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Old 08-02-2019, 02:04 PM
PalmettoTree PalmettoTree is offline
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Originally Posted by evilwhitey View Post
Again, if you can't see the vision when it comes to Ethereum, you haven't bothered to do the slightest bit of research and are still hung up on the "crypto-currency" non-argument. What good is blockchain without the ability to network and access it? It's like saying "I believe in local networks for business and home use, but the internet has no value".
When I have time I will explain it to you.
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Old 08-02-2019, 06:28 PM
Mule Skinner Mule Skinner is offline
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Originally Posted by LoveLife View Post
The U.S. government's fear is based on tax collection.
The potential loss of revenue is what drives the .gov crypto paranoia.

Trump should dump income tax, and most of the IRS infrastructure...
and institute a Federal sales tax.
The infrastructure is mostly already there. Most retailers collect state sales tax.

That makes the tax system progressive.

High wage earners consume more and therefore pay more sales tax.
Criminals who are currently evading income tax cannot evade a sales tax.
Crypto will pay its fair share of taxes when we buy our Lambos!!

But that is a sea change and will not happen without great gnashing of teeth.
Even just suggesting such a change will make heads explode.

But income tax is unworkable with digital assets that can be sent around the
world at the speed of light. Even the NSA could not track the trillions of transactions
and micro transactions of the coming years.
Abandon taxing the front end, and just tax the back end.
A sales tax is REgressive.
The poor have to spend all of their money, so all of it is taxed;
while
the rich only spend a fraction, so only a fraction is taxed.
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Old 08-02-2019, 07:16 PM
PalmettoTree PalmettoTree is offline
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Originally Posted by Mule Skinner View Post
A sales tax is REgressive.
The poor have to spend all of their money, so all of it is taxed;
while
the rich only spend a fraction, so only a fraction is taxed.
Wrong is is a fair tax. Everyone has control over what they spend. A progressive income tax makes those that work to become successful slaves those that live off the dole.
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Old 08-02-2019, 10:49 PM
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Originally Posted by LoveLife View Post
Regardless, every year fiat is worth less due to inflation and FED manipulation.
(shrug...) So what?

Finances aren't static. They flow from moment to moment. I'm an independent Capitalist producer who creates more wealth than I consume, so I enjoy the freedom of operating on both sides of the ledger. What I charge for goods sold and services rendered goes up right along with the cost of what I purchase, so my boat always floats regardless of the level of the water.

This is a rock solid ethical way to operate, as it offers immunity to economic scams, bubbles, and crashes.

With cryptos, no wealth is created. Like the government wealth is only transferred from one person to another. Anything you gain can only come from leeching off of someone else's loss. This is what makes you a parasite.
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Old 08-02-2019, 10:55 PM
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Originally Posted by PalmettoTree View Post
Wrong is is a fair tax. Everyone has control over what they spend. A progressive income tax makes those that work to become successful slaves those that live off the dole.
This is the beauty of owning your own business where you produce more wealth than you consume. You are free to factor in all of the cost of government transfer of wealth programs into what you charge for the goods and services you sell to others...

...just like every other business does.
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Old 08-03-2019, 02:57 AM
LoveLife LoveLife is offline
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Originally Posted by Mule Skinner View Post
A sales tax is REgressive.
The poor have to spend all of their money, so all of it is taxed;
while
the rich only spend a fraction, so only a fraction is taxed.
It is only regressive if it is a constant % sales tax.

The details would be worked out by the OMB to insure fairness and
parity with current income tax revenue streams. It's not rocket science.
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Old 08-03-2019, 03:39 AM
LoveLife LoveLife is offline
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Originally Posted by manimalist View Post
(shrug...) So what?

With cryptos, no wealth is created.
Cool
If no wealth is created..then no income tax is due.
No further tax discussion is necessary.
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Old 08-05-2019, 09:10 AM
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https://www.newsbtc.com/2019/08/04/m...-support-this/

Bitcoin up 9% today ($11,700)...
digital gold, rising as the stock market tanks.
Max Keiser says $15,000 could be just days away.
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Old 08-05-2019, 09:44 AM
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We don't want no stinkin' bittulips!!!
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Old 08-06-2019, 02:07 AM
LoveLife LoveLife is offline
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Originally Posted by prankster View Post
We don't want no stinkin' bittulips!!!
That's fine.
But then enlighten us.
What is your hedge as stocks, bonds, real estate and fiat all crater?
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Old 08-06-2019, 02:15 AM
LoveLife LoveLife is offline
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Originally Posted by prankster View Post
We don't want no stinkin' bittulips!!!
I think you are in denial, there Prankster.
Bitcoin is going to bust through $12,000 today (shoulda bought at $608 y'all).
The world is going all in on crypto.

Compare Western Union to MoneyGram.
WU is old school, with slow expensive settlements. They are laying off 10% of their employees.
MoneyGram is partnered with Ripple (XRP). MGI stock was up 5% yesterday when the Dow crashed.
https://finance.yahoo.com/news/money...122212325.html

Then you have the FED adopting crypto.
The banks are having a meltdown.
They spent a billion $ updating the ACH (Automatic Clearing House).
Unfortunately, it is still much slower, and more expensive, than digital assets.
Crypto is on it way to the FED.
https://www.federalreserve.gov/newse...r20190805a.htm
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Old 08-08-2019, 07:28 AM
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https://www.wsj.com/articles/masterc...on-11565096310

“The main driver for the purchase is the rising risk that consumer payments that have traditionally been made with cards could move away to other payment modes. The company is also trying to dig further into the massive market of company payments in which businesses move cash between themselves.

For decades, Mastercard has primarily provided the rails for debit and credit card payments. But Mastercard and competitors like Visa Inc. face competition from new fintech firms that bypass cards.”

So they have analyzed the problem correctly, but bought the wrong solution.
The $3 billion question I must ask
“Why buy an analog company, when digital (crypto) is the future?”
We don’t need no stinkin’ non-crypto ACH settlements.
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Old 08-09-2019, 05:18 PM
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https://finance.yahoo.com/news/irs-s...191825685.html


IRS issues warning to over 10,000 crypto investors that they may owe money
Javier E. David
Editor focused on markets and the economy
Yahoo FinanceJuly 26, 2019

Cryptocurrency investors beware — Uncle Sam wants his cut of your returns.

The Internal Revenue Service announced on Friday that had begun sending letters to taxpayers who trade virtual currency.

The agency warned that digital coin traders may have failed to report their investments properly — and they may owe money to the government as a result. The IRS began sending letters out last week, and expects to canvas more than 10,000 taxpayers by the end of August, it said.

"Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past returns and pay back taxes, interest and penalties," IRS Commissioner Chuck Rettig said in a statement.

"The IRS is expanding our efforts involving virtual currency, including increased use of data analytics. We are focused on enforcing the law and helping taxpayers fully understand and meet their obligations,” he added.

Those taxpayers in the IRS’s crosshairs had their names provided via “various ongoing IRS compliance efforts,” the agency said in its communique on Friday.

“The IRS will remain actively engaged in addressing non-compliance related to virtual currency transactions through a variety of efforts, ranging from taxpayer education to audits to criminal investigations,” the agency said.

Last year, Coinbase was ordered by a federal court to divulge thousands of accounts requested by the tax agency.

As the crypto market booms, virtual currency has become a focus for the IRS and other federal agencies looking to uncover criminal or illicit transactions.

Javier is an editor for Yahoo Finance. Follow Javier on Twitter: @TeflonGeek
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Old 08-09-2019, 09:20 PM
PalmettoTree PalmettoTree is offline
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LOL I just read cryptocurrencies are considered property. Now property taxes, capital gain taxes, and hard traceability makes of tax evasion.

Link the above to legitimate businesses and cryptocurrency problems have not even started.
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Old 08-13-2019, 10:14 PM
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Unbelievable Unbelievable is offline
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Quote:
Originally Posted by sierra skier View Post
https://finance.yahoo.com/news/irs-s...191825685.html


IRS issues warning to over 10,000 crypto investors that they may owe money
Javier E. David
Editor focused on markets and the economy
Yahoo FinanceJuly 26, 2019

Cryptocurrency investors beware — Uncle Sam wants his cut of your returns.

The Internal Revenue Service announced on Friday that had begun sending letters to taxpayers who trade virtual currency.

The agency warned that digital coin traders may have failed to report their investments properly — and they may owe money to the government as a result. The IRS began sending letters out last week, and expects to canvas more than 10,000 taxpayers by the end of August, it said.

"Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past returns and pay back taxes, interest and penalties," IRS Commissioner Chuck Rettig said in a statement.

"The IRS is expanding our efforts involving virtual currency, including increased use of data analytics. We are focused on enforcing the law and helping taxpayers fully understand and meet their obligations,” he added.

Those taxpayers in the IRS’s crosshairs had their names provided via “various ongoing IRS compliance efforts,” the agency said in its communique on Friday.

“The IRS will remain actively engaged in addressing non-compliance related to virtual currency transactions through a variety of efforts, ranging from taxpayer education to audits to criminal investigations,” the agency said.

Last year, Coinbase was ordered by a federal court to divulge thousands of accounts requested by the tax agency.

As the crypto market booms, virtual currency has become a focus for the IRS and other federal agencies looking to uncover criminal or illicit transactions.

Javier is an editor for Yahoo Finance. Follow Javier on Twitter: @TeflonGeek

What about the folks that never used coinbase to obtain cryptocurrencies? Derrrrrrp
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Old 08-13-2019, 10:34 PM
ForgedInTheFlame ForgedInTheFlame is offline
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Don't listen to these naysayers. These fossils. Buy and hold. Bitcoin to the moon, boyos.

Sent from my Note 8 using Tapatalk
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Old 08-22-2019, 01:05 PM
LoveLife LoveLife is offline
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Originally Posted by PalmettoTree View Post
LOL I just read cryptocurrencies are considered property. Now property taxes, capital gain taxes, and hard traceability makes of tax evasion.

Link the above to legitimate businesses and cryptocurrency problems have not even started.
Every new technology has a criminal element.
Every new technology contains tax cheats.
Every new technology is scoffed at by technophobes.
$608. Just remember you had the opportunity.
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Old 08-24-2019, 11:37 PM
LoveLife LoveLife is offline
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Originally Posted by PalmettoTree View Post
LOL I just read cryptocurrencies are considered property. Now property taxes, capital gain taxes, and hard traceability makes of tax evasion.

Link the above to legitimate businesses and cryptocurrency problems have not even started.
https://www.leg.state.nv.us/App/NELI.../6235/Overview
Crypto’s are intangible personal property and non taxable in Nevada.
Signed by Governor.
Can crypto in casinos be far behind?

Shares of stock and certain other forms of intangible personal property are exempt from property taxation under existing law. (Nev. Const. Art. 10, §1; NRS 361.228) This bill clarifies that certain virtual currencies are intangible personal property for this purpose. This bill defines “virtual currency” to mean a digital representation of value that: (1) is created, issued and maintained on a public blockchain; (2) is not attached to a tangible asset or fiat currency; (3) is accepted as a means of payment; and (4) may only be transferred, stored or traded electronically.

“Not attached to {} fiat currency”.
Sounds like Libra (and other stable coins) are left in limbo!
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Old 08-25-2019, 03:03 AM
country_boy country_boy is offline
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Quote:
Originally Posted by LoveLife View Post
https://www.leg.state.nv.us/App/NELI.../6235/Overview
Crypto’s are intangible personal property and non taxable in Nevada.
Signed by Governor.
Can crypto in casinos be far behind?

Shares of stock and certain other forms of intangible personal property are exempt from property taxation under existing law. (Nev. Const. Art. 10, §1; NRS 361.228) This bill clarifies that certain virtual currencies are intangible personal property for this purpose. This bill defines “virtual currency” to mean a digital representation of value that: (1) is created, issued and maintained on a public blockchain; (2) is not attached to a tangible asset or fiat currency; (3) is accepted as a means of payment; and (4) may only be transferred, stored or traded electronically.

“Not attached to {} fiat currency”.
Sounds like Libra (and other stable coins) are left in limbo!
This sounds like some trivial fanboy leglislation- was there ever a claim that crypto isn’t intangible personal property? That in no way affects you paying capital gains tax. Most all investments other than purchasing real estate, artwork/collectables, PMs, vehicles, or certain business assets are intangible personal property.
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Old 08-25-2019, 07:15 PM
LoveLife LoveLife is offline
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Quote:
Originally Posted by country_boy View Post
This sounds like some trivial fanboy leglislation- was there ever a claim that crypto isn’t intangible personal property?
If the status of crypto was perfectly clear, why would the legislation be necessary?
Also the reason for my post was to highlight that Libra is specifically NOT free from personal property tax.

Quote:
Originally Posted by country_boy View Post
That in no way affects you paying capital gains tax.
As an investor, I am fine with long/short term capital gains.
I am a believer in tax compliance...as are most citizens who are in this space.
Tax noncompliance, for the most part, are entities that habitually don't follow any rules.
The same people that dislike KYC/AML.
The same people that love offshore accounts.

Do deep research.
Buy investments with great potential.
Reap profits...use all legal rules to minimize taxes...but pay that which is due.
Thus avoiding penalties and interest. And asset freezing. And jail time.
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