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22

KYC was never about crime. It was always about taxes.

submitted by deleted to Crypto 2 yearsApr 15, 2022 09:19:21 ago (+22/-0)     (Crypto)

deleted


22 comments block

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[ - ] TheViciousMrPim 7 points 2 yearsApr 15, 2022 10:02:54 ago (+7/-0)

To pay this tax bill I'm going to have to sell some crypto to pay it. That's another sale I'm going to have to pay taxes on next year.

Fuckin govt in a nutshell.

[ - ] Splooge 3 points 2 yearsApr 15, 2022 13:11:16 ago (+3/-0)

"Don't you dare die goyim or we'll tax that too!"

— govt

[ - ] VigourousJackson 1 point 2 yearsApr 15, 2022 13:03:54 ago (+1/-0)

fractional reserve banking, also, except its taxation creating the debit

[ - ] Monica 2 points 2 yearsApr 15, 2022 09:34:10 ago (+2/-0)

Context would be nice. I don't know what you're talking about and I follow crypto news a little bit.

[ - ] x0x7 [op] 6 points 2 yearsApr 15, 2022 10:16:18 ago (+6/-0)

KYC is Know Your Customer. Basically you cannot do any crypto stuff with established institutions unless they have more info on you than you need to get a passport. They claimed it was about trying to trace crypto addresses to names if they know an address paid for something illegal. It was always a way to make it so people can't use crypto to opt out of the system entirely including paying the state 20%.

But once again they use crime/terrorism/disease as an excuse to get what they really want.

[ - ] VigourousJackson 0 points 2 yearsApr 15, 2022 13:04:15 ago (+0/-0)

Know Your Client

[ - ] Splooge 0 points 2 yearsApr 15, 2022 13:18:01 ago (+0/-0)

On the back end, AML bullshit is just as bad.

[ - ] Monica 0 points 2 yearsApr 16, 2022 11:15:47 ago (+0/-0)

Thanks.

[ - ] Cantaloupe 1 point 2 yearsApr 15, 2022 11:37:06 ago (+1/-0)

That's why you use an anonymous exchange, and never associate you btc with yourself. Or use monero.

Of course your wallet could have been stolen.

[ - ] v0atmage 1 point 2 yearsApr 15, 2022 11:09:49 ago (+1/-0)

Try a crypto IRA to avoid paying capital gains. At least that's what I'm trying to do for 2022.

[ - ] beece 1 point 2 yearsApr 15, 2022 12:32:56 ago (+1/-0)

@V0atmage - Which ETF or fund you you recommend for the IRA Crypto investment?

[ - ] v0atmage 1 point 2 yearsApr 15, 2022 12:54:31 ago (+1/-0)

Just getting into this crypto IRA space but will get back to you. The problem with many crypto ETFs is the premium is way higher than buying crypto directly.

[ - ] beece 0 points 2 yearsApr 16, 2022 22:19:18 ago (+0/-0)

Thanks!

[ - ] Unreasonable 1 point 2 yearsApr 15, 2022 09:38:08 ago (+1/-0)

Why pay taxes to this corrupt government?

[ - ] x0x7 [op] 0 points 2 yearsApr 15, 2022 11:46:49 ago (+0/-0)

I would certainly like not to.

[ - ] RecycledElectrons 0 points 2 yearsApr 15, 2022 18:46:17 ago (+0/-0)

KYC = "Know Your Client," which is a set of "regulations" that make "financial services companies" identify their clients.

[ - ] Anus_Expander 0 points 2 yearsApr 15, 2022 17:59:29 ago (+0/-0)

I first read that as 'KFC', was confused

[ - ] Jewfed9000 0 points 2 yearsApr 15, 2022 17:17:44 ago (+0/-0)

OP you dumb fuck.

[ - ] Boyakasha 0 points 2 yearsApr 15, 2022 15:11:33 ago (+0/-0)

Kill Your Chicken

[ - ] taoV 0 points 2 yearsApr 15, 2022 14:44:18 ago (+0/-0)

"They can just inflate the hell out of their currency and demand this shit."
Thus taxes aren't about paying your share of services, they're about control.

[ - ] Inflatablecat 0 points 2 yearsApr 15, 2022 14:39:16 ago (+0/-0)

Not a huge fan of it, but it is my understanding that as more accounts were added with kyc its harder to hide crypto movements. I think chain analysis was able to use known accounts from kyc to track that new york couple from the bitfinex hack across multiple chains too. The guy that claimed to find the dao hacker used similar techniques as well.

[ - ] HeyJames 0 points 2 yearsApr 15, 2022 12:55:42 ago (+0/-0)

Using public exchanges to buy crypto is going full retard. Never reveal what you have. No reason to.