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RE: KINESIS MONETARY SYSTEM - Gold and Silver on the BLOCKCHAIN ... with a YIELD

in #kinesis7 years ago

I really like many aspects of crypto currencies. It’s convenient, worldwide and not controlled by one entity (decentralization). I’m a supporter of independence and liberty. But I keep seeing crypto supporters touting decentralization as “no government or entity can touch or control” instead of “not controlled by one or a few single entities”. I believe this is a false narrative because with any crypto you have to have on-ramps and off-ramps and this is where governments can control things. Sure, if you just want to sit and pet your cryptos without using them to buy real stuff - well then you have your decentralized nirvana. But otherwise governments are going to stick their nose into crypto activity. So you might as well try to play by their rules until the revolution happens. Finally, if cryptos are so untouchable, why was there so much selling around tax time this year? Why would anyone EVER report and pay taxes on their crypto gains?

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I guess a lot of people will not report and pay taxes on their Crypto gains, but there are some who would not take the risk of getting into trouble and will pay tax. There is considerable confusion about how to classify Cryptos as investments, are they securities or not, etc. My attitude is that technology will catch up and be able to eventually give Governments the power to catch people who are not paying the correct tax, but it is quite complicated with so may tranactions being done. If Cryptos bring about a fairer Monetary System, then i will be happy to pay tax.