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Meauxjeaux
Memphis Fan
98563 posts including my alters
Member since Jun 2005
30821 posts

re: DOJ & IRS going after users of Cryptocurrency. They want their "fair share"!
quote:

they can make it very difficult to turn cryptos into anything of tangible value in your actual life

they did it with cash, and cash has real value and use as a currency (unlike cryptos currently)


Until you pay me in crypto for software development and I pay you in crypto for legal services. And such for our friend the restaurantuer our other friends the mechanics.


Meauxjeaux
Memphis Fan
98563 posts including my alters
Member since Jun 2005
30821 posts

re: DOJ & IRS going after users of Cryptocurrency. They want their "fair share"!
quote:

But you are not being taxed on the basis of the asset but rather the gain you realized from the appreciation of said asset.


So now we’re taxing inflation?


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21
Ross
Auburn Fan
Member since Oct 2007
44528 posts

re: DOJ & IRS going after users of Cryptocurrency. They want their "fair share"!
quote:

Delusional. The UK is already telegraphing the intention to crush it like a bug.


Given the rates of adoption globally, I find it probable that you are the one in denial.


SlowFlowPro
Stanford Fan
Simple Solutions to Complex Probs
Member since Jan 2004
381426 posts
 Online 

re: DOJ & IRS going after users of Cryptocurrency. They want their "fair share"!
quote:

Until you pay me in crypto for software development and I pay you in crypto for legal services. And such for our friend the restaurantuer our other friends the mechanics.

You're still missing the next step after payment.

Drug dealers making the equivalent of our salaries have to launder money (or live much differently than you or I) to spend it. For all the autonomy, cryptos can theoretically be regulated much easier than cash can (at the point of conversion into tactile goods).


Bunk Moreland
Michigan Fan
Member since Dec 2010
36197 posts

re: DOJ & IRS going after users of Cryptocurrency. They want their "fair share"!
Ha, funny you mention that. In all of the fear about electronic currency, I've thought "how will drug dealers/the government pay/receive payment for drugs/guns." A dirty wall street secret is how much drug money pumps up our economic system.


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Captain Rumbeard
LSU Fan
Member since Jan 2014
2391 posts

re: DOJ & IRS going after users of Cryptocurrency. They want their "fair share"!
quote:

They can’t stop this thing


You have to be kidding


They actually can't. SEC head recently admitted it. All they can do is what they're doing. Trying to tax you as you hit the offramp back to dollars. And if they push that too hard, they won't even get that. There's too many privacy options available like Monero. We're living in a new world with the internet and it's global. The only way they could stop crypto is to shut off the internet. And if they ever fired it back up, it would all still be there and working same as before.


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20
Ross
Auburn Fan
Member since Oct 2007
44528 posts

re: DOJ & IRS going after users of Cryptocurrency. They want their "fair share"!
quote:

You're still missing the next step after payment.

Drug dealers making the equivalent of our salaries have to launder money (or live much differently than you or I) to spend it. For all the autonomy, cryptos can theoretically be regulated much easier than cash can (at the point of conversion into tactile goods).


Assuming the IRS actually had the resources in which to audit enough middle class people that wish to exchange crypto to any degree, and assuming these efforts were enough to dissuade people from trading with it domestically, two assumptions I am not a believer in; I still am not super sure how you’d stop me from buying products internationally with crypto and having it shipped to me.

Feels like the law of unintended consequences could pop up and bite the USA hard if they went this route you are describing. The market has a tendency to figure these things out when there is adequate demand.
This post was edited on 5/9 at 6:34 pm


bamarep
Alabama Fan
Member since Nov 2013
49191 posts

re: DOJ & IRS going after users of Cryptocurrency. They want their "fair share"!
As a crypto investor, only a fricking idiot would think that transactions that are done solely via electronic means would be free of IRS scrutiny.


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the LSUSaint
LSU Fan
Member since Nov 2009
13117 posts

re: DOJ & IRS going after users of Cryptocurrency. They want their "fair share"!
Lol

It's a currency. Do you get taxed if you buy pesos and exchange them for higher amounts later?

No


ImaObserver
Member since Aug 2019
1210 posts

re: DOJ & IRS going after users of Cryptocurrency. They want their "fair share"!
Bitcoin mania reminds me of the Dutch tulip bulb mania of many years ago. When the the market mania reached it's peak and demand faded away, the public finally realized that they truly had only nominal value and then the bottom truly fell out. Many families, some of whom had sold or mortgaged their homes and businesses in order to obtain cash to invest in tulip bulbs, ended up cooking and eating their life savings in the form of cooked tulip bulbs and even then they were disagreeable tasting even of properly prepared.
How do you cook Dogecoin or Bitcoin bits and bytes to get tasty and nutritious bites for your family?


Big4SALTbro
Member since Jun 2019
7207 posts

re: DOJ & IRS going after users of Cryptocurrency. They want their "fair share"!
Ross,

you are under the assumption the gov gives one frick about any rules. They will do what they want and kill who they want to get answers


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01
Jorts 'R Us
Member since Aug 2013
13749 posts

re: DOJ & IRS going after users of Cryptocurrency. They want their "fair share"!
quote:

Lol

It's a currency. Do you get taxed if you buy pesos and exchange them for higher amounts later?

No


Try again
This post was edited on 5/10 at 12:24 pm


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CFB_Fanatic
Arkansas Fan
Member since Aug 2016
1230 posts

re: DOJ & IRS going after users of Cryptocurrency. They want their "fair share"!
While I agree and see what you are saying, but how do you ever plan to use any of these cryptos? Everything is pegged to and measured to the USD.

You cant go down to the car dealership and buy a new car with DOGE. You need some kind of Crypto->Fiat onramp.


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League Champs
Bayou Self
Member since Oct 2012
9197 posts

re: DOJ & IRS going after users of Cryptocurrency. They want their "fair share"!
quote:

I still am not super sure how you’d stop me from buying products internationally with crypto and having it shipped to me.

You cannot purchase/rent a house, lease/own an automobile, obtain healthcare, eat at a restaurant, purchase groceries, pay traffic fines, car registration, etc by only trading overseas. That's the exact reason why criminal enterprises are forced to launder funds. They have to find a path to usage. You might end up with $12 billion in BTC sitting in a wallet til you die, because you have absolutely no way to participate in the coming economy. Its eerily foretold in the back of the Bible, "you will not buy or sell without the mark". Every transaction worldwide will become part of a blockchain, and only allowed if your transaction has been stamped for approval.

I bought a truck this morning. After my trade in, I wrote a $24,000+ check, along with my bank account and routing numbers, copy of my drivers license with home address on it, and a form filled out with my SS# that was sent to the Treasury Department. All because I used fiat currency over a set limit.

So if you plan to pay for a house, a newer car, or any taxes associated with them, you will only do it with the authorized crypto of the US government. And guess what? The same rules will apply to any of your international purchases by the government in that country. There will be no hiding your transactions. They will be recorded instantaneously on the soon coming government block chain.

Remember Napster? It too boasted of ending music purchases worldwide via an untraceable P2P transaction. And yet Napster is now gone, and people are paying more for music than they ever did, via streaming platforms. Cryptocoins are the latest Napster. They will be crushed. Such is life.


tigerpawl
LSU Fan
Can't get there from here.
Member since Dec 2003
18318 posts

re: DOJ & IRS going after users of Cryptocurrency. They want their "fair share"!
quote:

This was always going to happen. I still can’t believe they’ve let crypto get this far.
It's still between me, you, and the fence post. How in the world can they crack that code?

They are totally befuddled by Crypto. Hence the wolves howling. They are truly stumped. Do you sense the desperation here??:"There is no excuse for taxpayers continuing to fail to report the income earned and taxes due from virtual currency transactions".

It's all about losing power.


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21
Captain Rumbeard
LSU Fan
Member since Jan 2014
2391 posts

re: DOJ & IRS going after users of Cryptocurrency. They want their "fair share"!
quote:

Remember Napster? It too boasted of ending music purchases worldwide via an untraceable P2P transaction. And yet Napster is now gone, and people are paying more for music than they ever did, via streaming platforms. Cryptocoins are the latest Napster. They will be crushed. Such is life.


Napster was a centralized product owned by someone. Crypto is neither of those things. Who you gonna crush? It's obvious you don't understand the subject.

Like I said above, the only thing the government can do is tax you when you hit the off ramp back to fiat. But as we're starting to see, you don't necessarily have to do that as often as you used to, and soon, you might not have to do it at all. I mean Paypal just made it where you can spend it at tens of millions of places that take paypal. Now that's simply a stopgap since paypal also is a centralized third party, and thus someone the government can reach, but that's not where this ends. There are already lots of peer to peer blockchains for trading this stuff. It's why it exists. Buying things with it directly is guaranteed to take over simply because it eliminates the margin loss to the third party. THAT'S THE ENTIRE POINT. It eliminates waste. You don't need a third party.


shawnlsu
LSU Fan
Member since Nov 2011
21279 posts

re: DOJ & IRS going after users of Cryptocurrency. They want their "fair share"!
quote:

not only do the people have an excuse, but they have every right.


You're spot on, but its gonna take more than a couple hundred of us. Based on what I see around me, that isn't happening until comfortable people are made to be uncomfortable. With the fedgov handing out cash, by the time everyone gets even a little uneasy, it will be too late.
Oh, and we already passed the point of no return. Pain and suffering aren't far off.
This post was edited on 5/10 at 2:46 pm


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ninthward
LSU Fan
Boston, MA
Member since May 2007
17634 posts
 Online 

re: DOJ & IRS going after users of Cryptocurrency. They want their "fair share"!
quote:

Drug dealers making the equivalent of our salaries have to launder money (or live much differently than you or I) to spend it. For all the autonomy, cryptos can theoretically be regulated much easier than cash can (at the point of conversion into tactile goods).
Huh? why the frick would a drug dealer do this? they are paid in cash. Any dealer using crypto to launder money is a fricking moron.


Captain Rumbeard
LSU Fan
Member since Jan 2014
2391 posts

re: DOJ & IRS going after users of Cryptocurrency. They want their "fair share"!
Depends on the crypto they are using. If it's Bitcoin, you're right, they're a moron. The whole ledger is public. If it's Monero, that's another story entirely. You could move a lot of money back to country of origin completely safely with no trail to follow.


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SlowFlowPro
Stanford Fan
Simple Solutions to Complex Probs
Member since Jan 2004
381426 posts
 Online 

re: DOJ & IRS going after users of Cryptocurrency. They want their "fair share"!
quote:

You cannot purchase/rent a house, lease/own an automobile, obtain healthcare, eat at a restaurant, purchase groceries, pay traffic fines, car registration, etc by only trading overseas. That's the exact reason why criminal enterprises are forced to launder funds. They have to find a path to usage. You might end up with $12 billion in BTC sitting in a wallet til you die, because you have absolutely no way to participate in the coming economy. Its eerily foretold in the back of the Bible, "you will not buy or sell without the mark". Every transaction worldwide will become part of a blockchain, and only allowed if your transaction has been stamped for approval.

I bought a truck this morning. After my trade in, I wrote a $24,000+ check, along with my bank account and routing numbers, copy of my drivers license with home address on it, and a form filled out with my SS# that was sent to the Treasury Department. All because I used fiat currency over a set limit.

exactly my point


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