Posted on 12/19/2020 6:00:55 AM PST by Presbyterian Reporter
“Bitcoin can be publicly watched and tracked. Monero is another matter. I wouldn’t get near Monero.”
I don’t follow cryptocurrancies.
What use is bitcoin if it can be publicly watched and tracked?
If not for the public-ness of bitcoin, how would the IRS know about the transaction at all?
Stand on a corner selling washers for .50 each and see how much business you generate.
It is always easier for the government to tax your income than for you to earn income.
Learn to live well on less money than a typical leftist needs to barely survive.
Computer technology typically makes the government’s work easier.
Distrust computer technology.
“Furthermore, even for things that unquestionably are money, they don’t have the power to regulate their value either - Canadian dollars, Euros, Yen, etc. The *only* thing that clause empowers them to regulate the value of is US dollars.”
I believe Spanish money was in common use in the 1700s.
Sorry, do not know what that is.
Is it onvisible ink dollar bills?
Cryptocurrencies are what governments want to use.
They are letting the private sector work out the kinks.
How are "crypto-currencies" then any better than any other currency?
Regards,
That's not a full picture. If a penny or nickel was used only once, that's a loss, but knowing they get used over and over for years, the production costs are far less than the cost of having to reproduce more.
The value isn't in the washer. It's in the infrastructure that got you past the checkout counter.
Your indulgence please.
I had a small POS bench top bandsaw that I snagged for free. I just sold it on a local website where I listed the price as $100 but would consider full or partial trade for 9mm’s because my inventory was low. The current retail price being $20/50 rds.
Someone offered me 250 rds. in sealed name brand boxes. I accepted the offer because: I wanted the saw gone, wanted the ammo & it improved my inventory. I also saved time by avoiding the aimless wandering of going store to store with $100 looking at empty shelves. I also didn’t pay tax on the ammo.
Because of the shortages, ammo is becoming the new currency imho.
Yes it’s impractical for large transactions but it’s value won’t diminish given its intended purpose.
This same concept is applicable to other commodities. If the SHTF, cigarette & liquor will become a currency. People w/o these items will ‘sell their children’ for a smoke & a drink. Properly stored, they have a long shelf life. Just my $.02 opinion.
I pay bitcoin at legimate online vendors and for services like vultr. The payments are in their databases or whoever they use (e.g. coinbase). Becuase the payments are visible, my purchases are trivial to figure out along with my gain. I could have laundered the crypto in a variety of ways including through other crypto. But I did not.
I would say mostly they are lazy. Ship out the functionality without regard to security, robustness, or maintainability. Most are paid only for functionality.
The only way you own any cryptocurrency is to have the private key in your possession. That can be a software wallet, a hardware wallet or a QR code printed on piece of paper. It can also be a deterministic key created from a seed which comes from a pass phrase or backup phrase.
Anything other than those, you own nothing.
LOL, never heard that one.
I disagree with the latter.
Become good at it, that’s the key.
You are correct. You always had to declare the sale of bitcoins as the sale of capital asset, but now the IRS is explicitly asking people to do so.
Never confuse what you can get away with, with what is required under the law.
Many are going to be shocked when they find out those bitcoins they bought at $10k and sold at 20k, there is a capital gain of 10k that is taxable, and most likely at the short term holding rate.
And it gets worse. Because they didn’t pay those capital gains taxes on time when due, penalties accrued.
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