Topic: What if authorities launch a tax for owning bitcoin? - page 3. (Read 630 times)

Here, that would mean paying income tax

claim you mined them this year at a hardware/electric cost of $50k a coin (western electric is higher then eastern europe/asia/slavic countries)

thus no gains.

Here, that would either mean having to report the found jewelry, or paying tax on the gift. There are no easy "loopholes", everything is regulated.

The government may ask how I got my hands on 100k worth of jewelry when I sell it for cash. I can say I found it on the street, or it was given to me by a rich person.

It's just YouTube, but today I ran across a video that mentioned a bitcoin HODL tax.

In order to stop bitcoin, authorities would have to shut down the internet which is impossible. So I predict that their next move is to launch enormous taxes to discourage people from owning bitcoin, and prevent mass adoption as competition for their corrupted CBDC's that still have to be launched. The purpose of their regulations is to take over the entire bitcoin market, of course. They will make you sell, either by launching huge taxes for ownership or by treating the owner of 1 BTC like a drug dealer (prison sentence).

So we need a gameplan against this.

Can we be exposed to taxation or legal penalties when the wallet is reported as stolen? I think not, but I want to be sure.
I don't think you can pay taxes on something you do not officially own. And neither can you pay taxes when you don't have money or own other assets.

I have purchased my first BTC on a regulated exchange with KYC. I don't prefer it because of privacy reasons, but I had no other choice at the time. From there it will go to my coldstorage device, which I consider reporting as stolen if a ownership tax is launched. However, authorities would know the BTC address (exchange will provide it) and every future transaction that came from it. So I could never move the funds after reporting it as stolen (I guess) as this demonstrates they were not stolen.

Can I transfer the BTC from my current address, to an address that no government can ever link to me?

If the government will tax bitcoin hodlers, then where’s decentralization there? I believe as long as bitcoin remains decentralized, no third party will know that you are hodling bitcoin. So it’s useless to say that in order to shut down bitcoin, they will demand bitcoin being taxed, which I think will be highly impossible as no one will surely admit that he’s hodling bitcoin secretly.

Can I transfer the BTC from my current address, to an address that no government can ever link to me?

But what does this mean? Compare it to a gold ETF.
The government wants to control the market. They will do this by taking over the exchanges. One of the things they want at this point, is to force all crypto wallets to apply KYC. They hate the aspect of anonymous wallets. They want to know what you own so they can take it from you or tax the shit out of you.

While the ETF opens the gates to global adoption of BTC, it also means that institutes like Blackrock will do everything in their power to control the market. I expect them to forbid self custody of BTC. You can only buy BTC via their ETF. Meaning they will control all BTC supply. You will not own the BTC by yourself, privately. You will own a contract that says that you own 1 BTC, that they store for you. It is like this with gold. For every bar of gold, there are loads of people who own a contract that says this gold is theirs.

This is how Blackrock rigs all markets and manipulates prices. You are not allowed to own anything. They own it for you and they rig the entire market. If 200 people own the same bitcoin, that eliminates the scarcity which makes bitcoin expensive. They can crash the price this way.

Surely they will have to convince the little people that this is best for them. I expect some terrorist attack of which they will say that it was paid with bitcoin

1.  The government does not want to shut down bitcoin I don't know where you got that from. They approved 11 Bitcoin ETF's a couple days ago.

And if Bitcoin goes to the moon, you won't be able to use it to buy anything big. That's the risk of not paying taxes, you'll end up with black money.

can the government shut down bitcoin if want? it's not possible because bitcoin is not controlled by any government or organization.
if government imposed tax on bitcoin earnings that is fine but it sounds really ridiculous if it's taxed because of holding bitcoin.
dex is the best solution in this situation, you can buy coins and to sell your coins just use p2p feature, government can not trace your wallet.

1.  The government does not want to shut down bitcoin I don't know where you got that from. They approved 11 Bitcoin ETF's a couple days ago.

2.  Yes, you can buy on a KYC exchange and then transfer the funds to an address that the government cannot link you to. Use the bitcoin address of any non-custodial wallet of your choice. You will not get taxed until you move it from that Non-KYC wallet back to an exchange to sell.  That's the best way to go about it in your situation. Reporting anything stolen won't help you.  

I have heard that India applied a 30% tax on Crypto gains or similar things. I don't know the details, but it's ridicules.

If I gain enough from Bitcoin that make me rich, I will visit a country where Bitcoin is legal cash it out there, and send it to my country in a legal way. I have a friend who lives in the Middle east and Bitcoin is legal there.

Who said you can't do that here either? 
Another interesting point in Portugal is that it was never banned. Therefore, everything can be done normally. This issue of taxes on profits obtained in the last year only exists at the moment - easy to deal with.

Either way, in this case you are right. If it is prohibited in the country, no exchange obtains information to give to the government. You will only have problems if you are caught in the act.

The bolded part is the problem. I know it's the kind of problem you're hoping for, but if Bitcoin goes up enough and you're rich in Bitcoins, it sucks not being able to use it.