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shades
12-14-2017, 02:59 PM
looks like every processor of cryptos will now have to adopt the banking industry reporting and logging of every transaction, along with mandatory reporting of transactions that for a yet to be determined set of parameters for anti money laundering and terrorism suspicions.

Bill to pass senate, votes already there to pass it. Especially telling that the wording specifically refers to anyone who redeems, exchanges, or otherwise facilitates crypto movement to be classified as a financial institution subject to the jurisdiction of global financial laws...... how do you feel, now that soon, in order to buy and sell crypto, you will have to give coinbase, et al, your SSN, tax Id, etc, and those will forever be attached to all your crypto commerce?


so much for the "cant be controlled by govt" folks hopeful fantasies about an independent currency. I have been saying this all along, money is power, and once cryptos cross a financial power threshold, govt will enforce it into its own fold of tools to track and control the little people.

Westerner
12-14-2017, 03:22 PM
looks like every processor of cryptos will now have to adopt the banking industry reporting and logging of every transaction, along with mandatory reporting of transactions that for a yet to be determined set of parameters for anti money laundering and terrorism suspicions.

Bill to pass senate, votes already there to pass it. Especially telling that the wording specifically refers to anyone who redeems, exchanges, or otherwise facilitates crypto movement to be classified as a financial institution subject to the jurisdiction of global financial laws...... how do you feel, now that soon, in order to buy and sell crypto, you will have to give coinbase, et al, your SSN, tax Id, etc, and those will forever be attached to all your crypto commerce?


so much for the "cant be controlled by govt" folks hopeful fantasies about an independent currency. I have been saying this all along, money is power, and once cryptos cross a financial power threshold, govt will enforce it into its own fold of tools to track and control the little people.

By law, every dollar that one takes as income is taxed right away by 15% minimum. Even the dollars from a garage or lemonade stand sales is taxed by 15% plus compliance if taken as income.

Just makes sence that once one cashes in their cryptos and takes in income that they too will need to pay that citizen tax.

shades
12-14-2017, 03:31 PM
By law, every dollar that one takes as income is taxed right away by 15% minimum. Even the dollars from a garage or lemonade stand sales is taxed by 15% plus compliance if taken as income.

Just makes sence that once one cashes in their cryptos and takes in income that they too will need to pay that citizen tax.

right, it is the final nail in the coffin of those hoping for an extra-governmental controlled currency.

anything that has to go through the net is automatically controlled, or allowed to occur by big brother.

best to do commerce on things that have self intrinsic value, like physical stuff, in your hand. (gold, gas, bullets, cattle, chickens, firewood, classic, non computer dependent cars, etc, on and on and on)

ynot2k
12-14-2017, 04:05 PM
I like the idea of trustless transactions that do not need the "help" of government, banks, or other regulators to provide the trust to do the transactions securely. That is what I see as a big plus of the blockchain technology.

As far as skirting the government by keeping everything secret: that is something I don't think the creators of the blockchain ever intended. If they did it would not be a public distributed ledger.

AnotherDave
12-14-2017, 04:09 PM
If you guys are going to insist on dealing with the Fed, then you are going to pay their vig. That's just how things work.

Bitcoin is a currency intended to stand on its own. But you're free to pay for the conversion back and forth, if that's what you really want to do.

t00nces2
12-14-2017, 04:19 PM
looks like every processor of cryptos will now have to adopt the banking industry reporting and logging of every transaction, along with mandatory reporting of transactions that for a yet to be determined set of parameters for anti money laundering and terrorism suspicions.

Bill to pass senate, votes already there to pass it. Especially telling that the wording specifically refers to anyone who redeems, exchanges, or otherwise facilitates crypto movement to be classified as a financial institution subject to the jurisdiction of global financial laws...... how do you feel, now that soon, in order to buy and sell crypto, you will have to give coinbase, et al, your SSN, tax Id, etc, and those will forever be attached to all your crypto commerce?


so much for the "cant be controlled by govt" folks hopeful fantasies about an independent currency. I have been saying this all along, money is power, and once cryptos cross a financial power threshold, govt will enforce it into its own fold of tools to track and control the little people.

Hopefully, they will start to regulate and outlaw the sale of the oxycodone drugs and the like so the deaths will stop. I would also like to see them regulate and outlaw murder. Once the government gets a handle on it, it will never happen again.

Count Stacula
12-14-2017, 05:13 PM
If I make a gozillion dollars off of bitcoin I will have no issue with reporting to Uncle Sam and giving him his cut. After that, he'll never see my ass again. lol :cool: