Anyone else mining

[GTIfan99]

Go away dude, this isn’t your thread to shit on.

Sorry if basic common sense and economics makes you sad, but that's just the reality of it.

 

[IanCH]

It's also disingenuous to claim there's no issue with crypto and tax evasion because YOU use a wallet that reports to the IRS and YOU don't avoid taxes. It's a real issue and the issue that will push governments to ban crypto except the coins they issue.

https://www.google.com/amp/s/www.fo...crypto-tax-evasion-is-a-criminal-offense/amp/

The vast majority of crypto is traded through exchanges that report. If anything theres MORE tax evasion going on in the regular economy by percentage than in crypto.

The main thing that was causing issues with crypto and taxes before was the lack of clairty on how it was to be treated and also "passive" tax evasion where unwitting traders did not know that converting one coin to another is considered a taxable event.

The IRS has special software that monitors the blockchains of the major currencies and tracks down tax evasion and the word on the street is that the majority of people who miss their crypto gains on their taxes (whether intentionally or unintentionally) are getting letters from the IRS.

Please stop talking out of your ass, you clearly don't know this topic. (which is okay, but don't pretend you do)

 

[Acadia18]

What gives legal tender value is the economic activity, assets and stability of the country that issues it, so to say a fiat currency isn't backed by anything is pure nonsense. Stocks in a company are based on their assets, liabilities, revenue, and profits. To say crypto is backed by what people think it's worth is true, is absolutely true, which is exactly the problem.

To compare crypto to reserve currencies and stocks is ridiculous.

But I get it, it's popular and people are making money right now, so everyone wants in. That's basic Homan nature, but I think you're wrong and government issued crypto will be all that's left on 15 to 20 years, as crypto increases in popularity, so will the number of counties that outlaw currency not issued by a government.

It's also disingenuous to claim there's no issue with crypto and tax evasion because YOU use a wallet that reports to the IRS and YOU don't avoid taxes. It's a real issue and the issue that will push governments to ban crypto except the coins they issue.

https://www.google.com/amp/s/www.fo...crypto-tax-evasion-is-a-criminal-offense/amp/

Are people evading taxes with laundering money with crypto? Absolutely.

However, people have been doing that for decades perfectly fine without the help of crypto. Hell, the high-end art trade is nothing but money laundering and tax evasion. Just because a small subset of people are laundering money and evading taxes with crypto doesn't take away from its legitimacy.

 

[anotero]

Go away dude, this isn’t your thread to shit on.

Weak rectal muscles are a real problem for some, you know.

 

[GTIfan99]

Are people evading taxes with laundering money with crypto? Absolutely.

However, people have been doing that for decades perfectly fine without the help of crypto. Hell, the high-end art trade is nothing but money laundering and tax evasion. Just because a small subset of people are laundering money and evading taxes with crypto doesn't take away from its legitimacy.

The transactions being anonymous make that easier. What takes away legitimacy from crypto is that it doesn't meet all the requirements to actually be considered a currency, isn't legal tender in any country, is illegal in many countries and the large fluctuations in price make it difficult to use from from an economic standpoint. Stability in a currency is a basic requirement.

All of those issues will be solved when the government issues a coin and regulates crypto, and they're already working on it with JPMorgan.

And don't take any of my comments as not supporting crypto, supporting bankers, etc..... It's just the reality of it. I know it's hard to take a step back when the thing you is being criticized, but everything I'm saying is true.

 

[Acadia18]

The transactions being anonymous make that easier. What takes away legitimacy from crypto is that it doesn't meet all the requirements to actually be considered a currency, isn't legal tender in any country, is illegal in many countries and the large fluctuations in price make it difficult to use from from an economic standpoint.

You're just highlighting why people love it lol.

I will say though, I don't think crypto will ever be adopted widely as a currency, mainly due to your last point. While it has a huge market cap, it's nothing more than another investment vessel. It's closer to an unregulated stock market than an actual unregulated currency.

 

[the]

Go away dude, this isn’t your thread to shit on.

It's okay man, some people are just lonely. If by creating this thread I have given him something he can look forward to every day I would consider that a win.

 

[GTIfan99]

You're just highlighting why people love it lol.

I will say though, I don't think crypto will ever be adopted widely as a currency, mainly due to your last point. While it has a huge market cap, it's nothing more than another investment vessel. It's closer to an unregulated stock market than an actual unregulated currency.

Oh, I know why people like it, and there some really valid reasons to feel that way. Still doesn't make it a legitimate currency for the reasons I've already stated.

I'd be cautious of an iinvestment vessel in a not really a currency, backed by what people think it's worth, but not actual economic activity, products, assets or a reserve currency. The comparisons to fiat currency are disingenuous at best. Good way to get people that don't understand what a currency is to invest though.

 

[GTIfan99]

Non central bank backed crypto will be wiped out by actual government issued coins. It's already happening. They'll be legal tender and backed by the full assets and GDP of the issuing country, not just what people think it's worth.

Ride the wave and make some money now, but don't think for a minute central banks aren't going to crush cryptocurrency.

https://www.google.com/amp/s/www.ba...tcoin-what-investors-need-to-know-51618866586

 

[the]

Ride the wave and make some money now, but don't think for a minute central banks aren't going to crush cryptocurrency.

Has anyone in this thread disagreed with you? We're talking about making money for fun with standalone PCs. Nobody is going to standup a windfarm over this thread.

 

[GTIfan99]

Has anyone in this thread disagreed with you? We're talking about making money for fun with standalone PCs. Nobody is going to standup a windfarm over this thread.

A few have disagreed.

 

[Dog Dad Wagon]

A few have disagreed.

We’re more disagreeing with your general blathering attitude that clearly belies animosity bred from lack of understanding.

 

[GTIfan99]

We’re more disagreeing with your general blathering attitude that clearly belies animosity bred from lack of understanding.

Nope, I understand it and have zero animosity towards cryptocurrencies. Everything I've stated is factual and already happening. I'm a realist. Realiality is often considered antagonistic to what people want to believe.

 

[IanCH]

Has anyone in this thread disagreed with you? We're talking about making money for fun with standalone PCs. Nobody is going to standup a windfarm over this thread.

In fact, since ethereum mining is going to disappear in the next few months and be dead in a year, this thread is just for those looking to make some money while they can.

 

[the]

since ethereum mining is going to disappear in the next few months and be dead in a year

We'll see if they're serious about it this time. Not the first time they have wanted to stop mining and didn't. :^)