[ExI] bitcoin again

[Stathis Papaioannou]

On Sat, 26 Nov 2022 at 15:04, 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 *Stathis Papaioannou via extropy-chat
> *…*
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> >…The deception was that customer funds were used to prop up a risky but
> supposedly separate part of the business, Alameda Research…Such exchanges
> only make profit from fees and pay tax on this profit, while the customers
> pay their own tax if they make a capital gain, which only occurs if they
> realise a capital gain.
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> Stathis Papaioannou
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> Stathis, it is very clear to me that several of you guys, Adrian and
> others, know a lot more about this topic than I do.  It is even more clear
> to me from what I have learned in this thread, I am confident in my
> prediction and observation: Bankman Fried committed fraud but not
> necessarily tax evasion, but ironically will not be charged in criminal
> court, rather by the IRS.
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> All that is a backhanded way of saying that the US government will act in
> its own best interest by whatever means are available to it.  The US
> government does not want a competing currency to exist.  It would really
> prefer digital currency remain difficult to switch back and forth with US
> fiat currency, or if so, the IRS wants a cut of the action in both
> directions.  The IRS will be fine with all this if they get a generous
> piece of the pie.  The retail politicians are OK with defrauding investors,
> so long as the same retail politicians get their cut of the winnings.
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> A prosecution of Bankman Fried in criminal court would be gummed up by
> politicians who benefitted from his theft of investor funds.  A tax law
> prosecution would be based on the IRS’ burning resentment that they didn’t
> get a cut of the action.
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> Damn I have grown cynical in my old age.  Billw, how can we not be cynical?
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I don’t really understand what you think the problem is with crypto and
taxation. It’s not that difficult to monitor if someone has realised a
capital gain from crypto. If you can figure out a way to reliably hide
capital gains from large crypto transactions, please share it with us.

> --
Stathis Papaioannou
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