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Question: Should we be paying taxes on profits that we make
Hell no - 5 (18.5%)
NO harm in giving something back - 16 (59.3%)
Sucker pay up - 6 (22.2%)
Total Voters: 27

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Author Topic: Taxes and crypto.  (Read 410 times)
stomachgrowls
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February 01, 2018, 08:23:05 PM
 #21

I pay enough tax already outside the crypto field, so I am definitely not letting to government eat off any of my crypto holdings. The downside of this is that my freedom to have it converted back to fiat gets drastically limited by doing so. It doesn't mean that I can't have it sent to my bank account, but these bastards register and report everything, which is forming quite an obstacle. Good thing however is that I am not a fiat centric person, which means that I gladly keep holding on to my coins for plenty of more years, just like I have always been doing. Don't get me wrong, I don't mind paying tax, but it has to be reasonable and limited - it's pure theft to require people to have them pay tax endlessly over the same amount of money.

It's a system based on debt that will drain your wealth bit by bit throughout the years till you have nothing left. Seriously, the majority of people only see their wealth shrink and shrink, where they will end up broke at whatever point in time. I am glad that Bitcoin allows me to outrule this poverty stimulating rubbish system.
We are the same I'm no a fiat centric person too which I don't really even have the transactions on converting my crypto coins into cash but same as being said you will still end up on being traced specially when there are transactions happening into your own bank account which you would really be question related to that.This is why when I do tend to cash out some I do only get some money which isn't really alarming or doesn't really caught their attention.Paying off taxes on my regular job would really be already sufficient.


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February 01, 2018, 10:55:18 PM
 #22

Taxes are really very important for a country's welfare and growth. But tax rates should be genuine and does not feel like paying it as a burden on them. Moreover using this collected tax on welfare of society will encourage taxpayers to be honest and pay more.
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February 01, 2018, 11:23:27 PM
 #23

it's pure theft to require people to have them pay tax endlessly over the same amount of money.

Spot on. People work their entire life to build up a certain amount of wealth, which consists of salary and investments mostly, where people already paid the due tax, and they still are forced to declare their holdings every year and let the government take "their" cut of the pie. Main point of importance is that as long as people let the government do so, this system is paying off in a viable longterm manner, which means that there is no reason for the government to change anything. Their lacking will to change anything becomes yet again visible in the way that wealth taxation hasn't gone down at all, and that while people on average have gone backwards with their yearly returns due to lower interest rates, etc.
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February 01, 2018, 11:32:04 PM
 #24

People pay taxes for every profit that they make and for governments it doesnt matter where that profit comes from. Its not going to take long until governments will see the opportunity in bitcoin and apply taxes to people ehp are making profits from it. It is going to to be hard to do that since bitcoin was created especially to avoid that but governments will do everything and I think they will be able somehow to add some taxes to it. Even though bitcoin transactions are anonymous, the transactions from exchangers where you sell your bitcoins are not anonymous. The best thing to do is sell it by meeting with the person and taking money in hand

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February 01, 2018, 11:40:41 PM
 #25

Taxes in theory are very beneficial for the society in general and I would be happy to pay something back for them but unfortunately governments take the meat and leave you with the bones and the majority is not used for the society.
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February 02, 2018, 07:41:37 AM
 #26

I don't mind paying taxes for the government. The only problem I see is that I don't know where my taxes are going. In my country, there are too much corruption and the taxes are already high (around 30%). That's why I dig my hands on crypto to stay away from the prying eyes of the government. But with all the regulations around crypto around the world, it will be just a matter of time before everyone of us started to pay taxes with our crypto earnings, specially converting it to fiat. If I know that the money that I'm paying is going to be for let say health care or education. But if its just going to the wallet of corrupt politicians, I would rather hold my bitcoins for a long time.
I can see how much everyone is pouring out their bitterness here. It is crazy isn't it ?

How the regular people are the ones doing the chunk of the job, paying taxes with nothing being given back to them and then now when we found a way to rub back their shit on them, they want us to pay capital gain tax on the crypto I have worked for ?

They can stick their fiat in the butts, I do not care. I am going to be holding and believing that one day, I can easily just tell fiat system to go screw itself.

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The_prodigy
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February 02, 2018, 07:52:52 AM
 #27

How does everyone feel about being taxed on profits earned through crypto currencies. We all took the leap of faith and risked our money, if we had all lost our money would the IRS still be interested in taxing us. Dont think so.

How far do you think governments will go to get a piece of the action?

I think that regulating cryptocurrency is a herculean task because a lot of people would have a divied say into how much should be taxed or how much should we divide so that all parties concerned would be satisfied. However, the only way to really ensure that there would be stability in the area concerncing cryptocurrency in the future would be to have this regulated and in check

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February 02, 2018, 08:26:07 AM
 #28

I'm not too comfortable being taxed from profits I make in cryptocurrency.
I think it's absurd that everything has to be taxed, small transactions should
somewhat be exempted. But I believe governments will try to get involve in
cryptocurrencies, we can expect from that. I understand the importance of
taxes, it has a purpose and citizens can benefit from it. Once bitcoin and altcoins
are regulated and taxes enforced by the government, we may see a decline
and a stable price from these coins in the future.
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February 02, 2018, 08:48:06 AM
 #29

How does everyone feel about being taxed on profits earned through crypto currencies. We all took the leap of faith and risked our money, if we had all lost our money would the IRS still be interested in taxing us. Dont think so.

How far do you think governments will go to get a piece of the action?
The situation will be different from countries to countries. People in our country are risking some of their money and doing trading from grade 12 to a 30 plus year old man. What they are regulating here are only the platform or services that trades diet to BTC, but we are at the point that every person who are doing crypto are paying tax. I think I should pursue my career in engineering if they do that. It is still not even clear to me if I will have some profit, as we can all see, the markets are falling
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February 02, 2018, 09:16:08 AM
 #30

Cypto in my country is not declared as legal nor illegal so I'd not think it is logical to pay my tax if it is not bound in the law. And actually I am very much happy of this setting, seeing myself making money but free from these people that can drain my wallet and stregnth in a way that you can hardly see. Tax is just a small amount of one month you earn but because you are bound for the whole of your life in their authority that little thing is increasing and enough for your important need. And the problem, this people are only good for taking your money but not In their responsibility.
Crypt is the freedom of every one who are bondage from their law motivated only for corruption.
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February 02, 2018, 09:31:10 AM
 #31

Well they could try. It's almost impossible to tax at an individual level because of the technology's design. They'd have to tax exchanges (which might cause them to shut down.) but even if they do, you could always use exchanges on different countries with lax laws. It's understandable that governments would want to tax it, especially since it's a booming industry. but of course its citizens would go to extreme lenghts to avoid this. Let's enjoy the relatively lax laws on cryptos because in the future i expect them to be stricter.

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February 02, 2018, 09:44:53 AM
 #32

it's pure theft to require people to have them pay tax endlessly over the same amount of money.

Spot on. People work their entire life to build up a certain amount of wealth, which consists of salary and investments mostly, where people already paid the due tax, and they still are forced to declare their holdings every year and let the government take "their" cut of the pie. Main point of importance is that as long as people let the government do so, this system is paying off in a viable longterm manner, which means that there is no reason for the government to change anything. Their lacking will to change anything becomes yet again visible in the way that wealth taxation hasn't gone down at all, and that while people on average have gone backwards with their yearly returns due to lower interest rates, etc.

I totally agree. First your income gets taxed with personal income tax, then you put it to the bank account and the smallish interest is taxed again, then you go out buying some stuff and you pay VAT on top of that all. Then whatever is saved (if any) you invest and then you may lose or you may gain. If you lost, sorry! But if you gain - pay the capital gain tax.

What bothers me is that they really have means to repeat all that with crypto: you buy something with crypto - you pay VAT on top of the price. You sell your crypto - you pay the capital gain tax.

One must really stretch one's brain to come up with means to avoid that and it really may be that the window of opportunity is slowly closing. The system may become well impregnated, soon.


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February 02, 2018, 09:50:39 AM
 #33

Hey! Paying for taxes from crypto means government recognizing it. Once government supported the system then, cryptocoins can be use on markets as well. Isn't that nice, right? Although, it sounds to good to be through a lot of things needs to be done first and studying on how to run this world will be bloody.

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February 02, 2018, 09:51:34 AM
 #34

Taxes. Like they are the worst and the best at the same time. You're earning that 1500 USD that will be withdrawn to your bank account? Well let us cut it off a bit. You're gonna buy that PS4  you dreamed off for a long time? Well pay us first or you're screwed than what you can imagine. These things that we hate and would almost want to evade it almost make us have a misconception that these taxes in all of our earnings are all just for the bad. In every cash inflows we get in our wallet, there will always be an outflows. But everyone shouldn't be worried when those times arrive. We should be even more happy and proud. Why? What could have happened the worse from the action of the government other than putting tax in it? Ban it. I mean if government wouldn't regulate these earning we would get then it could also pose a risk for them due to people investing too much in the cryptos that might end up in a crash one day while these local banks are living in a silence. If we will pay our taxes in the future from the earning in Bitcoin or any other cryptos then see to it that it is for the good. It is the gratitude for the government supporting cryptos rather than banning it. And who knows how much more will government support cryptos in the future  Roll Eyes ? Korea installed a trading platform for cryptocurrency. It is a real-name trading and it would reduce scams.

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February 02, 2018, 09:55:55 AM
 #35

No one can escape taxes, even crypto, believe me. Government will always find a way to lay taxes on everything. Look at south korea. They almost banned bitcoin transactions in their country. People goes crazy. After then government said they will bit ban transaction but will include taxes on it. People find it better than banning it totally.
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February 02, 2018, 10:04:16 AM
 #36

I don't want to pay taxes for my hard earned dollars from cryptocurrency.Actually I was paying taxes for my salary,I was investing my remaining salary. So do you want me to pay a double taxes for my salary. In South Korea, government regulated to pay taxes.Fortunately, I was not in South Korea.Upto now I was free from paying taxes .

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February 02, 2018, 10:08:01 AM
 #37

How does everyone feel about being taxed on profits earned through crypto currencies. We all took the leap of faith and risked our money, if we had all lost our money would the IRS still be interested in taxing us. Dont think so.

How far do you think governments will go to get a piece of the action?

I opposed into paying tax to cryptocurrency profits. Our government had enough tax collected. In fact, a new law was implemented to increase the tax revenue. Moreover, corruption is very rumpant in our government. This makes it harder to pay taxes due to corruption. Probably I will not object if I can see where my tax is going. Instead of focusing on having tax on cryptocurrency, they should concentrate on elimating corrupt government officials.
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February 02, 2018, 10:10:19 AM
 #38

I think it would be good if we can pay taxes but hoping that those taxes that we will be paying for would be keep in good hands or will be used to improve the technology of every cryptocurrencies. Hope that they will implement good policy regarding the use of tax to every crypto and hoping that it wouldn't be just in the hands of corrupt people if we pay for it.
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February 02, 2018, 10:10:50 AM
 #39

If somebody thinks that it's OK to give something back to their country, they are free to make a donation to the Treasury and support the government. But this has nothing to do with supporting coercion of other people to pay for stuff that you feel good about. Because there is no difference between taxes and robbery.

And since we see bitcoin as a currency (even if the government still doesn't recognizes it as such), do you agree to pay taxes because your dollars are now worth more than they used to do a few years back? (Actually the dollar is worth less every year, his value dropping each and every year because of inflation).

So Hell no, I don't think you should pay taxes for you crypto gains.
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February 02, 2018, 10:55:56 AM
 #40

Well if the general consensus is that there is no way around it, and that eventually we will have to pay something as we will not be able to make withdrawals to fiat without the risk of being asked where the funds came from.

Shouldnt we be focusing on alt coins with high privacy in the hope that some day a non-governmental worldwide system will be in place allowing transactions without disclosure of our details.

Any ideas on this, or has anyone read anything on such a system, please share a link. 
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