/biz/ - Business & Finance

Some people also talk about tax evasion. Really? People can do the same fucking shit with cash(which is more anonymous than bitcoin) Tax evasion isn't caught by controlling money but rather noticeable income. IRS won't visit you until you after you own a couple of cars and houses. As a matter of fact you can probably amass like $500k in your bank account without anybody noticing as long as you don't do it suddenly and no one will know. Look up bank policies. Again NOTICEABLE income. Or you can get paid in cash. Being paid in crypto would be no different, and last time I heard, it's completely legal to get paid in cash, no? So, how would cryptocurrencies thwart that process exactly?

Don't get me wrong. Many governments would love to ban cash, but they know that this would be stating they're now a police state. But in the tax department it changes nothing. It's even beneficial for many corrupt government officials. The only thing that truly changes in this context with crypto is...... no need for banks anymore. No need for federal reserve. No need for central banks who decide what you should do with your money. That's why bankers hate it and why they speak so against it.

One day cryptocurrency will be probably the only major currency available. Just like all inventions, they go through the ridicule stage. This happened to the internet. This happened to the invention of electricity...
First they laugh at you. Then, they fight you, Then, you win.