Right, but that's easily resolved and administrative. If 100k in crypto returns me 10M, I will gladly give 3M to the government and live happily ever after with 7M.
it's the financial instrument of choice for drug kings and criminals for moving money around without detection, that's basically the user case Value Prop of cryptos, hence why authorities are looking for ways to shut it down without taking the poor souls that got scammed in the process to lose all their savings
Still doesn't make any sense. Drug kings and criminal use mountains of cash and yet we all still use cash. As I said, banks and IRS can verify my transactions whenever they want. Heck, I'll give em 50% of my 10M if they want.
that doesn't make sense for you maybe, but that's not the point. It doesn't matter what you think what should be right. It's how the system works, no matter how unfair you think it is. Cash is a pain to move around, and expensive to handle, banks and drug dealers know this first hand. Hence drug kings need to use cryptos They will ask you first how you got the money to invest, and that can be a problem for some. The point is that if the bank or the regulator has any sense you are not legit, they will block you with unreasonable requests. Then you need to hire an expensive tax lawyers and get the funds release. Make perfect sense for millions, but if you get blocked for $100K or less, which happens more often than you think, then it's quickly an expensive nightmare. And good luck detailing all your trades from different exchanges in something easy to understand for an IRS officer, more likely they won't bother checking if you are doing 100s of trades per month, and instead will tax you on the whole proceeds, which could be 100% of your money if they do it right
You need to take some anti psychotic pills and stop reading whatever gets you to those assertions; they are truly baseless. All of my income sources are accountable and all of my returns are explainable. Between my wife and I we have 4 passports, lived in 6 countries over the last 15 years, have multiple bank accounts and live in Singapore. Never once have I experienced your paranoid scenario. Clarity is freedom.
again, living in your bubble doesn't mean it doesn't happen in the real world, dummy. Living in Singapore, the mecca of money laundering and tax fraud, yes you can get away with a lot of things there. And before you ask, yes I have lived in Sing as an expat
Somebody bought a Powerball ticket a few months ago and won 600 MM. (or whatever it was) Same news. Some other unrelated news:
The casino of the crypto's made new victims. https://cryptopotato.com/squid-game-pulls-the-rug-squid-price-crashes-99-99/ It clearly demonstrates that the only reason why people buy crypto's is because they think to get rich quick. The squid fans discovered today that you also get poor quick. They pushed $172 million of air in the balloon and then he popped.