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Let's say my company has $400,000 in earnings left over. I could pay it to myself but then I have to pay income tax and all that jazz. So, instead I buy someth
by rzwitserloot 4y ago
Let's say my company has $400,000 in earnings left over. I could pay it to myself but then I have to pay income tax and all that jazz.
So, instead I buy something fungible-ish that isn't on anybodys immediate radar as a 'security', say, some Black Lotus cards from Magic the Gathering, and I then give those to myself.
HA! I dodged it all!
.... no. The spirit of the law is that this is a financial transaction just the same.
BitCoin and all the other crypto currencies are no different. It's all play money.
A story as old as time. For example, in the past (and even today), you can buy pricey paintings. Still fraud if you use that to dodge taxes. Still fraud if you steal a painting, and not because it's a physical object. It's something that is considered to have value, based on the notion that it is not hard to sell.
- jqpabc123 4y agoStill fraud if you steal a painting Celsius didn't steal anything.
- jakelazaroff 4y agoWhat do you call it when you abuse your insider role to close your own position in your failing investment fund, while hanging your customers out to dry?
- vkou 4y ago> What do you call it when you abuse your insider role to close your own position in your failing investment fund, while hanging your customers out to dry? Web3. Ask me a hard one next time. Less-flippantly: Probably fraud, regardless of how many disclaimers your website has in 4pt font.
- fjkdlsjflkds 4y agoIf you think that anything written in 4pt font on a website can turn "fraud" into "not fraud", I got some sweet bridgecoin I could sell you.