Stealing..I mean Taxing Crypto..

in LeoFinance2 months ago

So it looks like those who are supposed to serve are back at serving themselves once again. Since they truly know what’s best for you and yours. For those who are actively paying attention it looks like a bill that is floating around in the nations capital contains some Crypto taxes. Taxes that will further enrich the few at the expense of the many.

Estimates range between $26 billion to $28 billion to be raised if this bill passes. Of course this does not account for market volatility since we know crypto can move all over the place. So it could be higher or lower depending on market forces. Or if the people wish to comply.

Sadly this is a microcosm of the level of group think that occurs within the State. And it is systematic and global. Again, politicians never met a tax they didn’t love. If they could find a way to tax your oxygen it would be up for a vote.

Many of them are still oblivious to crypto and it’s various moving pieces. And blockchain is constantly evolving on a daily basis. Every chain is different to some degree. Applying a generalization for blockchain is not wise.

Trying to apply legacy economy rules to blockchain is like running new software on old hardware. It’s just not going to function properly. There are just too many things that could go wrong. And like it or not people are using blockchain for a reason.

At that reason is to be financially sovereign. You see many of us are realizing that most of these people don’t have our best interest in mind. Instead, they want to control everything. Many of them are wealthy yet think they can speak for the poor or impoverished.

Some would be better off retiring and moving on to the private sector. Or perhaps try to act like we have a true representative Gov’t (which we don’t). Any one can see that the legacy game is rigged. So we have decided to play a different game.

How this all unfolds is anyone’s guess. However, I will stand by my assessment of a future reorganization of the legacy system. This will occur not by choice. It will be done because no one wants to be a bag holder.

These politicos are frankly out of control. And I’m sure there will be more schemes to siphon value from all people. It would be nice if they could come up with new ideas. Instead, they prefer to extract value from working people.

Blockchain will press on as designed. As I have said previously legacy and blockchain are different systems. Most of us should be aware of this notion and use caution. Corruption breeds corruption.

Thankfully we can avoid the corrupt ones and become our own bank. There is now a way out. And there is no need to argue with tyrants. Remember, they are always right even when they are wrong.

Nothing new under the sun..

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I don't understand how things will work and I don't see how it will succeed. How will they link wallets together when some people have like 50 wallets?

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There are so many incorrect assumptions by the State. Instead of trying to control blockchain they should embrace freedom first.

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Nothing new under the sun...

A quotation of Solomon's musings on life from the book of Ecclesiastes which inspired a cool song by Simon and Garfunkel.

I shared this quote by one of the founding fathers of the United States on another person's post (senior moment: I can not remember whose post). It is worth sharing again.

If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.

—Thomas Jefferson to John Taylor, 1816. ME 15:23

I believe that The Honorable Mr. Jefferson would be proud to know that those of us in the crypto-space are adhering to principles that will foil the legacy economic system and ensure liberty for us and our progeny!

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Indeed. It has always been the same storyline: Powerful people wanting to “control” everyone. Freedom is the only way. We either want to be free or in bondage. There is no middle ground.

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This is so true. We are seeing the legacy system try to keep up with something that is completely out of their league.

In my mind, we just need to keep building and developing more layers on this thing. As we do, it will make it harder for the present governments to deal with it.

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Earning crypto and gaming for crypto. Once people get a taste of what's possible they won't look back. Some of these politicos need a taste of humble pie...served cold. :)

Something similar happening in Costa Rica with Bitcoin

Politicos will never least until they run out of other people’s money. Or destroy the legacy system thinking that economic laws don’t apply to them. 🧐

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It so crazy how grid has gotten to head of our government. There has always been a say that " The rich keeps getting richer and the poor keeps getting poor". Getting control of the blockchain is one fact that the govt would love so much. Like you said been our own bank is one best option to contol blockchain, i see a better generation if we keep educating our self. I see a greater generation where freedom would stay. Thanks for educating us.

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All this State theater is about greed and control. They could raise taxes to 100 percent and we would still have poverty and lack. It is the system itself+ the people controlling it that is the problem. Blockchain fixes this. Now we are the bank. :)

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