Altcoins and your rights - Know the Law ?

[Spoetnik]

I wanted to bring up this subject as a reminder especially for newer users into Altcoins.

So far we have little regulations and laws that are specific to emerging Crypto technologies and services.
But it is an ongoing very real issue we all face day to day.

Tax time is coming fast again and some users may have to claim their crypto coin earnings for example on their personal or business tax returns.
Canada has put put out Guidelines for this you can look up on the internet (i don't have a link handy but i seen the story at Coindesk last year)

And guys you may think hey so what Spoetnik.. i am a big shot 35 year coder with lost of professional opinions etc.
Reality Check.. there is no age limit to this stuff.. little children among us all are running services making coins and doing an investments.

Let me pose this example.. a guy in Argentina may say so what my local laws say i can do what i want.. well fair enough ..true !
I think all our own local laws over ride the laws of some other countries etc.
BUT !
That does not make you immune to the very real side effects of impending Regulations in crypto and various related laws..
So i continue with my example.. Say an exchange shuts down abruptly because of fears over regulations and it is based in the USA
well those coins you have may be gone over night.
I have seen this scenario happen lately looking at stories at Coindesk.. it's more than a what if situation.

And don't forget any service running on US soil is subject to US law.
Your private data can be compromised by the US govt by a simple warrant on a Pool or Exchange operators door.
Or as what happened with Mt. Gox before an entire bank account with millions of dollars was seized (way before they shut down) this happened !

So do you claim earnings on your taxes ?
Do you feel your coins are safe on some exchange or Pool etc ?

It is important for us all to make an effort to know your local law and the law of the land for services you use.
This matters and it's about being responsible, realistic and appropriately cautious.

I am no law expert but i encourage others to weigh on in this topic and for people to do their homework and give it serious thought.
There may be some long term investigations into this ongoing now with some of the key players such as this forum or exchanges etc.
and they may not be able to say anything if there is an investigation ongoing too !

FUD ? you bet.. and it's the right thing to do !

I'd say the best thing people can do is pay attention to crypto news sites like Coindesk.. keep your ear to the ground !
And don't use exchanges like a bank, keep coins on your PC if you can.

[muddafudda]

I declared everything and also claimed everything.

[Spoetnik]

Be careful asking questions..

Some authorities will not like being shown in a light that would imply or infer some knowledge of wrong doing.
And they may stone wall you or actively disrupt you or silence you.. aka: deleting things LOL

exposing scammy crap in crypto is great & all but expect to be attacked ruthlessly to no end in every way.

law ?

It matters now because laws can be applied retroactively for starters and law / regulation is coming
and i think that is and will be tied to on going investigations by govt organizations for a long time to come.

when the levy breaks people will fumble over themslevs to point the finger and hand over the guy next to them
and many will run.. many of the same guys hiding around here playing games.. for Bitcoin $$$

no one here cares about you.. you need to look after your own ass !

and don't wait for the honor award for exposing scams either LOL
all the people loitering around know what the deal is and they don't need or want to be saved.
in other words the majority know that a pyramid scheme is used to make money.. few are getting tricked into it.

it's not all about tax returns

some of you may want to think carefully about what your doing.
and new users sure as hell better see through the hoards of grinning faces that want to be your crypto-buddy.
they are soooo friendly and ohhhh so happy.. while they look you right in the eye with their hands in your pocket.

i've been the turd in the punch bowl warning guys often..

here is your typical scenario at ALL exchanges.
Mods sit and watch quietly.. they may have no one doing support tickets but they will have a pile of guys watching chat rooms for Trolls..
then the usual Coin makers and their pushers / supporters / cheer leading squad pushes these scams on new guys.
some one like me shows up and starts saying FUD this and FUD that and surprise surprise mods show up and with warning to me for anything they can think of.
sometimes for no apparent reason.. it's clear they don't like me and are looking for any reason at all to perma ban me.
EVERY single fucking site in crypto has pulled this same old transparent game with me..
including this forum and Cryptsy gave me a one year ban out of the blue months ago for no reason.. i have it logged...... i did nothing on their chat at all !

all of these guys are wormy little scammers who are trying to protect their scam coins and playing dumb is objective no. 1
every guy on an exchange will blame the coin maker for the scam coin they have on their exchange LOL
it's not their fault  

a crooked and corrupt greedy deceitful disgusting little game indeed.. aka: The ALTCOIN.

i hope the majority pulling all this shit feel ashamed deep down for what they have accomplished.
you all out there know whether your just trying to drain peoples wallets dry or you are a real crypto supporter.

it could be any time that arrests are made.
i want to warn some guys and ask others if they think playing dumb while actively participating in things you know damn well is wrong or possibly illegal is smart ?
don't skip over the Coindesk News Link i posted earlier showing a crypto ponzi scheme arrest.. they are real and have started.

don't drown in apathy and concern for others either guys.. those Lambo roads are paved on the empty wallets of your victims.. fuck 'em right ?
is Apathy profitable ? Where is the QT for windows ? IPO ? TAKE MY MONEY !

 

[cryptopaths]

Spoetnik I thought you were quitting bitcointalk?

[redHairy]

Thank you. Good to know it!

[landslide]

I declared everything and also claimed everything.

lol, nice

[mymenace]

There is nothing going on here that is not already going on in banks, politics, brokers, finance advisers, investments, tenders, contracts, business practices and they have laws that protect these people, get what you can, how you can.


would you still own slaves even is the law said it was ok?

would you not advocate for people free of laws that prohibit freedoms

freedom without taxes is a right

freedom to be scammed is a right

if you do not want to get caught (scammed, prison for scamming) get educated, because no  matter where you turn legal or not banks, governments the person next to you are trying to scam you.