US Launches Quiet Crackdown On Cryptocurrencies
zerohedge.com/news/2017-08-13/us-launches-qui...
zerohedge.comPosted Aug 14, 2017, 5:15 AM UTC
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zerohedge.comRight. Because theres no way "terrorism" could be funded with greenbacks.
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Greenbacks are an international currency. We sent $400 Mil to Iran back in 2016... http://www.cnn.com/2016/08/03/politics/us-sends-plane-iran-400-million-cash/index.html
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No surprise here. The Federal Government wants every penny you earn and spend to be through the regulated banking industry, so they can tax every cent of income and capital gains.
The "war on cash" is real, brothers and sisters.
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is making a bill with clear wording like this really that quiet?
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It is when you place it into a giant wall of text.
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And it's voted into law with no time to read or fight it.
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If I had to guess, I would say the gov't has a plan to beat these back bad, and something like this is just one of the preliminary steps to that. This would give them some credence to say we found laws XYZ and 123 were being violated by terrorists etc. Then they drop the hammer big time.
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It seems like only a matter of time before the US and other governments attack cryptocurrencies. I've experienced significant problems moving USD internationally as recently as this year. Crypto is the obvious avenue for those wishing to avoid the problems I faced and governments know it.
i saw a post earlier about a guy that put a paycheck in btc a few years ago, and now its worth a million, my question is how the fuck do you cash it out? do you just put it in a bank and pay a shit ton of taxes?
Pretty much. It is taxed as capital gains. And believe me, you do NOT want to dodge taxes. Something something... Death and taxes...
We're you talking to me?
i guess you could use the btc to buy gold and shit online, then sell it for cash but moving 1 mil is a lot harder than a few thousand, unless you do it over months/years
It gets complicated, and the rules are somewhat obscure because crypto is a relatively new asset class.
For example, Bitcoin went from $1800 to $4000 in the last month. Say you bought 1 btc at 1800. Now you use it to buy 3 oz of gold approx. You owe tax on the point of sale from btc to whatever (gold here). I think this also applies if you bought a coffee using btc and it had appreciated from when you bought the btc to when you bought the coffee. Taxes will be a fucking nightmare.
But then again I could be mistaken. I'm not fully cognizant of all the tax implications yet.
Here is one way to cash out:
https://www.reddit.com/r/Pmsforsale/comments/6tb6o9/wtb_silver_bars_for_btc_or_eth/
Of course, you must report the btc gain for tax purposes.
Or coinbase.com sell directly to your bank account.
Or localbitcoins.com and sell for cash in person
that is correct. assuming he held it in bitcoin for those years he would only have to pay long term capital gains. It would most likely be a flat 20% in taxes
Depends on his income how much tax % he pays. It is most likely to be taxed at a 15% rate.
Here you pay tax on 50% of your capital gains. So depending on your tax bracket maybe 25% of it would go. Not bad.
Where is here for you? Tax law is very varied.
Blame Canada!
If you're asking about how to convert bitcoin to cash, then it's as simple as signing up for an exchange like coinbase.com.
You need to find a buyer willing to pay the agreed price.
In it's current form it's still a pyramid scheme imo. For one person to make money, another has to lose money, because this game of high stakes musical chairs needs to end at some point!
The concept is good. The gov'ts I don't think can handle any competition. Besides, there's a gajillion in bank fee revenues that banksters would lose, and the real owners of the gov'ts couldn't have that happen.