Earlier quoted context omitted.
BTC can be tracked better than cash
So why are ransomware hackers never prosecuted?
Because they live and operate in jurisdictions without extradition treaties.
Senators move to exempt Bitcoin, crypto miners from proposed U.S. tax rules
31–40 of 247 posts
Re: Senators move to exempt Bitcoin, crypto miners from proposed U.S. tax rules
#32Re: Senators move to exempt Bitcoin, crypto miners from proposed U.S. tax rules
#33Obviously HN community is down on crypto. This exemption is a sign that Bitcoin is getting closer to the mainstream of finance. Like most flanker-moves, Governments should be incorporating it in to their tax policies rather than shunning it. Cannabis is a good proxy, states can keep it illegal and not make tax revenue or they can legalize it, control it and tax it. The feds should do the same. Same for crypto, keepin…
> This exemption is a sign that Bitcoin is getting closer to the mainstream of finance. I think it’s more a sign that crypto is mainstream finance now. Specifically, the type that has enough money sloshing around at the top to warrant lobbying efforts and mingling with the finances of regulators. > Same for crypto, keeping it on the fringes will only help illegal enterprises and rogue nations use it to bypass sanctio…
Sure, there are substantive differences between Crypto and Cannabis, the point I was trying to make is that Bitcoin is beyond the tipping point. The point that makes sense to bring it into the fold. Secondly, if the USA is seen to be focussed on legitimizing crypto then this would be a signal to NK / RU hacking groups that US Government Agencies are taking an active interest and including it in their daily operational scope. Given the tentacles of US enforcement, this could help limit use of BTC (not all crypto) for illicit purposes.
Re: Senators move to exempt Bitcoin, crypto miners from proposed U.S. tax rules
#34Obviously HN community is down on crypto. This exemption is a sign that Bitcoin is getting closer to the mainstream of finance. Like most flanker-moves, Governments should be incorporating it in to their tax policies rather than shunning it. Cannabis is a good proxy, states can keep it illegal and not make tax revenue or they can legalize it, control it and tax it. The feds should do the same. Same for crypto, keepin…
What is most significant about this is that all crypto bills have died in committee before now. And suddenly, all at once, crypto is being debated on the floor of the whole senate in a bill that the President wanted. They are recognizing it as a distinct asset class that is able to have attributes of other asset classes. This means old money has to wake up now.
> In the sociological sense, recuperation is the process by which politically radical ideas and images are twisted, co-opted, absorbed, defused, incorporated, annexed or commodified within media culture and bourgeois society, and thus become interpreted through a neutralized, innocuous or more socially conventional perspective. More broadly, it may refer to the cultural appropriation of any subversive symbols or ideas by mainstream culture.
Re: Senators move to exempt Bitcoin, crypto miners from proposed U.S. tax rules
#35Obviously HN community is down on crypto. This exemption is a sign that Bitcoin is getting closer to the mainstream of finance. Like most flanker-moves, Governments should be incorporating it in to their tax policies rather than shunning it. Cannabis is a good proxy, states can keep it illegal and not make tax revenue or they can legalize it, control it and tax it. The feds should do the same. Same for crypto, keepin…
Isn't crypto a direct threat to their power? If finance can't be tracked it can't be taxed. If it's mainstream more and more people could potentially switch to crypto, which would reduce their tax collections. Just theorizing. I have no idea if this would happen.
> Isn't crypto a direct threat to their power?
It isn't since it doesn't change property relations. It is more of a "different asset" they could own and speculate with.
> If finance can't be tracked it can't be taxed.
Crypto-tokens are very traceable and most can be deanonymized by forensic accountants.
> If it's mainstream more and more people could potentially switch to crypto, which would reduce their tax collections.
It wouldn't and most people aren't savy enough in cybersecurity to avoid having their tokens stolen. (And most protocols don't have a chargeback or recovery mechanism)
Re: Senators move to exempt Bitcoin, crypto miners from proposed U.S. tax rules
#36Re: Senators move to exempt Bitcoin, crypto miners from proposed U.S. tax rules
#37Earlier quoted context omitted.
> This exemption is a sign that Bitcoin is getting closer to the mainstream of finance. I think it’s more a sign that crypto is mainstream finance now. Specifically, the type that has enough money sloshing around at the top to warrant lobbying efforts and mingling with the finances of regulators. > Same for crypto, keeping it on the fringes will only help illegal enterprises and rogue nations use it to bypass sanctio…
Sure, there are substantive differences between Crypto and Cannabis, the point I was trying to make is that Bitcoin is beyond the tipping point. The point that makes sense to bring it into the fold. Secondly, if the USA is seen to be focussed on legitimizing crypto then this would be a signal to NK / RU hacking groups that US Government Agencies are taking an active interest and including it in their daily operationa…
> the point I was trying to make is that Bitcoin is beyond the tipping point
It’s no longer about Bitcoin. It’s about alternative asset classes. I think the new ventures in the crypto space have realized that BTC is old news and that the real money is in creating endless new crypto assets and ventures.
Re: Senators move to exempt Bitcoin, crypto miners from proposed U.S. tax rules
#38They want to exempt miners who are making Bitcoin from paying taxes on it? Why? They are making revenue from this activity. Of course they should pay taxes on that revenue.
This makes no sense at all.
Re: Senators move to exempt Bitcoin, crypto miners from proposed U.S. tax rules
#39Re: Senators move to exempt Bitcoin, crypto miners from proposed U.S. tax rules
#40Earlier quoted context omitted.
BTC can be tracked better than cash
So why are ransomware hackers never prosecuted?
Usually it involves conversion of illegally gained assets into untraceable cryptocurrencies such as XMR (Monero) and then subsequent funneling and conversion of those assets back into USD via offshore exchanges.
IRS is offering $625,000 USD to anyone that can crack the Monero algorithm [1].
[1] https://www.forbes.com/sites/kellyphillipserb/2020/09/14/irs...