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Topic: Questionable wealth because of Crypto - page 8. (Read 1023 times)

hero member
Activity: 1330
Merit: 569
March 16, 2018, 10:32:02 AM
#31
Our Government here will always question people who become rich instantly, sometimes they will relate all the wealth to drugs and smuggling so they can send us to jail for a questionable wealth and not paying taxes. they will do background checking, even if they dont find any illegal activities we did they still think that we do illegal. What if I become rich because of BTC do you think they will believe if I say that its bitcoin that making me rich? How will I explained to them?

If its about government to worry about in your country then I won't bother because over here, government does not care about your life so far you are leaving moderately and the bank has not flagged your account as being engaged in illegal activities. Over here the people that would question you and even judge you are the society including your own family member especially parents who are so much convinced that nothing good can come out from the internet.

Over here, if you want to avoid the scrutiny and judgment no matter the amount you are making from crypto, you just must go to work in the morning and come back at night or you have money without the option of spending to the point of attracting attention of other people just live your life to the standard of the people around you. That is the discriminatory knowledge one needs to face at this time but as we move on, the hope is that it would get better.
newbie
Activity: 56
Merit: 0
March 16, 2018, 10:23:01 AM
#30
If you fear to be rich then don't be.
And if you want to become rich,then ready to face the consequences.
Pay the tax for bitcoin earnings and other transactions too.
Don't do anything illegal with this money you have earned.
Someone here said too if you are rich then you know how to handle officers in a country.
legendary
Activity: 3542
Merit: 1352
Cashback 15%
March 16, 2018, 10:16:53 AM
#29
It would boil down on how are you managing your properties/money. If the government sees that you were able to bought multi-million properties but have declared your income/gains per year at significantly lower amount, then they would have to investigate where were you getting your funds. From where I live, we aren't required to pay taxes from crypto gains, but because I know and I feel that the government would somehow question where am I getting my funds from, even if I have my own business set, I still declared my crypto holdings as a form of an asset just so I'd be safe.
full member
Activity: 420
Merit: 106
March 16, 2018, 08:35:21 AM
#28
Our Government here will always question people who become rich instantly, sometimes they will relate all the wealth to drugs and smuggling so they can send us to jail for a questionable wealth and not paying taxes. they will do background checking, even if they dont find any illegal activities we did they still think that we do illegal. What if I become rich because of BTC do you think they will believe if I say that its bitcoin that making me rich? How will I explained to them?

There is a case in our country that somebody withdraw a large amount of money and he stated that he get it by trading in bitcoin but his statement is not enough to prove his statement he jailed because of money laundering.
full member
Activity: 420
Merit: 105
March 16, 2018, 08:31:01 AM
#27
when you'll be millionaire you will start a new life in another country
all that you will need is the private key of you wallet, nothing more Grin Grin Grin
jr. member
Activity: 210
Merit: 1
March 16, 2018, 08:16:17 AM
#26
Yes indeed its really questionable that a certain person especially who had no job or even just a minimum wage earner will suddenly get rich.People who surrounds you will also suspects you that you might be doing something illegal and about the government its also possible that they will do background checking about you but theres nothing to be worried about it because you arent doing illegal things.If theres someone asking were did you get lots of money just explain it to them until they understand it but if they are still suspicious then let them be and just dont mind them coz they can never harm you unless they have a proof that your doing illegal stuff.
member
Activity: 238
Merit: 10
March 16, 2018, 07:55:56 AM
#25
there is no question why it is questionable if it is real in our world you can get a certain amount and then you can sow a real money when they are withdrawn, they do not become doubtful.
member
Activity: 336
Merit: 10
March 16, 2018, 07:35:52 AM
#24
Really good topic
Wealth from crypto its really questionable for someone who doesn't have any job
But if you be as a bounty hunter you can say it as online marketing and all transaction can be trace from where you get the coin
So calm and keep working hard and make lot of money
member
Activity: 266
Merit: 10
March 16, 2018, 07:20:44 AM
#23
The fact that you can get rich thanks to bitcoin is very simple and all this wealth will lie in your online wallet until you bring it out. Maybe this is called dubious.
legendary
Activity: 1078
Merit: 1011
March 16, 2018, 07:20:26 AM
#22
Our Government here will always question people who become rich instantly, sometimes they will relate all the wealth to drugs and smuggling so they can send us to jail for a questionable wealth and not paying taxes. they will do background checking, even if they dont find any illegal activities we did they still think that we do illegal. What if I become rich because of BTC do you think they will believe if I say that its bitcoin that making me rich? How will I explained to them?

I do not know why this would worry anyone really. If you become rich simply hire a lawyer and/or an accountant to take care of the pesky government affairs such as taxes for you.

Instead, you can be out on the water enjoying your new yacht with some of your new young good looking lady friends.
member
Activity: 196
Merit: 23
Large scale, green crypto mining ICO
March 16, 2018, 07:11:55 AM
#21
Our Government here will always question people who become rich instantly, sometimes they will relate all the wealth to drugs and smuggling so they can send us to jail for a questionable wealth and not paying taxes. they will do background checking, even if they dont find any illegal activities we did they still think that we do illegal. What if I become rich because of BTC do you think they will believe if I say that its bitcoin that making me rich? How will I explained to them?
That is why it is wisest to either keep low profile about your wealth, or report your wealth dutifully and keep low profile all the same.

The problem with people boasting around how rich they have become is that they are easy prey not only for governments, but for fellow people as well: they become victims of theft, burglary, robbery or at least human envy.
full member
Activity: 461
Merit: 101
March 16, 2018, 07:01:11 AM
#20
Our Government here will always question people who become rich instantly, sometimes they will relate all the wealth to drugs and smuggling so they can send us to jail for a questionable wealth and not paying taxes. they will do background checking, even if they dont find any illegal activities we did they still think that we do illegal. What if I become rich because of BTC do you think they will believe if I say that its bitcoin that making me rich? How will I explained to them?
we do not need to explain to the government how bitcoin owners can become rich because the government already knows about bitcoin. What needs to be explained is the people around us because of course they will ask where our wealth comes from.
We'll for me I rather to keep silent for now and keep on a low profile so that they wouldn't get confused about the what they called questionable wealth because of bitcoin. I would still keep quite and wait till our society knows about bitcoin and besides our government already knows about bitcoin so yes I would never bother to explain my source of income to them.
full member
Activity: 532
Merit: 106
March 16, 2018, 06:57:06 AM
#19
It's easy to say that it comes from Investment in Bitcoins. Your only case is the non-payment of taxes that you will not be detained if you pay them.
We must not be afraid, because we are doing the right thing. But we must also obey the law so we have no problem to deal with.
full member
Activity: 448
Merit: 100
LETS GO ADAB
March 16, 2018, 06:56:54 AM
#18
Our Government here will always question people who become rich instantly, sometimes they will relate all the wealth to drugs and smuggling so they can send us to jail for a questionable wealth and not paying taxes. they will do background checking, even if they dont find any illegal activities we did they still think that we do illegal. What if I become rich because of BTC do you think they will believe if I say that its bitcoin that making me rich? How will I explained to them?

You don't need to tell anyone that you are now rich because of crypto, dont be afraid because you are not doing anything illegal. If someday you become rich, then the government questioned you, just settle and pay your tax of your earning. Just simple as that.
member
Activity: 454
Merit: 13
March 16, 2018, 06:56:42 AM
#17
Our Government here will always question people who become rich instantly, sometimes they will relate all the wealth to drugs and smuggling so they can send us to jail for a questionable wealth and not paying taxes. they will do background checking, even if they dont find any illegal activities we did they still think that we do illegal. What if I become rich because of BTC do you think they will believe if I say that its bitcoin that making me rich? How will I explained to them?

How are you planning to explain your wealth to your government? Have they asked you any questions? Do you think they will in the future? How much money do you think you will make from bitcoin? Why do you think they won't believe you if you tell the truth? I can't really see any problem. You just declare your profits like you do with any business. I don't see that making money from bitcoin is any different. You may need to pay tax on your profits and they would be happy with that.
member
Activity: 266
Merit: 10
March 16, 2018, 06:46:55 AM
#16
For sure they will believe,this is through your local bank that is buying your Bitcoin from you,they are the ones paying into your local bank and you will be investigated from there
member
Activity: 532
Merit: 15
March 16, 2018, 06:21:38 AM
#15
if you pay your taxes and keep your earnings clear, no one, no any government can accuse you.
legendary
Activity: 1526
Merit: 1179
March 16, 2018, 06:12:37 AM
#14
where I live if a bank detects a person's account with the money rising swiftly. And they are going to investigate and ask how the money is earned and whether it violates the law of the government.
That's why it is important to have several bank accounts, and to exactly know what the trigger point of each bank is. I found out that my current bank has a trigger point of €10,000 per month, and €5000 per incoming deposit.

As long as you remain below these trigger points, the bank will **likely** not start an investigation and demand for proof of funds. The only thing is that they can change their terms at any time.

If you just blindly assume that these trigger points are still valid, while in reality they have been lowered, you'll have some explaining to do afterwards. That's why it's better to read their terms carefully before depositing money.
legendary
Activity: 2716
Merit: 1225
Once a man, twice a child!
March 16, 2018, 05:39:14 AM
#13
What if I become rich because of BTC do you think they will believe if I say that its bitcoin that making me rich?
Get rich first before thinking what your defence will be.  Grin

Our Government here will always question people who become rich instantly, sometimes they will relate all the wealth to drugs and smuggling so they can send us to jail for a questionable wealth
Honestly, I have often given this scenario a second thought knowing fully well how massive the gains from cryptocurrency can be if one is right with timely decision of picking a profitable trade or crypto. I shudder at the result. But then we shouldn't deny ourselves such wealth because of what people may say.
member
Activity: 238
Merit: 11
March 16, 2018, 05:37:35 AM
#12
If in Your country there is no criminal penalty for cryptocurrency transactions, the prison does not threaten you. In some States there is criminal responsibility. And the term of imprisonment is up to 12 years.If suddenly regulatory authorities find out that you suddenly become rich you will have to pay tax. And pay a big fine. Remember what the outcome of their activities al Capone. He was put in jail for tax evasion.

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