Study calls for US taxation of cryptocurrency
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- I Shrugged
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Study calls for US taxation of cryptocurrency
I know the Fed wonks issue all kinds of studies. And that a lot of it is just brainstorming which might not amount to anything actually being done. This one is interesting. The actual report is way too deep for me, but what I get out of it is that they are saying, "here's how we can have permanent deficits, and it will require taxing bitcoin".
I think it is really saying any alternative money, which to my way of thinking could include gold.
Here is the abstract with a link to the full report. The full report has a conclusion section which is not the same as the abstract.
https://www.minneapolisfed.org/research ... ebtholders.
I think it is really saying any alternative money, which to my way of thinking could include gold.
Here is the abstract with a link to the full report. The full report has a conclusion section which is not the same as the abstract.
https://www.minneapolisfed.org/research ... ebtholders.
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Re: Study calls for US taxation of cryptocurrency
Ah, jargon. Where would law and econ be without it. I think they're saying crypto (alternative currencies) limits the ability to inflate. Gov has a solid grip on the offramps at the moment so political unrest is still the limitation. I dunno whats happening outside the US. Are people using bitcoin for coffee in other countries?
Re: Study calls for US taxation of cryptocurrency
I listened to an interview with Andrew Tobias.
He pointed out that under current U.S. tax law anything you pay for anything using bitcoin, e'.g., a coffee, that is a capital gains event that should be reported on your tax return!
He pointed out that under current U.S. tax law anything you pay for anything using bitcoin, e'.g., a coffee, that is a capital gains event that should be reported on your tax return!
Above provided by: Vinny, who always says: "I only regret that I have but one lap to give to my cats." AND "I'm a more-is-more person."
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Re: Study calls for US taxation of cryptocurrency
yup....gov deficits are reaching their threshold it seems. Historically US was able to export its inflation throughout the globe....but the world woke up and realized they were selling their 1st principles assets (food, energy (O&G), and labor/goods for a currency that has no cost to create. (US dollar).
Because of this awaking, inflation is being felt domestically, and with slowing economy gov deficits are in trouble. They have to print....Bitcoin is the fastest horse in the race will benefit the most. Therefore they are eyeing the cap gains as tax revenue.
This however will end badly if executed, as bitcoin has borderless rails. Remember these words: "Money / Wealth flows to where it is treated best". IF the US decides to punish hodlers they will leave with 12-words in their head to a country with Amercian values. Other countries will compete with Bitcoin friendly tax laws and attract that wealth.
Who knows how it will play out....but keeping wealth in this country should be a matter of national security. The best play is for the US to use its abundant resources and infrastructure to get ahead of the game against BRICS. We must incentive Bitcoin mining to suck up every last drop of excess / otherwise wasted power and build more energy plants. The wealthiest countries per capita all have low energy costs to the people. (AKA the producers.)
Because of this awaking, inflation is being felt domestically, and with slowing economy gov deficits are in trouble. They have to print....Bitcoin is the fastest horse in the race will benefit the most. Therefore they are eyeing the cap gains as tax revenue.
This however will end badly if executed, as bitcoin has borderless rails. Remember these words: "Money / Wealth flows to where it is treated best". IF the US decides to punish hodlers they will leave with 12-words in their head to a country with Amercian values. Other countries will compete with Bitcoin friendly tax laws and attract that wealth.
Who knows how it will play out....but keeping wealth in this country should be a matter of national security. The best play is for the US to use its abundant resources and infrastructure to get ahead of the game against BRICS. We must incentive Bitcoin mining to suck up every last drop of excess / otherwise wasted power and build more energy plants. The wealthiest countries per capita all have low energy costs to the people. (AKA the producers.)
- I Shrugged
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Re: Study calls for US taxation of cryptocurrency
I wonder what percentage of crypto, or bitcoin specifically, is held in "accounts" versus directly by the owner. I would think the accounts would be easily subject to taxation.
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Re: Study calls for US taxation of cryptocurrency
The direction that the developers in control of the Bitcoin repository have taken since 2017 leads to this outcome. They’ve decided, in effect, that as Bitcoin becomes more valuable, fewer users will be able to use it.I Shrugged wrote: ↑Fri Oct 25, 2024 9:03 am I wonder what percentage of crypto, or bitcoin specifically, is held in "accounts" versus directly by the owner. I would think the accounts would be easily subject to taxation.
Unrelated, but this quote reminded me of this thread (highlight added by me):
Question on the highlighted sentence: why does he specifically mention the gold standard? Did he really go as far as to say that personally holding gold is insufficient, you also need the rest of the economy on the gold standard?Alan Greenspan, 1967 wrote:"The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to an unlimited expansion of credit.... The law of supply and demand is not to be conned. As the supply of money increases relative to the supply of tangible assets in the economy, prices must eventually rise. Thus the earnings saved by the productive members of the society lose value in terms of goods . When the economy's books are finally balanced, one finds that this loss in value represents the goods purchased by the government for welfare or other purposes.... In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold... The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves. This is the shabby secret of the welfare statists' tirade against gold. Deficit spending is simply a scheme for the hidden confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights."
Last edited by Jack Jones on Fri Feb 07, 2025 5:19 am, edited 1 time in total.
Re: Study calls for US taxation of cryptocurrency
My admittedly unsophisticated understanding of Greenspan's bolded sentence above is that "in the absence of the US dollar being on the gold standard, there is no way to protect your savings inside the US government's financial system from confiscation through inflation." Of course, we can hold physical gold outside the US government financial system, and hopefully our physical gold will provide some protection against inflation, but such protection is not guaranteed and may be delayed perhaps even for years or decades, as there are many inputs to the price of gold.
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Re: Study calls for US taxation of cryptocurrency
Greeny praised the gold standard after leaving office too. He was paid millions to troll and I probly would've too. ergo term limits on all gov positions as power always corrupts. Even visionaries like Lee Kuan Yew pass power to their mediocre children. Trudeau was in power a decade and Greenspan nearly two decades
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Re: Study calls for US taxation of cryptocurrency
Thanks for your interpretation. I agree!stuper1 wrote: ↑Thu Feb 06, 2025 3:57 pm My admittedly unsophisticated understanding of Greenspan's bolded sentence above is that "in the absence of the US dollar being on the gold standard, there is no way to protect your savings inside the US government's financial system from confiscation through inflation." Of course, we can hold physical gold outside the US government financial system, and hopefully our physical gold will provide some protection against inflation, but such protection is not guaranteed and may be delayed perhaps even for years or decades, as there are many inputs to the price of gold.
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Re: Study calls for US taxation of cryptocurrency
What about Obama?boglerdude wrote: ↑Thu Feb 06, 2025 11:36 pm Greeny praised the gold standard after leaving office too. He was paid millions to troll and I probly would've too. ergo term limits on all gov positions as power always corrupts. Even visionaries like Lee Kuan Yew pass power to their mediocre children. Trudeau was in power a decade and Greenspan nearly two decades
Re: Study calls for US taxation of cryptocurrency
Who ends up with the power after term limits? Many states have term limits for governors? We have one for presidents. States have term limits of any other offices. I am unaware of any in Massachusetts.boglerdude wrote: ↑Thu Feb 06, 2025 11:36 pm Greeny praised the gold standard after leaving office too. He was paid millions to troll and I probly would've too. ergo term limits on all gov positions as power always corrupts. Even visionaries like Lee Kuan Yew pass power to their mediocre children. Trudeau was in power a decade and Greenspan nearly two decades
Would advocate term limits for people who hold positions in non-profits, businesses? Why wouldn't the same concept apply, i.e., power corrupting?
I've despaired over the rapid turnover in non-profits I've seen as a lot of institutional knowledge gets lost and plenty of re-inventing of the wheel.
Above provided by: Vinny, who always says: "I only regret that I have but one lap to give to my cats." AND "I'm a more-is-more person."
Re: Study calls for US taxation of cryptocurrency
In what way? He only in the Senate for a short period of time then president for 8 years and then with no power since.Jack Jones wrote: ↑Fri Feb 07, 2025 5:11 amWhat about Obama?boglerdude wrote: ↑Thu Feb 06, 2025 11:36 pm Greeny praised the gold standard after leaving office too. He was paid millions to troll and I probly would've too. ergo term limits on all gov positions as power always corrupts. Even visionaries like Lee Kuan Yew pass power to their mediocre children. Trudeau was in power a decade and Greenspan nearly two decades
Above provided by: Vinny, who always says: "I only regret that I have but one lap to give to my cats." AND "I'm a more-is-more person."
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Re: Study calls for US taxation of cryptocurrency
Who was in power during Biden’s term?yankees60 wrote: ↑Fri Feb 07, 2025 11:17 amIn what way? He only in the Senate for a short period of time then president for 8 years and then with no power since.Jack Jones wrote: ↑Fri Feb 07, 2025 5:11 amWhat about Obama?boglerdude wrote: ↑Thu Feb 06, 2025 11:36 pm Greeny praised the gold standard after leaving office too. He was paid millions to troll and I probly would've too. ergo term limits on all gov positions as power always corrupts. Even visionaries like Lee Kuan Yew pass power to their mediocre children. Trudeau was in power a decade and Greenspan nearly two decades
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Re: Study calls for US taxation of cryptocurrency
US citizens could not own gold in 1967.
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Re: Study calls for US taxation of cryptocurrency
> I've despaired over the rapid turnover in non-profits I've seen as a lot of institutional knowledge gets lost and plenty of re-inventing of the wheel.
elaborate ty.
You want skilled pilots and surgeons to practice as long as they can, but politicians simply serve the people. Theres no skill there that's more valuable than the inevitable bribery
elaborate ty.
You want skilled pilots and surgeons to practice as long as they can, but politicians simply serve the people. Theres no skill there that's more valuable than the inevitable bribery
Re: Study calls for US taxation of cryptocurrency
Biden and whoever was talking to him. NOT Obama.Jack Jones wrote: ↑Fri Feb 07, 2025 4:37 pmWho was in power during Biden’s term?yankees60 wrote: ↑Fri Feb 07, 2025 11:17 amIn what way? He only in the Senate for a short period of time then president for 8 years and then with no power since.Jack Jones wrote: ↑Fri Feb 07, 2025 5:11 amWhat about Obama?boglerdude wrote: ↑Thu Feb 06, 2025 11:36 pm Greeny praised the gold standard after leaving office too. He was paid millions to troll and I probly would've too. ergo term limits on all gov positions as power always corrupts. Even visionaries like Lee Kuan Yew pass power to their mediocre children. Trudeau was in power a decade and Greenspan nearly two decades
If you recall he did not support Biden in 2016 but, instead, supported Hilary. Bitter Biden never forgets / forgives anything like that so he'd certainly not be taking any counsel from Obama when he finally got the ultimate power from being president.
Above provided by: Vinny, who always says: "I only regret that I have but one lap to give to my cats." AND "I'm a more-is-more person."
Re: Study calls for US taxation of cryptocurrency
There are many jobs wherein it takes a year or two to fully realize all there is to doing the job. I'm assuming that would certainly be the case for anyone in Congress and the Senate. If those people are constantly moved out then it's going to be the people permanently below them who will ultimately have the power as the newcomers will have to rely upon them more and more since they lack the knowledge themselves.boglerdude wrote: ↑Sat Feb 08, 2025 12:21 am > I've despaired over the rapid turnover in non-profits I've seen as a lot of institutional knowledge gets lost and plenty of re-inventing of the wheel.
elaborate ty.
You want skilled pilots and surgeons to practice as long as they can, but politicians simply serve the people. Theres no skill there that's more valuable than the inevitable bribery
Above provided by: Vinny, who always says: "I only regret that I have but one lap to give to my cats." AND "I'm a more-is-more person."
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Re: Study calls for US taxation of cryptocurrency
Ah that bit of context makes the quote less ambiguous. Thanks.
Re: Study calls for US taxation of cryptocurrency
"ergo term limits on all gov positions as power always corrupts."boglerdude wrote: ↑Thu Feb 06, 2025 11:36 pm Greeny praised the gold standard after leaving office too. He was paid millions to troll and I probly would've too. ergo term limits on all gov positions as power always corrupts. Even visionaries like Lee Kuan Yew pass power to their mediocre children. Trudeau was in power a decade and Greenspan nearly two decades
Just read this is a book I am now reading:
Cyrus: Yes, that is obvious to me now. I suppose the reason that hereditary monarchy goes bad is that Lord Acton quote: “Power tends to corrupt and absolute power corrupts absolutely.”
Phil: I wouldn’t take that as an absolute. Frank Herbert said the same in Chapterhouse: Dune: All governments suffer a recurring problem: Power attracts pathological personalities. It is not that power corrupts but that it is magnetic to the corruptible. Such people have a tendency to become drunk on violence, a condition to which they are quickly addicted. We should grant power over our affairs only to those who are reluctant to hold it and then only under conditions that increase the reluctance. 2
Jaqueisse, Jaqueisse. The Philosopher Kingdom (p. 22). Jabroni Printing Press. Kindle Edition.
Above provided by: Vinny, who always says: "I only regret that I have but one lap to give to my cats." AND "I'm a more-is-more person."