IRS has been tracking Bitcoin usage since 2015 & List of Coins that Can Save You from Spies.
Apparently, IRS was using tracking software from Chainalysis since 2 years mostly to mark movement of money around the economy.
Whole contract you can read at https://www.documentcloud.org/documents/3935924-IRS-Chainalysis-Contract.html
but mostly IRS thinks not enough people fill for taxes from crypto ie in 2015 only 802 people declared anything in USA (!).
This is not unexpected but means soon some random people with a few tools will be able to fully track your money record, doesn't matter if it will be IRS for taxes or ie mobsters. This is one of the reasons anonymous currencies are currently raising in values.
Worth also to use VPN when you send anything from wallets, this will mix up things a little too.
Top Anonymous Currencies
This is my list if ive missed something that you think matters, leave it in comments.
- ZEC Zcash - fully untraceable (as long as we believe it was launched properly).
- DASH - mineable on x11 coin with masternodes and coin mixing.
- XZC Zcoin - uses zerocash protocol and was launched before ZEC
- EXCL ExclusiveCoin - proof of stake fork of DASH with same options
- ZCL ZClassic - fork of ZEC but without founders fee (all you mine goes to you)
- HUSH - another fork of ZEC with small premine for development
- XMR Monero - cryptonote algo
Notice that actually despite 7 coins chosen here, its mainly just 3 technologies which seem most safe. Each of the technologies has more forks and different coins but those listed here are the ones i own and see good future in.
Follow, Resteem and VOTE UP @kingscrown creator of http://fuk.io blog for 0day cryptocurrency news and tips! |
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I didn't know about that. Thanks for the info.
Thankyou for sharing @kingscrown. Interesting post.
zcash Is more secure than the rest, is it true?
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I don't think they can trace transactions like that and then use the data when it gets legal.
Thanks for posting this! I posted something similar a while back about how the IRS has TEAMS of agents monitoring the crypto market, just thinking of every possible way to get their greedy little hands on our money!
have you heard of this?
In 1996 the NSA (that’s right, a government agency) published a White Paper titled, HOW TO MAKE A MINT: THE CRYPTOGRAPHY OF ANONYMOUS ELECTRONICCASH. And in this white paper, analysts and researchers laid out the entire breadth and scope of replacing cash and other fiat currencies with a completely digital one, based on anonymous cryptocurrencies.
https://steemit.com/bitcoin/@earthcustodians/mystery-unveiled-why-was-21-million-picked-as-the-number-of-bitcoins-to-be-created
No, I havent.
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yep i bet they've been tracking it alright :)
The IRS sucks...
How much the irs deduct if you got 200 btc?
Expect to be ready to shell out about 30-45% of the USD value. :(
Scheize!
Its called capital gains and they don't run that high... also you only have to tax your EARNINGS on them not the full value
Capital gains in the United States would be 15%.
People active in the world of finance often use bank accounts in different countries. Regions such as Belgium, Belize, and even Hong Kong do not have any capital gains for Bitcoin as of right now. Opening a bank account in that country and using it for Bitcoin exchange purposes is within the confines of the law. However, this activity will still be scrutinized by the government, and may result in an investigation regarding the origins of said funds.
There are also laws regarding owning a foreign bank account which should be taken into account if you decide to go this route.
Thanks! This is good advice
Good info
If you are a US citizen, or resident for tax purposes, then you must report any and all foreign financial accounts, such as bank accounts, brokerages, or anything 'financial' under the dreaded FATCA. It is still legal, at least for now, for US citizens to have foreign financial accounts, but make sure you fill out the appropriate FATCA forms every tax year---the penalties are outrageous for not doing so.
Or just don't and get out of the U.S. :) That works too.
They have to keep scaring people into voluntarily screwing themselves over because they are incredibly outnumbered by the populace they hope to keep under complete control and enslavement.
I've written a post on the late, great Chuck Berry's music. It's pretty musical. :)
Works well for me :) I'll check out your Chuck Berry post.
Haha, thanks for checking that out!
Capital gains can be as high as %20 in the US and citizens are required to pay that no matter where they happen to bank.
my question is, does it even make sense to bother with foreign bank accounts anymore? We live in a post crypto world now and it seems to me that cold storage on a tiny device is completely impossible to crack down on even if we do have the technology to track every technology.
Also, when it comes to capital gains, how do we calculate actually calculate these kinds of earnings in a fair way? If the currency might drop in value dramatically during the actual transaction its insanely unfair to the citizen in that case. We really need to be able to pay taxes in a new kind of way to keep things fair.
It is like a casino. The house always win. They never deduct. They just agonize about that treasure in your hand all the time that you exist.
ZenCash works too. Oh, yeah: taxation is theft!
What about using public services?
You should have to pay for them when you use them.
Why would you flag this without any explanation?
If you disagree, why don't you enlighten us?
True, their very existence is reason to revolt. But of all the taxes we pay here in the US a capital gains tax of 15% is one I'm OK with. But what I spend and where I spend it is no ones business. The team and advisors on Zcash seems solid. Mad genius Zooko at the helm with guys like Vitalyk and Andreeson advising plus a large team convinced me they could be a serious gainer down the road. Their wallet is ugly but the project is moving so we'll see.
Is there by chance any research about spheres where bitcoins are used and there shares?
If they track maybe they can show analysis.
Wow. Thanks for the information. I bet they have all the blockchain nodes mirrored somewhere in real time linked to anNSA meta data harvesting data center cross referencing it with location and communication data, linked in to the swift and escrow networks for realtime tracking.
Thanks again.
@fortified
you have very sharp insight ;)
Why thank you very much. I like to try.
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@kingscrown - Aahhh. This explains why Monero shot up suddenly and Dash is peeking up. Your article provides a very concise explanation of the coins based on 3 technologies which deter tracing.
Thanks for this heads up. Cheers. Upvoted
Nice everyone.i love steemit members.i resteem kingscrown74 s post always
It's time for people to learn the truth about income taxes - most people don't make federal income. And even above the tax laws, what gives anyone the right to claim property of the unborn? Humans need to detach from anything establishment related asap
Resonating here!
Well shoot they finally found out how this time traveling cat has been funding his time traveling adventures.
Honestly they should just make the USD coin already and be done with it. Then they can track EVERYTHING like you know they want to but they don't want you to be looking at them while they track you kind of way.
how can they know who owns a bitcoin wallet?
This post received a 3% upvote from @randowhale thanks to @cyberblock! For more information, click here!
Nice to know about this, Steem will also moon!
This is why people are force to adapt crypto currency, they are force by the government itself. It also prove that the government exist not to protect you but they are preying people. A sad fact
The government cannot even track down most crimes that go committed. This is just another scare tactic.
One of the best content creators on Steemit keep it up! I've probably upvoted you a few dollars and will continue.
Chain-analysis uses machine learning algorithms.
of course they are. Americans can't make a penny without Uncle Sam taking a look so he can get his bite.
If we are not funding horrible things, then we should be able to do what we want with our money.
Americans are going to have trouble hiding any currencies from the IRS long term. Anything they can't dig into they will ban us from trading.
@mikepm74 The American government always needs to take a piece of the pie because they enjoy spending other peoples money. If they can find a way to tax it, they will. One reason why cryptos are gaining traction is due to that being your own bank is the safest way to protect your wealth.
It´s true
Not really surprised the governments will always try keep tabs on people's wealth, and tax them to death and beyond. The only way to get rid of taxation is to leave the system. Move around, live a paperless, untraceable life, I believe is still possible, but for that you have to do with less amenities, something most people in the "civilized" world are not willing to part with.
Well this is scary! Thanks for sharing this, appreciated!
Scary future we live in..
Wasn't aware of the IRS doing that, is this just news to the community now or has it been public knowledge for a while that they have been monitoring the BTC transfers?
I'd just add PIVX to your list of anon coins :)
you have my full uv
If the IRS is watching people get rich with Bitcoin I am sure the DEA is watching people buy/sell drugs too
Good point!
It sucks
They're collecting tons of information, but no one there is smart enough to disseminate any of it.
I don't understand why they collect SO much information. Its just diluting surveillance of an actual threat. If you're digging for gold no reason to put a mountain of dirt on top first.
Thank you for posting. This is a useful article in bitcoin.
IAM STEEMIT INDONESIAN
Helpful share. I will have to try the VPN strategy when moving cryptos. Thanks for the tip.
JEEEEZ, I just want to use my Monero as a body pillow :(
I was under the impression that PIVX is also in this category.
It's main motto is:
Private - Instant - Verified - Transactions
It also seems hugely undervalued at present. Good team and sexy website!
I'd be keeping an eye out for this currency in the next few months-year.
Besides BTC, PIVX is one of my longest holds. I found it early and jumped on it. I think it'll do well in the future.
An excuse that those activities are needed to prevent funding of terrorists always works. Specially if the nation is scared enough.
thanks for this, I'll definitely look further into these, only heard of a few of 'em
Real OG's go w XMR!!!
Interesting find. Good stuff! Thanks for posting the info.
Great Post, also not surprised
Muy buena tu información.
It sucks but I believe it's just a matter of time that it will be regulated. :(
Very interesting post, thank you very much for sharing and feeding this social network with content that helps us keep growing! regards!
Thanks king for this informative post; it highlights that while taxes are not fun, taxes are not cool, it is no joke the IRS is definitely not playing around.
Waiting on cloak!
Im calling bullshit, everything to do with crypto from the government is all a scare tactic. Claiming it at the border? Really? Going to search my entire laptop and look through my USBs? Don't think so.
We have been tracking, so you better claim it! Yells the idiot little child lol
sorry I have to tell this to you
HOW TO MAKE A MINT: THE CRYPTOGRAPHY OF ANONYMOUS ELECTRONIC CASH
National Security Agency Office of Information Security Research and Technology
Cryptology Division 18 June 1996 https://steemit.com/bitcoin/@earthcustodians/mystery-unveiled-why-was-21-million-picked-as-the-number-of-bitcoins-to-be-created
haha, rolling over here. I agree!
Only 802 USA citizens declared bitcoin in 2015.. lol
Live in UK. Is it regulated much in US the crypto currency market? Wonder because we are doing aN ICO and think of skipping US before we fully understand how it works
Good to know! As the IRS probably knows i planned on claiming my coins ;) but knowledge is wealth.
Interesting! That seems like a lot to track and follow though!
I've never heard of hush coin. im gonna check it out. are you guys familar?
What that ?
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HUSH has acquired the Zcash developer who developed the windows and I think Mac GUI
s for Zcash. I sold half my Zcash to get it. He's attracting new talent to the project. Development is moving fast and it may soon get listed on Bittrex instead of just Cryptopia and Satoshi. Currently at 0.7% the price of Zcash (~ $1) with I think a potential to go to 10% the price of Zcash. So if Zcash goes back to 1/6 the price of BTC and HUSH goes to 1/10 the price of Zcash, then 33x more BTC per BTC invested is the potential of HUSH.
Is there a whitepaper?
As mostly a clone of Zcash that will tap into ethereum and counterparty technology, it does not need a technological white paper to introduce anything new. The primary differences are that it's not funded by (and funding via 20% mining fees) an American private company like Zcash's Zerocoin Electric Coin Company, so it's more of an open source project that can't be shut down or influenced like Zcash's company (although Zcash can continue to live as open source without the company). "HUSH" refers to it making messages on the chain anonymous like the coins. With secure messaging you can encrypt messages for "privacy", but without HUSH, a 3rd party can always see who and when 2 parties (or IP addresses) are communicating even if they can't read what the messages are. So HUSH adds anonymity to private messages. You can send a message and no one can connect you and the receiver. Spies have needed this technology forever and have several workarounds such as broadcasting numeric codes on shortwave radio, which is still being done today. For long messages, the only message might be a link and key to an anonymous encrypted document on TOR or the IPFS. Buyers and sellers using the coin may want to be able to attach messages that have the same privacy + anonymity. There is a road map on the myhush.org web site with a link to the bitcointalk announcements.
Thanks for the explanation! I'll dig deeper in this, I guess it is in the same way mined than zcash?
Yes, exactly the same. In fact you have to be careful not to mine one of the coins to the other coin's address. If you're mining Zcash already, it's super easy. Except that you can't mine directly to Cryptopia for some reason. It's hit or miss. You have to have your own wallet.
bien sur
More than value of the coin we can do things that ZCash cannot. We do not have any corporate backers, so we are not constrained in any way. I like to think of Hush as the open source Zcash. Like ZClassic Hush has no founders fees, so miners earn 100% of the block reward.
I don't understand why Zclassic is valued at what it is, the core dev left the team months ago and there has been no development since then.
Here is an invite link to the Hush slack. http://slack.myhush.org/
It's a great community, friendly and accessible. zawy and madbuda are two of the stalwarts over there. :) The developer, radix42, is very highly thought of in the cryptocurrency community and refreshingly devoid of false promises and bullshit. There are so many great things happening in Hush's (near to medium term) future technology wise, plus Hush isn't on any of the big exchanges yet. So, as the features roll out, the exchanges wise up and word gets around, I expect Hush will be selling much closer to its true value. Hope to see you over at the slack!
I really enjoyed your post, thank you for sharing with us. Enjoy the vote!
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im never giving taxes on bitcoin or any crypto fuck the government
really? In 1996 the NSA (that’s right, a government agency) published a White Paper titled, HOW TO MAKE A MINT: THE CRYPTOGRAPHY OF ANONYMOUS ELECTRONICCASH. https://steemit.com/bitcoin/@earthcustodians/mystery-unveiled-why-was-21-million-picked-as-the-number-of-bitcoins-to-be-created
I am not sure bit what about PIVX? I thought I read that it was pretty private too.
good I used btc
Hi @kingscrown. am a newbi in steemit. i have follow you and upvote you. help me to follback me and upvote 😀😀😀 @abu.amann
I've heard that there is a kind of money which is completely untraceable. It's printed on little bits of green paper and you keep it in your physical wallet in your pocket. The name for this amazing untraceable invention is the US dollar bill. Apparently drug dealers are using this as it is impossible for anybody to track it. If you don't want to be spied on I recommend that you change all your crypto into bills.
Thanks @kingscrown , yes I think we should keep at least some in one of these, I use DASH for it.
I joined steemit and have started publishing my bitcoin trade here, I think it will be beneficial for all the bitcoin traders, but I am not sure how to make it available to everyone. Its at:
https://steemit.com/trading/@aarcee/bitcoin-btc-usd-trade-profit-booked-today-22-aug-2017
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STOPWhat do you think of #Stealthcoin as well? I'd love to hear of a few more; I was just watching a video about the untraceable properties of #monero today - also heard similar about #Dash and #ZCash - I need to pick up some Monero though; great article
Luckily the CRA (in Canada) is pretty damn slow :)
I like Monero and Dash for long term Investment in true crypto-currencies. Having said that, I'm not sure Dash is at a good entry-price. Monero on the other hand has room to grow short-term,
What are your main alt-coin tips? specifically coins that are truly out of sight from prying eyes.
As far as I understand cryptocurrency earnings are taxed once you "cash out". I'm not using crypto for anything illegal so I'm not too worried but I know the dangers of thinking "I'm not doing anything wrong".
As we could expect this is going to be a long war with a government for freedom of money.
Thanks for the information,this will help many of us. :)
Nice article! it's very interesting
Don't forget about DeepOnion (ONION), @kingscrown. Currently only trading on Nova Exchange, but uses TOR network to send transactions. Just caught wind of this today and it's up 40% today.
Happy with EXCL, earned my first stake in about 32 hours! (0.5 with 102 staking)
I thought taxes were voluntary?
SDG
now i understand why Zcash is growing
ZCash is a private company with closed code whereas Monero is decentralized and open source. I think Monero (XMR) has the best technology as far as anonymity goes with crypto.
https://bitcointalk.org/index.php?topic=2037552.0
wrong... we at hush use zcash code and we are open source. Monero has no zero proving algo it is inferior.
Seriously FUCK the IRS. Stealing our tax money to fund the destabilisation of under-represented countries around the world? NO THANK YOU.
And fuck these people who made this chain analysis bot.
Thanks for the heads up! What do you think about SmartCash? I believe it is a fork of Zcash.
Hopefully they will be added to the DEX so I can buy some of them! :)
The news got me thinking when it hit me too. And they conveniently made this public knowledge now, 2 years later. But it was kinda in the back of my mind since the blockchain is public knowledge, if you can link IP addresses to BTC addresses then bam, you know who paid who when. Though I still find it hard to believe that they can trace with much accuracy
Can't wait for the day that taxes become voluntary. That's the future.
lovely post.. do follow back and help upvote my posts. thanks
Privacy is prime in the crypto world.
Thank you for this awareness your bringing... good stuff! :D
Damn gov.
THNX BRO
Thanks for the information.
very good
They have been doing espionage and putting Trojan horses into Bitcoin's ecosystem, community, developers, miners. When the next financial crisis starts, and when people start to move their money en masse, they will make an all out cyber war against us. Like this:
https://steemit.com/bitcoin/@tuventure/fiction-how-usa-will-be-taking-down-bitcoin-during-next-financial-crisis
good news, thank you, upvoted
This post received a 3.8% upvote from @randowhale thanks to @arobert! For more information, click here!
I've never heard of hush coin. im gonna check it out.
good news, thank you, upvoted :)
Good news? More like bad news.
look my post about waves
https://steemit.com/cryptocurrency/@superpako/waves-plataform-and-lease-cryptocurrency
Yes , good News
Thank you for the post.
Look at this please 😉👌https://steemit.com/crypto-news/@inversor/stock-markets-analyst-projects-bitcoin-to-hit-usd7-500
It seems like this was inevitable.
Despite the anonymity aspect to bitcoin it is a transparent blockchain which still does allow some sort of tracking to happen unfortunately
Muy buena tu publicacion. Muy completa e informativa. Nos educa y es de utilidad a los que estamos iniciando. Upvoted merecido. Sigueme te estoy siguiendo
Good ome
You forgot to add CLOAK! CloakCoin is one of the best (and undervalued) anon-coins on the market. Give it a look!
https://www.cloakcoin.com/en/
nice article @kingscrown
Relevant and disturbing. Thanks for posting.
Good news, thank you fot sugestion
thank you very much. I love all steemers
good news. Thanks..
Join my autoblog! Interesting news&facts
Interesting information about digital money, thank you for your share information.... have a ice day @kingscrown
I like your articles, I with impatience expect something new. thank you very much that by sharing this story here. Keep up the good work. :)
wow.very informative post. upvoted
thanks to you to inform us that level because some people along me, are new at the cryptocurrency filed.
thank you
Good post keeps uploading material like this you have a new follower and my upvote, help me with an upvote if you can
@kingscrown - Thanks for sharing this information about untrackable crypto currencies. This is very useful.
Thank you. Great post for me due to my interest in anonymous currencies.
Good post !!
I like the idea for anonymous coins. Sooner or later it will prime.
Just thinking about safety for oneself???
Keep on steemit!
Quite Informative
How about Signatum?
Isn't Bitcoin revenue and should be declared?
Thanks for the info.
Hola; Buenos días, soy Iraima una nueva steemitans.
soy de Venezuela, tengo 26 años, estudio la carrera Contaduría Publica.
mi familia es la base de mi FELICIDAD, me encanta compartir y disfrutar cada momento de mi vida con ellos; considero que la familia juega un rol importante en el desarrollo de toda sociedad, pues a través de la misma se desarrollan cada uno de los ciudadanos que forman parte de la unión y el crecimiento de las grandes sociedades.
Me encanta las redes sociales, al descubrir steemit me interese en formar parte de esta maravillosa red, pues la misma me permite conocer nuevas personas, y a la vez aprender temas interesantes como los que se publican en cada blog.
Espero me sigan y poder formar parte importante en esta red social..
Regards to know ya steam friends .. hopefully we can be friends well
Hi, good post to follow and IRS has been tracking Bitcoin usage since 2015 & List of Coins that Can Save You from Spies.upvote follow @steemboad
nice post@kingscrown
this is a great little list to get started in on for those of us like myself in need of something to keep the government arseholes away.
Good and useful information, thank you
@kingscrown from your description of the 7 coins, it feels like you prefer DASH to others that you have listed. Am I reading it correct, am I reading too much in between the lines? ;)
Cool
Anonymous coins are all well and good (I hold some myself) but until they are accepted by a merchant for goods or services, you are still going to have to cash out via btc on an exchange and this is where the tax man will catch you.
My understanding is (certainly in the UK) that no tax is owed until you convert your coins into fiat. Not too sure about mining, which may be treated as income.
Unfortunately that's wrong. If you are paid in crypto for anything (UK), then you would owe income tax on the GBP face value of that transaction. If you're doing a lot of crypto sales, you may even be required to add VAT to the sales.
He is correct from the perspective of an investor. They cannot get you for capital gains until you cash out into Fiat or otherwise use the banking system such as a debit card.
There was an attempt to add VAT to bitcoin a few years ago but this was abandoned.
My reading is that if you earn bitcoin in any way (mining, blogging, other tasks that involve payment for your time or services) you are liable for income tax. Difficult as the value of crypto fluctuates so much.
If you buy and then sell btc and make a profit, you are liable for capital gains tax on the profit (with allowances etc).
I think this is the latest guidance:
https://www.gov.uk/government/publications/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies
Thank for share useful post👍
uplifting news, thank you a lot
-Excellent post thanks for sharing
I am a new steemians, maybe i should study first with you, regards know me
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I followed and upvoted.Would you like to follow and upvote me.
-Excellent post thanks for sharing
I am a new steemians, maybe i should study first with you, regards know me
https://steemit.com/@cartoonhd please follow me
I followed and upvoted.Would you like to follow and upvote me.
This article is definitely useful. Has anyone included any earnings on their tax returns? is this possible to be done on your own or an expert advise is required (i.e. like a tax lawyer)? any inputs will be useful. If we are better informed, the benefits of doind this type of exchanges online become more enjoyable!
Thank for sharing.
It helps a lot as we are getting trapped in cryptocurrencies day by day.
Here,I would like to draw attention of some authors/curators&Please read this project,
https://steemit.com/introduceyourself/@ripa/curator-get-paid-45-50-of-what-his-her-upvote-worth-http-i-imgur-com-h7am23g-jpg-introduction-post-log1
Now I know where my mortgage payment is going this month....
Awesome post dude very informative. I'll check it out. Upvoted and followed.Be sure to follow back!
bossible follow -up iam a beginner iwant your support
Thank You!! The IRS aint gettting shit from me
Thanks for this information! Great to know.
Great article. Ya known about this for a while but thanks for the reminder. Great write up. Upvoted. Feel free to follow back. Cheers
Very nice post friend
What about Steem and bitshares? Would be interesting to know about the traceability of these coins...
Thanks for sharing the info they key to every thing is to stay informed about it all.
I did a video on this! "IRS Hunts Down Tax Cheats"
How to get free Stellar Lumens based on your bitcoin holdings:
https://steemit.com/bitcoin/@idealsceneprod/how-to-get-free-stellar-lumens-end-august-27-2017-rush-rush-rush
There should be ZEN also https://zensystem.io/
Ok it is very interesting. I hope everything will be kept anonymously. I mean what is the point of decentralised money if then you have to go back and pay tax? Some country has 50% tax... are you seriously thinking it will be a good move? I hope it will carryon anonymously
Really? This is scary. I hate the thought that they are tracking our money. Although I could argue that we shouldn't be paying so much in tax either.
Its complete fraud what they do
So Bitcoin is traceable. Not good. :3
they will go after you no matter where you are as long as you are a US citizen you are their slave
And as a US citizen, even if you renounce your citizenship you still have to pay taxes to the IRS for another 5 years.
also bitcoin and ethereum are Anonymous
Not really
Sending Money over a "subscription" VPN is not always secure because not all VPNs are actually secure. And the ones that are "secure" typically keep logs to track your usage ... soooo ... unless you're outrageously familiar with encryption, you should probably just deal with the IRS penalty as compared to having someone hack your Crypto Wallet(s) via your VPN service.
Good post @kingscrown ! Only thing that is nice to see is about Zcash as I mine it. ;-) What happens if we "sell" our crypto for fiat on https://localbitcoins.com/
Bitcoine goin to be the coin of the world
What do you sink? @lena1982
UPPED and RESTEEMED
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I just read about this, unfortunately Uncle Sam will do his best to get his share of the Crypto money.
If anyone is looking to learn more about cryptos and blockchain tech - check out this guide I put together: https://steemit.com/cryptocurrency/@craigb786/the-ultimate-cryptocurrency-and-blockchain-resource-center-and-guide
There's some resources in there regarding tax stuff too. Hope it can help anyone looking to expand their knowledge on cryptos.
recently i heard about monero and it seem really worth investing in it
For 8 years the speculators have been saying that Bitcoin is a scam. Now are they tracking down the head of this scam? Or are they admitting finally that this is better than central banking namby-pamby.
Interesting, I knew Bitcoin and the like was not untraceable but I did not know there was already software tracking them.
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IRSis crazy man. We need freedom
Very good article. It would be interesting to have more tools to know who can track your usage.
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STOPThis post received a 3% upvote from @randowhale thanks to @kingscrown! For more information, click here!
The government....Is something else. Thanks for sharing, I was asking my friend about taxes and everything and its been on my mind.
You need to add BlackBytes to that list. They are free with ByteBall!!!
I have watched a YouTube video recently from Ryan Berkness in which he explains how taxation on cryptocurrency works in the US.
Basically, the only way for cryptocurrencies to be taxed in the US is if they become spendable. Before that, these are not considered "realized gains".
Plus you are only taxed on the profit you've made after the currency was transferred into a spendable state. This is most likely why many countries are now looking to make Bitcoin an official payment method, since it would immediately become spendable.
I'm new to this platform, and I'm not sure if it's ok to post the link in here. Just in case it's frowned upon or not ok, Please feel free to delete this comment.
The IRS hasn't heard of steem though ;)
Interesting.
I think it might be pretty useless for IRS to trace Bitcoins since many of us are even losing oversight on the number of coins. And someone with bad intentions would probably invest in other coins or choose to do its trade in another jurisdiction under another name, etc.
Thank you for the news or information we hope to be able to do business together and achieve success .. hopefully we can be well-secured by sharing good news2
Go have a look at Verge (xvg) .... Very far below the radar ... No razzamatazz but has been on the go since 2014, very secure.
Upvoted my own comment so it can be seen (not my regular habit)
Yes, the IRS has been using Bitcoin Tracking Software since 2015,.
The IRS states in the documentation that it's using the software to "trace the movement of money through the bitcoin economy," going on to explain:
"This is necessary to identify and obtain evidence on individuals using bitcoin to either launder money or conceal income as part of tax fraud or other Federal crimes."
Did hear about Monero and Dash before. It is an ongoing struggle for the IRS to clamp down on those who trade and profit from cryptocurrencies without reporting their windfall to them. Unfortunately, this is a hard one to crack since more and more people are waking up to embrace the digital coins despite the looming crackdown. As fiat currencies continue to get devalued, what is the point of holding onto a barrel full of worthless paper notes.
You missed Cloak ! Seriously?Can't up a list that doesn't have that one. Sorry. Keep reading Jr.
Good to know.
Don't you think that after a while they will start tracking those currencies too? I'm afraid we'll have to keep running from spies...
Great post! Keep it up.
Can they tax if we don't sell any coins? Because they can only tax the profits, but who knows
Join my autoblog! Interesting photos&facts!
Omgg
Congratulations @kingscrown!
Your post was mentioned in the hit parade in the following categories:
Really this is scandalous!! IRS has so explaining to do! LOL
great , thank you, upvoted
That's how you trim the mass just show them what they desire wealth and royalty as every single person on this planet wish to be rich and financially secured same as today with Bitcoin a punch of numbers too complicated to understand makes you rich I guess we're not the smartest generation ever lived!! @thirdmanh3
I DONT GIVE A F' TO YOU!!!
Thankfully the tech behind Zcash is coming to Ethereum
No matter what you do those in control will break off a piece for themselves. They can't stand the competition.
Great info!!!
You can bet if the US is spying on BTC trnsactions, then other countries are too.
Thanks for the share.
You got an upvote & resteem from me.
Steem on beyond the moon, have you got your ticket yet? Good luck to us all.
None of those are convertible directly to fiat from a major exchange. That is why the IRS is going after exchanges like Coinbase/Gdax and Gemini because you can convert your ETH, BTC, LTC, and BCH to fiat. It is those transactions from those exchanges linked to a bank they want.
What we need are more businesses that do business in crypto so we don't have to use a bank anymore.
I think bitcoin stays on the moon..
Will steem rise in september?
nice info sir, kindly see my posts and upvote me and follow me.thanks @kingscrown
The great thing with anonymous cryptos is that thy can also be acquired on anonymous, P2P exchange like Bisq. Users can buy bitcoin on KYCed exchanges, and then swap into anon cyptos and the trails disappears!
Carrying BTC has always been associated with this risk so yes, its sort of a given when blochchain can be read by anyone. And its virtually impossible to not to lose track of username or email that can lead it to you. In any case, I would like to add another new coin on the horizon
ONION: MC 3M, Airdrop continuing is one of my current favorites. This coin might give you a chance to grow your BTC too. I recommend just getting in and taking a look at it. Go to deepOnion.org or find it on BCT thread
Great article!
I would go with XMR (Monero) for best privacy.
https://steemit.com/money/@dobartim/how-did-i-earn-from-usd-40-79-btc-for-8-months
This is why coins such as @smartcash are needed... this is getting out of hand, we should be innocent until proven guilty!
It's also possible to simply use an exchange to switch your coins into an alt, to break the tracking. And then when the withdrawal is made it is in the form of an alt, and the "chain" is broken.
I received a letter this week from my Gov Tax Dept asking for the same amount I have in my Steemit wallet.
I bought all my Bitcoin with cash at a BitcoinATM. For once in my life I am trying to save and invest for the future but (shakes head) no, no, no, no, no, no, no, no.
I was hearing about this, wondering how true it was. I found this video on youtube that really got me thinking.