48-nation bloc to crack down on using crypto assets to avoid tax
1–10 of 116 posts
Re: 48-nation bloc to crack down on using crypto assets to avoid tax
#2> ... and a lousy store of value
I expect this to be true eventually, but so far Bitcoin has been doing OK as a store of value. Unless people bought in the relatively short peaks, HODLers aren't losing crazy amount of money and one could reasonably anticipate that it'll reach $60k/bitcoin again in the near future.
There seem to be people convinced that the crypto types are coming out a long way behind but I'm not really seeing it in the prices. It isn't as stable as the gold market, but it is easy to draw loose comparisons and acquiring/storing crypto is a lot more normal-person-friendly. It also looks like a strong bet in politically uncertain situations; if there is one asset I'd want when fleeing a country it'd be crypto.
Re: 48-nation bloc to crack down on using crypto assets to avoid tax
#3Think it is interesting that (British linked) tax havens have signed up to this too - but I guess this is more down to them still wanting a piece of the tax action, than any ethical concerns.
Original document: https://www.oecd-ilibrary.org/taxation/international-standar...
Re: 48-nation bloc to crack down on using crypto assets to avoid tax
#4> ... and a lousy store of value I expect this to be true eventually, but so far Bitcoin has been doing OK as a store of value. Unless people bought in the relatively short peaks, HODLers aren't losing crazy amount of money and one could reasonably anticipate that it'll reach $60k/bitcoin again in the near future. There seem to be people convinced that the crypto types are coming out a long way behind but I'm not rea…
"crypto types" isn't just bitcoin, and most crypto currencies, and most NFTs have crashed to basically zero.
You are right that bitcoin, and a couple of others, are staying strong.
Re: 48-nation bloc to crack down on using crypto assets to avoid tax
#5> ... and a lousy store of value I expect this to be true eventually, but so far Bitcoin has been doing OK as a store of value. Unless people bought in the relatively short peaks, HODLers aren't losing crazy amount of money and one could reasonably anticipate that it'll reach $60k/bitcoin again in the near future. There seem to be people convinced that the crypto types are coming out a long way behind but I'm not rea…
I was talking to a very pro-crypto friend - part of my (sour grapes) issue with Bitcoin is that is actually a pretty impractical way to purchase items day to day - but he pointed out that this is more of a feature than a bug.
He likened it to buying and selling physical gold as a store of value, I hadn't thought of it that way before.
I am still stinging from not buying in when I first became aware of it (approx. $1 at the time) - but I honestly could have bought in at any point of the last 10 years (except the highs of 2021) and still come out in profit.
Re: 48-nation bloc to crack down on using crypto assets to avoid tax
#6> ... and a lousy store of value I expect this to be true eventually, but so far Bitcoin has been doing OK as a store of value. Unless people bought in the relatively short peaks, HODLers aren't losing crazy amount of money and one could reasonably anticipate that it'll reach $60k/bitcoin again in the near future. There seem to be people convinced that the crypto types are coming out a long way behind but I'm not rea…
"crypto types" isn't just bitcoin, and most crypto currencies, and most NFTs have crashed to basically zero. You are right that bitcoin, and a couple of others, are staying strong.
The effect though, by natural flows, is the things are collapsing are almost automatically the fringe plays. At worst, soon forgotten. Something similar happens in the stock market, the winners are so large and win so hard that the losers are almost irrelevant.
All the crypto I own are behaving with downright steady prices. It has been a boring ride for me so far. The risk of me losing large value quickly seems to have more to do with my questionable key-keeping practices than the market.
Re: 48-nation bloc to crack down on using crypto assets to avoid tax
#7What is the mechanism for “crypto assets to avoid tax?”
Re: 48-nation bloc to crack down on using crypto assets to avoid tax
#8The article has little info about what actually was agreed upon. All it says is these countries will share info. Blockchains are already public. So what will they be sharing?
Re: 48-nation bloc to crack down on using crypto assets to avoid tax
#9Now do "international convention to spend tax revenues more prudently."
Re: 48-nation bloc to crack down on using crypto assets to avoid tax
#10> ... and a lousy store of value I expect this to be true eventually, but so far Bitcoin has been doing OK as a store of value. Unless people bought in the relatively short peaks, HODLers aren't losing crazy amount of money and one could reasonably anticipate that it'll reach $60k/bitcoin again in the near future. There seem to be people convinced that the crypto types are coming out a long way behind but I'm not rea…
I was talking to a very pro-crypto friend - part of my (sour grapes) issue with Bitcoin is that is actually a pretty impractical way to purchase items day to day - but he pointed out that this is more of a feature than a bug. He likened it to buying and selling physical gold as a store of value, I hadn't thought of it that way before. I am still stinging from not buying in when I first became aware of it (approx. $1…
There's a large amount of copium regarding this.
In no way is it a feature that Bitcoin transactions are expensive. At best it's a negative that that's acceptable given the other benefits.