, paying your taxes} Bitcoin might be pseudo-anonymous, but full identification is possible, if you re-use it and you access it, without VPN's / Proxies / Tor etc. Rather pay your taxes and be done with it... you might just sleep better.  |
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pedrog
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April 12, 2015, 09:11:28 PM |
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Tax evasion is a problem everywhere, I guess eventually some people might use bitcoin for that purpose, I don't think bitcoin is particularly good for criminal activity, the digital trail may be very difficult to eliminate nd law enforcement agencies will get up to date with latest technology, eventually.
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TippingPoint
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Activity: 905
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April 12, 2015, 09:48:49 PM |
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In the movies, when someone is running through the woods and being chased by blood hounds, they often enter shallow water and walk upstream (or is it downstream?). They leave the stream when and where it is most advantageous.
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Hazir
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★Nitrogensports.eu★
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April 12, 2015, 10:04:21 PM |
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Tax evasion is a problem everywhere, I guess eventually some people might use bitcoin for that purpose, I don't think bitcoin is particularly good for criminal activity, the digital trail may be very difficult to eliminate nd law enforcement agencies will get up to date with latest technology, eventually.
This is our reality. Bitcoin is no different than say - registering your business on Isle of Man, Caymans, State of Delaware (or any other tax haven). There will be problem as long as one country will have HIGHER taxes than another. And bitcoin is just a new way of trying to avoid that. They can't close every tax haven on earth and they can't kill bitcoin, they can trying to fight tho... |
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