*I felt a great disturbance in the Force, as if millions of Crypto Bo's suddenly cried out in terror and were suddenly silenced. I fear some terrible bureaucracy has happened...!*

"ur anonymous" literally tracked down to the millisecond

Great video. I was a process control engineer (just retired 2/21/24) I would always stress test my projects just to make sure it would work under all conditions. Also depending on the government. But I found away of earning more income despite my Retirement. $57k weekly returns has been life changing, after so much struggles.

*ON THE BRIGHT SIDE* you can offset your catastrophic NFT losses against any crypto gains

Crypto has always seemed like a scam to me, so no I don't have anything to do with it.

You can buy/sell/trade gold, silver and platinum more privately than crypto. Just saying it's a physical thing and you can do cash transactions to buy/sell it without a paper trail. Can't do that with crypto. You won't have true freedom with anything that's digital and uses the internet. This should have been common sense from the start. It might've started out in the wild west territory but when there's enough US dollars involved in anything Uncle Sam will always come for a slice of their pie. Especially with anything that can be tracked. All crypto is is a weird digital commodity. It's like fake gold or silver because it's value is faith based just like the US dollar. It has no inherent value.

Any time the solution is more data and more digital records, there is a downside. An obvious one is, what happens when this data gets hacked / leaked? Yeah, we'll have a class action lawsuit where everyone gets "free" credit monitoring but no actual relief. Or what happens when this data is wrong? I spent months with my insurance company trying to convince them to pay my claims because their records were wrong. They simply didn't believe me that I didn't have any other insurance. How do I prove I don't have other coverage? Databases are wrong all the time either by incorrect entry (pretty common), stale data, or data loss or corruption. Sometimes the tradeoff makes sense, but we, as a society, are way too quick to jump down the "solution" of ever more digital data.

Wow, what an opportunity for accountants everywhere to expand their portfolio of services. This will only affect the small fish. For example let's do an Apple on this. Register A company in Ireland transfer your digital wallet to it and avoid the whole taxation at U.S rates thing

So this completely negates the reason to even own crypto.

If you are suddenly paying taxes this year but never did in the past?. Hmm! I wonder if this will need further IRS scrutiny?

Let's see if this is back dated 😮

I suggest that Eli should create shit coin or crap coin ?

IRS I think you should start investigating faddy 😂

On and off ramps are captured go buy your coke zero with whatever denomination you want Uncle Sam will get his cut.

Explains crypto without understanding it. Brilliant.

Never believed in any crypto currencies, no bit coin, Etherium, etc.

Eli, you are just salty because Eli Coin failed to fund Silicon Dojo. j/k

I bought a group of hitmen to remove a tree from my yard with Bitcoin

Where there is a will, there is always a way.

The point of owning Bitcoin is to be able to move your money across borders. You can convert your Bitcoins into any currency in the world. It is very difficult and expensive to get your money out of any country. To convert from one currency to another, it cost as much as 10%. The point of Bitcoin isn't trading the different to make a profit, it's real utility is being able to move it to any country.

me thinks crypto coins is going to be dumped. But me also thinks who ever invented crypto will invent the next system that will be called something else and millions will dump money into it. In short the show must go on.

no new videos? Everything ok?

Bitcoin before those companies let the government to control it was treated as a commodity so there was no tax on it. Also Bitcoin was supposed to be a decentralized currency, but unfortunately someone ruined the purpose of it.

Love simping for IRS the video

If it's gonna still be tied to fiat 💸Dollar then it's still a fiat 💸 currency.

As long as crypto is treated like an asset it has zero value.

Yes I was saying, if it is compared to the dollar, it is fiat. If it requires faith to use it, then it is fiat. People don't read, they don't do math and wonder why they get suckered.

American freedom 😂

Bitcoin is for storing wealth. Perhaps an alternative to gold. If you want to evade Big Brother, you may need to establish residency in another country (think Asia). Even then, it's not as simple as that.

You can trade Bitcoin on cold wallets which is off the exchanges

so to avoid taxation you need to buy goods by crypto? And there need to be businesses which provide products & services for crypto, it's kinda you never leave crypto, so nothing to report.

I think they found a way to get their money back 😂😂😂 5:06

Ah, I forgot the class today!

Gains and losses are just like any other currency arbitrage. Crypto isn't inferior in that regard. Hopefully losses can be claimed for tax purposes as well. I don't agree with it not being accepted as a currency. Many places accept it. The transaction time and fees just make it not worth while to settle your tab at the local brewery.

If crypto is a universal currency and IRS is going to tax profits, will US collect tax from people in other countries or will they be taxed by their one countries and how will it be affected if people live, or hold a bank account, in a non tax paying (bitcoin) country.

Guys get a Huawei Mate P50, G5 + satellite encrypted communication is the way to go

Slight inaccuracy. If you sell within a year, it’s not capital gains, it’s just taxed as ordinary income.

I don't see the problem. I planned on taxes way back when. All this means is Bitcoin is going more mainstream. I'd glady pay taxes on Bitcoin than have to use private manipulated federal reserve inflation coin

I am thinking... maybe it can help crypto became a way of exchange. Just send the coins to the other person instead. The he can use to pay to some other person.

Eli the IRS/CRYPTO Guy

Now days its gambling

Monero says hi.

This is mot new info. So what, pay tax on the profit, you're still getting profit for no work.

I don't buy that's 😂

Can't we just get rid of the IRS

You can’t enforce DEX to force people to pay tax ,not gonna be easy . A real DEX don’t have a office building 🏢 with employees

Eli has zero knowledge about Bitcoin. Zero research done. Zero time invested learning about it.

Good luck I've got my coins in cold storage in a cold wallet in my prison pocket. AES 256bit encryption, behind six VPNs and my slightly enlarged prostate. Fiber > Fiat Currency. Come and get it Feds /s

Is this why Bitcoin just crashed again.

It's all tax deductible. We're fairly incorruptible, We're sailing on the wide accountancy! Scribble away!

Jai Hind. There should also a Tether Rupee to obviate money laundering.

I know its a scam however i wished i got in on the trend. I'm more of a preper so settup towards that way. I never believed it was going to be decentralised as always thiught it was just a tool to get used to before the CBDC

If only we could come together and stop paying taxes I support tax evasion of all kinds

Cryptocurrency should be banned. Period.

If you own bitcoin you need to escape the us dollar. Use foreign banks. Preferably with a state that does not tax its citizens.