Thread: Blockchain/crypto

Originally Posted by King87

Imagine someone with my politics and someone with yours finding common ground. We'd have to negotiate (if this was a real thing) how to meet in the middle, but I agree, mostly.

It's amazing how much in common different people have with one another when it's a conversation, an actual conversation.

Those institutions mostly run by algorithms and ai these days. so 42% tax is nothing to them at end of day. It hurts the retail guy the most. They not even putting in the work to trade like the avg retail guy is. Thats how the whole Gamestop thing happened. You had institutions shorting Gamestop stock, more so than actual shares existed. Think about that for moment.

They were shorting with shares that didnt exist. So you had this guy point this out on Reddit, and made millions off it when people started buying GME.

Originally Posted by underrated29

Correct. Back to my cheerios or golf clubs or whatever you wish. When you sell or barter any of that on craigslist, etc do you pay tax? Have you sold a car online or bought one (online like FB, Craigs, etc)? Have you paid tax? So very similar to crypto. Unless the vendor builds it into the sale- you do not. There are many other ways to get around it and I do not mean living in PR for 183 days a year, etc.

To you, is there a difference with being able to avoid paying taxes/being detected, or not having to pay taxes?

I don't want to put words into your mouth. But to me, from my reading, it appears that you're saying "Yeah King, you're right, but I can find a way to avoid this," and not "here is a valid and legal method to legitimately get out of paying taxes."

Originally Posted by ShaneFalco

Those institutions mostly run by algorithms and ai these days. so 42% tax is nothing to them at end of day. It hurts the retail guy the most. They not even putting in the work to trade like the avg retail guy is. Thats how the whole Gamestop thing happened. You had institutions shorting Gamestop stock, more so than actual shares existed. Think about that for moment.

They were shorting with shares that didnt exist. So you hade this guy point this out on Reddit, and made millions off it when people started buying GME.

And that's why I want to tax them so highly. Because if the computer is just making the money for you, and you're only making that money because you could afford that system, tech, etc...it's a lot different than taxing someone who is a successful small business owner, or someone like you doing the actual work.

Good god, Shane I have hope again.

Originally Posted by King87

To you, is there a difference with being able to avoid paying taxes/being detected, or not having to pay taxes?

I don't want to put words into your mouth. But to me, from my reading, it appears that you're saying "Yeah King, you're right, but I can find a way to avoid this," and not "here is a valid and legal method to legitimately get out of paying taxes."

This is basically the crux of my argument in regards to the taxation. UR's point is that it makes it easier to avoid paying taxes. My response is that I'm not impressed with the use case of crypto being used to break the law. Especially since buying shit privately with cash is just as easy to not pay taxes.

Originally Posted by BroncoWave

Originally Posted by King87

To you, is there a difference with being able to avoid paying taxes/being detected, or not having to pay taxes?

I don't want to put words into your mouth. But to me, from my reading, it appears that you're saying "Yeah King, you're right, but I can find a way to avoid this," and not "here is a valid and legal method to legitimately get out of paying taxes."

This is basically the crux of my argument in regards to the taxation. UR's point is that it makes it easier to avoid paying taxes. My response is that I'm not impressed with the use case of crypto being used to break the law. Especially since buying shit privately with cash is just as easy to not pay taxes.

That's not the whole point of Crypto, evading taxes.

Originally Posted by King87

To you, is there a difference with being able to avoid paying taxes/being detected, or not having to pay taxes?

I don't want to put words into your mouth. But to me, from my reading, it appears that you're saying "Yeah King, you're right, but I can find a way to avoid this," and not "here is a valid and legal method to legitimately get out of paying taxes."

There is a HUGE difference. Saying you do not want to pay taxes because X reason is completely different from not having to pay taxes because it is not taxable. I obviously suck at explaining all of this as I have tried many many times. But the government has a set of rules. These rules indicate every single thing that they tax. They indicate every single thing that they allow tax breaks for (write offs, etc).

This is why taxing the rich never ever works because the rich do not ever actually have any money. It is all in a trust. So the government can tax the person, but if they do not make any (or much) income then they get very little tax burden. The trust (with many variables here does not get taxed or again as much). Now King, you may be in charge of that trust, but it is still a protective shell. (and yes I lied to sr a few weeks back when I said I did not know about this stuff if you are thinking back to that post and my explanation of this now. It just was not worth it). So instead of taking a huge hit upward of 40% you have dwindled that down from little to nothing. Quick re-cap: You King are an 8 figure millionaire. You have all of your $ set up in a trust. Your taxable income is extremely low because of this. The government (depending on how the trust is set up and many other variables) is not able to hit the trust for taxation. You King are in charge of the trust. You can use the funds to many degrees however you wish, whenever you wish. So in the Governments eyes you king only have 25k EIR. You actually are able to spend 10 million if you want. (all simplified for ex). So this is why when they want to tax the really rich it does not do much because none of the really rich people have money. Every single rich person has assets and only assets. Liquid cash is taxable. Why waste your money?

And the government is perfectly fine with this. Why? because this is the rules they have set. It is not a loophole. It is not illegal. It is not avoiding paying taxes/tax evasion. It is THEIR language. The government is extremely black and white about what is and is not.


Then of course you can get into and start any FBO and you are good to go there. There are very very many opportunities that the US government gives and allows. You just have to know them. Know how to apply them. Most of us use accountants for this. Tax law is the one area I always said I wanted to have a major degree in. I found it was just easier to partner up with some accounting firms and let them do the work instead.

Originally Posted by BroncoWave

This is basically the crux of my argument in regards to the taxation. UR's point is that it makes it easier to avoid paying taxes. My response is that I'm not impressed with the use case of crypto being used to break the law. Especially since buying shit privately with cash is just as easy to not pay taxes.

This is not avoiding taxes. This is not breaking the law. It is the governments rules and regulations. Did I not make an analogy about bill belicheat a while back? I did. Refer to that.

if you need something to offset taxes. Denver Animal Shelter just started doing fundraiser

https://www.mightycause.com/story/Dasvetclinic

Originally Posted by Shazam!

That's not the whole point of Crypto, evading taxes.

Also this!! ^^^

No one says evade taxes and crypto is such a huge huge huge world as we keep saying. This is just one of many many many small slices of the pie. My preferred side is future business and marketing. Others its investing. Others is collecting rare items. More see it as a way to rip people off (scammers), etc. There is so much to it. It is soooo vast.

Originally Posted by underrated29

There is a HUGE difference. Saying you do not want to pay taxes because X reason is completely different from not having to pay taxes because it is not taxable. I obviously suck at explaining all of this as I have tried many many times. But the government has a set of rules. These rules indicate every single thing that they tax. They indicate every single thing that they allow tax breaks for (write offs, etc).

This is why taxing the rich never ever works because the rich do not ever actually have any money. It is all in a trust. So the government can tax the person, but if they do not make any (or much) income then they get very little tax burden. The trust (with many variables here does not get taxed or again as much). Now King, you may be in charge of that trust, but it is still a protective shell. (and yes I lied to sr a few weeks back when I said I did not know about this stuff if you are thinking back to that post and my explanation of this now. It just was not worth it). So instead of taking a huge hit upward of 40% you have dwindled that down from little to nothing. Quick re-cap: You King are an 8 figure millionaire. You have all of your $ set up in a trust. Your taxable income is extremely low because of this. The government (depending on how the trust is set up and many other variables) is not able to hit the trust for taxation. You King are in charge of the trust. You can use the funds to many degrees however you wish, whenever you wish. So in the Governments eyes you king only have 25k EIR. You actually are able to spend 10 million if you want. (all simplified for ex). So this is why when they want to tax the really rich it does not do much because none of the really rich people have money. Every single rich person has assets and only assets. Liquid cash is taxable. Why waste your money?

And the government is perfectly fine with this. Why? because this is the rules they have set. It is not a loophole. It is not illegal. It is not avoiding paying taxes/tax evasion. It is THEIR language. The government is extremely black and white about what is and is not.


Then of course you can get into and start any FBO and you are good to go there. There are very very many opportunities that the US government gives and allows. You just have to know them. Know how to apply them. Most of us use accountants for this. Tax law is the one area I always said I wanted to have a major degree in. I found it was just easier to partner up with some accounting firms and let them do the work instead.



This is not avoiding taxes. This is not breaking the law. It is the governments rules and regulations. Did I not make an analogy about bill belicheat a while back? I did. Refer to that.

I've posted articles and quoted them to you multiple times detailing how things you buy with crypto are still things you're legally required to pay taxes on. Buying an item (say a car) with Bitcoin comes with the exact same tax liability in the eyes of the government as buying it with cash. You've conveniently ignored those articles I've linked every single time, but it doesn't change the facts of them.

Originally Posted by BroncoWave

I've posted articles and quoted them to you multiple times detailing how things you buy with crypto are still things you're legally required to pay taxes on. Buying an item (say a car) with Bitcoin comes with the exact same tax liability in the eyes of the government as buying it with cash. You've conveniently ignored those articles I've linked every single time, but it doesn't change the facts of them.

No sir. I have explained many times. Here we go again. Their language does not. One way is when said dealer does not put the tax into the sales price. Currently many are not. That solves it right there.

If you are buying a Ford and Ford has sales tax built in then yes you are paying it. If you are going crypto to crypto there is no taxation.

Originally Posted by underrated29

No sir. I have explained many times. Here we go again. Their language does not. One way is when said dealer does not put the tax into the sales price. Currently many are not. That solves it right there.

If you are buying a Ford and Ford has sales tax built in then yes you are paying it. If you are going crypto to crypto there is no taxation.

But the government says you still have to pay them those taxes. Even if you're the one with the logistical burden.

There is no workaround past that: it is a fundamental building block of the tax code.

Originally Posted by underrated29

No sir. I have explained many times. Here we go again. Their language does not. One way is when said dealer does not put the tax into the sales price. Currently many are not. That solves it right there.

If you are buying a Ford and Ford has sales tax built in then yes you are paying it. If you are going crypto to crypto there is no taxation.

If the dealer doesn't put tax in the sale price, then you aren't paying the tax whether you buy the car with cash, Bitcoin, or a blowjob. Paying with crypto has nothing to do with your tax liability of acquiring a car.

Originally Posted by King87

Originally Posted by underrated29

No sir. I have explained many times. Here we go again. Their language does not. One way is when said dealer does not put the tax into the sales price. Currently many are not. That solves it right there.

If you are buying a Ford and Ford has sales tax built in then yes you are paying it. If you are going crypto to crypto there is no taxation.

But the government says you still have to pay them those taxes. Even if you're the one with the logistical burden.

There is no workaround past that: it is a fundamental building block of the tax code.

There is nothing illegal about using shelters and 'loopholes' and all legal means at your disposal to build on your savings, generate cash returns and financial freedom. If this is lost in this Country, please. I know cryptos is very little different from the stock market. And while it's usability here is meh, it is very mainstream in other parts of the world. Crypto payment systems are here.

Originally Posted by BroncoWave

If the dealer doesn't put tax in the sale price, then you aren't paying the tax whether you buy the car with cash, Bitcoin, or a blowjob. Paying with crypto has nothing to do with your tax liability of acquiring a car.

They have it in with cash. many do not on crypto

Originally Posted by Shazam!

There is nothing illegal about using shelters and 'loopholes' and all legal means at your disposal to build on your savings, generate cash returns and financial freedom. If this is lost in this Country, please. I know cryptos is very little different from the stock market. And while it's usability here is meh, it is very mainstream in other parts of the world. Crypto payment systems are here.

I could be wrong. But I don't think this is a shelter or a loophole. I think instead it fall under the category of blatantly ignoring a duty. But again, I could be wrong.

Because to be honest, I'm dumb as hell.