[ExI] bitcoin again

[Stathis Papaioannou]

On Sat, 26 Nov 2022 at 09:11, spike jones via extropy-chat <
extropy-chat at lists.extropy.org> wrote:

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> *From:* extropy-chat <extropy-chat-bounces at lists.extropy.org> *On Behalf
> Of *Adrian Tymes via extropy-chat
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> >…Crypto might not be like stocks in all respects, but if it's bought as
> an investment, it can be legally treated much the same - and will be, by
> law enforcement that wants to justify their arrests… Adrian
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> Thanks for that Adrian, for it illustrates the precise nature of the
> difference between cryptocurrency and stocks.
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> It is long-established precedent that the government gets its take on
> stock transactions with cap gain taxes.  While I agree that both are
> assets, and both have inherent value and are legitimately property, and one
> may be requires to pay taxes on cryptocurrency cap gains, it isn’t entirely
> clear the government is getting its cut from cryptocurrency transactions.
> If they aren’t getting their slice of the pie, they won’t lift a finger if
> someone devours your pie.  I predict they will not take on the liability if
> they are not getting a cut of the action.
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The way around taxes is to do person to person transactions (for goods,
fiat or crypto) without involving a centralised exchange. This is
equivalent to cash transactions, except that if the authorities can connect
one crypto address to a particular individual, they can use easily find
every other crypto address that individual has transacted with, and every
crypto address each of those addresses have transacted with, and so on.
These transactions are publicly available and can never be erased. So in
this way crypto transactions are much easier to trace than cash is.

> I stand by my prediction: both the criminal court and the IRS will hold up
> Bankman Fried as an example: the criminal court will offer him as an
> example of what you can get away with if you are stealing only mere
> cryptocurrency, and the IRS will make an example of him on what happens if
> one fails to report transactions on one’s tax return and pay up.
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> spike
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-- 
Stathis Papaioannou
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