ADSactly on ADSACTLY - part #38
ADSactly - Taxation of Crypto - Part #1
Once upon a time there was a bunch of children playing on a beach. They've decided to collect pebbles and then exchange them for shells and snails gathered from the sea. A group of boys came by, saw what the children were doing and decided to take the 'value' away from them just because they didn't like the game. Grown-ups observed but didn't react, as they couldn't understand why would the big boys need pebbles at all. A huge amount was lying right there on the beach, anyway. The grown-ups missed a fact that the big boys weren't really interested in pebbles as a proof of value but they prefered to take away children's pocket money, instead of pebbles. If the grown-ups understood, they would have stopped it, right?
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This analogy speaks volumes about crypto taxation. Taxation of crypto is a hypocritical joke, executed by the elites for to exercise their dubious justice on 'free' people. How can something that doesn't exist be taxed? How can state tax something that has no public proof of ownership and is not legally verified nor accepted as a legal tender? That's the first issue. The second one would be the mechanism of taxing. How is it possible to tax a virtual currency that constantly fluctuates, unless the revenues are converted into fiat money? What they are doing right now is trying to tax casino tokens before a person has left the casino...
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We can understand the fuss regarding ICOs. Selling virtual tokens for fiat money and making a profit is a process that can make people rich in just a few days and it deserves to be taxed. If one's collected a mountain of fiat money, paying tax is alright and fair. But, we are not sure that the same should apply to ICOs which collecting crypto instead of fiat. These are still pebbles. Make fiat money - pay the taxes. Keep pebbles - play with them. If someone leaves all the gains in crypto, why should the person be taxed at all? Crypto is not recognized as legal tender, right? The law should understand that crypto, stashed away in the deregulated market environment, is only pebbles on a beach.
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If a person pays for goods or services in crypto, it's virtually untraceable and will remain so in a foreseeable future. Nothing can be done before crypto is legally accepted as regular money. A beautiful conundrum. They cannot recognize crypto because it would change the current financial system from the grounds up. But, without a full legal recognition, there are no effective means of taxing it. This is also why, my friends, crypto is here to stay.
One way or another.
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Each of us has a decision to make.
One can take the submissive route, giving away pocket money to the bullies or one can stash crypto in a paper wallet where nobody can ever prove its ownership in any way. The decision is entirely up to each individual. But, whatever you decide to do, don't give in to fear. They are deliberately creating it, through various heavily controlled media outlets, out of a sheer realization that there can be no upper force imposed on the matter. The omnipresent ruling elites haven't felt like that in ages.
Poor them.
Where are the grown-ups? :D
To be continued...
If you are interested in joining the ADSactly society, please read the blog series on ADSactly from the beginning. Have all of your questions answered in advance.
ADSactly on ADSACTLY - Part # 1 Open-Value Network / Co-opoly
ADSactly on ADSACTLY - Part # 2 Do-ocracy / Value Network
ADSactly on ADSACTLY - Part # 3 Open Stewardship
ADSactly on ADSACTLY - Part # 4 Society's Value Contribution System
ADSactly on ADSACTLY - Part # 5 The Value of Our Time
ADSactly on ADSACTLY - Part # 6 Cooperation and fair benefits
ADSactly on ADSACTLY - Part # 7 Support local production
ADSactly on ADSACTLY - Part # 8 Cooperation vs Competition
ADSactly on ADSACTLY - Part # 9 Sustainable Social Model
ADSactly on ADSACTLY - Part # 10 Blockchain Technology
ADSactly on ADSACTLY - Part # 11 Support for Decentralization
ADSactly on ADSACTLY - Part # 12 The Importance of Bitcoin
ADSactly on ADSACTLY - Part # 13 ADSactly in Discord (1)
ADSactly on ADSACTLY - Part # 14 ADSactly in Discord (2)
ADSactly on ADSACTLY - Part # 15 ADSactly in Discord (3)
ADSactly on ADSACTLY - Part # 16 ADSactly in Discord (4)
ADSactly on ADSACTLY - Part # 17 ADSactly in Discord (5)
ADSactly on ADSACTLY - Part # 18 ADSactly Clubs
ADSactly on ADSACTLY - Part # 19 ADSactly Tokens (1)
ADSactly on ADSACTLY - Part # 20 ADSactly Tokens (2)
ADSactly on ADSACTLY - Part # 21 ADSactly Tokens (3)
ADSactly on ADSACTLY - Part # 22 ADSactly Tokens (4)
ADSactly on ADSACTLY - Part # 23 ADSactly Tokens (5)
ADSactly on ADSACTLY - Part # 24 ADSactly Tokens (6)
ADSactly on ADSACTLY - Part # 25 Full Stack Startup
ADSactly on ADSACTLY - Part # 26 Artificial Intelligence Government Pt. I
ADSactly on ADSACTLY - Part # 27 Artificial Intelligence Government Pt. II
ADSactly on ADSACTLY - Part # 28 ADSactly Steemit Blog
ADSactly on ADSACTLY - Part # 29 The Future Of Crypto
ADSactly on ADSACTLY - Part # 30 ADSactly on Globalization
ADSactly on ADSACTLY - Part # 31 Blogging on Steemit
ADSactly on ADSACTLY - Part # 32 Social P2P network
ADSactly on ADSACTLY - Part # 33 Projects in ADSactly Society
ADSactly on ADSACTLY - Part # 34 ADSactly - Medium Blog
ADSactly on ADSACTLY - Part # 35 ADSactly - Environmental Protection
ADSactly on ADSACTLY - Part # 36 ADSactly - Sharing of Ideas
ADSactly on ADSACTLY - Part # 37 ADSactly - Centralized System vs. You
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