Wednesday, July 7, 2021

Cryptocurrencies Dirty Little Public Secret

Cryptocurrency, I thought encryption kept every amount and transaction hidden. That I understood was the original purpose of Cryptocurrency. Anything, especially illegal items could be purchased on the Dark Web and paid for with Cryptocurrency, which was supposedly untraceable to an individual. Instead, when looked at closer, it reads like somebody has been lying about Cryptocurrency from the start.

The first article from "androidguys" caught my attention, and within a few minutes I found out more than I ever wanted to know about, "Cryptocurrency". Below are the highlights of what I read. Blockchain it appears, is another word for, "Permanent Government Enabled Tracking Cookie":

 

How to pay your cryptocurrency taxes in 2021?

"In the US, cryptocurrencies are considered property. They are taxable just like any other property, including capital assets like bonds and shares."

 

How Does the IRS Track Bitcoin and Other Cryptocurrencies?

 

"This fascinating question has a surprisingly simple answer: the IRS goes straight to the heart of the system by consulting with blockchain companies, notably [Chain analysis] Chainalysis. This allows the Service to stay “one step ahead” of money launderers, drug dealers, human traffickers, and yes, suspected tax evaders, too.


The “blockchain” is the tamper-resistant public ledger where financial transactions using cryptocurrency are recorded. Because “blocks” (records) in the blockchain are encrypted, with the information presenting as jumbled string of letters and numbers, many people assume that the wallet or account, while publicly viewable, effectively remains private."


Finally, if those articles were not enough of a wake up call, this article was published last month.


The Biden Administration Took a New Stance on Crypto.

"The report says cryptocurrency “poses a significant detection problem by facilitating illegal activity broadly including tax evasion.”"

 

Communication and Cryptocurrency are now on equal footing. They are monitored and tracked by Governments around the world, why we are told we should be terrified because one of the supersize Internet company's want to track us.

 

Says the Wolf to the Rabbit, "Oh, don't worry about me, Just look at that hungry Skunk watching you over there." It all stinks.



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