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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The IRS sucks...
ZenCash works too. Oh, yeah: taxation is theft!
What about using public services?
Why would you flag this without any explanation?
If you disagree, why don't you enlighten us?
You should have to pay for them when you use them.
How much the irs deduct if you got 200 btc?
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.
Expect to be ready to shell out about 30-45% of the USD 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.
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.
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.
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
Scheize!
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.
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
Thank you for the post.
Look at this please 😉👌https://steemit.com/crypto-news/@inversor/stock-markets-analyst-projects-bitcoin-to-hit-usd7-500
I've never heard of hush coin. im gonna check it out.
Yes , good News
good news, thank you, upvoted :)
This post received a 3.8% upvote from @randowhale thanks to @arobert! For more information, click here!
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!
You're rocking it!
@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
Good post !!
I like the idea for anonymous coins. Sooner or later it will prime.
Just thinking about safety for oneself???
Keep on steemit!
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)
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
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've never heard of hush coin. im gonna check it out. are you guys familar?
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.
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.
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
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!
What that ?
New ICO, Receive 75 ATS tokens for FREE worth over $10 - http://bounty.authorship.com/ref/i8101112 (Absolutely free , no need to buy)