Topic: Use for bitcoin: Hiding assets from government - page 3. (Read 7626 times)
Governments are dishonest. There is no honor amongst thieves.
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It's all fun and games until somebody loses an eye
Hi all. Perhaps this has been discussed before (in which case I am sorry for repeating) but I was just thinking about how people can use bitcoins to hide their assets from prying eyes.
Usually when talking about hiding assets from government, people refer to rich individuals. I would propose that this use of bitcoin could be used by poorer people as well. I remember seeing an application for some government help program (might have been medicaid) where one is inelgible for the program if one has more than $3000 in assets. To me this seems like a very small amount, just a couple month's expenses. If I had that much money and no job, the government aid would look very helpful, but since I have a savings I am inelgible until later, when my position is even more precarious. So I could swap some money for bitcoin to hide the value, then report to the government that my assets are below the threshhold and get the aid.
I admit this is a bit dishonest.
Thoughts?
-Peter-
Usually when talking about hiding assets from government, people refer to rich individuals. I would propose that this use of bitcoin could be used by poorer people as well. I remember seeing an application for some government help program (might have been medicaid) where one is inelgible for the program if one has more than $3000 in assets. To me this seems like a very small amount, just a couple month's expenses. If I had that much money and no job, the government aid would look very helpful, but since I have a savings I am inelgible until later, when my position is even more precarious. So I could swap some money for bitcoin to hide the value, then report to the government that my assets are below the threshhold and get the aid.
I admit this is a bit dishonest.
Thoughts?
-Peter-
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