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0 sats \ 9 replies \ @stack_harder OP 13 Dec \ parent \ on: Can I de-kyc my KYC stack? bitcoin
do you think in this case, since I'm fucked, i could say i was hacked and the bitcoin is no longer under my control?
would the burden of proof not then fall on the authorities? or would they just monitor the address
if my country of residence ever came up with a tax non-released gains law, i'd leave i think, even though i have never declared my holdings on any tax return .
honestly, in a worse case, i can take a quick trip to Russia and go to one of the many crupto exchange and do something. none of them are kyc and i could say look, Russian hackers!
You could also say you lost they keys and just not move those coins for ages or swap the UTXO with a statechain with someone in another country lol plenty of ways to insert doubt of ownership.
Its good to think about all the possible attack vectors but I don't see them going so hard for your Bitcoin, they'll always try to go for the easiest paydays and theres way more of them out there
Bitcoin would need to be in the multiple trillions and by then you might even have purchasing power that allows you to turn laws in your favour
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Very Bad Advice.
Try being a smart arse with the tax department and see where it gets you...
Most Likely Fucked.
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Lol never said it was tax advice, thought we're just spitballing
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Quite clearly you were advising on tax liability and ways to avoid/evade, but sure its all hypothetical and not too serious, unless someone acts on what you have suggested and lands in serious trouble.
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I would say this is true of the IRS in the states, but in reality, most other countries are far from that aggressive, in the UK for example, you're allowed to come up with a repayment plan, happened to a guy I know. they don't just jail you
plus, i have no intention of actually selling and all my gains are unrealized so I'm not a criminal yet lol
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True the severity of enforcement varies depending on jurisdiction.
But as far as your posted question goes, its more or less impossible to un KYC KYCed sats- you must sell, declare any gains, pay the tax due, and start again via un-kyced purchases...any other option will involve risk of prosecution and criminal record at the least.
Hopefully tax treatment will improve with at least some allowance for use of BTC as a MoE without the absurd taxation of each and every purchase made using sats- but there are no guarantees of this unless you move to somewhere that does allow it.
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THIS is what we need. Real reform so people can spend.
Bitcoin 'out of the shadows' where every single business, every single individual, every single company has tax-favorable treatment... Bitcoin as moe with few/no tax requirements.
That is the future we need and should work towards, imo. Bitcoin the money for spending and saving for everyone who wants it. Spend it save it use it as money independently this is the outcome we should have as Bitcoiners imo.
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yeah, but hey, if nothing else it's been quite interesting and might help a noob out who hasn't started stacking in earnest
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Yes, let's hope so.
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