RE: If you can't beat em, join em!
I do not believe the US Government has really and truly turned it's attention toward Bitcoin and Cryptos in general. When it does, run for the exit!
Sure the FBI had confiscated batches of coins here an there and the IRS has come sniffing around Coinbase, but that's nothing compared to what's coming down the road.
Unlike most people, I do not believe that the driving force behind the Govt's eventual intrusion into the Crypto community will be about CONTROL, but rather TAXATION.
Government, at every level, is starving for new ways to generate tax "revenues". Just look at what's happening to Illinois and Connecticut. These two states are facing impending bankruptcy due to pension obligations. Now, over here, you have a bunch of Crypto-Nerds seemingly making money hand over fist daily. The Govt will be salivating like Pavlov's Dog.
The states went after Amazon because they were not collecting and remitting state taxes. All online retailers followed suit soon after.
In the end, it's always about taxes.
Agreed, 100%.
Governments can't even get the computers on their desks to work right, so there's no way they're capable enough to develop their own digital currency equivalent to crypto any time before we colonise another planet.
And not Mars either, I mean one of the more suburban planets that will colonise even later than the first.
So gov't will be limited to just developing new ways to find whatever assets they can, in order to tax the hell out of them.
Very Interesting analysis you got there. Makes alot of sense to me.
For tax honesty, check out http://losthorizons.com. Note: honesty doesn't mean you won't die rotting in jail, like Irwin Schiff.
I agree with your reasoning, but taxing will eventually be moved onto the blockchain, which will in turn increase the prices of cryptos. It's a self-reinforcing force that the governments need to utilize, than fight!
Eitherway; we can't run away from taxes.
I'm not running away. I'm using the law as it was written. The Constitution prevents a direct tax; it must be apportioned. Taking money before your employer gives it to you is a direct tax, not apportioned. Thus it's unconstitutional.
But there's more to it than that. Government employees are the only people, in the law, who are required to pay taxes. For the rest, it's "voluntary" which most people just go ahead and file.
I encourage you to look into that web site, and the book "Cracking the Code" by Pete Hendrickson, which he sells on his website. It's only $25 and will save me thousands.
Ok , I will when I get the chance.
We're safe as long as Trump is President. He's an entrepreneur who doesn't think like the deep state crime family. As for Van Eck - 70 hedge funds are being formed to invest in cryptos. Many of those will be offshore and will not care what the U.S. government wants. Money flow into the space should increase. Vehicles like UCITs alresdy exist to do an end run around taxing entities.
I'm late to the party here on this post, however I just wanted to reach out and let you know, I will be writing a series of posts addressing how the IRS has already implemented taxation on cryptocurrency, how in the U.S. to prepare for it and account for it properly; so we do not end up being blindsided years down the road, if crypto really keeps taking off and we all make some decent money (if not already). Please feel free to follow me as I would love to have your insight on the discussions to come. If you know anyone that would be interested please feel free to pass along @cryptotax Look forward to chatting!