Quote from: xSkylarx on Today at 09:37:55 AM

Quote from: ilovealtcoins on Today at 07:21:49 AM

Quote from: tread93 on April 10, 2023, 02:28:46 PM

What if the governments across the world attempted to seize all of your crypto assets like the US seized all gold from their citizens in the 1900s. Now I'm seeing articles talking about how the US government is trying to be able claim private property.

I think that ultimately this would be very challenging for any government to successfully accomplish. This would cause a revolutionary period again in our world I imagine....

That can happen with gold with fiat because they're all centralized and tangible, but with bitcoin, it's virtual and invisible. How can they take it from us if we keep everything private? That is one of the great advantages of bitcoin that not even gold has. Bitcoin values privacy and anonymity, so when using it, we need to focus on the benefits it brings us. In case, even if we get caught, the government has no way of getting our bitcoins.

They really can't see you if you are just quiet on it. Like a few years ago, our government said that crypto is subject to tax, which was trending in social media, but those people still haven't declared that they own crypto so that they won't be paying tax. The problem with tax is that they are getting a percentage or sometimes a fixed amount on your crypto, which is not good because you can't always earn on it. In other words, you are paying monthly taxes on crypto but you aren't gaining profit. That is why others kept it secret.

This sounds strange to me, how can we pay taxes while our investment is losing? As far as I know, the government will only tax those who generate income from cryptocurrencies, and I have not heard that long-term holdings will also be taxed every month. If that's true, then that's the ridiculous thing the government is doing. I will never pay taxes, even if I make a profit on my investment.