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Author Topic: Do I really have to pay taxes on crypto investments?  (Read 2423 times)
rnold142
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June 15, 2020, 10:12:36 AM
 #561

I think so far Bitcoin as a payment system does not meet the standards as the main monetary unit. Long transfer, high commissions, a lot of problems with mining. I would say that bitcoin could play the role of an intermediate between fiat and gold.

do you often buy or sell gold?
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altcoinman
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June 15, 2020, 10:16:06 AM
 #562

I think so far Bitcoin as a payment system does not meet the standards as the main monetary unit. Long transfer, high commissions, a lot of problems with mining. I would say that bitcoin could play the role of an intermediate between fiat and gold.

do you often buy or sell gold?

I think it would be necessary to use some other crypto or several varieties. Then everything is solved very easily on the tax account, the tax on the product or service itself is fixed in the price itself.
rnold142
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June 15, 2020, 10:20:02 AM
 #563

I think so far Bitcoin as a payment system does not meet the standards as the main monetary unit. Long transfer, high commissions, a lot of problems with mining. I would say that bitcoin could play the role of an intermediate between fiat and gold.

do you often buy or sell gold?

I think it would be necessary to use some other crypto or several varieties. Then everything is solved very easily on the tax account, the tax on the product or service itself is fixed in the price itself.
In general, this would not be cool, since it would be possible to track purchases and the anonymity of crypto would be lost.
altcoinman
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June 15, 2020, 10:23:04 AM
 #564

I think so far Bitcoin as a payment system does not meet the standards as the main monetary unit. Long transfer, high commissions, a lot of problems with mining. I would say that bitcoin could play the role of an intermediate between fiat and gold.

do you often buy or sell gold?

I think it would be necessary to use some other crypto or several varieties. Then everything is solved very easily on the tax account, the tax on the product or service itself is fixed in the price itself.
In general, this would not be cool, since it would be possible to track purchases and the anonymity of crypto would be lost.
plus something needs to be done with security, that is, if a person loses a private key, then there should be an opportunity to restore it or an additional protection mechanism like fingerprints, face IDs and other things
rnold142
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June 15, 2020, 10:26:04 AM
 #565

I think so far Bitcoin as a payment system does not meet the standards as the main monetary unit. Long transfer, high commissions, a lot of problems with mining. I would say that bitcoin could play the role of an intermediate between fiat and gold.

do you often buy or sell gold?

I think it would be necessary to use some other crypto or several varieties. Then everything is solved very easily on the tax account, the tax on the product or service itself is fixed in the price itself.
In general, this would not be cool, since it would be possible to track purchases and the anonymity of crypto would be lost.
plus something needs to be done with security, that is, if a person loses a private key, then there should be an opportunity to restore it or an additional protection mechanism like fingerprints, face IDs and other things
If a person loses his private key - he will lose his money, and if you want to restore by face or fingerprint - then you do not need a crypt, but some kind of phone or card. And you want to give your responsibility to an outsider. Both face and fingers can be circumvented.
thomasjohn768
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June 15, 2020, 10:30:08 AM
 #566

As the most ordinary person on this planet, I just need no one to get into my finances and no one can restrict me in the right to use my money as I want.

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peteresw
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June 15, 2020, 10:34:31 AM
 #567

The number of cryptocurrencies at the moment is so large that only a lazy one will not be able to come up with a process for quick transfer of funds between users. And if you add to the fact that in practice you can install, for example, one decentralized exchange on your phone, which will allow you to change supported cryptocurrencies to Bitcoin without the participation of a third party, then everything very quickly falls into place. The question remains in liquidity, but, given the tightening regulation of cryptocurrencies, it is a matter of time before people start using this tool.
webtaxi
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June 15, 2020, 10:40:26 AM
 #568

No need for crypto to compete with the government and go agains it. Let the marginals from the darknet do this. The average person does not need it
altcoinman
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June 15, 2020, 10:43:19 AM
 #569

If you remove fiat currencies, the country will perish...
webtaxi
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June 15, 2020, 10:46:22 AM
 #570

If you remove fiat currencies, the country will perish...

It existed for millennia and dies for no reason? its not going anywhere.
peteresw
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June 15, 2020, 10:48:41 AM
 #571

If you remove fiat currencies, the country will perish...

Historically, states have transformed, as a rule - adding new functionality to their functionality. The main question here is that if you look at a lot before the 21st century, we can say that almost every state had its own meaning, precisely for the tasks that this structure fulfills.
altcoinman
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June 15, 2020, 10:51:20 AM
 #572

If you remove fiat currencies, the country will perish...

Historically, states have transformed, as a rule - adding new functionality to their functionality. The main question here is that if you look at a lot before the 21st century, we can say that almost every state had its own meaning, precisely for the tasks that this structure fulfills.

But now a huge amount of what the state was doing is falling apart. Almost anybody that works with databases can be automated. All that remains is the moment the funds are transferred to taxes, fees and other “levies”, but it’s quite possible to do this automatically, with each transaction.
peteresw
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June 15, 2020, 10:54:10 AM
 #573

If you remove fiat currencies, the country will perish...

Historically, states have transformed, as a rule - adding new functionality to their functionality. The main question here is that if you look at a lot before the 21st century, we can say that almost every state had its own meaning, precisely for the tasks that this structure fulfills.

But now a huge amount of what the state was doing is falling apart. Almost anybody that works with databases can be automated. All that remains is the moment the funds are transferred to taxes, fees and other “levies”, but it’s quite possible to do this automatically, with each transaction.

in order to optimize the costs of its existence, it’s realistic to transfer everything to a transparent system and to free up the “human resource”. But this applies only to those countries that make the life of their people easier, and more convenient.
rnold142
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June 15, 2020, 10:57:03 AM
 #574

If you recall how many statesmen are at the confederate level in Switzerland, then you can clearly see that, yes, the apparatus in modern countries should be reduced and optimized. And, of course, the Holy Roman Empire has almost nothing in common with modern Germany, because states are also evolving.
thomasjohn768
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June 15, 2020, 11:00:36 AM
 #575

If you recall how many statesmen are at the confederate level in Switzerland, then you can clearly see that, yes, the apparatus in modern countries should be reduced and optimized. And, of course, the Holy Roman Empire has almost nothing in common with modern Germany, because states are also evolving.
logic also tells me that some of the current functions of the state will have to be discarded under the pressure, among other things, of technological progress, but they simply transform into their new forms, and do not disappear.

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webtaxi
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June 15, 2020, 11:03:12 AM
 #576

If you recall how many statesmen are at the confederate level in Switzerland, then you can clearly see that, yes, the apparatus in modern countries should be reduced and optimized. And, of course, the Holy Roman Empire has almost nothing in common with modern Germany, because states are also evolving.
logic also tells me that some of the current functions of the state will have to be discarded under the pressure, among other things, of technological progress, but they simply transform into their new forms, and do not disappear.
COUNTRY should ensure the operation of the social contract, and humanity has never had another tool for this for large communities, as far as I remember. And I don’t think that will appear in the foreseeable future. But the fact that the states of the XXI century won’t be the same as the states of the XX century, is obvious.
altcoinman
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June 16, 2020, 08:09:47 AM
 #577

The option of voluntary tax calculation is not considered at all? As I understand it, in countries with a long history of self-assessment of taxes, it is unlikely that there will be such a big problem with paying taxes in cryptocurrencies, because citizens themselves remember what and how to pay for. And additionally, often questions may arise regarding the discrepancy between expenses and the request to justify them.
webtaxi
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June 16, 2020, 08:12:05 AM
 #578

The option of voluntary tax calculation is not considered at all? As I understand it, in countries with a long history of self-assessment of taxes, it is unlikely that there will be such a big problem with paying taxes in cryptocurrencies, because citizens themselves remember what and how to pay for. And additionally, often questions may arise regarding the discrepancy between expenses and the request to justify them.
It turns out that society is able to independently pay taxes if they have partnerships with the state and they are mutually beneficial. But then the next step is the automatic distribution of the collected funds for one or another project essential for the population.
altcoinman
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June 16, 2020, 08:16:06 AM
 #579

The option of voluntary tax calculation is not considered at all? As I understand it, in countries with a long history of self-assessment of taxes, it is unlikely that there will be such a big problem with paying taxes in cryptocurrencies, because citizens themselves remember what and how to pay for. And additionally, often questions may arise regarding the discrepancy between expenses and the request to justify them.
It turns out that society is able to independently pay taxes if they have partnerships with the state and they are mutually beneficial. But then the next step is the automatic distribution of the collected funds for one or another project essential for the population.

That is, with such a system, the state can be replaced in the near future, if I understand everything correctly. Since people express their desire by the fact that they vote in the currency of their country, but if they replace it with cryptocurrency, then in addition to their voice, they also receive transparency, which any citizen can see.
webtaxi
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June 16, 2020, 08:19:06 AM
 #580

The option of voluntary tax calculation is not considered at all? As I understand it, in countries with a long history of self-assessment of taxes, it is unlikely that there will be such a big problem with paying taxes in cryptocurrencies, because citizens themselves remember what and how to pay for. And additionally, often questions may arise regarding the discrepancy between expenses and the request to justify them.
It turns out that society is able to independently pay taxes if they have partnerships with the state and they are mutually beneficial. But then the next step is the automatic distribution of the collected funds for one or another project essential for the population.

That is, with such a system, the state can be replaced in the near future, if I understand everything correctly. Since people express their desire by the fact that they vote in the currency of their country, but if they replace it with cryptocurrency, then in addition to their voice, they also receive transparency, which any citizen can see.
If everything goes this way, then the state can be replaced by one program, a database that will be updated, for example, information on depreciation, of a building or road, and if you add AI there, it will build the infrastructure and collect the citizens money for it.
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