91–100 of 115 posts
Ah yes, the government mafia wants a bigger cut. A reminder: taxation is theft and slavery. The Crypto movement was created by people who recognize that.
If you really think that, then go live on an island somewhere and stop using our roads and other amenities, please.
As someone with a decent amount of money in crypto, I welcome this. I want to pay taxes on crypto capital gains in a way that makes sense instead of trying to guess my way through it, and I also want clear rules for exchanges, pools, etc. to follow to make reporting easy at tax time.
Is this actually going to help with that though? It sounds like this is just going to force exchanges and businesses to report transfers that are >= $10k to the federal government. In some ways this might make it worse since the federal government will have incomplete information and might audit you because they think you owe taxes when you really don't. That said, I'd also really like to have clearer guidance around…
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Yea, what I don't understand is how something like using ETH to buy another coin should be taxed? I totally get converting it back to dollars and calling that capital gains but trying to tax conversions from one to another seems nutty to me.
The bigger problem is that the automation behind sufficient tracking to make it easier to report is missing - or was. I bought stuff from Bittrex years ago, and I was forced to buy BTC to convert it to buy something else, Bittrex went away (and never cared anyway), so now I have some headaches to report. I'm glad my holdings were small. All this goes away if there's automation and agreement among the exchanges. Of co…
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A private organization (central bank) having a monopoly on printing and lending money to your government is acting "legitimately"? Many that have studied this system would disagree.
Where did you get the assertion that a central bank is a private organization? What evidence do you have for that?
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They won't give it up at all, because there's absolutely no reason for them to. The reason they have this power is because they wield force legitimately, not because fiat is special.
Our nation's ideological self-segregation is proceeding nicely. I don't want to argue with you or change your mind, but I don't want to share a country with you either.
This seems like a positive for the legitimization of cryptocurrency. Of course if you were trying to use it to avoid paying taxes you may feel otherwise. Hopefully it leads better forms and adoption by exchanges to provide useful tax documents.
If "Legitimate" means having to comply with all these regulations and decisions from unelected bureaucrats, then I prefer fringe and bizarre.
Unfortunately for your tastes of fringe and buzzard society and people in it at large prefer stability and regular growth. I like a bit of both. We need the fringe and buzzard for society to grow and change, and as a parent and home owner I like to know that society is stable and that I’m not in danger of losing everything some how.
Anyway, not an easy balance but such is living in a society.
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>"I keep hearing about all these amazing crypto products, yet outside of this very specific scene, where curiously only the VCs and devs involved wax poetic about it, you can never seem to find a real customer talking about their experience." because there is none. A paper[1] described this as 'Veblenian Entrepreneurship'. Being 'in crypto' isn't actually about producing any tangible goods or services, but consuming…
> a way for people to LARP as technologists or entrepreneurs without actually producing anything of use to the general public at large. as someone who likes Words and Terms for things, thank you. It has always rubbed me the wrong way that blockchain enthusiasts use code as a verb. This may sound strange but I find I only use “code“ as a verb for people who do not work in tech to describe what I do. Even introductory…
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You could already do that, but generally the standard deduction is better for most people than whatever they get by itemizing.
GP could likely do it next week if he formed a business entity (Corp, LLC, etc.), which could properly take deductions from the first dollar of expense, as (s)he described. Form the company, fund it with initial capital, then spend on rigs, utilities, & currencies. Your costs are expense-able, profits are taxable, and it all goes on a Schedule C, K, or whatever, depending on your corp type. You can probably take loss…
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>"I keep hearing about all these amazing crypto products, yet outside of this very specific scene, where curiously only the VCs and devs involved wax poetic about it, you can never seem to find a real customer talking about their experience." because there is none. A paper[1] described this as 'Veblenian Entrepreneurship'. Being 'in crypto' isn't actually about producing any tangible goods or services, but consuming…
> a way for people to LARP as technologists or entrepreneurs without actually producing anything of use to the general public at large. as someone who likes Words and Terms for things, thank you. It has always rubbed me the wrong way that blockchain enthusiasts use code as a verb. This may sound strange but I find I only use “code“ as a verb for people who do not work in tech to describe what I do. Even introductory…
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> with all the inevitable pitfalls it will have Exhibit A (which I routinely get downvoted for mentioning on HN, as nobody likes to hear it): Ransomware
Exhibit B: Drugs Sadly you can't buy your getaway car with Bitcoin anymore.