Apparently, IRS was using tracking software from Chainalysis since 2 years mostly to mark movement of money around the economy.
Whole contract you can read at https://www.documentcloud.org/documents/3935924-IRS-Chainalysis-Contract.html
but mostly IRS thinks not enough people fill for taxes from crypto ie in 2015 only 802 people declared anything in USA (!).
This is not unexpected but means soon some random people with a few tools will be able to fully track your money record, doesn't matter if it will be IRS for taxes or ie mobsters. This is one of the reasons anonymous currencies are currently raising in values.
Worth also to use VPN when you send anything from wallets, this will mix up things a little too.
Top Anonymous Currencies
This is my list if ive missed something that you think matters, leave it in comments.
- ZEC Zcash - fully untraceable (as long as we believe it was launched properly).
- DASH - mineable on x11 coin with masternodes and coin mixing.
- XZC Zcoin - uses zerocash protocol and was launched before ZEC
- EXCL ExclusiveCoin - proof of stake fork of DASH with same options
- ZCL ZClassic - fork of ZEC but without founders fee (all you mine goes to you)
- HUSH - another fork of ZEC with small premine for development
- XMR Monero - cryptonote algo
Notice that actually despite 7 coins chosen here, its mainly just 3 technologies which seem most safe. Each of the technologies has more forks and different coins but those listed here are the ones i own and see good future in.
Follow, Resteem and VOTE UP @kingscrown creator of http://fuk.io blog for 0day cryptocurrency news and tips! |
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The IRS sucks...
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ZenCash works too. Oh, yeah: taxation is theft!
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What about using public services?
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Why would you flag this without any explanation?
If you disagree, why don't you enlighten us?
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You should have to pay for them when you use them.
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How much the irs deduct if you got 200 btc?
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It is like a casino. The house always win. They never deduct. They just agonize about that treasure in your hand all the time that you exist.
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Expect to be ready to shell out about 30-45% of the USD value. :(
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Capital gains in the United States would be 15%.
People active in the world of finance often use bank accounts in different countries. Regions such as Belgium, Belize, and even Hong Kong do not have any capital gains for Bitcoin as of right now. Opening a bank account in that country and using it for Bitcoin exchange purposes is within the confines of the law. However, this activity will still be scrutinized by the government, and may result in an investigation regarding the origins of said funds.
There are also laws regarding owning a foreign bank account which should be taken into account if you decide to go this route.
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my question is, does it even make sense to bother with foreign bank accounts anymore? We live in a post crypto world now and it seems to me that cold storage on a tiny device is completely impossible to crack down on even if we do have the technology to track every technology.
Also, when it comes to capital gains, how do we calculate actually calculate these kinds of earnings in a fair way? If the currency might drop in value dramatically during the actual transaction its insanely unfair to the citizen in that case. We really need to be able to pay taxes in a new kind of way to keep things fair.
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Thanks! This is good advice
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Good info
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If you are a US citizen, or resident for tax purposes, then you must report any and all foreign financial accounts, such as bank accounts, brokerages, or anything 'financial' under the dreaded FATCA. It is still legal, at least for now, for US citizens to have foreign financial accounts, but make sure you fill out the appropriate FATCA forms every tax year---the penalties are outrageous for not doing so.
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Or just don't and get out of the U.S. :) That works too.
They have to keep scaring people into voluntarily screwing themselves over because they are incredibly outnumbered by the populace they hope to keep under complete control and enslavement.
I've written a post on the late, great Chuck Berry's music. It's pretty musical. :)
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Works well for me :) I'll check out your Chuck Berry post.
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Haha, thanks for checking that out!
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Capital gains can be as high as %20 in the US and citizens are required to pay that no matter where they happen to bank.
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Its called capital gains and they don't run that high... also you only have to tax your EARNINGS on them not the full value
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Scheize!
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True, their very existence is reason to revolt. But of all the taxes we pay here in the US a capital gains tax of 15% is one I'm OK with. But what I spend and where I spend it is no ones business. The team and advisors on Zcash seems solid. Mad genius Zooko at the helm with guys like Vitalyk and Andreeson advising plus a large team convinced me they could be a serious gainer down the road. Their wallet is ugly but the project is moving so we'll see.
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good news, thank you, upvoted
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look my post about waves
https://steemit.com/cryptocurrency/@superpako/waves-plataform-and-lease-cryptocurrency
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Thank you for the post.
Look at this please 😉👌https://steemit.com/crypto-news/@inversor/stock-markets-analyst-projects-bitcoin-to-hit-usd7-500
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I've never heard of hush coin. im gonna check it out.
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Yes , good News
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good news, thank you, upvoted :)
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This post received a 3.8% upvote from @randowhale thanks to @arobert! For more information, click here!
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how can they know who owns a bitcoin wallet?
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This post received a 3% upvote from @randowhale thanks to @cyberblock! For more information, click here!
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You're rocking it!
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@kingscrown - Aahhh. This explains why Monero shot up suddenly and Dash is peeking up. Your article provides a very concise explanation of the coins based on 3 technologies which deter tracing.
Thanks for this heads up. Cheers. Upvoted
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Nice everyone.i love steemit members.i resteem kingscrown74 s post always
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Good post !!
I like the idea for anonymous coins. Sooner or later it will prime.
Just thinking about safety for oneself???
Keep on steemit!
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Go have a look at Verge (xvg) .... Very far below the radar ... No razzamatazz but has been on the go since 2014, very secure.
Upvoted my own comment so it can be seen (not my regular habit)
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Ok it is very interesting. I hope everything will be kept anonymously. I mean what is the point of decentralised money if then you have to go back and pay tax? Some country has 50% tax... are you seriously thinking it will be a good move? I hope it will carryon anonymously
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Don't forget about DeepOnion (ONION), @kingscrown. Currently only trading on Nova Exchange, but uses TOR network to send transactions. Just caught wind of this today and it's up 40% today.
Happy with EXCL, earned my first stake in about 32 hours! (0.5 with 102 staking)
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I've never heard of hush coin. im gonna check it out. are you guys familar?
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HUSH has acquired the Zcash developer who developed the windows and I think Mac GUI
s for Zcash. I sold half my Zcash to get it. He's attracting new talent to the project. Development is moving fast and it may soon get listed on Bittrex instead of just Cryptopia and Satoshi. Currently at 0.7% the price of Zcash (~ $1) with I think a potential to go to 10% the price of Zcash. So if Zcash goes back to 1/6 the price of BTC and HUSH goes to 1/10 the price of Zcash, then 33x more BTC per BTC invested is the potential of HUSH.
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More than value of the coin we can do things that ZCash cannot. We do not have any corporate backers, so we are not constrained in any way. I like to think of Hush as the open source Zcash. Like ZClassic Hush has no founders fees, so miners earn 100% of the block reward.
I don't understand why Zclassic is valued at what it is, the core dev left the team months ago and there has been no development since then.
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Is there a whitepaper?
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As mostly a clone of Zcash that will tap into ethereum and counterparty technology, it does not need a technological white paper to introduce anything new. The primary differences are that it's not funded by (and funding via 20% mining fees) an American private company like Zcash's Zerocoin Electric Coin Company, so it's more of an open source project that can't be shut down or influenced like Zcash's company (although Zcash can continue to live as open source without the company). "HUSH" refers to it making messages on the chain anonymous like the coins. With secure messaging you can encrypt messages for "privacy", but without HUSH, a 3rd party can always see who and when 2 parties (or IP addresses) are communicating even if they can't read what the messages are. So HUSH adds anonymity to private messages. You can send a message and no one can connect you and the receiver. Spies have needed this technology forever and have several workarounds such as broadcasting numeric codes on shortwave radio, which is still being done today. For long messages, the only message might be a link and key to an anonymous encrypted document on TOR or the IPFS. Buyers and sellers using the coin may want to be able to attach messages that have the same privacy + anonymity. There is a road map on the myhush.org web site with a link to the bitcointalk announcements.
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Thanks for the explanation! I'll dig deeper in this, I guess it is in the same way mined than zcash?
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Yes, exactly the same. In fact you have to be careful not to mine one of the coins to the other coin's address. If you're mining Zcash already, it's super easy. Except that you can't mine directly to Cryptopia for some reason. It's hit or miss. You have to have your own wallet.
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bien sur
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Here is an invite link to the Hush slack. http://slack.myhush.org/
It's a great community, friendly and accessible. zawy and madbuda are two of the stalwarts over there. :) The developer, radix42, is very highly thought of in the cryptocurrency community and refreshingly devoid of false promises and bullshit. There are so many great things happening in Hush's (near to medium term) future technology wise, plus Hush isn't on any of the big exchanges yet. So, as the features roll out, the exchanges wise up and word gets around, I expect Hush will be selling much closer to its true value. Hope to see you over at the slack!
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What that ?
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New ICO, Receive 75 ATS tokens for FREE worth over $10 - http://bounty.authorship.com/ref/i8101112 (Absolutely free , no need to buy)
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Carrying BTC has always been associated with this risk so yes, its sort of a given when blochchain can be read by anyone. And its virtually impossible to not to lose track of username or email that can lead it to you. In any case, I would like to add another new coin on the horizon
ONION: MC 3M, Airdrop continuing is one of my current favorites. This coin might give you a chance to grow your BTC too. I recommend just getting in and taking a look at it. Go to deepOnion.org or find it on BCT thread
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Helpful share. I will have to try the VPN strategy when moving cryptos. Thanks for the tip.
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I think it might be pretty useless for IRS to trace Bitcoins since many of us are even losing oversight on the number of coins. And someone with bad intentions would probably invest in other coins or choose to do its trade in another jurisdiction under another name, etc.
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None of those are convertible directly to fiat from a major exchange. That is why the IRS is going after exchanges like Coinbase/Gdax and Gemini because you can convert your ETH, BTC, LTC, and BCH to fiat. It is those transactions from those exchanges linked to a bank they want.
What we need are more businesses that do business in crypto so we don't have to use a bank anymore.
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Wasn't aware of the IRS doing that, is this just news to the community now or has it been public knowledge for a while that they have been monitoring the BTC transfers?
I'd just add PIVX to your list of anon coins :)
you have my full uv
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You can bet if the US is spying on BTC trnsactions, then other countries are too.
Thanks for the share.
You got an upvote & resteem from me.
Steem on beyond the moon, have you got your ticket yet? Good luck to us all.
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Can they tax if we don't sell any coins? Because they can only tax the profits, but who knows
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@kingscrown from your description of the 7 coins, it feels like you prefer DASH to others that you have listed. Am I reading it correct, am I reading too much in between the lines? ;)
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Waiting on cloak!
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The great thing with anonymous cryptos is that thy can also be acquired on anonymous, P2P exchange like Bisq. Users can buy bitcoin on KYCed exchanges, and then swap into anon cyptos and the trails disappears!
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ZCash is a private company with closed code whereas Monero is decentralized and open source. I think Monero (XMR) has the best technology as far as anonymity goes with crypto.
https://bitcointalk.org/index.php?topic=2037552.0
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wrong... we at hush use zcash code and we are open source. Monero has no zero proving algo it is inferior.
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Anonymous coins are all well and good (I hold some myself) but until they are accepted by a merchant for goods or services, you are still going to have to cash out via btc on an exchange and this is where the tax man will catch you.
My understanding is (certainly in the UK) that no tax is owed until you convert your coins into fiat. Not too sure about mining, which may be treated as income.
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Unfortunately that's wrong. If you are paid in crypto for anything (UK), then you would owe income tax on the GBP face value of that transaction. If you're doing a lot of crypto sales, you may even be required to add VAT to the sales.
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There was an attempt to add VAT to bitcoin a few years ago but this was abandoned.
My reading is that if you earn bitcoin in any way (mining, blogging, other tasks that involve payment for your time or services) you are liable for income tax. Difficult as the value of crypto fluctuates so much.
If you buy and then sell btc and make a profit, you are liable for capital gains tax on the profit (with allowances etc).
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I think this is the latest guidance:
https://www.gov.uk/government/publications/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies
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He is correct from the perspective of an investor. They cannot get you for capital gains until you cash out into Fiat or otherwise use the banking system such as a debit card.
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they will go after you no matter where you are as long as you are a US citizen you are their slave
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And as a US citizen, even if you renounce your citizenship you still have to pay taxes to the IRS for another 5 years.
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Thank for share useful post👍
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Wow. Thanks for the information. I bet they have all the blockchain nodes mirrored somewhere in real time linked to anNSA meta data harvesting data center cross referencing it with location and communication data, linked in to the swift and escrow networks for realtime tracking.
Thanks again.
@fortified
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you have very sharp insight ;)
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Why thank you very much. I like to try.
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One of the best content creators on Steemit keep it up! I've probably upvoted you a few dollars and will continue.
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Thanks for the heads up! What do you think about SmartCash? I believe it is a fork of Zcash.
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Well this is scary! Thanks for sharing this, appreciated!
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Interesting! That seems like a lot to track and follow though!
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It's also possible to simply use an exchange to switch your coins into an alt, to break the tracking. And then when the withdrawal is made it is in the form of an alt, and the "chain" is broken.
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You forgot to add CLOAK! CloakCoin is one of the best (and undervalued) anon-coins on the market. Give it a look!
https://www.cloakcoin.com/en/
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This post recieved a vote from @minnowpond. For more information click https://steemit.com/steemit/@minnowpond/boost-your-rewards-with-minnowpond
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Chain-analysis uses machine learning algorithms.
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Im calling bullshit, everything to do with crypto from the government is all a scare tactic. Claiming it at the border? Really? Going to search my entire laptop and look through my USBs? Don't think so.
We have been tracking, so you better claim it! Yells the idiot little child lol
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sorry I have to tell this to you
HOW TO MAKE A MINT: THE CRYPTOGRAPHY OF ANONYMOUS ELECTRONIC CASH
National Security Agency Office of Information Security Research and Technology
Cryptology Division 18 June 1996 https://steemit.com/bitcoin/@earthcustodians/mystery-unveiled-why-was-21-million-picked-as-the-number-of-bitcoins-to-be-created
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haha, rolling over here. I agree!
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I have watched a YouTube video recently from Ryan Berkness in which he explains how taxation on cryptocurrency works in the US.
Basically, the only way for cryptocurrencies to be taxed in the US is if they become spendable. Before that, these are not considered "realized gains".
Plus you are only taxed on the profit you've made after the currency was transferred into a spendable state. This is most likely why many countries are now looking to make Bitcoin an official payment method, since it would immediately become spendable.
I'm new to this platform, and I'm not sure if it's ok to post the link in here. Just in case it's frowned upon or not ok, Please feel free to delete this comment.
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of course they are. Americans can't make a penny without Uncle Sam taking a look so he can get his bite.
If we are not funding horrible things, then we should be able to do what we want with our money.
Americans are going to have trouble hiding any currencies from the IRS long term. Anything they can't dig into they will ban us from trading.
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@mikepm74 The American government always needs to take a piece of the pie because they enjoy spending other peoples money. If they can find a way to tax it, they will. One reason why cryptos are gaining traction is due to that being your own bank is the safest way to protect your wealth.
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It´s true
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The government cannot even track down most crimes that go committed. This is just another scare tactic.
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JEEEEZ, I just want to use my Monero as a body pillow :(
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This is why people are force to adapt crypto currency, they are force by the government itself. It also prove that the government exist not to protect you but they are preying people. A sad fact
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I don't think they can trace transactions like that and then use the data when it gets legal.
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Hi, good post to follow and IRS has been tracking Bitcoin usage since 2015 & List of Coins that Can Save You from Spies.upvote follow @steemboad
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I was under the impression that PIVX is also in this category.
It's main motto is:
Private - Instant - Verified - Transactions
It also seems hugely undervalued at present. Good team and sexy website!
I'd be keeping an eye out for this currency in the next few months-year.
Besides BTC, PIVX is one of my longest holds. I found it early and jumped on it. I think it'll do well in the future.
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Only 802 USA citizens declared bitcoin in 2015.. lol
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Live in UK. Is it regulated much in US the crypto currency market? Wonder because we are doing aN ICO and think of skipping US before we fully understand how it works
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This post received a 5% vote by @minnowsupport courtesy of @kingscrown from the Minnow Support Project ( @minnowsupport ). Join us in Discord.
Upvoting this comment will help support @minnowsupport.
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Is there by chance any research about spheres where bitcoins are used and there shares?
If they track maybe they can show analysis.
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Nice article! it's very interesting
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I did a video on this! "IRS Hunts Down Tax Cheats"
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im never giving taxes on bitcoin or any crypto fuck the government
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really? In 1996 the NSA (that’s right, a government agency) published a White Paper titled, HOW TO MAKE A MINT: THE CRYPTOGRAPHY OF ANONYMOUS ELECTRONICCASH. https://steemit.com/bitcoin/@earthcustodians/mystery-unveiled-why-was-21-million-picked-as-the-number-of-bitcoins-to-be-created
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If the IRS is watching people get rich with Bitcoin I am sure the DEA is watching people buy/sell drugs too
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Good point!
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Scary future we live in..
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It sucks
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Not really surprised the governments will always try keep tabs on people's wealth, and tax them to death and beyond. The only way to get rid of taxation is to leave the system. Move around, live a paperless, untraceable life, I believe is still possible, but for that you have to do with less amenities, something most people in the "civilized" world are not willing to part with.
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yep i bet they've been tracking it alright :)
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Thanks for posting this! I posted something similar a while back about how the IRS has TEAMS of agents monitoring the crypto market, just thinking of every possible way to get their greedy little hands on our money!
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have you heard of this?
In 1996 the NSA (that’s right, a government agency) published a White Paper titled, HOW TO MAKE A MINT: THE CRYPTOGRAPHY OF ANONYMOUS ELECTRONICCASH. And in this white paper, analysts and researchers laid out the entire breadth and scope of replacing cash and other fiat currencies with a completely digital one, based on anonymous cryptocurrencies.
https://steemit.com/bitcoin/@earthcustodians/mystery-unveiled-why-was-21-million-picked-as-the-number-of-bitcoins-to-be-created
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No, I havent.
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Great Post, also not surprised
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now i understand why Zcash is growing
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zcash Is more secure than the rest, is it true?
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Thank You!! The IRS aint gettting shit from me
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Thanks for the information.
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Thanks @kingscrown , yes I think we should keep at least some in one of these, I use DASH for it.
I joined steemit and have started publishing my bitcoin trade here, I think it will be beneficial for all the bitcoin traders, but I am not sure how to make it available to everyone. Its at:
https://steemit.com/trading/@aarcee/bitcoin-btc-usd-trade-profit-booked-today-22-aug-2017
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I like your articles, I with impatience expect something new. thank you very much that by sharing this story here. Keep up the good work. :)
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The IRS hasn't heard of steem though ;)
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It's time for people to learn the truth about income taxes - most people don't make federal income. And even above the tax laws, what gives anyone the right to claim property of the unborn? Humans need to detach from anything establishment related asap
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Resonating here!
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great , thank you, upvoted
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uplifting news, thank you a lot
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This post recieved a vote from @minnowpond. For more information click https://steemit.com/steemit/@minnowpond/boost-your-rewards-with-minnowpond
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I thought taxes were voluntary?
SDG
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Muy buena tu información.
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It sucks but I believe it's just a matter of time that it will be regulated. :(
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Seriously FUCK the IRS. Stealing our tax money to fund the destabilisation of under-represented countries around the world? NO THANK YOU.
And fuck these people who made this chain analysis bot.
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Very interesting post, thank you very much for sharing and feeding this social network with content that helps us keep growing! regards!
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Hopefully they will be added to the DEX so I can buy some of them! :)
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The news got me thinking when it hit me too. And they conveniently made this public knowledge now, 2 years later. But it was kinda in the back of my mind since the blockchain is public knowledge, if you can link IP addresses to BTC addresses then bam, you know who paid who when. Though I still find it hard to believe that they can trace with much accuracy
Can't wait for the day that taxes become voluntary. That's the future.
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lovely post.. do follow back and help upvote my posts. thanks
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Privacy is prime in the crypto world.
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Thank you for this awareness your bringing... good stuff! :D
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Damn gov.
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THNX BRO
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Thanks king for this informative post; it highlights that while taxes are not fun, taxes are not cool, it is no joke the IRS is definitely not playing around.
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very good
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They have been doing espionage and putting Trojan horses into Bitcoin's ecosystem, community, developers, miners. When the next financial crisis starts, and when people start to move their money en masse, they will make an all out cyber war against us. Like this:
https://steemit.com/bitcoin/@tuventure/fiction-how-usa-will-be-taking-down-bitcoin-during-next-financial-crisis
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They're collecting tons of information, but no one there is smart enough to disseminate any of it.
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I don't understand why they collect SO much information. Its just diluting surveillance of an actual threat. If you're digging for gold no reason to put a mountain of dirt on top first.
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It seems like this was inevitable.
Despite the anonymity aspect to bitcoin it is a transparent blockchain which still does allow some sort of tracking to happen unfortunately
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Muy buena tu publicacion. Muy completa e informativa. Nos educa y es de utilidad a los que estamos iniciando. Upvoted merecido. Sigueme te estoy siguiendo
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Good ome
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I was hearing about this, wondering how true it was. I found this video on youtube that really got me thinking.
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nice article @kingscrown
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Relevant and disturbing. Thanks for posting.
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Good news, thank you fot sugestion
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thank you very much. I love all steemers
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good news. Thanks..
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Join my autoblog! Interesting news&facts
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Interesting information about digital money, thank you for your share information.... have a ice day @kingscrown
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Nice to know about this, Steem will also moon!
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Thankyou for sharing @kingscrown. Interesting post.
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thanks to you to inform us that level because some people along me, are new at the cryptocurrency filed.
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thank you
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Good post keeps uploading material like this you have a new follower and my upvote, help me with an upvote if you can
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