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Moontong

Putting tax on cryptocurrency?

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I'm afraid that there is taxation everywhere after you profit a lot. I don't have a lot invested and maybe only $100 for not but who knows what happens. We should know that banks will ask where the money came from if this is too much and they will want us to report to the tax authority.

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You are right, cryptos are decentralaized, just, those goverments are like sharks, they want to bite all they can, of course they dont want pass the huge bussiness crypto coin represents, if our bitcoinswill  have valor cero, they don't pay attention to what we do with them. I dont like they taxes norefor  buy or sale. that make me think in some bad words to that politicians in my mind!

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I agree that taxes should be applied when we sell Bitcoin, but if the taxes are too high, I don't agree. As a cryptocurrency trader, of course you really object if there are taxes that are too big, because getting money in the crypto market is not easy.

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In some countries like Israel, cryptocurrency holders are taxed, they take cryptocurrencies as an asset. What happens is that if nations start taxing cryptocurrencies it would be in recognition of them. Paying taxes for transactions or operations with cryptocurrencies gives rise to entrepreneurs who participate in the world of cryptocurrencies to claim their legality.

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I did not know about the UK tax on cryptocurrencies. Is this means that when you sell in an exchange you instantly pay a tax? This is very strange and it limits profits of the english traders. There should be a tax on the end of the year earnings report but not on trading this makes trading harder.

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I did not know that they were already taxing cryptos, but this would not make sense as you say, even in many places it is not even considered as money, but if you want to take a slice of our effort, unfortunately with the fiat they always control for now at the moment to make an exchange, but if there were more services and businesses that accepted cryptos we would not have to exchange for fiat.

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You ask us if we agree with a taxation law in the UK my friend? I'm sorry I don't live there to know exactly what happens. But if there is a rule to tax trading it seems very strict and I hope they have low percentage. Do you know by chance since you created the post how much is this tax the british trader are paying?

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Such a shame. I knew it and it also happens in many places. I think in the USA and in Korea and Japan. I don't know the rates of these taxes but they are probably similar to the exchange fees charging the double to trade. Lucky they don't get taxed when they buy too. This means we can buy and not pay any tax unless we sell.

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If every country can apply tax on the cryptocurrency then they can freely unban cryptocurrency where cryptocurrencies are banned.

most of the government has the reason that cryptocurrency transactions are anynomous and they cant collect tax and have no record of money transaction.So if this problem is solved then they will definitely unban cryptocurrency in their country.

But i think applying tax is pretty hard in case of cryptocurrency because Their transaction is totally anynomous and many exchange available for cryptocurrency.Which is too difficult for government to get over control.

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19 hours ago, Braulio Eurea said:

In some countries like Israel, cryptocurrency holders are taxed, they take cryptocurrencies as an asset. What happens is that if nations start taxing cryptocurrencies it would be in recognition of them. Paying taxes for transactions or operations with cryptocurrencies gives rise to entrepreneurs who participate in the world of cryptocurrencies to claim their legality.

But in the other hand, many investors will quit and withdraw their support to bitcoin (and other currencies) because they do not want to give their hard earned money to governments)

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Well, the problem is if governments do not impose taxes, they will not legislate the use of cryptocurrencies and bitcoins, so there is no escape from paying taxes, but the problem is who sells at a loss, will he pay taxes in this case? This point must be clarified by governments.

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Unfortunately, Spain has been recently added to the list of country that taxes cryptos. According to this approved draft law, it seeks to fight fraud. Now all Spanish citizens should inform the government about their crypto holdings and pay taxes accordingly. This will even include operations made outside the country.

 

 

 

  

Edited by Jromz
typo
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Soon the governments apply high tax on the crypto market becasue soon the crypto market is going to be legal in all over the world and this will happen soon becasue the Corona virus 2nd layer is come and this time crypto is legal in almost all over the world.

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I disagree with taxes on bitcoin sales, as crypto traders with large capital can be taxed on every transaction, but small merchants and bounty hunters with small incomes will object. Crypto business has helped many people who are unemployed, now have jobs in the crypto world and do not give a burden to the country but instead the state gives a burden to its people.

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Taxes are always put when there are regulations. This means that cryptocurrencies are recognized and allowed but there are some countries that put restrictions and may not allow them to be used for commerce.

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I don't agree with high taxes but as in all markets profits are taxed so this is not something you can say that it should not happen. Taxes happen in stocks in gold and in all the exchanges but there should be a limit and not need to tax $100 but higher profits than that maybe higher than 10 thousand dollars.

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On 10/31/2020 at 4:41 AM, khan22 said:

Soon the governments apply high tax on the crypto market becasue soon the crypto market is going to be legal in all over the world and this will happen soon becasue the Corona virus 2nd layer is come and this time crypto is legal in almost all over the world.

If cryptocurrency will be regularized in this case yes I agree with your opinion @khan22. I don't understand how the governments still are not considered a cryptocurrency as a digital currency official, but they ask people to pay tax! how will pay tax about an illegal thing?.... first they need to adopt it and to consider it as an official and legal currency.


 

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The imputation of taxes on something that is supposed to be decentralized does not make sense, however, although they do not have control over btc, if they have control over the economic operations that are carried out in their territory, it seems fine to me that taxes are placed but that they are small  At the end of the day, most do not become a millionaire with this.

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I understand your concern when it comes to the crypto being decentralized, but look at it from the perspective of the government. If they are unable to tax it or impose any sort of levy on the currency then there is no incentive for them to allow the crypto as legal tender in their country. Therefore it is necessary to have a tax on it, so that the government can benefit and promote it use within the country. This will work in the best interest of the crypto world in the long run. I think that the debate should be on the tax rate for these sales. Personally i believe that tax should not be more than 10% on crypto, however i have seen some countries go as far as to make a tax rate of 20%. 


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If we want crypto to be accepted as a currency or commodity, we need to accept the obligation to pay taxes on crypto-based profits 🙂
However, the tax on crypto should be the same as for fiat, many countries are taxing too high to stifle their crypto development and protect their fiat.

This makes the crypto community really uncomfortable.

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Payments made to independent contractors for services provided using cryptocurrency are subject to income tax and self-employment tax and must be reported on Form 1099. Again, the fair market value of the cryptocurrency establishes the taxable amount.

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If worldwide can accept the crytop currency we don't have problem with paying tax but all what we want the bitcoin should be accept in anywhere you go

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This is not fair at all, and people will use decentralized platforms to prevent the government from viewing its daily dealings in cryptocurrencies, but he will have to pay that tax if he wants to convert cryptocurrencies into real currencies because they will pass through a bank account

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On 8/8/2020 at 9:46 AM, Moontong said:

Did you know that in the UK, there is taxation in cryptocurrency?

You won't pay tax once you buy a bitcoin but you will pay tax once you sell it, what do you think about it? Do you agree or not?

 

There are some other countries that are planning to put a tax on cryptocurrency which is really unreasonable for me because as well all know cryptocurrency is decentralized and there is no right for the government to take place on it. They know how beneficial cryptocurrency is and they know how much money they can get once they pa ut tax on it. 

I think that what they should do is charge a tax only when the person wants to transfer their BTC to the local currency of any country but not taxes for each sale, it should be correct only when you need to transfer from BTC to the currency l

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This is totally unacceptable. Cryptocurrencies were developed in order to limit these manipulations. There are no papers or any data that will impose you to pay taxes only to trade in cryptocurrencies. They are trying to use this to their advantage. As long as they will not be able to profit from you through your trading with them, they will necessarily impose some methods for that.

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Учитесь, учитесь и учитесь на своих ошибках :classic_smile:

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Expectedly tough comments on the outlook were also absent. This inaction increased pressure on the national currency, sending the USD/JPY pair to new heights. It continued its cosmic saga, reaching a new 34-year high of 160.22. Following this, Japan's financial authorities finally decided on a double currency intervention. Although there was no official confirmation, experts estimate its total volume at $50 billion.   Did it help? Judging by the USD/JPY chart, not really. The pair headed north again last week. Unlike the euro and the British pound, the yen barely reacted even to weak US labour market data on Thursday, 9 May, only slowing its decline.                    All this occurs amid endless statements from the Japanese Central Bank and Ministry of Finance about their readiness to take necessary measures to reduce speculative pressure on the national currency. The published minutes of the BoJ meeting show that most board members took a "hawkish" stance, calling for a rate hike.   However, many analysts believe that the Bank of Japan will take only one such step in the second half of the year. The last chord of the past five days sounded at 155.75. Economists at Singapore’s United Overseas Bank Limited (UOB) expect the USD/JPY pair to trade in the 154.00-157.20 range in the next 1-3 weeks. UOB also believes that the chances of it falling to 151.55 have significantly diminished. Overall, most experts (70%) simply shrug their shoulders in uncertainty. The remaining 30% persistently expect the yen to strengthen. As for technical analysis, 100% of trend indicators on D1 look north. Among oscillators, 50% are such, 15% point south, and 35% point east. Regarding support/resistance levels, traders should note that with such volatility, the slippage can reach many tens of points. The nearest support level is around 155.25, followed by 154.70, 153.90, 153.10, 151.85-152.25, 151.00, 150.00, after which come 146.50-146.90, 143.30-143.75, and 140.25-141.00. Resistance levels are 156.25, 157.00, 157.80-158.00, 158.60, 159.40, and 160.00-160.25.   Events of the upcoming week include the release on Thursday, 16 May, of preliminary GDP data for Japan for Q1 2024. No other significant publications regarding the Japanese economy are expected in the coming week.   CRYPTOCURRENCIES: A Week of Reflection and Uncertainty     What will happen to bitcoin in the foreseeable future? It seems there is no clear answer to this question. Experts and influencers often point in opposite directions: some shoot for the stars, while others keep their eyes on the ground.   For instance, according to the founder of Pomp Investments, Anthony Pompliano, bitcoin is "stronger than ever." He concluded this based on the 200-day moving average (200 DMA) reaching its ATH (All-Time High) of $57,000. Michael Saylor, CEO of MicroStrategy, is also optimistic. In his latest message, he urged investors to "run with the bulls." (It should be noted here that MicroStrategy holds 205,000 BTC on its balance sheet, so Saylor's bullish calls are quite understandable. He simply has to do this for his company to profit rather than incur losses).   However, analysts note that bitcoin's fate depends not only on the rosy calls of the MicroStrategy CEO. And if buyer support weakens, BTC could break through the key support level of $61,000, falling to the $56,000 zone, where significant liquidity is concentrated. MN Trading founder Michael Van De Poppe does not rule out another correction to around $55,000. However, the specialist quickly reassures investors, stating that this is quite acceptable as long as bitcoin holds above $60,000. Anthony Pompliano believes that the price will not fall below $50,000, and another expert, Alan Santana, does not rule out a drop to $30,000.   Trader and analyst Rekt Capital believes that the first cryptocurrency has exited the post-halving "danger zone" and entered the initial phase of re-accumulation. According to this expert, in 2016, BTC demonstrated a long red candle after the halving, falling by 17%. This time, the pattern repeated, with the difference between the post-halving maximum and minimum being 16%. The price reached a local bottom at around $56,566 but then rose to $65,508, on which Rekt Capital concluded that it re-entered the "re-accumulation range." However, there is one "but" - after this, we again observed a drop to $60,175. Overall, it seems that BTC/USD is in a descending channel, which increases investor concern.   In general, the forecasts are quite diverse. Information on the activity of various categories of traders and investors also varies. Analyst and CMCC Crest co-founder Willy Woo noted the activity of so-called crypto dolphins and sharks. "There has never been such a rapid purchase of coins by wealthy holders as in the last two months when the price fluctuated between $60,000-70,000. We are talking about those who hold from 100 BTC to 1000 BTC or approximately $6.5-65 million," he explained. On the other hand, according to CryptoQuant analysts, whales holding from 1000 to 10000 BTC, unlike dolphins and sharks, have behaved quite passively. Michael Van De Poppe, for his part, notes the absence of retail investors.   All this suggests that we may not see new all-time highs for BTC in the coming months. We wrote about this in the previous review, citing, among other things, the opinion of such a Wall Street legend as Factor LLC head Peter Brandt. With a 25% probability, he assumed that bitcoin had already formed another ATH within the current cycle. As for long-term forecasts, nothing has changed here - most of them predict a powerful bull rally for bitcoin. Anthony Pompliano writes about this. Willy Woo expects bitcoin to continue increasing its penetration into various spheres of everyday life, meaning the number of users will grow. "By 2035, we expect bitcoin's fair value to reach $1 million. This forecast is based on the user growth curve. And I'm talking about fair value, not a peak during a bull market frenzy," the analyst notes.   The author of the bestseller "Rich Dad Poor Dad," entrepreneur Robert Kiyosaki, once again included bitcoin in the TOP-3 ways to save and increase capital. "Bad news: the [currency market] crash has already begun. It will be severe. Good news: a crash is the best time to get rich," he wrote, offering several recommendations on how to act in a crisis. Let's note two of them. The first reads: "Find an additional source of income. Artificial Intelligence will destroy millions of jobs. Start a small business and become an entrepreneur, not an employee afraid of losing a job." "Don't hoard fake money (US dollar, euro, yen, peso) that is losing value. Hoard gold, silver, and bitcoin - real money whose value increases, especially in a market crash," is Kiyosaki's second recommendation.   Regarding bitcoin's growth, Kiyosaki is absolutely right; it's even pointless to argue. According to a study by Colin Wu, better known as WuBlockchain, over the past decade, the price of the leading cryptocurrency has grown by an astonishing 12,464%, outpacing giants like Amazon, Apple, Google, Meta, Tesla, and Netflix. BTC was second only to Nvidia (+17,797%). But the fact that bitcoin took second place, being a representative of a relatively new and volatile market, is a real achievement. BTC's impressive growth trajectory over the past decade demonstrates its resilience and potential as an essential component in investors' portfolios.   At the time of writing this review, on the evening of Friday, 10 May, the BTC/USD pair is trading at $60,470. The total market capitalization of the crypto market is $2.24 trillion ($2.33 trillion a week ago). The Crypto Fear & Greed Index has risen from the Neutral zone (48 points a week ago) to the Greed zone, now standing at 66 points. NordFX Analytical Group   Notice: These materials are not investment recommendations or guidelines for working in financial markets and are intended for informational purposes only. Trading in financial markets is risky and can result in a complete loss of deposited funds.   #eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #cryptocurrencies #bitcoin #stock_market   https://nordfx.com/ 
    • Здравствуйте, уважаемые пользователи!   Хотим Вас уведомить, что на сайт добавили следующие направления обмена: Monero XMR > Cardano ADA Cardano ADA > Monero XMR
    • QUARK DRAINER Get rid of all lack of money headaches Other boards: https://niflheim.world/threads/quark-drainer-seaport-1-5-blur-x2y2-fix-metamask-permit-2-smart-contract.40662/ PRICE : $5 000   + All sources of QuarkDrainer (backend, frontend, smart contract) + Instructions on how to install and get started. + Invitation to the closed community who bought drainer + Author's manuals and articles on how to work with the drainer, traffic + Technical support + Regular developments, the fastest innovations of new features (free)   QUARK DRAINER - Without a doubt No1 drainer. Here you do not go to a lottery, I hope the functionality and materials all clear without unnecessary water in this port. So here's a little bit about me, I've been coding for 6 years, 2 years since I quit working for the shops and went gray рџ™‚ my base is ES6, Git, MongoDB, DOM, AJAX, jQuery, Javascript + React, Material UI, Single Page Application. When I was getting about $1750-2000/month, one scammer  found me on github and asked to do some web3 development (it was the first drainer with the simplest functionality), he paid me $3000 for 2.5 weeks of work since it was my first experience and it was really boring to look at web3 libraries. After that, I had a thought as 1 person without knowledge in the right area and portfolio - paid such money. From that moment I had no problems with $ for any of my fantasies and needs. And now you see the ideal product and community in which you will be happy. If you're interested - the door is open рџ™‚ Which wallets does QuarkDrainer interact with? Optimization for all devices Metamask, TrustWallet, Coinbase Wallet, Binance Wallet, Wallet Connect ~300 wallets (https://explorer.walletconnect.com) Asset Withdrawal Methods > Transfer > Seaport 1.5 (withdraws all approved Opensea assets in one click) > SetApprovalForAll (gets NFT collection in one click) > Signature Message (gets assets with a signature) > Metamask private fix (no token count, no token name, NOTHING - just a button without red plates) > Approve (Automatic withdrawal of assets after approve confirmation) > Permit + 2.0 (One-click withdrawal of tokens confirmed by Uniswap + Permit 1) > Smart contract (Removing the native "main network coin" with any Airdrop/Claim/Reward/Swap/Router/Withdraw/Your Creative...) > NFT ERC 721/1155 > BLUR, X2Y2 (Gets all approved assets in 1 click) > Moonbirds, Sushiswap, Uniswap, PancakeSwap In what networks does the drainer work? It works on ALL 0x networks you can find the networks you need here: https://chainlist.org/ Configured for Ethereum (ETH), Binance Smart Chain (BNB), Polygon (MATIC), Avalache (AVAX), Arbitrium One (ARB), Optimism, Fantom Opera (FTM). On request we will enable or disable networks you need. Why Quark Drainer? Help on every step if required Setting up takes up to 30m > Author articles (on working with drainer, traffic basics, tricks and creatives) > 60 frontend custom builds (creatives you can use as a basis for your own custom builds) > Approved services (bulletproof hosts, domains, bots etc) > Complete tracking of victims' actions on Telegram bot > Advanced developments - we are always the first and the best in implementing new methods and vulnerabilities for asset drains. > Parsing assets and withdrawal priority > Automatic withdrawals of any assets to your wallet once approved > Forget about red signs or inscriptions and stuff - always be with the top-of-the-line fixes > Next JS programming language, source clean code (any testing) > Buying not from resellers/merchants but from developer directly straight from the oven > Technical support - I answer any stupid and absurd questions (mostly online) > Author's articles - sharing my experience in traffic, schemes and personal practice with the "money" button > Quark+ software for Insta/X/FB/Reddit/Tg. Autoposter, retweets/reposts, likes, dm > Custom logic of draining strategy. You can enable retries on highest value assets or disable that > Ready-made websites > A community (60+ppl) - a closed chat room for everyone who has bought the Drainer Contact Us Telegram : https://t.me/quarkdev Drainer Channel: https://t.me/quarkdrainer Tox&Jabber send to PM     Whoever needs will read it According to my observations, the scripts on the market are crap (what else would a dev write showing his product I'm "shocked" by what they sell for $ 350-2500 on boards, while in cryptoscam monthly turnover is a 6-7 digit for each team, for me it's laughter apparently all who buy such products can not make some 10k to get out of good script for a month. Resell scripts, sell public crap or pieces of code. DAMN if you think $5 000 is expensive and ask me to sell for $1 000 - do not write me please, otherwise I will have to insult you very much. Since you probably didn't ever work with drainer - if you don't have couple of btcs in your crypto wallet... Thanks for your time I hope you experienced at least some emotions reading my topic
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