The Government Is Hunting Taxes And Crypto Can Provide That
Governments love getting money. The thing with crypto, is while they express their dislike, can be a huge revenue generator.
In this video I discuss how the hatred by politicans could be a major mistake. With economies slumping around the world. and lots of promises made, they are facing the situation where they are going to need a lot of money.
▶️ 3Speak
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Nothing like spending tax money to try and find more tax money like what even is going on in this country anymore lol
While I agree it could be a huge income for them for crypto I still don't like them getting their hands in it.
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I dont disagree with you. Of course, they cannot see that.
Time for more mixers. LOL
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Governments should get M.C. Hammer's U Can't Touch This song instead of any crypto. Haha.
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And how true. The government exists to siphon wealth from the working and lower socioeconomic classes. Cryptocurrency democratizes access to finance, which then creates a larger pool of potential extortion targets by the IRS.
The reason any country will legalize commercial cryptocurrency use will be for taxation purposes, because, as you noted, economies are failing all over the world with no end in sight for many countries trapped in spirals caused by hyperinflation.
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Taxation is always at the top of the list. Control is also there. I guess they go together.
Either way, we need to keep pushing the technology via development.
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100% I am in favor of any user looking to do the bare minimum, to spin up local instances of whatever blockchain they like, and provide more redundancy on their respective networks - further distributing risk and lessening concentration on any singular provider
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That's true but they also keep tasking citizens from their own funds they pay them. But they have big hatred for crypto.
It shows how either they are ignorant or totally bipolar.
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That is true, but the main drawback is that they, the governments, want to be the controllers of that money and, since they do not have that power, they put all the obstacles or regulations, but if it is a large amount of money, what could they receive?
They dont have control of the money now as it is. Sure they regulate the banks but they do what they want. Break a law? Who cares? Pay a fine and move on.
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Summary:
In this video, the speaker discusses the increasing efforts by governments, particularly the US government through the IRS, to crack down on tax evasion in the cryptocurrency space. He highlights the financial motivations behind such actions, emphasizing that successful cryptocurrency projects generate taxable income. He delves into the implications of governments wanting to regulate or stifle the growth of cryptocurrency, considering the potential for significant revenue generation and economic impacts. The speaker posits that crypto and blockchain technologies could be the key to driving economies forward, potentially averting financial crises and sustaining economic growth amidst increasing government debt and financial challenges.
Detailed Article:
The video opens with Task addressing the heightened focus of the IRS on hunting down crypto tax evaders by targeting exchanges, which serve as crucial points for transitioning between fiat and cryptocurrencies. He emphasizes the government's pursuit of revenue and the recent increase in IRS agents signifying a more intense crackdown. The speaker reflects on the insatiable desire of governments for money and the potential for cryptocurrency to generate significant tax revenue through successful projects.
Task then delves into the dual perspectives on governments' approach to cryptocurrency - the fear of it being a threat and the realization of its revenue-generating potential. He references figures like Elizabeth Warren who advocate for strict controls but counters by highlighting the financial benefits governments could reap from cryptocurrency projects creating taxable income. This leads him to ponder whether governments would risk stifling this potential revenue source.
Moving on, Task delves into a broader economic discussion, critiquing the US government's deficit spending and questioning the need for tax enforcement given the ongoing reliance on debt financing. He draws parallels to the surplus years of the 1990s driven by business growth, hinting at a potential future where cryptocurrency and blockchain projects could drive immense revenue surpassing physical world earnings.
The speaker then explores the shifting landscape towards a more dominant digital economy, predicting a significant rise in online GDP possibly linked to cryptocurrency and blockchain advancements. Task muses over the potential for substantial economic growth through digital innovation, which could alleviate financial strains caused by escalating government debt and unfulfilled promises.
In conclusion, Task underscores the transformative potential of cryptocurrency and blockchain technologies in reshaping economies and potentially averting financial crises. He warns of the consequences of governments impeding this progress and suggests that embracing digital innovation could be crucial for sustaining economic growth. The video closes with a cautionary note on the potential for civil unrest and economic turmoil should governments fail to adapt to the changing economic landscape influenced by cryptocurrency and blockchain.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.