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Question for my cryptoheads



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 1 month ago '21        #1
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FredoBangz  topics gone triple plat - Number 1 spot x1
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Question for my cryptoheads
 

 
Deep down, are you waiting for crypto to be widely accepted because you know cashing out to USD or any other fiat is going to rip you a new one?

Furthermore, if crypto gets widely accepted and you somehow escape the capital gains tax, what makes you think the government isn't going to levy a capital gains tax directly at the crypto level (or do something else entirely that pimps your pockets?)

I love the enthusiasm and the free feeling people have with cryptos but if we're being realistic, uncle Sam isn't going to let the wild west happen for much longer.

Lastly, what happens if uncle Sam outlaws cryptos not named X? Are you willing to risk fines and/or jail time behind being off the radar?
+12   



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 1 month ago '10        #2
SwooshWonder 
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This has always been a battle between the will/vision of the people and the greed/need to control from our governing bodies

Honestly the crypto/blockchain war is one that the people can't afford to lose.

Doesn't matter what uncle Sam does, we have to actually stand for something and f*ght back

Mofos think they gonna talk sh*t about crypto, buy crypto behind the scenes and leave us holding
the empty bags

There's an old saying in Tennessee—I know it's in Texas, probably in Tennessee—that says, 'Fool me once, shame on...shame on you. Fool me—you can't get fooled again.
+22   

 1 month ago '10        #3
Shhon 
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 SwooshWonder said
There's an old saying in Tennessee—I know it's in Texas, probably in Tennessee—that says, 'Fool me once, shame on...shame on you. Fool me—you can't get fooled again.
+18   

 1 month ago '21        #4
FredoBangz  topics gone triple plat - Number 1 spot x1 OP
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 SwooshWonder said
This has always been a battle between the will/vision of the people and the greed/need to control from our governing bodies

Honestly the crypto/blockchain war is one that the people can't afford to lose.

Doesn't matter what uncle Sam does, we have to actually stand for something and f*ght back

Mofos think they gonna talk sh*t about crypto, buy crypto behind the scenes and leave us holding
the empty bags

There's an old saying in Tennessee—I know it's in Texas, probably in Tennessee—that says, 'Fool me once, shame on...shame on you. Fool me—you can't get fooled again.
Good point and shout out to Dubya...that blithering buffoon.
+2   

 1 month ago '19        #5
JBigDawg  topics gone triple plat - Number 1 spot x1
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Yall really think crypto is unregulated? They are slowly bringing this in to eventually have an official government-issued crypto as the new predominant currency 'Bitcoin' been around since 2009 its only a matter of time
+3   

 1 month ago '05        #6
I_REP_VA 
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Speak of the devil.

My neighbor just texted me asking me to come over and talk to his homegirl about crypto.

This sh*t goin mainstream.
+3   

 1 month ago '20        #7
itsthekid123  topics gone triple plat - Number 1 spot x1
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usa will not stop bitcoin

the new SEC head just said on friday that bitcoin was a 'store of value'




he did say they wanted to regulate the exchanges however

 1 month ago '20        #8
MeNoSenYouNoCom  topics gone triple plat - Number 1 spot x7
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let me make sure my vpn is on
Dems I "heard" proposed a tax on unrealized gains, UNREALIZED...
 FredoBangz said
Deep down, are you waiting for crypto to be widely accepted because you know cashing out to USD or any other fiat is going to rip you a new one?

Furthermore, if crypto gets widely accepted and you somehow escape the capital gains tax, what makes you think the government isn't going to levy a capital gains tax directly at the crypto level (or do something else entirely that pimps your pockets?)

I love the enthusiasm and the free feeling people have with cryptos but if we're being realistic, uncle Sam isn't going to let the wild west happen for much longer.

Lastly, what happens if uncle Sam outlaws cryptos not named X? Are you willing to risk fines and/or jail time behind being off the radar?
the answer to that question, all of them, and I mean it SINCERELY


n*gga suck my d*ck...DMX voice
+2   

 1 month ago '20        #9
MeNoSenYouNoCom  topics gone triple plat - Number 1 spot x7
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 itsthekid123 said
usa will not stop bitcoin

the new SEC head just said on friday that bitcoin was a 'store of value'




he did say they wanted to regulate the exchanges however
usa can not stop bitcoin
+1   

 1 month ago '16        #10
DonLimpio 
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Regulations are coming. Im not sure cryptos will be outlawed but the adopted ones are going to be taxed like anything else. Just cause you can't stop something doesn't mean you can't enforce some level of control over it.

Im under the impression that the crypto space is being allowed to run wild for the time being. Once the bubble pops, regulators are going to step in claiming they're here to protect investors. If we've learned anything over the last year its that people will accept anything as long as they believe its for theyre own protection. Governments are going to want to know what you own, how much of it you have and where you are storing it. I also don't believe any of this just happened on its own.




Make your money BX. Don't be afraid to take profits. Taking profits are what make your investments real. Just pay attention to what's going on around you.
+5   

 1 month ago '19        #11
MP2019 
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Lol ask them about tether before all that other sh*t

 1 month ago '20        #12
MeNoSenYouNoCom  topics gone triple plat - Number 1 spot x7
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 DonLimpio said



Regulations are coming. Im not sure cryptos will be outlawed but the adopted ones are going to be taxed like anything else. Just cause you can't stop something doesn't mean you can't enforce some level of control over it.

Im under the impression that the crypto space is being allowed to run wild for the time being. Once the bubble pops, regulators are going to step in claiming they're here to protect investors. If we've learned anything over the last year its that people will accept anything as long as they believe its for theyre own protection. Governments are going to want to know what you own, how much of it you have and where you are storing it. I also don't believe any of this just happened on its own.




Make your money BX. Don't be afraid to take profits. Taking profits are what make your investments real. Just pay attention to what's going on around you.
only the uninformed can be controlled government crypto is not crypto any type of centralization is against the purpose

no keys no coins
good luck with that they're aren't enough irs agents to do regular audits, they gon come for crypto? ok
decentralization means just that if you fu*king wit anything else like I said you uninformed
+1   

 1 month ago '05        #13
SeanP3688 
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It's getting real.




 1 month ago '04        #14
skillahmang 
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Can you be retroactively tax on old crypto gains

Asking for a friend

Free Market for the win

 1 month ago '21        #15
FredoBangz  topics gone triple plat - Number 1 spot x1 OP
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 MeNoSenYouNoCom said
only the uninformed can be controlled government crypto is not crypto any type of centralization is against the purpose

no keys no coins
good luck with that they're aren't enough irs agents to do regular audits, they gon come for crypto? ok
decentralization means just that if you fu*king wit anything else like I said you uninformed
I feel you, but isn't it illegal to create your own currency? How easy would it be for legislature to pass stating any and all coins outside the Sammo will land you massive fines or jail time? They wouldn't need the electric rod, the fence is good enough for most people and because most people need other people to judge value, that could topple it in one go.

 1 month ago '04        #16
Cali 
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“Widely accepted “ was a speculation around 2013.
The boom in 2017 was about new coins coming into the market.
The current boom is about the advancement in tech for financial services.

At the heart of Crypto are programmers/developers that aren’t driven by money. They either want to solve problems, be the first to solve the problem, or give the middle finger to the current financial institutions.

I would stay away from the companies that rely on money to continue development. Once the market goes into “winter” mode who will be there maintaining and improving these networks when they see their investments get cut in half or get a pay cut.

 1 month ago '20        #17
MeNoSenYouNoCom  topics gone triple plat - Number 1 spot x7
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 FredoBangz said
I feel you, but isn't it illegal to create your own currency? How easy would it be for legislature to pass stating any and all coins outside the Sammo will land you massive fines or jail time? They wouldn't need the electric rod, the fence is good enough for most people and because most people need other people to judge value, that could topple it in one go.
you whats illegal? bundling bad debt selling it to other countries and damn near toppling the inter-nationational economy, but no went to jail for that

they legislate whatever the fu*k they want, china tried that sh*t, how's that working? trains left the station either jump on or get left and end up having to catch the next train and be behind, which the US already is, this country bout to be playing catch up for ever, why does Russian need to fire a shot when america is busy shooting it self in both feet

from marijuana to crypto to race to a anti-science pandemic response...

fu*k it every man for themselves


 1 month ago '20        #18
MeNoSenYouNoCom  topics gone triple plat - Number 1 spot x7
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 Cali said
“Widely accepted “ was a speculation around 2013.
The boom in 2017 was about new coins coming into the market.
The current boom is about the advancement in tech for financial services.

At the heart of Crypto are programmers/developers that aren’t driven by money. They either want to solve problems, be the first to solve the problem, or give the middle finger to the current financial institutions.

I would stay away from the companies that rely on money to continue development. Once the market goes into “winter” mode who will be there maintaining and improving these networks when they see their investments get cut in half or get a pay cut.
this

 1 month ago '16        #19
Negusis  topics gone triple plat - Number 1 spot x1
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 FredoBangz said
Deep down, are you waiting for crypto to be widely accepted because you know cashing out to USD or any other fiat is going to rip you a new one?

Furthermore, if crypto gets widely accepted and you somehow escape the capital gains tax, what makes you think the government isn't going to levy a capital gains tax directly at the crypto level (or do something else entirely that pimps your pockets?)

I love the enthusiasm and the free feeling people have with cryptos but if we're being realistic, uncle Sam isn't going to let the wild west happen for much longer.

Lastly, what happens if uncle Sam outlaws cryptos not named X? Are you willing to risk fines and/or jail time behind being off the radar?
Just to answer you questions in succession.

1) No matter how much I make, I would never cash out a majority of my crypto into fiat. I would do some just for day to day usage or in instances where I have to, such as buying a home or making a down payment. Also, if you have alot, you can do it in a way that does cause a significant change in the market.

2) I expect the gov't to try anything and everything to try to get a cut. I'd be a fool to think they would just lay down and allow it. But one thing that is accurate is the gov't can barely keep up with fiat taxes, crypto taxes is going to be a whole nother beast to deal with. And as a person who regularly deals with the IRS and other groups, they are no way near ready for it and probably will never be. They're gonna catch some of the guys who are more sloppy with it. But there are guys who are willing to go to jail for a few years to avoid paying millions in taxes.

3) It's not about letting it happen. Question is what are they going to do to stop it. Some people say, make it illegal. Okay, that would be stupid and handicapping themselves. China is embracing crypto. Russia to a certain degree is starting to embrace crypto. America locking down crypto would be shooting themselves in the foot and giving other countries an advantage over them. They're not going to make it illegal, at least not as a whole. They'll try to control it. Whether that is successful or not remains to be seen.

4) As far as if they go and start outlawing stuff, I'm not gonna state what I think and feel on that in a public forum. I'll just say what the general crypto community thinks. The general crypto community is willing to either leave the country, go underground or whatever. Just think if you had an a*set that was worth 500k, 1 million, 5 million, 15 million and the gov't said one day, no, you can't use it anymore. Would you just be like "okay"?

Cause if America did that, all these other country would invite those crypto investor to their country with open arms and lesser restrictions. People go get secondary citizenship or even renounce to protect their money. With some Caribbean countries, you could invest 250k into the country and they would fast track your citizenship. 250k is not alot.

For me, I'd go according to the law. But more a*sets brings more options. More options means if I don't like what this gov't is talking about, it's all the more easier to find a gov't where I like what they're talking about.
+1   

 1 month ago '21        #20
FredoBangz  topics gone triple plat - Number 1 spot x1 OP
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 Negusis said
Just to answer you questions in succession.

1) No matter how much I make, I would never cash out a majority of my crypto into fiat. I would do some just for day to day usage or in instances where I have to, such as buying a home or making a down payment. Also, if you have alot, you can do it in a way that does cause a significant change in the market.

2) I expect the gov't to try anything and everything to try to get a cut. I'd be a fool to think they would just lay down and allow it. But one thing that is accurate is the gov't can barely keep up with fiat taxes, crypto taxes is going to be a whole nother beast to deal with. And as a person who regularly deals with the IRS and other groups, they are no way near ready for it and probably will never be. They're gonna catch some of the guys who are more sloppy with it. But there are guys who are willing to go to jail for a few years to avoid paying millions in taxes.

3) It's not about letting it happen. Question is what are they going to do to stop it. Some people say, make it illegal. Okay, that would be stupid and handicapping themselves. China is embracing crypto. Russia to a certain degree is starting to embrace crypto. America locking down crypto would be shooting themselves in the foot and giving other countries an advantage over them. They're not going to make it illegal, at least not as a whole. They'll try to control it. Whether that is successful or not remains to be seen.

4) As far as if they go and start outlawing stuff, I'm not gonna state what I think and feel on that in a public forum. I'll just say what the general crypto community thinks. The general crypto community is willing to either leave the country, go underground or whatever. Just think if you had an a*set that was worth 500k, 1 million, 5 million, 15 million and the gov't said one day, no, you can't use it anymore. Would you just be like "okay"?

Cause if America did that, all these other country would invite those crypto investor to their country with open arms and lesser restrictions. People go get secondary citizenship or even renounce to protect their money. With some Caribbean countries, you could invest 250k into the country and they would fast track your citizenship. 250k is not alot.

For me, I'd go according to the law. But more a*sets brings more options. More options means if I don't like what this gov't is talking about, it's all the more easier to find a gov't where I like what they're talking about.
Thank you for your comprehensive answer, what you say makes a lot of sense. Is there a less-public way I could hear your thoughts on #4?



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