Quote from: MeGold666 on October 25, 2024, 12:48:19 PM

Quote from: stompix on October 25, 2024, 12:45:03 PM

And, what are you going to do with your Monero? Cheesy

Let's see the options:
- sell it, taxable registered event
- buy stuff with it, taxable registered event
- go to a country where is not taxable, thing you can do with Bitcoin
- print a piece of paper with your key and the words "I'm rich" and take it to your grave

You sound like one of those guys who is so happy he can pay for stuff with cryptocurrency anonymously then goes on to type his whole name and address in the delivery address and the warranty certificate. Wink

Also, these gains in Monero which the government would tax you on, are they in the same room as us now?

YES, I pay taxes when I sell my Monero, but I refuse to pay taxes on the Monero I hold.

Do you see the difference? Cool

I have too much money in crypto to have it visible to the government.

/Over&Out

Paying taxes on selling cryptocurrency is justifiable a bit but to pay taxes on the amount you hold is really an insane act by any government. Perhaps, it's only when you sell that they would know you have asset in crypto since they can get your personal details from the centralized exchanges you used as a medium to sell your crypto since your KYC documents are in their data.

I think anyone who have enough money should just use it and buy cryptocurrency where the government won't get to know the amount you got then anytime you need Fiats, you can just sell part of it. The only problem with this practice is volatility because if the price of any crypto you are holding falls at a time you needed to get Fiats it may be difficult which can even lead to selling at lost. Though for Monero, since the volatility is very slow, you won't record much losses if the price falls.