Well, I'm just trying to inform you but it sounds like you have a bone to pick with crypto and you're only interested in picking apart something you have no experience in.
That's fine. Crash and burn I guess.
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Bitcoin crashes to five-month low as Russia proposes crypto ban
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Well, I'm just trying to inform you but it sounds like you have a bone to pick with crypto and you're only interested in picking apart something you have no experience in.
That's fine. Crash and burn I guess.
How long will this last? Isn't this mainly because those governments aren't taxing the conversion from bitcoin to fiat currency? I imagine every worker has to do this because paying for goods and services locally through bitcoin or crypto may not be possible. As soon as governments start regulating that more, what happens then?
Right now a lot of developing countries don't have laws about crypto. I'm not saying they will make it illegal but all it would take is requiring a crypto exchanger to be registered with the government and making local banks, report when someone makes a deposit of fiat currency that was converted from crypto (If they're being paid more than the average local wage in that country and tried to deposit all at once, that may trigger a source of funds declaration).
it's always so amusing to see celebrations on here about crashes then a few months later it's back at a new all time high
This is exactly the type of bullshit referenced in the folding points video essay. You're not enlightened because you've been sold as crypto being super complicated and others "just don't get it."
If you're comfortable with being a speculative tech bro hyper capitalist dickhead, fine, but everyone see's right through this "you just have a bone to pick" bollocks. You're not smart.
This is actually a good point and there will definitely be regulations in the somewhat near future, though I think it will be less about taxing the conversion from crypto to fiat and more about taxing the income that's detected to come from a peer to peer platform like Binance.
I can't really predict what would happen here honestly, we'll have to wait and see. How strict each country's government is regarding alternative income will definitely play a role in the severity of the regulations.
imagine someone having a bone to pick with crypto because they have experience with it.
«Bitcoin isn't only used for crimes»
«I use bitcoin for tax evasion.»
What in the world? Where do you get off insulting me like that?
In which of my posts do I come off as a crypto bro? You're falsely equating me to something I'm not.
The post you quoted is because I explained in several posts the use case but the poster acted like I'm full of shit. My second to last post to that user explained precisely why his claim that you can determine that when contracting someone doesn't work.
Honestly I'm shocked that you would just openly and freely insult me like that.
I'm not talking about Bitcoin or tax evasion. I'm talking about sources of income for poor people in developing countries that don't involve paying ridiculously high taxes.
You people think you're betting on the right horse but you're falsely equating everything I've said to crypto bros and market speculation and scams.
Fuck people in developing countries that earn 100 dollars a month I guess.
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This is the exact language of a crypto bro. At least admit to it.
It just sounds to me like it's my only post you read. I can see how it reads that way but it's wholly unrelated I can assure you.
I'm talking about people in developing countries being able to earn very competitive salaries in stablecoins like BUSD and DAI in order to have a decent quality of life.
I'm not talking about "NFTs being the future" or whatever those scammers like to go on about. You referenced the folding points video essay which has nothing to do with what I talked about in this thread.
Why are you attacking me?
Tax avoidance and tax evasion are different. Tax avoidance is legal. Tax evasion isn't.
If a country doesn't tax bitcoin as income and, for example, you choose to get your check in bitcoin to avoid taxes, this isn't illegal.
Annubis The context is different, and this is tax avoidance. This isn't the rich staying rich. This is people forced to pay 70% of made up taxes in a country with 40% inflation we're talking about. Corrupt governments that steal from their own citizens. Places like Brazil and Nigeria and Argentina.
It's fine if you don't agree with that, but, this is not the Bitcoin rich staying rich argument you think it is.
I really don't understand why I'm being insulted and painted as the enemy here, so I'm not going to engage in this thread anymore.
It's fine if you don't agree with that, but, this is not the Bitcoin rich staying rich argument you think it is.
I really don't understand why I'm being insulted and painted as the enemy here, so I'm not going to engage in this thread anymore.
So bitcoin is at best a stopgap measure until a proper progressive taxation system can be set up.
Assuming it would even work. Is there any evidence of crypto being beneficial to people as a whole, anywhere? Aside from a few people getting rich off of it?
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But it is and you are promoting that system.
Playing techbro Robin Hood isn't how you'll help those people. If you really want to help them, there are plenty of donation methods that will bring actual help. Libertarian "sticking it to the gov" is a societal destroyer, not a citizen enabler. You're just using them as an excuse.
Brazil and Argentina have better social safety nets than USA. For starters they both have universal healthcare.Brazil also has a better progressive taxation system than USA.
Also saying "tax avoidance is legal but tax evasion is illegal" is a bit lol. Tax avoidance is at best a gray moral zone. A loophole used by the rich to not pay their dues.
Also saying "tax avoidance is legal but tax evasion is illegal" is a bit lol. Tax avoidance is at best a gray moral zone. A loophole used by the rich to not pay their dues.
Man, I know they didn't live up to the hype and everything, but at least with the microcredit/microloans of yesteryear there was a smidge of benevolence behind it. There was a genuine desire to help people.
With crypto, I don't get that in the least. It's just a bunch of parasites looking for more marks to suck dry.
As was reiterated just today in Dan Olson's video the system just reboots the current power structure with different people at the top. That is the inevitable result of the crypto space as designed.
Just wanted to say nothing on the planet is two big to fail, especially something like Bitcoin which gets it's value entirely through mindshare and not any real world value being provided. I doubt it will ever happen sense too much money is keeping it from happening, but it's still possible.
To those citing this as an example of crypto is crumbling: events like this happen often. Whether you like it or not, crypto is here to stay, especially with the onset of this bullshit Metaverse.
25% dip is nothing when a real bear market could last for years. People have been taught to buy the dip and expect reward in a short amount of time, both in crypto and the stock market in 2020 with its flash crash. What happens when the dip keeps on dipping for months or even years on end like can happen in actual bear markets.
I wouldn't be able to tell you if crypto is in a bear market yet but I'd say this is still a bull market, might even see Bitcoin hit that $100k price before a real bear market comes. It'll come though, crypto is in a massive leverage bubble tied to Tether and when that collapses you'll see a major fallout from the institutions backing crypto, likely resulting in a bigger collapse than 2017/2018.
The scary thing is these collapses don't happen fast, you'll get pumps while the general direction continues downward, then after awhile (could be years later) we'll find everything down 90+% where it might take even longer to return to the highs.
I wouldn't be able to tell you if crypto is in a bear market yet but I'd say this is still a bull market, might even see Bitcoin hit that $100k price before a real bear market comes. It'll come though, crypto is in a massive leverage bubble tied to Tether and when that collapses you'll see a major fallout from the institutions backing crypto, likely resulting in a bigger collapse than 2017/2018.
The scary thing is these collapses don't happen fast, you'll get pumps while the general direction continues downward, then after awhile (could be years later) we'll find everything down 90+% where it might take even longer to return to the highs.
Bear markets historically don't last as long as bull. That said there is a bear case to be made here, that the Nov ATH for BTC was actually closer to a double top.
Though I guess we'll still see a relief rally at some point. The problem with relief rallies are that it ends up looking like trend reversal.
They don't last as long as bull markets but they can still go on for months or even years. The 2020 stock market crash was more of an anomaly in terms of how fast it all happened due to COVID.
We likely wouldn't know if it's a crypto bear market until things get really bad. TA is nice to have but there are fundamentals at play here too, especially related to the whole Tether-Binance leverage bubble.
oh come on, you know full well he was talking about his examples of people in third world countries, not bitcoin in general. Furthermore, I'm pretty sure bitcoin is not the cryptocurrency they are paid with. Don't act so dense.But it is and you are promoting that system.
Depends on how the tax code is written, and I don't think I heard of a country where income is exempt based on the currency it's being paid at.
They usually lack enforcement, but there is nothing inherent to bitcoin income that made it harder to tax than cash payments, if anything, it's easier.
"None of these are features that don't benefit the rich and powerful over the regular person" is not equivalent to "Only benefits the rich".
It has benefited me. I am far, far from rich.
Yeah but the argument that "the average person COULD make money like I did" isn't addressing the core issue
Why should this exist at all?
Our "normal" economy is all designed to the benefit of rich and powerful, and still, non rich people sometime manage to get rich in it.
That's how the system are maintained, by dropping enough crumbs so that people believe the system is not rigged against them.
And Crypto is rigged against those without money.
Well, that was a crossover I didn't expect, the one between the antisocial libertarian talking point of arbitrary theft through taxes and "bu bu but developing countries".
Hell, I'd argue that's exactly how capitalism sells itself, on the promise that anyone can be a millionaire.
This is a thread on Bitcoin, why am I to assume that person is talking about anything other than Bitcoin?
If they aren't, then why are they trying to shift the discussion to something that's not related to the topic?
If you actually read the OP, it is actually about the crypto market just as much as about bitcoin. That's why you are to assume the person could be talking about something else than bitcoin. And even if it was JUST about bitcoin, other cryptocurrencies ARE related to the topic.
I'll give you that. We're both far off the realm of certainty.
True. I was clumsily trying to make a point about tax avoidance, generally, not being illegal. Haha. That's how big accounting firms make their cash after all.
I generally believe that laws aren't real and illegal and not enforced might as well be legal, so like I get what you're saying.
But to the larger point that started this discussion, I don't think that being able to more easily avoid laws is a good feature of a currency, and in any case crypto is not even good at that.
None of that answers how the actual cryptocurrency itself benefits you. All I see is you telling me that you're gambling a lot, which is fine. But that doesn't tell me anything about the benefits of actual crypto.
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