Posted on 08/05/2021 9:45:02 AM PDT by ChicagoConservative27
According to a recent report, the U.S. government has seized $1.2 billion worth of cryptocurrency in fiscal year 2021. This represents a huge leap from the $137 million worth of cryptocurrency seized in 2020.
CNBC reports that in fiscal year 2021, which ends on September 30, the U.S. government has seized $1.2 billion in cryptocurrency. The government reportedly auctions off its stockpile of Bitcoin, Ethereum, Litecoin, and other cryptocurrencies on a regular basis. One recent auction took place in June and included more than 150 Litecoin and 0.00022893 Bitcoin Cash (an offshoot of Bitcoin), worth around $21,000 at current prices.
(Excerpt) Read more at breitbart.com ...
Darn. Just when I'm getting ready to start spending mine.
Why do they auction it? Why not just sell it in the market at market prices - which is an auction that runs 24/7? Sounds like a form of insider dealing.
All your cryto are belong to us!
401Ks get you a real revolution.
really? i thought that was impossible with block-chain and digital wallet software.
IF the IRS can seize your cryptocurrency, you’re not doing it right...
Yes, you are correct. That what I like to tell the alarmists who feel our 401k’s will be seized. This is one of the few truly bi-partisan issues out there (along with Social Security) that will get us a true revolution if the government ever tries to get their grubby hands on it.
The second third rail of politics (the first is Social Security).
How did the IRS obtain the passwords to the Bitcoin purses?
5.56mm
Y’know, we haven’t heard anything from the Left on seizing, er, Protecting 401ks in a while.
That makes me deeply suspicious.
And if they can’t seize it, you are most likely committing some form of tax return reporting fraud.
why bother? the fifth branch of gov’t—banks and wallstreet— already have access to most of the money there through the fed, treasury (irs) and your company (unless you’re investing it yourself of course, ala the diamond hand apes).
“401Ks get you a real revolution.”
*****
That revolution line keeps getting pushed back and redrawn, I’ve noticed.
Exactly.
They won’t seize 401k’s. That’s too radical even for today’s radicals.
But they might force you to convert some of your 401k money into long-term government bonds. In other words, they’ll force you to help finance their never-ending deficit spending.
There has been some talk about doing that. But nothing serious...yet.
How can government “seize” bitcoins?
While the obvious trend is for these cryptocurrencies to grow in popularity, ref: Elon Musk and several investment houses, the various historical statements about non-detectability of possession of the same becomes more doubtful. Of particular note for any interested; since 2019 the 1040 form has had a required Y/N query about ANY ACTIVITY with cryptocurrencies in the past year. A false answer, which includes leaving it blank, can open the taxpayer to a CRIMINAL charge of FRAUD!
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