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Early Bitcoin Investor Roger Ver Charged with Tax Fraud

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Re: Early Bitcoin Investor Roger Ver Charged with Tax Fraud

#81

Post by lawn »

repomies69 wrote: post #9
YugyDugan wrote: post #4

Earlier quoted context omitted.

[dead]

Bitcoin has worked for me all right for 10+ years. What is exactly wrong with it? At times fees have been a bit higher, but overall I would see the protocol as "good enough". For smaller transactions I have been using Lightning Network and it seems to work all right. The fact that Bitcoin hasn't hard forked for whatever reasons is a positive feature, that outweighs the negatives. You can consider for example Ethereum…

> At times fees have been a bit higher

Fees at $50 per traction is "a bit" higher to you?

Re: Early Bitcoin Investor Roger Ver Charged with Tax Fraud

#82

Post by lawn »

nullc wrote: post #76

Fun fact: Ver's twitter account https://twitter.com/rogerkver/ has the "Government agent" grey checkmark.

Fun fact: Gregory Maxwell (aka nullc) has been on the forefront of the character assassination of Roger, and he can't let this opportunity to take a stab go to waste.

For some insight into the mind of nullc, see his abusive Wikipedia behavior[0].

[0]: https://en.wikipedia.org/w/index.php?title=Wikipedia:Adminis...

Re: Early Bitcoin Investor Roger Ver Charged with Tax Fraud

#83

Post by nullc »

lawn wrote: post #82
nullc wrote: post #76

Fun fact: Ver's twitter account https://twitter.com/rogerkver/ has the "Government agent" grey checkmark.

Fun fact: Gregory Maxwell (aka nullc) has been on the forefront of the character assassination of Roger, and he can't let this opportunity to take a stab go to waste. For some insight into the mind of nullc, see his abusive Wikipedia behavior[0]. [0]: https://en.wikipedia.org/w/index.php?title=Wikipedia:Adminis...

Hello lawn, nice to meet you.

Since apparently some lame edit war on Wikipedia I got into 18 years ago that lasted all of about a day and was shortly forgotten by all is of such apparent interest, perhaps you'd be interested in sharing exactly what you were up to 18 years ago?

In any case, I fail to see how pointing out the he is a government representative-- according to twitter-- is in any way a character assassination.

Re: Early Bitcoin Investor Roger Ver Charged with Tax Fraud

#84

Post by jalapenos »

4hg4ufxhy wrote: post #77
tromp wrote: post #21

Earlier quoted context omitted.

As a Dutch citizen, I can leave the Netherlands to live elsewhere and no longer have to file Dutch taxes. US citizens have an IRS filing requirement even when living abroad. What other countries behave like the US in this regard?

If you have a permanent residence permit in Japan you need to file their taxes annually even when living abroad. In Finland you have to live abroad for 3-4 years until you are not taxed anymore.

The permanent resident permit concerns immigration, not the tax office.

The tax office cares if you have a domicile ("living base") in Japan or possess a residence there for over a year.

Not a tax professional.

Re: Early Bitcoin Investor Roger Ver Charged with Tax Fraud

#85

Post by lawn »

earnesti wrote: post #51
yardstick wrote: post #14

Earlier quoted context omitted.

> Bitcoin has worked for me all right for 10+ years. What is exactly wrong with it? How much of your Bitcoin usage is associated with crypto investments, vs a replacement for traditional bank transfers and expense payments? I think it has worked well for a lot of people as an investment. Not so much as a replacement to normal money.

> I think it has worked well for a lot of people as an investment. Not so much as a replacement to normal money. Replacing normal money altogether would anyway be an huge goal. Personally I believe, long-term Bitcoin is getting there. I've been using it for payments, now and then, for about 10 years. Mostly as an experiment, but sometimes it also is more convenient to pay with BTC. In general there has been slow, but…

> The biggest issue was the early misconception of it being good for microtransactions.

It used to be fantastic for regular transactions, such as paying on Steam or to Stripe.

But alas both Steam and Stripe dropped support for Bitcoin due to high fees and long waiting times due to blocks being backlogged.

Adoption for Bitcoin payments peaked years ago.

Re: Early Bitcoin Investor Roger Ver Charged with Tax Fraud

#86

Post by _1_1_1_1_1_1_ »

blackhawkC17 wrote: post #12

> Around that time, Ver allegedly took possession of those bitcoins and in November 2017 sold tens of thousands of them on cryptocurrency exchanges for approximately $240 million in cash. > Even though Ver was not then a U.S. citizen, he was still legally required to report to the IRS and pay tax on certain distributions such as dividends from MemoryDealers and Agilestar, which were U.S. corporations. > In total, Ver…

[dead]

Re: Early Bitcoin Investor Roger Ver Charged with Tax Fraud

#87

Post by nootropicat »

andrewstuart wrote: post #23

Look, if you owe lots of tax its because you made lots of money. Pay the tax, be happy. I just don't get why some people are so obsessed with not paying tax. You don't have to pay tax when you didn't earn money so stop being so stingy. I know lots of people who go to extraordinary lengths to reduce the amount of tax they will pay even if it means they end up with less money in their pocket . It's crazy. Needing to pa…

Not paying taxes is the single best thing anyone can do. You can get an average market return and you will still move up, relatively, because most people pay taxes. Often it's the difference between having to work or not.

Old money doesn't pay taxes through international arrangements. It's only for the working and lower middle class. Gifts from foreign people, companies and trusts are completely tax free in America for example. It's not talked about unlike bullshit minimum taxes on new money because same people controlling the media use it.

Income tax is primarily designed to keep elites in power and to prevent social mobility, they don't have to do anything special, not paying taxes over decades is an incredible advantage. If you start poor the only realistic option is to risk evasion until you make enough to start not paying legally, and the limitations period on tax evasion runs out.

Re: Early Bitcoin Investor Roger Ver Charged with Tax Fraud

#88

Post by chrisdbanks »

Atropos wrote: post #47
chrisdbanks wrote: post #29

Earlier quoted context omitted.

Even Germany which is an EU member has an exit tax when moving to another EU country. This is theoretically against the EU's principle of free movement of capital. According to EU law, any restrictions on the movement of capital or payments—either within the EU or between EU and non-EU countries—are generally prohibited. However, somehow Germany gets away with it.

It is a bit different though, because the German exit tax applies to companies and people holding more than a 1% share in a company. So no exit tax if you hold bitcoins as part of your private assets... Agreed that there is some tension with EU principles, but it is difficult to get it right. Building a company in country A for 20 years, then moving to country B for 184 days to sell it completely without paying taxes…

This applied to a friend of mine who held copyright on music. Apparently this is non transferable in Germany and it was worth quite a lot. He had to pay a significant amount to move to another EU country.

Re: Early Bitcoin Investor Roger Ver Charged with Tax Fraud

#89

Post by npoc »

hggh wrote: post #56
repomies69 wrote: post #9

Earlier quoted context omitted.

Bitcoin has worked for me all right for 10+ years. What is exactly wrong with it? At times fees have been a bit higher, but overall I would see the protocol as "good enough". For smaller transactions I have been using Lightning Network and it seems to work all right. The fact that Bitcoin hasn't hard forked for whatever reasons is a positive feature, that outweighs the negatives. You can consider for example Ethereum…

> I have been using Lightning Network and it seems to work all right That won't last. As stated in the Lightning Network whitepaper [0], it will need much bigger blocks (it mentions up to 133MB) to scale. [0] https://lightning.network/lightning-network-paper.pdf

Nah, channel factories solve that problem.

https://bitcoin.stackexchange.com/questions/67158/what-are-c...

Re: Early Bitcoin Investor Roger Ver Charged with Tax Fraud

#90

Post by hggh »

npoc wrote: post #89
hggh wrote: post #56

Earlier quoted context omitted.

> I have been using Lightning Network and it seems to work all right That won't last. As stated in the Lightning Network whitepaper [0], it will need much bigger blocks (it mentions up to 133MB) to scale. [0] https://lightning.network/lightning-network-paper.pdf

Nah, channel factories solve that problem. https://bitcoin.stackexchange.com/questions/67158/what-are-c...

A new layer between the layer 1 and layer 2, sure...
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