[dtube] Cryptocurrencies, Government and Tax Collection. Let's Talk.

in cryptocurrency •  6 months ago


Over the past few days, the headlines have been dominated by the Paradise papers fiasco. An example of the super rich using the resources available to them in order to avoid paying very large amounts of taxes.

With the advent of cryptocurrencies, especially privacy coins like Monero and Dash, the "little guy" will soon be able to avoid paying taxes as well.

This might have a significant impact on the Government's ability to collect tax revenue. What shall we do about this? Is this a good thing? Do we need to modify our tax laws? Let's have this conversation.

DISCLAIMER: This is NOT financial advice. I am just offering my opinions. I am not responsible for any investment decisions that you choose to make.

***I am in the process of adding many of my videos from YouTube on to DTube. Apologies for any posts that you've already seen before!


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The Paradise Papers revelations were a disgrace. If there's anyway you can avoid paying taxes then do it. Everybody else is. The establishment set a fine example for us to follow.

taxation is theft

Taxes might be a pain in the ass but i think that it is inevitable if we want crypto to move forward. Not that i like this scenario but i think this is a way to take governments and all those who fight cryptos with our side...

For us to be on the safe side, tax laws have to be modified because as crypto is going more mainstream, its drawing attention to investors, and if people find an alternative way to transact without tax, then they might as well join the crowd, which will incite the government to begin taking untowards action

Wooo, I didn't know the Queen had been involved in the Paradise papers!

I've always been criticised for my tendency to speak in anarchic terms, and I don't even defend anarchy rationally. But I prefer decentralization, it's just the way I see the world, I want to be free. I prefer de-regulation and being able to be anonymous and untraceable.

But I know that most people just want some regulation from the government since they're supposed to be our paid organisers.

My problem with giving power to the governments is, in the end, a bit biased against the Venezuelan government that I think tend to over-regulate everything and try to have knowledge about everyone's lives. In the end, they misuse that knowledge. And even though governments like in UK can be good, I think that if you give them power, they will have the ability to be bad, and I'm eternally scared of that.

It is necessary to create some regulations so that the government can collect taxes and do their work, making laws about this will be a bit complicated.

In the world of cryptocurrencies there are many anarchists who oppose this, but in reality I can not imagine a world which the state has part of the monetary control.

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You are right, no matter how free we want, we'll always need some level of public state sponsored services and we can't get that without tax.

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</3 You would see me hanged by Big Bro, a broken neck for criminal thoughts.

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Estude sobre libertarianismo ou anarcocapitalismo, isso pode te dar um outro ponto de vista sobre os males da regulação estatal, principalmente no controle monetário, os governos em geral adoram ''criar dinheiro do nada'', com as criptos isso não é possivel

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Te escribo en español, creo que podrás entender un poco. Considero que soy de ideología liberal, me gustan los planteamientos de Locke, Smith, etc. Si el Gobierno no tiene control monetario practicamente se anula el pacto social, aunque la regulación excesiva es desastrosa, no podemos desprendernos de todas las instituciones, reniaría el caos. El anarcocapitalismo o el anarquismo son utopias, son opuestos a la naturaleza humana. Es mi opinión

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olá @alejandromata
entendi perfeitamente seu comentário, respeito sua opinião, mas descordo amigavelmente,
não acredito que devemos ter um governo para que se tenha ordem, acredito que nós como indivíduos devemos ter total autonomia sobre nossas vidas...
O ''governo'' ou ''estado'' será descartado naturalmente com o tempo, criptomoedas são um grande passo para isso, com o tempo a tecnologia blockchain vai dominar diversos setores, tornando os serviços estatais obsoletos... vai chegar a um ponto que o governo não conseguirá se manter, e também não conseguirá roubar dinheiro das pessoas por meio de impostos
o governo vai ruir, a soberania individual e a liberdade vão vencer, é só questão de tempo
@bitnation é o futuro

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I should read some Ayn Rand book

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O estatismo é um sistema de violência institucionalizada e de guerra civil perpétua. Não resta ao homem nenhuma alternativa senão a luta pelo poder — roubar ou ser roubado, matar ou ser morto. Quando a força bruta é o único critério de conduta social, e a rendição à destruição é a única alternativa, até mesmo o último dos homens, até mesmo um animal, irá lutar. Não pode haver paz em uma nação escravizada.
Ayn Rand <3
uma grande mulher

Government inability to collect tax isn't a good thing. In fact that's one of the major reasons why most government are clamping down on cryptos. No matter how free we wanna be, we'll still need some public amenities.

taxes in crypto is such a bother.

in my country, they tax crypto as income so we are paying almost 50% when we cash out.

in other countries, you need to pay tax every time you trade bitcoin for ether and ether for let's say COSS.

until the rules are more streamlined I don't see a lot of people paying the right amount in tax.

I certainly believe that regulations are necessary in order to induce mass adoption and take the cryptosphere to the next level. It's necessary evil.

A huge tax reform is overdue, the structures of power need to change in order to accommodate for the new world order where crypto currencies are on top and fiat is deemed worthless thanks to the drop of the gold standard

Well, evading taxes is a crime, it can be a problem for the government, cryptos are a big problem for they since they do not have control over them, and anyone can evade taxes or launder money.

Hello @louisthomas. Many people sometimes have problems with their taxes, maybe a change could improve and facilitate the payment. Sometimes trying new things brings benefits.

Tax should be very simple and not high %. Good video, have good night.

Cryptocurrencies is tax free in most countries, that is one of the advantages, @louisthomas I always like your topic and some of the video you posted.

Good video about it didnt know about those people trying to avoid taxes. Always giving right information to this steemian community.

It is really mind pleasing to know that cryptocurrencies can help avoid paying taxes.
Come to think of it, who would really cares to pay tax if it can be avoided anyways.

Well I think this should be regulated. we all should do things the way they are. not to try to avoid taxes how this people . Bless you

Living in venezuela the idea of paying taxes for crypto doesn't sounds well since the goverment always do whatever they want with them.

If I lived in another country I would pay them for sure.

Aos poucos estamos chegando, o governo perdendo o monopólio sobre o dinheiro, e isso é incrível...

isso é a capacidade de adapatar-se, o governo sempre nos roubou e regulou nosso dinheiro, e agora as coisas estão mudando, nós nunca tivemos tanto controle sobre o nosso dinheiro como agora (pelo menos em criptos)...
o que vejo é que o inevitável acontecerá, os governos que não forem honestos e imprimirem cada vez mais e mais terão sua moeda desvalorizada e vão passar por maus bocados para conseguir se manter

no dout great conversation.great analysis of tax
modify tax is greatly important for crypto,govermant should take step

Only 2 things are certain in life - Death and Taxes. And trust me, neither is going to go away anytime soon. Very sharp people are working hard right now to figure out how to tax crypto and they will eventually. It'll be harder and harder for average joe to dodge it.

I actually think the atomic swaps might make collection of taxes near impossible.

Imagine being able to just between different blockchains...essentially you are there one minute and gone the next.

Your thoughts?

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Hadn't even thought about how atomic swaps could be used to avoid taxes. I think you could be absolutely right :)

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The son of an accountant...I always think about the tax consequences.

It was my first thought when I read Charlie Lee first pulling it off and what it was all about. I said this is great for disappearing....

Anyway, it will be necessary to make some regulations so that taxes can be paid, but I think it would be a much bigger problem.

But in the long run it will be a good thing, since they will save us great amounts of bureaucracy.

nice informations for crypto
thank you for sharing
resteemid

CoinCheckUp.com - on of the best (or even the best) stats, charts, data and analysis of crypto.

One of the issues the crypto space may have to deal with as it matures and becomes more mainstream is taxation. On the plus side once everyone and not just the financial elites starts dodging taxes something will be done. if this happens expect taxation to move to consumption and land ownership and we might even see a tax on crypto transactions.

regulations is the way to mass adoption

Please read more of what Milton F. has written !! He was right about just about everything economic.

The tax code varies from state to state
Fantastic article
Well done, my friend

I think people are looking at tax the wrong way. We all now governments leave no stone un-turned when it comes to taxes (other than themselves and companies they are associated with). Once governments realise just how much extra tax revenue they can bring in from crypto and associated crypto services they are all of a sudden going to become proponents of cryptocurrency which is a good thing regardless of those saying 'down with the government' - It's just not a reality that government is going anywhere. The best we can hope for is support from the government.

i agreed
dear @louisthomas
its greatly need to get modify our tax laws for crypto.its for government that they can manage cryptocurrency.they should change rule of tax ,

The state is trying to impose regulations that are not enforceable so they can do whatever they want, agorism and blockchain liberty is happening no matter whatever happens! Big brother also known as illegitimate governments (Anarcho capitalism ROCKS!) is trying to stop this massive awakening, they will not tax/extort my Steem account as they can't track me down in the third world country I am currently staying at, Satoshi Nakamoto made a pretty good job to his contribution to humanity known as Bitcoin, but I prefer anonymous currencies like Monero or Deep Onion, I am way to stoned to continue this comment.... Anyways brother, keep up making great content! DEFUND THE STATE! :D

With or without cryptocurrency the income tax should be replaced. It is an immoral tax. Even though the idea is ingrained in our collective psyche, there is no moral reason why someone who earns more money should pay more tax, Beyond the politics of envy and greed it is simply not fair that increased industry, innovation or for that matter good luck be punished.
All taxes should be consumption taxes.
The rich should not be taxed more than others.....unless of course they choose to live LIKE they are rich by spending more money!

The sale or other exchange of virtual currencies, or the use of virtual currencies to pay for goods or services, or holding virtual currencies as an investment, generally has tax consequences that could result in tax liability. This guidance applies to individuals and businesses that use virtual currencies.

This is the only threat that prevails for block chain... If government doesn't receive the taxes they can be forced to ban the cryptos and it will not be good at all...

If we can level the playing field for everyone then overall I think it's a good thing personally now that we have the technology I would like Governments to allow for blockchain voting and to give us the ability to actually vote on what the money get's spend on. Currently I feel like we have little of no choice so feel no moral obligation to pay as I feel like I'm being stolen from.

I think it's just news to drop BTC prices. it turns out after the 17th. btc prices go up immediately

really great post of great analysis of Government and Tax Collection,tax reform become a large,it need to change tax law,

Hi mr louis i dont know to much about it but i am agree if things about crypto will be better. o/
I am impressed how market change from a minute to other. cheers

I think we need taxes and we need people paying taxes in order to keep the government running, especially with services like road repairs and emergency responders. However, I think that the governments have gotten a little bit too free with their spending in the support of social programs and more auditing should be done to determine who needs benefits and who doesn't. Recently the US (where I live) announced their take on crypto taxes and I don't agree with taxing every single trade of crypto, it just doesn't make sense and discourages investors in my opinion. Great video, thanks for sharing your thoughts!
Ivy

This will change the equation of supply and demand for banking. It's that big. I am not at all surprised that bankers, financiers and Saudi princes are coming out against them.

cryptocurrency could end taxation