My previous article
Coinbase & Paypal STEAL Your Crypto Through Taxbit generated quite a few interesting comments that I will address here. I wrote the article because I wanted to warn people against using COINBASE and Paypal for buying crypto. Both of those companies steal your data and give government a backdoor to it. Paypal also quite literally steals your crypto, and you need to know about it.
Whether you agree with me on tax issues or not, it is a FACT that Coinbase and Paypal are the two worst ways to obtain crypto. What you trade for the convenience of the platform is not worth it.
But on to the comments.
Yes man, the time of taxes is arriving… what people believed? Hundreds billions dollars trading volume per day and no tax? But take it the other way around: is a signal of crypto adoption and recognition ( even if WE don’t need it actually, but let’s say this is the normal evolutions of things)
First of all, [sic] the whole damn comment.
This response was perhaps the worst of all, because it's pure normie-speak. It assumes the way things are now are the way they've always been and always will be. Rules from government are edicts from God. It also speaks to an ignorance of what crypto really is — the separation of money and state — which ushers in an entirely new social contract.
No, the "normal evolutions of things" is not 1. people innovate with no help from government, and 2. government steals the benefits of the innovation. Those days are over. None of those regulators are taking risks with me in the market, so they don't get to tax my transactions in there. Since the money is sovereign, they have no jurisdiction over it. So I'm under no obligation to provide any information to them unless and until I want to trade it for their currency, and even then they don't have the right to tax me on that as income. They should be happy I'm choosing to transact in their currency and help underwrite their infrastructure.
I also don't care for greater adoption without education, as I've written about before. Einstein gave the world greater adoption of atomic theory without education, and you see what happened there. I'm fine with gradual pumping of my crypto bags if I see the world changing into a better place.
Comment 2:
Crypto was not originally to avoid or evade taxes. It was about privacy.
Saying BTC should be treated no differently than cash is one thing. Saying BTC should remove you from any relevant tax whatsoever is another.
You are not buying BTC with Paypal (yet).
If you are receiving benefits from your country but not contributing to the tax system, that seems hypocritical. I understand people may think that is clever. We at some level are NOT being taxed for no reason. We like fire departments and drivable roads and (in some places) health care. Easy to argue we are overtaxed, but opting out of contributing to society while using societal resources is not sustainable.
I'll never buy crypto on Paypal. I've already told Paypal where they can shove it, and I don't use them any more. Other than that assumption that I'm a normie like you, this is perhaps the most sensible comment.
BTC is sovereign. It's not owned by any country, so it can't be taxed by any country. What is so hard to understand about that? It's not hard to understand. You people are just so used to getting scammed by your government that you're experiencing cognitive dissonance. You have to legitimize the theft to keep from slitting your own throat on account of being a big fat bitch. And as for privacy — you seem quite willing to give that up. Fine. Be an IDiot if you want, but don't make me give up my ID just because you want to be tracked and traced.
"Well if you're doing nothing wrong, you have nothing to worry about!" No — if you have tons of money, you have nothing to worry about. Ask Jaime Dimon and every other bankster who laundered billions of Mexican drug money using the US dollar, not BTC. Privacy is my protection because I don't have that much money.
I agree with the fire department stuff. That makes sense. I'll pay that tax in dollars from the money I generate from the society. As in, once I pull my money from BTC to fiat, I'll pay the power bill in dollars and a state tax for the fire department in dollars. I'll even pay property tax for the schools in dollars. But I won't pay 33% income tax (or even 15%!) on the money I made speculating IN crypto. That's not income that's derived from any government resource. The money going in was already taxed, the computer is mine, the bandwidth is decentralized; everything about me and crypto is private property. What government resource am I fucking using? And the money's sovereign, so they have no jurisdiction, so I really don't care what argument they put up about it. Until I use their money, I don't owe them a damn thing.
Comment 3.
Taxbit is for helping calculate taxes, nothing has yet validated your theories about automated deductions.
Those that are trying to follow their respective laws have the burden of calculating it, which is a pain. The purpose I see is to bring crypto into the user-friendly space that brokerages currently occupy: They have to send tax forms at the end of the year to help with tax prep.
Automated tax deductions would be extremely difficult to do because the amount due can’t be calculated on individual trade, but rather on the individual over the entire year. Instead, the dystopian future you’re afraid of would actually just be automated reporting so people wouldn’t be able to lie on taxes any more than they can with stocks. Significantly different than you paint the picture.
Not voting down, just disagreeing with what this means
"Nothing has yet validated..."? Guy, I'm a market trader. I make my living being right about things that have no validation at present. Aside from history. It's disappointing to me how people don't consider any historical parallels when considering a prediction they find potentially damaging to their worldview. You can't see Camelot is falling even though Donald Trump and your cousins just larped Capitol Hill.
Speaking of validation, you have no validation that Coinbase and Paypal are incorporating Taxbit just to send forms. They could easily incorporate tax deductions into every trade. Even if they don't, they have the power to impose this feature. And proper security is all about preparing against what someone could do, not what you think they will do.
Also, I'm not afraid of any dystopian future. I'm preparing my life to be lived very well under any conditions. So you can disagree with my predictions all day. But if they happen and I'm prepared and you're not, good luck to you. If they don't happen and I'm still prepared, I lose nothing.
Comment 4.
Taxes are for dumb slave goyim that love the “J” overlords
I'm still trying to decide whether The Protocols of the Meetings of the Learned Elders of Zion is a real thing or not. Because even if the Russians wrote it as propaganda, the shit in that book still works. You could argue that someone took it seriously, lol. But the overlords definitely aren't all Js. Evil is spread out pretty evenly between all Western sects.
Comment 5.
who buys coins at these electricity prices
Who indeed.
Comment 6.
You are very critical, and I support it! What is safe then?
Binance (for now). Make sure you are not using BINANCE dot US, but Binance. There is no KYC there. Get a VPN if you live in the US so you can use Hotbit and Huobi, which are both good exchanges.
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Always remember:
Burgerswap Bridge will steal your crypto Deus.Finance is led by a psychotic wannabe despot AllianceBlock is a shit project All algorithmic stablecoins (Basis Cash, Mithril, Empty Set Dollar) are a SCAM Don’t get your bitcoin from PayPal Trade on BSC, not Ethereum
Ivan on Tech, Elliotrades and Bitboy are complete liars, and
If you are always losing money trading crypto, read here.
