Taxing Bitcoin: The IRS wants people to disclose virtual currency activity – I’ll start by saying: pay your taxes as per normal & no I’m not the IRS. I say this because it’s not worth being made an example of. Ross Ulbricht (Silk Road) created a free-to-all marketplace outside of government monopoly – got a life sentence. I’m completely disgusted by this every time I think about it. The fact they are trying to get people to disclose their Bitcoin/Crypto activity is absolutely insidious.
The reality is; they’re only going to get far worse – they need tax revenue to pay for the problems they created. They can have their tax revenue (for now), but not privacy – this is a basic human right. Learn to use CoinJoin (Wasabi/Samourai) + Lightning every TX over TOR. Privacy tech on Bitcoin will only become more default – Samourai & Phoenix wallet give you all these capabilities on the go! They can’t stop this tech, it cannot be regulated. If they try to ban it, they are trying to ban privacy – we need to use technology to take a stand. If they want to physically stop it, they have to take out all forms of communications. When the Bitcoin privacy tech is more default & widely adopted, then we truly start the tax protest.
They want a back door to your privacy, to instill fear so that you comply to taxation laws. The taxes they were initially after were CGT (Capital Gains Tax) now it seems they just want you to detail your every move (probably in preparation for some new Bitcoin-related-tax they’re about to drop). Clearly people are rebelling against them, this will only happen more as they need more money. Governments & central banks have made their citizens dumber & completely broke by telling them spending & debt is healthy for an economy – no it’s not – saving & real capital is. All the while, funneling most of the wealth into the hands of the 1% (closely resembles a pyramid-scheme).
The crazy thing is, Bitcoin shouldn’t be considered an investment or a taxable event – it’s money; a form of currency. We already get taxed on fiat (dollars, euros, yen etc) through inflation. If they didn’t want to look like complete hypocrites they should also allow people to claim inflation-loss on fiat – the double standards are appalling. Just don’t sell if you want to completely avoid tax. Take control of your keys with a hardware wallet & get your own node – become a self-sovereign individual who cannot be regulated (The more the better). The financial system is probably going to collapse into Bitcoin – so wait & chill.
The smartest thing governments could do is allow Bitcoin to thrive, they are blinded by the power fiat gives them. They can’t see Bitcoin’s game theory/economic incentives yet – they are actually rewarded to join. If they don’t, Bitcoin will thrive somewhere else, benefitting it’s users. No doubt they will continue to chose the system the know how to manipulate & control. Grasping the concept of Bitcoin isn’t easy, they’d have to completely forgot everything they were taught about economics. History shows empires fall when they fail to react to such paradigm shifts. They will probably have to learn the hard way. The transition will likely suck for everyone though. Hence why we have to fight the good fight.
What you spend your money on, should be your business & your business alone. Think about it; Your transaction history is connected to everything you do in life. The more criminal thing here is forcing people to give this up. We have all these tools to remain more private online; VPN, TOR, private browsers etc. This is because our search history is also sensitive data. It shouldn’t be a criminal act to want privacy. Bitcoin is the beginning of a new world order, where the individual takes control of their data, communications, & finances.
As governments forcefully collect all this data it centralizes it into a honey pot for hackers/bad actors. Cyber attacks are the future of warfare. Information is power. All kinds of issues for the individual can stem from having sensitive centralized data. This isn’t paranoia, this is fact. An attacker/group of attackers can hold anyone they want at ransom with certain data – it’s happening with ransomware & it’ll only get worse. These instances can lead to domestic violence, mental health issues, destroy reputations, destroy relationships & families, suicides, murders – all things dark. These laws are counter-intuitive & dangerous for the individual. They do not prevent real crime, they just further allow the government more power over their citizens.
The biggest risk is the government itself. You have people getting beaten & arrested by police in their own living room for speaking their mind – the police force is just an extension of whatever orders come from the government. At what point do the majority of people stand up and fight back; they’re already crossing the line. Riots/protests will only increase as they attempt to exercise more control. Citizens all over the world are getting treated like animals.
Most of the issues in the world stem from the underlying fiat monetary system – centrally controlled money gives governments the power to do whatever they want. They know they are losing power due to technology – they are fighting back with force. Governments have the monopoly on violence, technology will only continue to de-weaponize them – this is for the good of humanity. If you want to know what drives a person/politician, it’s money & power. Power generally corrupts – it’s almost written into human DNA.
Ok rant over, Learn to Bitcoin more privately i.e CoinJoin, Lightning – it has to be the way forward. Taxes aren’t some charity & the debt bubble will pop regardless; it’s better soon, rather than later in my opinion.
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