The key to hide your assets and save taxes is anonymity. Why bitcoin?

[ufnio]

I realize that offshore companies, tax avoidance, and financial freedom is all about hiding your assets from taxman, right? It is about anonymity. Either that or you move your residency to a tax heaven, but I find that most people don´t yet live in a tax heaven, albeit they think about retirement in a tax heaven.

So then why bitcoin, why crypto that is not fully anonymous from the start? why buying properties with all that crypto?

If you own a property in Texas you can find your name in google, it even shows the value of the property! It´s public records.

And that´s where I think anonymous crypto is great. It´s like cash, as long as you can easily cash it out ;-)

Is this an oversimplistic view? All comments welcome.

 

[JackAlabama]

ufnio said:
I realize that offshore companies, tax avoidance, and financial freedom is all about hiding your assets from taxman, right? It is about anonymity. Either that or you move your residency to a tax heaven, but I find that most people don´t yet live in a tax heaven, albeit they think about retirement in a tax heaven.

So then why bitcoin, why crypto that is not fully anonymous from the start? why buying properties with all that crypto?

If you own a property in Texas you can find your name in google, it even shows the value of the property! It´s public records.

And that´s where I think anonymous crypto is great. It´s like cash, as long as you can easily cash it out ;-)

Is this an oversimplistic view? All comments welcome.
Click to expand...

Yes, it is not that secure due to low hash power. Monero for example can inflate due to bug and there is no real way to detect that. You detect it when the price has crashed.
Also the transaction count is much lower, so there is less traffic to sneak in.

And you cannot easily cash out unless you know what you are doing.

 

[ufnio]

JackAlabama said:
Yes, it is not that secure due to low hash power. Monero for example can inflate due to bug and there is no real way to detect that. You detect it when the price has crashed.
Also the transaction count is much lower, so there is less traffic to sneak in.

And you cannot easily cash out unless you know what you are doing.
Click to expand...

I think I understand bitcoin but I´m not a developer: Low has power means lower mining difficulty, right?, which means less power consumption, less investment on mining, perhaps less miners, although not necessarily.

I heard the biggest miners, keep shifting from bitcoin to altcoins depending ono the hash rate/profitability. But if they use ASICs to mine bitcoin, they can only shift to ASICs´ friendly altcoins. That hardware is not so profitable if they shift to Monero. Perhaps Monero has low hash power but mining it´s more distributed worldwide.

I agree less traffic could make it easier for the taxman to find you, provided they have the technology to do it.

 

[JackAlabama]

ufnio said:
I think I understand bitcoin but I´m not a developer: Low has power means lower mining difficulty, right?, which means less power consumption, less investment on mining, perhaps less miners, although not necessarily.

I heard the biggest miners, keep shifting from bitcoin to altcoins depending ono the hash rate/profitability. But if they use ASICs to mine bitcoin, they can only shift to ASICs´ friendly altcoins. That hardware is not so profitable if they shift to Monero. Perhaps Monero has low hash power but mining it´s more distributed worldwide.

I agree less traffic could make it easier for the taxman to find you, provided they have the technology to do it.
Click to expand...

hash-rate

There is no shift away happening if you look at this chart. Where did you hear that?