Cryptocurrency

[David Merrill]

I will express a viewpoint that maybe unpopular.

One should partner with the IRS (and the US tax code) in order to profit. Leverage government to make you money.
In the blockchain space, there are centralized exchanges and decentralized exchanges.

As a US person (for tax purposes), there is no way to trade in cryptocurrency without incurring a tax liability. The US (and Eritrea) are the only countries in the world that tax their citizens' worldwide income.
If a person wanted to exit the tax system, expatriation is a legal way to do this although you may still be subject to an exit tax.
Taxes are owned as soon as "accession to income" occurs. Trading in crypto for profits, would be a capital gain. Short term capital gain tax rates are equivalent to earned income tax rates. The one positive on short term capital gain is that it is considered unearned income by the IRS, thus you avoid FICA taxes.

My opinion, it is wiser to seek to reduce over time to eventually eliminate your tax bill. This will require some help from professionals for record keeping, reporting, as well as compliance with the US tax code.

Your opinion corresponds to my observations.

Five years ago a retiring airline captain invested his six-figure refund heavily in cryptocurrency. He prompted a nasty bulldog IRS agent who was blatantly "breaking the law". I gained the distinct impression that he was involved in an MLM. The message he was getting was,

If you want to withdraw all your cybercurrency, you must get 10 people in your Downline or limit your withdrawal to 10% of the total account balance."

Something like that.

I may have misinterpreted things though. His cybercurrency investment may have been safe, like a retirement plan, but only as long as he did not touch it. He could not withdraw it without the IRS seizing it from the cybercurrency account, as it was in transaction to his bank.

Thank you for the outline. I do not trust it yet but it is a functional model. It is replacing the MLM model.


P.S. Since you cannot eat gold, until you have reduced it to highward starfire anyway (manna => monatomic gold => Philosopher's Stone), and gold will collapse to $42.22/ounce which is going to feel like a solid crash to about everybody; the only peaceful place is redeeming your mind.

I do not think, when cybercurrency will vanish if the power is pulled unplugged, that one can find peace in it. Treasuries globally are allowing the parliaments (Congress) to bond infinite money market fabrication of currency. So it is a Treasury Market. Treasuries are now the global money market.

It is a bubble so big I feel I am the only man on earth who can see it.

P.P.S. Since the metal has recently found its only value ever (aside from being a shiny distraction) in creating cybercurrency, try eating bits and qubits? Either scenario above, whichever one is correct or more correct, there is no accessing the cybercurrency with any ease.

In Mr Robot there is a shadow government called White Rose and the Deus Group (100 Elite) with a Dark Army all in one abused child's schizoid alter ego. Do away with all that and the government behind the transactions building BlockChain securitization is the Investment Group - now including Stephen. The rogue agent who would badger and steal from the retired airline pilot was the Dark Army.