The End of Anonymity and the Start of Tax Hell for Crypto

leviathon

member

Activity: 392

Merit: 13

Quote from: getme on November 11, 2018, 10:48:27 AM

Governments are dreaming of removing anonymity from Crypto. They see Crypto as a taxable goldmine and they want to cash in.

Any thoughts? Check the post on Medium on the topic.
https://medium.com/tabularasa/the-end-of-anonymity-and-the-start-of-tax-hell-for-crypto-38de53cb04c6?source=friends_link&sk=98093ecd7ca8c2753047cbc656c73936 (link below bypasses the Medium paywall)

Any thoughts?

Not really surprised, I mean did we really think that we were going to get away with not paying taxes on our crypto earnings for a long time? It is also a good thing because if the governments have a way to tax the earnings then they have nothing against making the coins legal for general use which in the long run is a win win for everyone involved

sumangs

full member

Activity: 644

Merit: 101

Quote from: getme on November 11, 2018, 10:48:27 AM

Governments are dreaming of removing anonymity from Crypto. They see Crypto as a taxable goldmine and they want to cash in.

Any thoughts? Check the post on Medium on the topic.
https://medium.com/tabularasa/the-end-of-anonymity-and-the-start-of-tax-hell-for-crypto-38de53cb04c6?source=friends_link&sk=98093ecd7ca8c2753047cbc656c73936 (link below bypasses the Medium paywall)

Any thoughts?

Collecting tax is also knowing the person who uses crypto as payment and it also means that it is not decentralized anymore because there is a person who controls its system. A reason why crypto are made because of anonymouse transaction that leads for a secure contract. Applying tax for it removes a relevant reason why it is made.

great.crypto.finansist

jr. member

Activity: 140

Merit: 1

It was predictable in advance. The governments of the countries certainly will not give up solid revenues to the national budget. The steps to this are already being done - on the crypto exchanges for more than a year, full verification is required for full-fledged trading. This means that at any inopportune moment the crypto exchange, at the request of the security forces, can transmit information about participants in the crypto market.

rozak

sr. member

Activity: 1960

Merit: 273

★Bitvest.io★ Play Plinko or Invest!

Quote from: getme on November 11, 2018, 10:48:27 AM

Governments are dreaming of removing anonymity from Crypto. They see Crypto as a taxable goldmine and they want to cash in.

Any thoughts? Check the post on Medium on the topic.
https://medium.com/tabularasa/the-end-of-anonymity-and-the-start-of-tax-hell-for-crypto-38de53cb04c6?source=friends_link&sk=98093ecd7ca8c2753047cbc656c73936 (link below bypasses the Medium paywall)

Any thoughts?

if the government collects taxes from crypto it means that cripto has been accepted and is not illegal anymore. if that is true I don't think it is a problem because the obligation for us as good citizens must pay taxes, as long as we benefit from it.

JohnMacZeppelin

full member

Activity: 602

Merit: 101

De-anonymization is still really a very terrible thing that comes closer and closer to us, because the closer we move to new facets of cryptocurrency, we move closer to verification of wallets.

Grim149x

full member

Activity: 854

Merit: 100

For me, it's fine not to be anonymous in crypto but I really prefer the convenience and transparency of crypto.

el kaka22

legendary

Activity: 3654

Merit: 1165

www.Crypto.Games: Multiple coins, multiple games

Quote from: getme on November 11, 2018, 10:48:27 AM

Governments are dreaming of removing anonymity from Crypto. They see Crypto as a taxable goldmine and they want to cash in.

Any thoughts? Check the post on Medium on the topic.
https://medium.com/tabularasa/the-end-of-anonymity-and-the-start-of-tax-hell-for-crypto-38de53cb04c6?source=friends_link&sk=98093ecd7ca8c2753047cbc656c73936 (link below bypasses the Medium paywall)

Any thoughts?

I am still welcoming the tax hell and the strict regulations for crypto no matter what. I know it will cripple the economy a bit and make it harder for people to get into bitcoin for tax purposes and works compared to what it used to be but it is still crypto and it still provides the biggest potential for profit. Now in reality traditional ways of making investments like stocks and forex have all these rules anyway so we have to fight them in fair grounds.

It is miles better to be like this than to be anon but seen as a coin that is used for murderers and drug dealers and nothing good. Back in the day that was what bitcoin was and globally known as a dangerous thing. My mom and dad used to call me up and tell me the bad news they saw on media that night and they were scared and always said "try to stay away as much as you can" 4-5 years ago, now they are quite happy that I am in crypto business.

khoapham89

copper member

Activity: 101

Merit: 2

Quote from: getme on November 11, 2018, 10:48:27 AM

Any thoughts? Check the post on Medium on the topic.
https://medium.com/tabularasa/the-end-of-anonymity-and-the-start-of-tax-hell-for-crypto-38de53cb04c6?source=friends_link&sk=98093ecd7ca8c2753047cbc656c73936 (link below bypasses the Medium paywall)

What the bypass paywall? I don't savvy website coding but this is a result when I scan your link with Virus total:

https://www.virustotal.com/#/url/5b20e75ae2334cb7a80c0fbacfbc3650214dcbd50c68d3c06d70f538006e04aa/detection

Who is professional, please check it.

oioioi

jr. member

Activity: 294

Merit: 1

obviously they are angry because the circulation of money in crypto is all the money in the world, they are difficult to detect because crypto has no connection with the government. anyone can have a lot of money without paying taxes

faceoff97

full member

Activity: 644

Merit: 113

Quote from: Perfect35 on November 11, 2018, 05:59:35 PM

Quote from: getme on November 11, 2018, 10:48:27 AM

Governments are dreaming of removing anonymity from Crypto. They see Crypto as a taxable goldmine and they want to cash in.

Any thoughts? Check the post on Medium on the topic.
https://medium.com/tabularasa/the-end-of-anonymity-and-the-start-of-tax-hell-for-crypto-38de53cb04c6?source=friends_link&sk=98093ecd7ca8c2753047cbc656c73936 (link below bypasses the Medium paywall)

Any thoughts?

Apart from exchanges, where we give our personally details, projects, most especially ICO and STOs and so on, are gradually making things look more centralized. So i think the governments are achieving their aim and objectives.

People are now missing the point, the anonymity becomes no use for them. Centralized exchanges that requires KYC should be not supported. We should remain in decentralization of blockchain. Holders should remain on freeing themselves from any control. Wallets that are closed source should be promoted like electrum and hodler wallet. Using this kind of storage should be known by many since we have to keep them in the freedom from the control of third trusted party.

CryptoBull31

newbie

Activity: 28

Merit: 0

Just don't be lazy! Don't use KYC/AML centralized exchanges, don't use centralized & censorable shady crypto projects and only decentralized blockchains with long history of adoption like bitcoin or monero, stay away from closed source wallets and only use open source alternatives like HODLER, Electrum or just Bitcoin Qt, and how is the government or anyone else gonna stop it? Bitcoin was designed to not need government for permission. Cool

Perfect35

member

Activity: 854

Merit: 10

Quote from: getme on November 11, 2018, 10:48:27 AM

Governments are dreaming of removing anonymity from Crypto. They see Crypto as a taxable goldmine and they want to cash in.

Any thoughts? Check the post on Medium on the topic.
https://medium.com/tabularasa/the-end-of-anonymity-and-the-start-of-tax-hell-for-crypto-38de53cb04c6?source=friends_link&sk=98093ecd7ca8c2753047cbc656c73936 (link below bypasses the Medium paywall)

Any thoughts?

Apart from exchanges, where we give our personally details, projects, most especially ICO and STOs and so on, are gradually making things look more centralized. So i think the governments are achieving their aim and objectives.
We are in a time where cryptocurrency that ought to be private is no longer private. Altmost everything we want to do now involves giving out personal data.

bhadz

hero member

Activity: 2520

Merit: 568

Payment Gateway Allows Recurring Payments

They can't remove the anonymity of crypto's but they can tax it. This is where the reality goes, everything that can be a source of income for the people is taxable by the government. They just have to amend a law that allows their government to tax the crypto profits of their citizen. And this is already happening though not directly, responsible tax payers are declaring their profit online though crypto's isn't recognized by the government they just declare it voluntarily.

Noobaru

jr. member

Activity: 504

Merit: 3

And what will be done regarding decentralized exchanges? Probably not much, because it can't be done. Everyone can set up their own exchange and people can trade whereas with digital dollars it is not so since they go through your bank.

Saint1990

member

Activity: 196

Merit: 11

In my country still government haven't given any clear set of regulation on cryptocurrency and banned transaction from banking and for the same still verdict is going. But in countries like USA, JAPAN, Russia, canada etc tax is liable on the cryptocurrency trading. Also recently there was news about IDEX is implementing AML,/KYC on their platform due to order from the SEC and I feel other DEX will also follow this parh which will result death of an Anonymity and privacy of the traders.

crimsongoth

member

Activity: 588

Merit: 18

The taxation of states is a major problem for the crypto world. But it seems a little difficult for them to remove the anonymity created by the blockchain technology.

liquidbrain

member

Activity: 224

Merit: 10

of course, the government is not interested in the population becoming richer and not sharing with the state. although people have already erased these boundaries and people live in different countries, but the government is a separate state within the state with its aggressive plans.

Collinberg

member

Activity: 407

Merit: 14

Collectrix-Bridgin the physical and Virtual worlds

Anonymity is one of the bedrocks of Cryptocurrency, how can you say it is truly decentralised and untraceable when your identity is linkedin to it? If they succeed, it would be more than just a loss of privacy, it would be a little death to crypto.

Semosuchi Tesongrato

member

Activity: 546

Merit: 33

Rasputin Party Mansion

Desire is one thing, the realization of desire, another.
Governments can also threaten and find people willing to be frightened, but with a little attention and technology, the crypto will continue to be anonymous, for those who want to.

Luvr1000

member

Activity: 504

Merit: 10

I think that the state will be able to do this, they have repeatedly shown that they can influence cryptographic markets, let's hope that everything will end well for

Topic: The End of Anonymity and the Start of Tax Hell for Crypto (Read 300 times)