4 ms·
My dear home country uses exchange rate trickery to charge a 50% tax on remittances. Sending USDT to my friends and family instead of USD allows me to give the
by mFixman 4y ago
My dear home country uses exchange rate trickery to charge a 50% tax on remittances.
Sending USDT to my friends and family instead of USD allows me to give them money without the implicit tax, while having an exchange rate that's simpler to understand and not doesn't risk crashes like Bitcoin.
- rchaud 4y agoSo how does your family convert USDT to USD?
- rasz 4y ago>My dear home country uses exchange rate trickery to charge a 50% tax on remittances. Would that have something to do with a recent war by any chance?
- mFixman 4y agoThe country recently started a "war on inflation", which is being won by inflation. The latest version of foreign currency restrictions has been on the books since 2019, so it's mostly about the government systemically being shit.
- sgt101 4y agoWhen you say > and not doesn't risk crashes are you intentionally writing !(!(riskcrash(bitcoin)))? Because if that is what you wanted to say then I agree with you, but if you really wanted to say "doesn't risk a crash in value like bitcoin exposes me to" you do realize that that is simply untrue because no one knows the financial basis of Tether? Which means that at any moment it might go to 0?
- mFixman 4y agoI should add "assuming everything works at it should" at the end of my comment.
- nikanj 4y agoSo...the benefit of cryptos is tax evasion? How novel.
- mFixman 4y agoWhen your country temporarily blocks people from buying foreign currency, and that "temporary" restriction becomes a 50% tax on all foreign currency transactions 10 years down the line (thus killing the tourism and services industry) you might think differently of this kind of tax evasion. Keep in mind the local currency (which is the only legal way to save money) dropped 97.8% compared to USD since the block started.
- aaaaaaaaata 4y agoLiquidity is an important factor.