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> A circular economy of crypto does exist - it’s small vs. the speculation, but people do receive crypto and spend crypto without ever cashing out to fiat. Can
by 243423443 3y ago
> A circular economy of crypto does exist - it’s small vs. the speculation, but people do receive crypto and spend crypto without ever cashing out to fiat.
Can you provide examples that do not involve extortion or drugs?
- monero-xmr 3y agoServers, VPNs, software engineers that work in the crypto space. You can get a flavor at https://kycnot.me/ https://kycnot.me/
- heyitsguay 3y agoSo... Not just crime, but also the digital infrastructure that facilitates it.
- dmichulke 3y agoCriminals also eat, drink and drive cars. Why would paying for food in crypto be OK but digital infrastructure not? Do you think privacy is undeserved for one but not the other? Should all transactions be public / visible by the state?
- astrange 3y agoTransactions in most crypto are even more visible to the state than in normal banking, because they're in an uneditable public database that never loses history.
- Kwpolska 3y agoCrypto tumblers are a thing, and they make the public history unreadable. Bank transactions aren't public, but the government can get access, and stuff like money laundering is easier to detect than with crypto.
- CaptainFever 3y agoMonero is also a thing.
- astrange 3y ago> Crypto tumblers are a thing, and they make the public history unreadable. That simply means they're illegal, not that we have to put up with them. Cf Tornado Cash, anyone who's running one is a money launderer.
- wombatpm 3y agoYes I’ll go further. All transactions should be public, especially those by government, all politicians, and anyone in a position of authority over others.
- astrange 3y agoIf any of those people or businesses are located in the US or similar countries, they're either selling some of that crypto for taxes or just not reporting it.
- injeolmi_love 3y agoOnce people start receiving the scary and confusing 1099s next year from using Venmo et al. from Bidens new policy, crypto may seem preferable to some people. Pro taxists often underestimate the fear common people have of tax authorities.
- astrange 3y agoThere's no difference in taxation between the two and not much difference in how easily the government can see how you used them.
- injeolmi_love 3y agoMost of these 1099s are going out to people who owe little or no tax on the transactions, such as people who split restaurant bills worth more than $600 over the course of a year.
- astrange 3y agoNo, it doesn't apply to family and friends payments. https://help.venmo.com/hc/en-us/articles/4407389460499-2023-Tax-FAQ#:~:text=Anyone%20who%20met%20the%20%2420%2C000,qualifying%20users%2C%20it's%20worth%20noting https://help.venmo.com/hc/en-us/articles/4407389460499-2023-... In crypto of course you have to do all that bookkeeping yourself.
- afroboy 3y agoWell i live in shitty country where trying to transfer USD or EUR is very dangereous and could get you a prison time and not that amount you think of, it just we want to buy things from Amazon. thanks to binance and other ways we could transfer money and buy things from out of borders.