Do you think privacy coins are intended to allow tax evasion?

emoji00

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Quote from: btcgreen63 on January 19, 2018, 09:30:43 PM

It's intended to keep monetary transactions private, for many reasons. Currencies like Bitcoin are pseudonymous, not anonymous. For example, if a corporation did all its business in Bitcoin, the corporation's competitors could get a sense of how much the company is spending, perhaps including a breakdown of where the money is going.

If your salary is in Bitcoin, do you want that out in the open on the public Bitcoin ledger?

Fiat currency has privacy because there are laws preventing your bank, for example, from openly publishing how much you have and how much you get from your employer.

These privacy coins are attempting to bring that type of privacy to the cryptocurrency market.

Fiat currencies are not private at all! In fact most banks are required to KYC heavily and for sure to report to the government all information. Privacy is more related to governments than to you neighbour knowing your salary.

logosobscura

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Yeah, and laundering, and many other completely legal things- not everyone wants everyone knowing the exact balance of their account or what they bought ever second of the day. Public ledgers do show exactly what you're disposition is and who you sent money to- but it's only bubble up the situation that has existed with banks since the late 80s- they know everything about your spending (and they use it to sell you more, it's pretty disgusting from the inside to be honest).

But, true privacy coins will be the excuse Crypto gets cracked down on along with mutterings about 'terrorism'. There isn't a chance in hell governments won't react severely to them, and by association anything based off the blockchain.

btcgreen63

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It's intended to keep monetary transactions private, for many reasons. Currencies like Bitcoin are pseudonymous, not anonymous. For example, if a corporation did all its business in Bitcoin, the corporation's competitors could get a sense of how much the company is spending, perhaps including a breakdown of where the money is going.

If your salary is in Bitcoin, do you want that out in the open on the public Bitcoin ledger?

Fiat currency has privacy because there are laws preventing your bank, for example, from openly publishing how much you have and how much you get from your employer.

These privacy coins are attempting to bring that type of privacy to the cryptocurrency market.

ejhayehm

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Just like Verge, they have a Wraith Protocol in which users have an option to whether their transactions will be transparent or in private. This option is good and it all depends on the user but I do really think bad people will take advantage of this feature to avoid tax and other reasons.

emoji00

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Quote from: djpitagora on January 09, 2018, 05:23:52 AM

Quote from: emoji00 on January 07, 2018, 01:24:40 PM

Quote from: cryptohunter on January 05, 2018, 12:26:32 PM

governments will simply wise up soon and forget capital gains and income tax and just slap VAT and other unavoidable pay as you use taxes on everything ... best way

So, they will just rise VAT and forget about income tax to protect themselves. Do you think that a parallel economy based on just private crypto transactions is possible? That is at least in some countries were controls are not as tight?

either that or ban privacy coins. There is always that danger that some US clown under terrorism prevention excuse will ban and do a crackdown on it. I'm still not conviced the coins with ring signatures really can't be traced by the government as claimed, but even then, they can arrest you when you pick up the stuff. It all depends what the punishment would be: slap on the wrist or hard time.

I really don´t know much about tax evasion frankly, but people who keep their money in tax heavens need to eventually spend it. Do they have private credit cards?

djpitagora

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Quote from: emoji00 on January 07, 2018, 01:24:40 PM

Quote from: cryptohunter on January 05, 2018, 12:26:32 PM

governments will simply wise up soon and forget capital gains and income tax and just slap VAT and other unavoidable pay as you use taxes on everything ... best way

So, they will just rise VAT and forget about income tax to protect themselves. Do you think that a parallel economy based on just private crypto transactions is possible? That is at least in some countries were controls are not as tight?

either that or ban privacy coins. There is always that danger that some US clown under terrorism prevention excuse will ban and do a crackdown on it. I'm still not conviced the coins with ring signatures really can't be traced by the government as claimed, but even then, they can arrest you when you pick up the stuff. It all depends what the punishment would be: slap on the wrist or hard time.

emoji00

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Quote from: cryptoux on January 05, 2018, 12:29:58 PM

Quote from: emoji00 on January 05, 2018, 12:19:41 PM

The surge in private cryptos that don´t have rich lists and are from very difficult to impossible to trace are growing. Monero is a classic as well as ZCash and there are newer ones as Electroneum, tokenpay, verge, deep onion etc...

Do you think this is intended to allow cryptousers to have a way to avoid taxes? Do you think this is practical as in the end you have to convert to fiat nowadays...?

Yes privacy coins is still practical nowadays if and only if you are hiding your identity to buy/sell illegal things like drugs.

But what about anyone that is not into those business. Many people around the world are concerned because they pay their taxes and they see that others, richer normally, don´t.

emoji00

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Quote from: cryptohunter on January 05, 2018, 12:26:32 PM

governments will simply wise up soon and forget capital gains and income tax and just slap VAT and other unavoidable pay as you use taxes on everything ... best way

So, they will just rise VAT and forget about income tax to protect themselves. Do you think that a parallel economy based on just private crypto transactions is possible? That is at least in some countries were controls are not as tight?

cryptoux

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Quote from: emoji00 on January 05, 2018, 12:19:41 PM

The surge in private cryptos that don´t have rich lists and are from very difficult to impossible to trace are growing. Monero is a classic as well as ZCash and there are newer ones as Electroneum, tokenpay, verge, deep onion etc...

Do you think this is intended to allow cryptousers to have a way to avoid taxes? Do you think this is practical as in the end you have to convert to fiat nowadays...?

Yes privacy coins is still practical nowadays if and only if you are hiding your identity to buy/sell illegal things like drugs.

cryptohunter

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governments will simply wise up soon and forget capital gains and income tax and just slap VAT and other unavoidable pay as you use taxes on everything ... best way

KryptoKai

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Not just tax evasion, it is for those who prefer or require privacy. Some are being exploited by criminals who are moving away from bitcoin now, i don't know if they are driving up the prices but john mcafee said privacy coins will be big in 2018. Add XSPEC to that list which is thee most private coin on the market

emoji00

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The surge in private cryptos that don´t have rich lists and are from very difficult to impossible to trace are growing. Monero is a classic as well as ZCash and there are newer ones as Electroneum, tokenpay, verge, deep onion etc...

Do you think this is intended to allow cryptousers to have a way to avoid taxes? Do you think this is practical as in the end you have to convert to fiat nowadays...?

Topic: Do you think privacy coins are intended to allow tax evasion? (Read 123 times)