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guy who might know suggests to run screaming from bitcoin (www.tbray.org)

submitted 4 years ago by [email protected] to c/[email protected]

18 comments fedilink hide all child comments

That feels a bit unfair as a headline since it's only a part of why the post is fun to read.

Now, why do I think this has some heft to it?

I’m a person who knows a lot about how computers and software work, is generally curious, and reads fast. I’ve been wrong about lots of things over the years.

I either fit this description, am certainly going to fit this description eventually, or will do whatever it takes to fit it, so we start out being pretty spiritually aligned. Plus, in addition to the credentials he points out here, the writer was a Distinguished Engineer at a place where that is No Small Potatoes, so I'm real inclined to give his words some weight.

Anyway, I recommend reading this even if you don't care a fig about cryptocurrency; it isn't long and the anecdotes are worth it.

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[–] [email protected] 3 points 4 years ago* (last edited 4 years ago) (1 children)

where taxes can be completely avoided

Bitcoin is not anonymous ^^. There are some cryptocurrencies which are (Monero) but even then, it doesn't mean that you will be able to avoid taxes. At some point if you declare that you earn nothing, yet buy a new yacht every year, the government will start asking questions, and if it turns out that you used cryptocurrencies a lot and declared nothing, you will get in trouble.

[–] [email protected] 4 points 4 years ago (1 children)

The same argument could be made about any highly-profit illegal enterprise. Buying a yatch with dirty funds in the country were you pay taxes would be a mistake. Illegal funds should be laundered if you want to use them like this, which can certainly be done if you have a lot of money!

This doesn't apply to people who commit tax fraud and do not buy a yatch every year. It is relatively easy for them to get by unnoticed.

[–] [email protected] 7 points 4 years ago (1 children)

That was an exaggeration, but hiding wealth in cryptocurrencies is not really different from hiding it in a Tax haven.

[–] [email protected] 4 points 4 years ago

True, I feel like the main difference is that the bar to entry is lower.