Re: 5,000 BTC from Satoshi-Era Wallet Moved

Quote from: o_e_l_e_o on September 04, 2022, 07:17:38 AM

Quote from: larry_vw_1955 on September 03, 2022, 11:22:26 PM

I just don't think the US government will allow it to go on forever though. Not for US citizens anyway.

I agree, and the mandatory question right at the top of Form 1040 is just the beginning. No doubt the government will want full self-reporting of every wallet address you control in the future.

Which is why it probably won't be worth being involved in crypto for usa residents. That's just being honest. The small profits you might make will certainly be outweighed by all the reporting requirements. I mean they almost already are. You have to file capital gains tax forms and pay too! Plus make declaratiions. And then if they don't believe you, you might get audited on your crypto! So much for bitcoin being semi-anonymous then. you're gonna hand over every address you control to them then so they can see EVERYTHING. Huh

Quote

But the fact remains - if you fail to comply with fiat regulations, then the government can take your fiat out your bank accounts with ease. If you fail to comply with bitcoin regulations, the government can't take anything unless you hand it over to them.

In that case, hopefully other prison inmates accept bitcoin and you can have a way of sending it to them inside the joint. Shocked