Posted on 06/08/2021 10:10:02 AM PDT by C210N
WASHINGTON (Reuters) – U.S. Internal Revenue Service chief Charles Rettig said on Tuesday that Congress needs to provide clear statutory authority for the tax agency to collect information on cryptocurrency transfers valued at over $10,000 that largely go unreported.
“I think we need congressional authority,” Rettig said in testimony to the Senate Finance Committee. “We get challenged frequently, and to have a clear dictate from Congress on the authority for us to collect that information is critical.”
(Excerpt) Read more at wsau.com ...
Agreed. Cryptocurrency is about to be as worthless as the U.S. dollar.
Now I know why the Xi-Biden administration want's to hire all of those new enforcement agents ...
Precious metal-backed crypto and Precious metal-backed currency will replace them.
“Precious metal-backed crypto and Precious metal-backed currency will replace them. “
I doubt that happens.
This is the mainstreaming of crypto currencies in the U.S.
Nope it’s the mainstreaming of cryptocurrencies in the United States.
The rest of the world still trades it.
I doubt it.
However, if you are correct, then gold will be banned once again. Just like it was from 1933 until December of 1974.
If the Feds did it one time, then what makes you think they will not do it again?
Everyone with a Bitcoin purse, cough it up.
Biteme and the Ho need your money.
5.56mm
Oh come on, the IRS breaks the law on just about everything. WTF do they care? Nothing EVER happens to any of them!
It’s not just that cryptocurrencies show just how far off fiat currencies are, it’s that the globalists don’t want commoners benefiting from moving money as the globalists have done for centuries.
That was tried once not too long ago. The Liberty Dollar. I even have a $5 Liberty Dollar somewhere in my archives. Look what happened to them.
"Voluntary" not! When a nation is ruled by grasping lawyers with minds deformed by law school lies like "voluntary tax" proliferate.
Just pass a law.
Better yet. iRS can just do an interpretation requiring 1099 reporting of all crypto transactions. That is how it happens: once there is a law EVERYONE instantly obeys.
Problem solved. Next problem?
Have never bought anything with any of them. Have had them all a long time.
Yes. There is a finite amount of both elements. No, you cannot eat either of them. Yes, you might find them indispensable in the future. But we may see powder, primer, lead and copper more valuable.
There will certainly be a place in a post collapse society for gold & silver, absolutely. I thing though, as you point out, the other items will be in higher demand, at least at first. Those items, along with TP.
Will come the day when you can trade a 100rd box of .22 for a car.
That said, regarding:
There is a finite amount of both elements. No, you cannot eat either of them
We're adding to the supply of both, but there is a fundamental difference on the "eating" of them. In a sense we are eating heavily into the silver supply - as in manufacturing and electronics and industries. A little gold goes there too, but a fraction of the amount of silver. Plus, silver is being held back with market manipulation much more heavily than gold.
I bought a silver ingots in the mid 1970’s for about $45 Last price I saw it was between $350.
The supply of silver is a lot easier to ramp up than the supply of gold. Silver is still an industrial metal.
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