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Author Topic: Squeezing the crypto owners for tax  (Read 153 times)
ProofOfLambo
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July 13, 2018, 01:28:44 PM
 #1

Recent news in Cointelegraph bring a shadow on those that are happily holding their cryptos on a relatively unregulated limbo.

The "J5" is a group of countries, that I assume will grow in the future, that are sharing information cross-borders for effective Tax Enforcement. Under the typical biased accusations of "crypto being used by criminals", they are now putting the Exchanges in the oven and plans to have them sweating until they disclose the owners accounts and link these with identifiable users.

This article is not the typical dubious news - it is written by a specialized Tax Attorney. I am afraid that the freedom to decide we enjoy today will not last.
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B1tUnl0ck3r
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July 13, 2018, 01:51:03 PM
 #2

Recent news in Cointelegraph bring a shadow on those that are happily holding their cryptos on a relatively unregulated limbo.

The "J5" is a group of countries, that I assume will grow in the future, that are sharing information cross-borders for effective Tax Enforcement. Under the typical biased accusations of "crypto being used by criminals", they are now putting the Exchanges in the oven and plans to have them sweating until they disclose the owners accounts and link these with identifiable users.

This article is not the typical dubious news - it is written by a specialized Tax Attorney. I am afraid that the freedom to decide we enjoy today will not last.


if they don't have more fiats than us, they will not be able to attract our hypergamist daughters in their nets... that's it.

the rest show... show show show...

I prefer bang bang bang... and who will see who is left breathing.
suchmoon
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July 13, 2018, 02:43:51 PM
 #3

Recent news in Cointelegraph bring a shadow on those that are happily holding their cryptos on a relatively unregulated limbo.

The "J5" is a group of countries, that I assume will grow in the future, that are sharing information cross-borders for effective Tax Enforcement. Under the typical biased accusations of "crypto being used by criminals", they are now putting the Exchanges in the oven and plans to have them sweating until they disclose the owners accounts and link these with identifiable users.

This article is not the typical dubious news - it is written by a specialized Tax Attorney. I am afraid that the freedom to decide we enjoy today will not last.

Now sure how this is news. It was never a good idea to keep money on an exchange for many reasons and not just taxation. Dealing with fiat in any way is likely to trigger a taxable event in many jurisdictions. And the exchange can only identify you if you supplied identifying data. This doesn't seem to affect anyone who uses crypto properly, i.e. in full control of their private keys etc. Am I missing something?
Carlton Banks
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July 13, 2018, 03:20:31 PM
 #4

This article is not the typical dubious news - it is written by a specialized Tax Attorney. I am afraid that the freedom to decide we enjoy today will not last.

Either be a big wet vagina and give them everything and more, or grow a backbone and give them nothing. I'm going with the backbone option, because when they release from prison, I'll simply start spending my money on ways to make sure they can't catch me again. And that's assuming I am caught to begin with. Fuck these "people".
suchmoon
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July 13, 2018, 06:13:54 PM
 #5

Don't forget the common way to get bitcoin these days is by buying it through exchange, which means majority bitcoiner could be tracked. I'm sure only minority who manage their crypto/privacy properly anyway.

Merely buying and holding bitcoins doesn't involve tax, unless there is some weird-ass country that taxes it as property or something.

Now if the buyer is laundering money that's another story but that doesn't really have much to do with Bitcoin.
Maveth13
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July 13, 2018, 07:27:02 PM
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 #6

Let's face it, cryptocurrency trading taxes are inevitable. As adoption grows more and more, regulatory measures for taxation will happen, and honestly, so what? I've said this here a few times, you can't expect to make a profit and not pay taxes for it. And it's actually happening in some countries.

Now, lumping traders with money launderers and cyber criminals is a whole different thing. Quoting from the new/article:
Quote
Using military and intelligence tools to combat offshore tax evasion may be overkill, especially when voluntary compliance efforts have proven to be so successful.
ProofOfLambo
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July 13, 2018, 09:56:33 PM
 #7

Recent news in Cointelegraph bring a shadow on those that are happily holding their cryptos on a relatively unregulated limbo.

The "J5" is a group of countries, that I assume will grow in the future, that are sharing information cross-borders for effective Tax Enforcement. Under the typical biased accusations of "crypto being used by criminals", they are now putting the Exchanges in the oven and plans to have them sweating until they disclose the owners accounts and link these with identifiable users.

This article is not the typical dubious news - it is written by a specialized Tax Attorney. I am afraid that the freedom to decide we enjoy today will not last.

Now sure how this is news. It was never a good idea to keep money on an exchange for many reasons and not just taxation. Dealing with fiat in any way is likely to trigger a taxable event in many jurisdictions. And the exchange can only identify you if you supplied identifying data. This doesn't seem to affect anyone who uses crypto properly, i.e. in full control of their private keys etc. Am I missing something?

For me it is news because it is a sign of where things are headed and how fast, not in the sense of a headline.

Is not as much keeping your money in the exchange as having any operation you make recorded with your ID clipped to it. You can hold your stuff in your wallet but you cannot hide your operations. Oh, and there is a limit in most exchanges to withdrawals without ID.

I guess that what I mean is that previously there were not taking cryptos too seriously, but now we are seeing even international treaties to keep track of everyone.
suchmoon
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July 13, 2018, 10:25:04 PM
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For me it is news because it is a sign of where things are headed and how fast, not in the sense of a headline.

Is not as much keeping your money in the exchange as having any operation you make recorded with your ID clipped to it. You can hold your stuff in your wallet but you cannot hide your operations. Oh, and there is a limit in most exchanges to withdrawals without ID.

I guess that what I mean is that previously there were not taking cryptos too seriously, but now we are seeing even international treaties to keep track of everyone.

I just always assumed I'll have to pay taxes on crypto profit just like on any other investment income. There are still ways to break the trail if someone is inclined to do so - mixers, privacy-oriented coins, etc.
worldofcoins
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July 14, 2018, 10:22:24 PM
 #9

Don't forget the common way to get bitcoin these days is by buying it through exchange, which means majority bitcoiner could be tracked. I'm sure only minority who manage their crypto/privacy properly anyway.

Merely buying and holding bitcoins doesn't involve tax, unless there is some weird-ass country that taxes it as property or something.

Now if the buyer is laundering money that's another story but that doesn't really have much to do with Bitcoin.

This entire scandal is based on cryptos like Bitcoin being targets for money laundering, that's why this has very much to do with BTC.
feelingfroggy
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July 18, 2018, 10:25:32 PM
 #10

You guys are the ones paying the tax and making the decision to pay your overlords to reign over you all the while creating a bad environment for freedom loving individuals.  These are the same people most likely filling out KYC and KYC to show daddy leaders who they are.  Sheep always get sheared!  Happy shearing,
ProofOfLambo
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July 19, 2018, 10:59:25 PM
 #11

Don't forget the common way to get bitcoin these days is by buying it through exchange, which means majority bitcoiner could be tracked. I'm sure only minority who manage their crypto/privacy properly anyway.

Merely buying and holding bitcoins doesn't involve tax, unless there is some weird-ass country that taxes it as property or something.

Now if the buyer is laundering money that's another story but that doesn't really have much to do with Bitcoin.

This entire scandal is based on cryptos like Bitcoin being targets for money laundering, that's why this has very much to do with BTC.

Bitcoin is not used for money laundering any more that any other of the usual means: Real State, Football teams, ...  And of course, the amount of dirty money in fiat that is hidden in tax heavens with the good will of governments is several orders of magnitude above crypto.
b_oo
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July 20, 2018, 02:03:23 AM
 #12

There will always be a way around. I think the future of cryptos are decentralized exchanges. That right there will be a game changer.
joniboini
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July 20, 2018, 11:29:41 AM
Last edit: July 20, 2018, 11:50:09 AM by joniboini
 #13

There will always be a way around. I think the future of cryptos are decentralized exchanges. That right there will be a game changer.

A decentralized exchange doesn't support exchanging your crypto to fiat. Unless your local store support payment with crypto, then it is impossible to rely only on a decentralized exchange. At least for now.
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