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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 448 times)
tithes
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February 01, 2018, 01:56:05 PM
 #1

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?
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February 01, 2018, 02:43:00 PM
Merited by haroldtee (2), richardsNY (1)
 #2

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.


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February 01, 2018, 02:47:51 PM
 #3

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?

It's not a great feeling when The Man comes to take a significant portion of your earnings. I always think about that Roman tax collector from Asterisk and Obelix, i.e., I hated him and wish there was an Obelix around to level the playing field once in a while. That said, how bad you feel when paying your taxes will dwindle in comparison to how bad you will feel upon being audited and having not paid your taxes. It's really serious stuff.

So pay your taxes, you may earn less, but enjoy your earnings with a clear head and sleep well at night regardless of whether or not you are going to get audited.
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February 01, 2018, 03:07:40 PM
Merited by richardsNY (1)
 #4

Yeah totally agree. Being audited and having the 100% taken is definitely not something I am willing to risk. I have nothing against paying taxes, and I do, however its nice when something is coming back into society in the form of public health etc.

But as pointed out correctly by 1Referee, all we seem to be doing is paying off a never ending debt which was inflamed by the greediness of politicians and VIP's. So it gets me a bit hot under the collar when I take the risk to invest in a system where its legitimacy is trying to be undermined by the very source which is trying to make me broke only to charge me again on any earnings i could get.
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February 01, 2018, 03:07:59 PM
 #5

i could be in Forex if i want to pay taxes... Crypto is the only way that i am feeling freedom with my gainings also i hate tı contribute on social life and goverments with boundries and i hope that will change soon . They are living as rich people with my saving and risks for gaining money ... Ahh hate it .
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February 01, 2018, 03:35:30 PM
Merited by richardsNY (1)
 #6

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.


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February 01, 2018, 03:36:11 PM
Merited by richardsNY (1)
 #7

Hi,

For the moment, I think the answer is clear. Governments are corrupted, public money goes in red tape...

So definitely, no. As long as we can avoid paying taxes on what we earn, let's avoid taxes!

BUT in a different world, in a perfect society.. It could be actually great to consider bitcoin as part of the income. It's actually quite normal, if you earn your life through bitcoin, to give part of it to society. Just because I believe that the State can play a role in providing necessities for everyone (schools, hospitals, etc). And what could be actually great, would be to develop a REAL direct democracy, n which everyone can vote for any decision. In such cases, I would be more than happy to pay taxes, even on bitcoin. Just because what would be provided with such money would be what people really need.

I know, this is kind of an utopia. Still Undecided

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February 01, 2018, 03:42:24 PM
 #8

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.

Will you not have to pay taxes the  time when you finally cash out ? I mean one day you will get the profits in banks and then how will hide those transactions. In my country, the Income tax department has already started raiding the exchanges and collecting the information of investors. Thereafter notices were sent to those who were investing huge amount of money in Bitcoins.
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February 01, 2018, 03:43:17 PM
 #9

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?
Every government want to make revenue from anything that is beneficial to the citizen so they are asking taxes for using crypto currencies but it is not fair in my opinion.But they can only tax us until we to crypto to fiat transaction.When we full adopt to crypto to crypto usage then there is no need to pay any taxes.

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February 01, 2018, 03:44:17 PM
Merited by DannyHamilton (2)
 #10

Well, do we have any choice now? As long as you are going to be converting to fiat, then you better pay up sucker. However, if you want to keep holding and hoping that one day you will be able to spend your cryptocurrencies without having to convert to fiat, then that is good too.

The truth is, the ball is in everyone's court. You cannot eat your cake and have it, so at the end, you will just have to choose one of those. For me though, I have no problem paying tax if I have to remove some of them for something urgent and if I am lucky enough to buy a house, car or whatever without exchanging to fiat one day, then good and fine. I can't wait for it. Those mo'fckers have taken so much already from everyone with their crazy tax.
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February 01, 2018, 03:59:42 PM
 #11

I think people are taking interest in crypto because of no tax or very negligible tax, and everyone need to pay these taxes happily because if you can compare these taxes with taxes with fiat then this nothing. While if cypto can start accepting some more tax then also we need to keep patience because we want to improve crypto to peak level.
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February 01, 2018, 04:02:23 PM
 #12

 I think they will do whatever it takes..  Undecided Undecided
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February 01, 2018, 04:48:01 PM
 #13

Irrespective of our personal opinions, country governments are going to have their own way with deriving the most profitable scenario towards national interest, whether it would be taxation of cryptocurrency income on individuals or an attempt at completely governing decentralized digital currencies.
Yet, I am of the opinion that taxing cryptos would be a burden on the governments itself as tracking down incoming and outgoing transactions would be a big problem with the existence of several anonymous coins unless the country's whole internet is under surveillance which again is highly unlikely.

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February 01, 2018, 04:58:36 PM
 #14

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 don't see how earnings in crypto are any different to anything else. Your example of having lost is similar to a new business venture, they have a risk also but that doesn't mean they don't pay taxes if things work out. Arguments can be made for and against taxation but I don't think any real argument can be made as to if crypto earnings should be taxed or not.

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February 01, 2018, 05:20:34 PM
 #15

I do everything according to the law, it's not worth risking your personal freedom over not paying any taxes.
That said, in my country we do not have to pay capital gains tax on long term investments, I avoid a good chunk of that by just holding my coins instead of selling them.

People here seem to be advocating not paying taxes, that's fine, but don't complain when uncle sam takes your ass to jail.

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February 01, 2018, 05:20:58 PM
 #16

I don't think there is any harm in giving something back to your country if you are earning something great however this percentage must be limited to just something and not everything. Like 30-40% tax is quite burdensome. Not only in cryptos even in General I think taxes must be limited upto around 10% or max 20% of your earnings so much of tax is not only burdensome but also too evil. Its like punishing the people who earn more just because they are earning more.
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February 01, 2018, 05:49:50 PM
 #17

When they decide to legalize bitcoin than I will start to pay the tax when they have regulate it otherwise I'm not !
It's not reasonable to pay all of my bitcoin tax when they finally legalize bitcoin regulation !?
Luckily my government still not want to legalize bitcoin because they want to protect our security rather than their wealth ( by tax income )

Smiley
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February 01, 2018, 05:58:50 PM
 #18

I agree that large transactions should pay a tax, I would have no problem doing so. But what happens? The governments not only want to demand that we pay taxes for each bitcoin transaction but also that they want to control and declare that they even have a certain amount that it has cost us to obtain, if you do not limit them, eliminate your accounts or they will look for ways to leave you in ruins. That is the cruel thing, they always want to have control of everything the investor does even if he is a small investor.
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February 01, 2018, 07:40:58 PM
Merited by richardsNY (1)
 #19

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.

I agree about the corrupt nature of the fiat system. I don't mind paying taxes, but I resent the money being used to feed and support the credit/debt/interest system that crypto will hopefully one day overthrow and supplant. The aim for me is also to hold most of it until we can spend crypto as easily as we can spend fiat.

Non-crypto people talk about how bitcoin is used by criminals - but bitcoin has a guaranteed fixed supply, unlike fiat where governments just print money at will, and they won't even admit it, they'll just call it 'quantitative easing' or whatever is the euphemism of the day.

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February 01, 2018, 07:48:14 PM
 #20

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?

That is it, we take the risk by ourselves, but if we have success we need to share our profit, very fair, no?

Depend the government. If it's a government that respects its people they won't abuse the citizens asking for pieces of the big profit's cake.
But in most countries they will ask for big pieces of cake and will go farest as possible to get it, if necessary.

It's the best business a parasitic government could ask for: No risk (for the government), high profit returns (in taxes), lots of money to steal and distribute to the miserable, so they can continue miserable, but very thankful to the government who gives them 'free money'.

 
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