Dodging taxes helps pump bitcoin price?

botany

legendary

Activity: 1582

Merit: 1064

Quote from: WhatTheGox on July 08, 2015, 03:31:28 AM

So when people move from bitcoin to fiat in an exchange and transfer to their banks they likely have to pay capital gains tax since there is nowhere to hide at that point. Does it make it more likely they just buy back into bitcoin again in one of the dodgy exchanges which the tax man would have a hard time policing?

If your windfall is huge enough, you can move to a jurisdiction where capital gains tax is zero (there are plenty like that).
You can stay with Bitcoin and try to spend it. If not, you can move to off-exchange transactions and try to convert your bitcoins to fiat.

johnyj

legendary

Activity: 1988

Merit: 1012

Beyond Imagination

exchange is always a pain point in the whole chain, better forget about them altogether and just use bitcoin to pay

Amph

legendary

Activity: 3248

Merit: 1070

Quote from: faridkifly on August 02, 2015, 08:16:35 PM

how to dodging the taxes?
because i think the tax is very horrible Tongue

stay below a certain amount per year and be payed in bitcoin directly, or via mining or something else but do not touch fiat at all, you cna also use some other anonymous site that can avoid tax

like https://xmr.to/ which work with monero so it's pretty untraceable

AtheistAKASaneBrain

hero member

Activity: 770

Merit: 509

Quote from: HarHarHar9965 on August 03, 2015, 03:52:47 AM

Quote from: faridkifly on August 02, 2015, 08:16:35 PM

how to dodging the taxes?
because i think the tax is very horrible Tongue

Imagine if there were no taxes paid, how do you think would there be an institituion which takes care of the defense system, build roads for you, clear land for you, schools, hospitals, museums, police, fire department, etc? Everybody keeps thinking of dodging taxes because everybody wants to run away from their responsibilities especially financial ones, but as a citizen in a society, its ones' duty to pay taxes.

Paying taxes is good for the things you say, the problem is when:

1) The money that should go to these guys, goes to the rich elites so they can have their coke fueled orgies in expensive yachts.
2) The guys paying the most tax relative to their wealth are the poor.

You can't blame your average poor guy stuck in lower-middle class at best to try pay as little as possible. Only rich people should be paying taxes, otherwise it's impossible for lower classes to ever get out of poverty.

HarHarHar9965

hero member

Activity: 994

Merit: 1000

Quote from: faridkifly on August 02, 2015, 08:16:35 PM

how to dodging the taxes?
because i think the tax is very horrible Tongue

Imagine if there were no taxes paid, how do you think would there be an institituion which takes care of the defense system, build roads for you, clear land for you, schools, hospitals, museums, police, fire department, etc? Everybody keeps thinking of dodging taxes because everybody wants to run away from their responsibilities especially financial ones, but as a citizen in a society, its ones' duty to pay taxes.

faridkifly

sr. member

Activity: 294

Merit: 250

how to dodging the taxes?
because i think the tax is very horrible Tongue

aakashsangwan

hero member

Activity: 994

Merit: 1000

PUGG.io

Yes of course it is also a reason behind the pumping of Bitcoin price.
They can also dodge taxes by using tumbler, which is used by a majority of hackers to transfer the funds from guilty or suspicious address to a new clean address without any traces behind.

rayhan

sr. member

Activity: 378

Merit: 250

be your self

What exactly do you mean by the term "dodgy"? Or in what context are you using it?

WhatTheGox

legendary

Activity: 812

Merit: 1000

Quote from: ?? on ??

Quote from: WhatTheGox on July 08, 2015, 03:31:28 AM

So when people move from bitcoin to fiat in an exchange and transfer to their banks they likely have to pay capital gains tax since there is nowhere to hide at that point. Does it make it more likely they just buy back into bitcoin again in one of the dodgy exchanges which the tax man would have a hard time policing?

Why would you sell your bitcoins first and then buy back on a 'dodgy' exchange?
You can move your bitcoins to the another exchange immediately.
You might have to move via a personal wallet in-between, but that's about it.

To be clear when i say "dodgy" exchange i guess i mean dodgy in the eyes of the mainstream. I dont see the tax man getting access to a site like bitfinex or BTC-e to check your earnings ever.

HigsonPP

full member

Activity: 196

Merit: 100

Exactly what is the use of buying and selling bitcoins , and making the transaction long for no good enough reason . You can just shift to those dodgy exchanges and be done with it.

WhatTheGox

legendary

Activity: 812

Merit: 1000

So when people move from bitcoin to fiat in an exchange and transfer to their banks they likely have to pay capital gains tax since there is nowhere to hide at that point. Does it make it more likely they just buy back into bitcoin again in one of the dodgy exchanges which the tax man would have a hard time policing?

Topic: Dodging taxes helps pump bitcoin price? (Read 822 times)