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Again... you can do the same thing with offshore bank accounts. If your plan is a novel way to hide money, that's been a solved problem for over a hundred years

by scoofy 4y ago

Again... you can do the same thing with offshore bank accounts. If your plan is a novel way to hide money, that's been a solved problem for over a hundred years. If you want to use your hidden money on a day-to-day basis, I think most nations are going to ban this practice simply because it's not a sustainable way to operate a state with a tax basis.

notch898a 4y ago
Serious question, what's the best legal option for an American to get a 5 figure offshore bank account? FATCA seems to have made Americans pariahs to the point you can't really get the offshore account (legally or not) unless you're rich. For pragmatic reasons you're kind of left with crypto for sub-$100k sums, although I'm definitely interested in your recommendations.
- scoofy 4y ago
  There obviously wouldn't a legal option in this particular scenario. Though it would obviously be doable. The entire point of this is that the prescriptions are all presumed to be illegal, as the ultimate goal is preventing the state from legally seizing assets. The idea that a monero wallet would be perpetually legal is laughable under a scenario where the state starts seizing assets.
  - notch898a 4y ago
    Buying crypto now while it is legal seems a lot lower risk to me than getting an illegal offshore account. Even if they make crypto illegal later they wouldn't be able to prove I acquired it illegally, and once I acquire it it's nigh impossible to determine whether it's been lost or not.
    - scoofy 4y ago
      Again, my point isn't "what do now" it's a conceptual argument as to societies on a forward going basis. Now we likely have no reason to think that our societies are descending into a sectarian and totalitarian nightmare. Thus the vast majority of users of said currencies are likely attempting to freeload of society. It's a double edged sword, where the only justification for something like monero is a fictional totalitarian state, coming... someday. Whereas, in the areas where totalitarianism exists, all of theses things are already trivially illegal... almost exactly at the rates you would suspect. https://en.wikipedia.org/wiki/Legality_of_cryptocurrency_by_country_or_territory https://en.wikipedia.org/wiki/Legality_of_cryptocurrency_by_... It's prepper mentality, and unfortunately, it's being exploited by tons of folks entirely happy to cheat on their taxes.

by scoofy 4y ago

notch898a 4y ago

Serious question, what's the best legal option for an American to get a 5 figure offshore bank account? FATCA seems to have made Americans pariahs to the point you can't really get the offshore account (legally or not) unless you're rich. For pragmatic reasons you're kind of left with crypto for sub-$100k sums, although I'm definitely interested in your recommendations.

scoofy 4y ago
There obviously wouldn't a legal option in this particular scenario. Though it would obviously be doable. The entire point of this is that the prescriptions are all presumed to be illegal, as the ultimate goal is preventing the state from legally seizing assets. The idea that a monero wallet would be perpetually legal is laughable under a scenario where the state starts seizing assets.
- notch898a 4y ago
  Buying crypto now while it is legal seems a lot lower risk to me than getting an illegal offshore account. Even if they make crypto illegal later they wouldn't be able to prove I acquired it illegally, and once I acquire it it's nigh impossible to determine whether it's been lost or not.
  - scoofy 4y ago
    Again, my point isn't "what do now" it's a conceptual argument as to societies on a forward going basis. Now we likely have no reason to think that our societies are descending into a sectarian and totalitarian nightmare. Thus the vast majority of users of said currencies are likely attempting to freeload of society. It's a double edged sword, where the only justification for something like monero is a fictional totalitarian state, coming... someday. Whereas, in the areas where totalitarianism exists, all of theses things are already trivially illegal... almost exactly at the rates you would suspect. https://en.wikipedia.org/wiki/Legality_of_cryptocurrency_by_country_or_territory https://en.wikipedia.org/wiki/Legality_of_cryptocurrency_by_... It's prepper mentality, and unfortunately, it's being exploited by tons of folks entirely happy to cheat on their taxes.