Crypto Currency Mining a Giant Pyramid Scheme?

[Sanwizard]

It's a pretty safe bet that almost any Country is going to Regulate and Tax an Investment at some point in time.
So it's not a question of "If" but "When".
After all even the Dead are taxed in most Western Countries

Crypto is already taxed. I paid taxes on a sale last year.

 

[robby]

Crypto is already taxed. I paid taxes on a sale last year.

It seems based on conversations that I have heard that a lot of people don't pay taxes on it.
I would imagine it's pretty hard for Governments to trace these transactions?
You know a lot more about it than I do, is there some sort of mechanism in place or is it working on the honor system?

 

[Batvette]

Last peg to gold was IIRC $35 per oz. Now at $17,000+ per oz. And gold is still being mined.

Theres supposed to be a huge asteroid miles across made mostly of gold and platinum that NASA is exploring. I propose we send a spacecraft with a nuke on it to nudge it on to a collision course with earth. When it lands we can all gather round and be rich!
I dont see how that could go wrong.

 

[Sanwizard]

It seems based on conversations that I have heard that a lot of people don't pay taxes on it.
I would imagine it's pretty hard for Governments to trace these transactions?
You know a lot more about it than I do, is there some sort of mechanism in place or is it working on the honor system?

The blockchain is open for all to see. Also, when you sell crypto out of your wallet, it moves into dollars in your attached bank account. Its all in the open.
The only time its not is when you do a wallet to wallet transfer, but the transaction is still listed in the blockchain. There is an app called cointracker that is used to track all transactions in the blockchain with your wallet ID.

 

[robby]

The blockchain is open for all to see. Also, when you sell crypto out of your wallet, it moves into dollars in your attached bank account. Its all in the open.
The only time its not is when you do a wallet to wallet transfer, but the transaction is still listed in the blockchain. There is an app called cointracker that is used to track all transactions in the blockchain with your wallet ID.

Yes but someone has to have your wallet ID. in order to track you.
Are you saying that the Government can access a master list of ID's that supplies the Names and Locations tied to the Numbers?

 

[Sanwizard]

Yes but someone has to have your wallet ID. in order to track that user.
Are you saying that the Government can access a master list of ID's that supplies the Names and Locations tied to the Numbers?

They can track transactions to a wallet. If anyone cashes out, they can track that transaction also. Cash is actually better if you dont want to leave a trail or are doing something suspicious.
The whole Crypto is used for thieves crap is the same as thieves who use cash.
If i use crypto to cash out, buy gold or real estate, the transaction is out in the open and taxed.

 

[robby]

They can track transactions to a wallet. If anyone cashes out, they can track that transaction also. Cash is actually better if you dont want to leave a trail or are doing something suspicious.
The whole Crypto is used for thieves crap is the same as thieves who use cash.
If i use crypto to cash out, buy gold or real estate, the transaction is out in the open and taxed.

So basically the Government cannot really track anything but they will notice if you suddenly bought a Porsche 911 and inquire as to where that money came from.

 

[Sanwizard]

So basically the Government cannot really track anything but they will notice if you suddenly bought a Porsche 911 and inquire as to where that money came from.

You can already just buy the Porsche 911 with Bitcoin now. Also Bentley, BMW, Tesla, etc. Many auto dealers now accept bitcoin as payment.
My son bought his house with Bitcoin, and I bought mine with Ethereum.
I bought gold and silver with bitcoin also. Thats why I had to pay taxes on it. The IRS tracks those transactions.

 

[Batvette]

You can already just buy the Porsche 911 with Bitcoin now. Also Bentley, BMW, Tesla, etc. Many auto dealers now accept bitcoin as payment.
My son bought his house with Bitcoin, and I bought mine with Ethereum.
I bought gold and silver with bitcoin also. Thats why I had to pay taxes on it. The IRS tracks those transactions.

This is what i found on that

What To Know About Buying a Car With Bitcoin | Capital One Auto Navigator

Is buying a car with bitcoin possible? If you're in the market for a new or used car, the answer may surprise you.

www.capitalone.com

Not so easy.

 

[Sanwizard]

This is what i found on that

What To Know About Buying a Car With Bitcoin | Capital One Auto Navigator

Is buying a car with bitcoin possible? If you're in the market for a new or used car, the answer may surprise you.

www.capitalone.com

Not so easy.

Yeah, I bought my Alienware laptop for two and a half bitcoins when it was $600 per bitcoin. Its now the most expensive laptop on the planet!

 

[Batvette]

Yeah, I bought my Alienware laptop for two and a half bitcoins when it was $600 per bitcoin. Its now the most expensive laptop on the planet!

You cant get a refund.
I bought a fancy msi raider laptop a couple of years ago, with ssd upgrade i had $2100 in it. Sold it on FB marketplace for $1200 11 months later.
I just wanted to fire it up once a week and play a couple games for an hour or two. Impossible. Everything always updating every time, just not that into it.

 

[Batvette]

So basically the Government cannot really track anything but they will notice if you suddenly bought a Porsche 911 and inquire as to where that money came from.

You found that guys hard drive in the landfill.