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Author Topic: Questionable wealth because of Crypto  (Read 596 times)
bug.lady
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March 16, 2018, 12:11:55 PM
 #21

Our Government here will always question people who become rich instantly, sometimes they will relate all the wealth to drugs and smuggling so they can send us to jail for a questionable wealth and not paying taxes. they will do background checking, even if they dont find any illegal activities we did they still think that we do illegal. What if I become rich because of BTC do you think they will believe if I say that its bitcoin that making me rich? How will I explained to them?
That is why it is wisest to either keep low profile about your wealth, or report your wealth dutifully and keep low profile all the same.

The problem with people boasting around how rich they have become is that they are easy prey not only for governments, but for fellow people as well: they become victims of theft, burglary, robbery or at least human envy.

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March 16, 2018, 12:20:26 PM
 #22

Our Government here will always question people who become rich instantly, sometimes they will relate all the wealth to drugs and smuggling so they can send us to jail for a questionable wealth and not paying taxes. they will do background checking, even if they dont find any illegal activities we did they still think that we do illegal. What if I become rich because of BTC do you think they will believe if I say that its bitcoin that making me rich? How will I explained to them?

I do not know why this would worry anyone really. If you become rich simply hire a lawyer and/or an accountant to take care of the pesky government affairs such as taxes for you.

Instead, you can be out on the water enjoying your new yacht with some of your new young good looking lady friends.
svetochka.yakovleva.93
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March 16, 2018, 12:20:44 PM
 #23

The fact that you can get rich thanks to bitcoin is very simple and all this wealth will lie in your online wallet until you bring it out. Maybe this is called dubious.

codpku
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March 16, 2018, 12:35:52 PM
 #24

Really good topic
Wealth from crypto its really questionable for someone who doesn't have any job
But if you be as a bounty hunter you can say it as online marketing and all transaction can be trace from where you get the coin
So calm and keep working hard and make lot of money

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March 16, 2018, 12:55:56 PM
 #25

there is no question why it is questionable if it is real in our world you can get a certain amount and then you can sow a real money when they are withdrawn, they do not become doubtful.

neliawesome
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March 16, 2018, 01:16:17 PM
 #26

Yes indeed its really questionable that a certain person especially who had no job or even just a minimum wage earner will suddenly get rich.People who surrounds you will also suspects you that you might be doing something illegal and about the government its also possible that they will do background checking about you but theres nothing to be worried about it because you arent doing illegal things.If theres someone asking were did you get lots of money just explain it to them until they understand it but if they are still suspicious then let them be and just dont mind them coz they can never harm you unless they have a proof that your doing illegal stuff.
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March 16, 2018, 01:31:01 PM
 #27

when you'll be millionaire you will start a new life in another country
all that you will need is the private key of you wallet, nothing more Grin Grin Grin

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whoisyourking
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March 16, 2018, 01:35:21 PM
 #28

Our Government here will always question people who become rich instantly, sometimes they will relate all the wealth to drugs and smuggling so they can send us to jail for a questionable wealth and not paying taxes. they will do background checking, even if they dont find any illegal activities we did they still think that we do illegal. What if I become rich because of BTC do you think they will believe if I say that its bitcoin that making me rich? How will I explained to them?

There is a case in our country that somebody withdraw a large amount of money and he stated that he get it by trading in bitcoin but his statement is not enough to prove his statement he jailed because of money laundering.

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March 16, 2018, 03:16:53 PM
 #29

It would boil down on how are you managing your properties/money. If the government sees that you were able to bought multi-million properties but have declared your income/gains per year at significantly lower amount, then they would have to investigate where were you getting your funds. From where I live, we aren't required to pay taxes from crypto gains, but because I know and I feel that the government would somehow question where am I getting my funds from, even if I have my own business set, I still declared my crypto holdings as a form of an asset just so I'd be safe.

Divyanshu2710
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March 16, 2018, 03:23:01 PM
 #30

If you fear to be rich then don't be.
And if you want to become rich,then ready to face the consequences.
Pay the tax for bitcoin earnings and other transactions too.
Don't do anything illegal with this money you have earned.
Someone here said too if you are rich then you know how to handle officers in a country.
audaciousbeing
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March 16, 2018, 03:32:02 PM
 #31

Our Government here will always question people who become rich instantly, sometimes they will relate all the wealth to drugs and smuggling so they can send us to jail for a questionable wealth and not paying taxes. they will do background checking, even if they dont find any illegal activities we did they still think that we do illegal. What if I become rich because of BTC do you think they will believe if I say that its bitcoin that making me rich? How will I explained to them?

If its about government to worry about in your country then I won't bother because over here, government does not care about your life so far you are leaving moderately and the bank has not flagged your account as being engaged in illegal activities. Over here the people that would question you and even judge you are the society including your own family member especially parents who are so much convinced that nothing good can come out from the internet.

Over here, if you want to avoid the scrutiny and judgment no matter the amount you are making from crypto, you just must go to work in the morning and come back at night or you have money without the option of spending to the point of attracting attention of other people just live your life to the standard of the people around you. That is the discriminatory knowledge one needs to face at this time but as we move on, the hope is that it would get better.
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March 16, 2018, 03:35:28 PM
 #32

Our Government here will always question people who become rich instantly, sometimes they will relate all the wealth to drugs and smuggling so they can send us to jail for a questionable wealth and not paying taxes. they will do background checking, even if they dont find any illegal activities we did they still think that we do illegal. What if I become rich because of BTC do you think they will believe if I say that its bitcoin that making me rich? How will I explained to them?
Yeah I, myself also question people that got rich because of bitcoin like what they are doing their entire time ? but after studying the nature of bitcoin the system and functions i figured it out and so did i, No question for those who got rich, they deserve it because of time and patience they gave for this. Government should also study bitcoin and other cryptocurrency because what they sees on bitcoin is a nonsense theory.
krauzzer02
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March 16, 2018, 03:58:45 PM
 #33

Our Government here will always question people who become rich instantly, sometimes they will relate all the wealth to drugs and smuggling so they can send us to jail for a questionable wealth and not paying taxes. they will do background checking, even if they dont find any illegal activities we did they still think that we do illegal. What if I become rich because of BTC do you think they will believe if I say that its bitcoin that making me rich? How will I explained to them?
The first paragraph of the sentence is almost correct, however, the rest is an exaggerated scene from a movie or drama though it is possible to happen if you owe something bad or an arrears to a person with a great influence on the authority or a government official then you are in a pretty bad position its possible that they can do the said scenario if your going to reveal your wealth but in the normal case, they are not allowed to do that as it is against to the laws of the Government, sending us to jails without any proof or any legal process to defend and explain yourself? you can't escape the questioning if your going to sell all your coins constantly, even the crypto exchange will ask about it most if they are centralized, be honest and pay your taxes, don't need to worry if your not doing anything wrong.

EmmanCryp
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March 16, 2018, 05:13:28 PM
 #34

Bitcoin trading and investment is just like stocks trading, forex trading, etc. Some people become rich through them. So I see nothing wrong in becoming rich through bitcoin if you used it legally and pay your taxes.

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March 16, 2018, 05:19:50 PM
 #35

Our Government here will always question people who become rich instantly, sometimes they will relate all the wealth to drugs and smuggling so they can send us to jail for a questionable wealth and not paying taxes. they will do background checking, even if they dont find any illegal activities we did they still think that we do illegal. What if I become rich because of BTC do you think they will believe if I say that its bitcoin that making me rich? How will I explained to them?

Of course, any government will question you if you acquire any wealth specially in huge amount. If you cannot present any details on how you acquire they will assume they came from illegal activities

You just need to present them your activities on crypto-currency to validate your acquired wealth. And paying taxes is a must for everyone, either you acquire some assets, illegally or legally.

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March 16, 2018, 05:20:01 PM
 #36

Our Government here will always question people who become rich instantly, sometimes they will relate all the wealth to drugs and smuggling so they can send us to jail for a questionable wealth and not paying taxes. they will do background checking, even if they dont find any illegal activities we did they still think that we do illegal. What if I become rich because of BTC do you think they will believe if I say that its bitcoin that making me rich? How will I explained to them?
It all depends on what country you live in and how you use your money. You'd better get advice from a lawyer in your country that will ease the problems.

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March 16, 2018, 05:24:12 PM
 #37

Bitcoin trading and investment is just like stocks trading, forex trading, etc. Some people become rich through them. So I see nothing wrong in becoming rich through bitcoin if you used it legally and pay your taxes.

I agree with you. However, actually I do not care about the legitimate bitcoin after that. We have seen a lot about how the US government is imposing tax laws on the stock market. If the legitimacy of bitcoin is accepted, we may lose the gaps and failures because of it.
nathanielpogi
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March 19, 2018, 12:40:35 PM
 #38

It differs on perspective on how you will use your wealth if you are really suspicious on where your money came from even if you explain to them where you get them you will probably land in jail. But if you use it to invest and make a bussiness where you can just get out a minimum crypto money i guess you will have no problem to it.
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March 19, 2018, 01:20:34 PM
 #39

When you withdraw your earnings from bitcoin in what method are you using? Isn't it like somewhat a verified wallet in order for you to make transactions to cash out, so there's no need for you to worry since there is a history that can proved that all your wealth came from crypto investments and you do pay your taxes.
Nilda
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March 19, 2018, 01:53:25 PM
 #40

Unless you are engaged in illlicit activities, you have nothing to fear from the taxman. Some people get rich overnight by winning in poker games or betting on college basketball games.

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