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> That's why the founder can threaten them with the IRS, because they (likely(1)) do not rightfully (as defined per law) own it. This seems wrong. Here's the q

> That's why the founder can threaten them with the IRS, because they (likely(1)) do not rightfully (as defined per law) own it. This seems wrong. Here's the quote from the founder: > Otherwise, it's being reported as income to the IRS, and most of you are doxxed. It seems to be "return it or else it will count as your income," which seems... weird. Do most crypto people just not pay taxes on crypto? How is this a threat?

arcticbull 5y ago
Of course most people don't pay taxes on crypto lol, they're libertarian ancaps who don't believe in the role of the state. It's a cesspool of crime. [edit] there's even a cottage industry supporting folks who refuse to pay taxes in getting second passports and abandoning their US citizenship. [1] [1] https://www.cnbc.com/2021/07/11/plan-b-passport-tax-break-bitcoin-profits.html https://www.cnbc.com/2021/07/11/plan-b-passport-tax-break-bi...
xur17 5y ago
Most of the people I know that make any serious money on crypto definitely do report it, which made the founder's IRS thread confusing to me as well. If anything, I'd be more likely to keep it after hearing him say that (go ahead, report me to the IRS, I was already planning on paying taxes on it). In fact, that threat almost makes returning it the riskier move. Are they going to report all of these transfers to the IRS? Will the IRS consider it income, and then a gift back to compound if I return it?