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There isn't one.
I don't disagree he made a bad decision. I've always said ****** is a Ponzi scheme waiting to go south.
For those that don't understand this, the SEC and the IRS can't track ****** effectively; that's the point of the currency, to not be able to effectively track it by not having it managed by one source. It's just valuable data at the end of the day.
So the big gov'mnt firms said, "but then we can't get our share!" and started injecting themselves into things by forcing companies and individuals to disclose. Since there's no real "crime" they just wrote up a rule that says they can take you to court and sue you if you don't disclose for them. They just then sue you for whatever amount they think you should pay plus assumptive penalties.
In this situation, not one word would have been said if Floyd had been out there upping some public traded brand like Nike or Adidas, even if he got paid for it, because that business would have had to list it on their taxes as a business expense. ****** isn't money, therefore there's nothing to list because you haven't really "profited" yet. They're trying to make ****** be subject to the same rules AS money, so that they can control it, which would basically make ****** worthless due to regulatory expenses.
Like you don't get charged taxes for stock either. Same thing. But when stock is issued, a company has to disclose who holds the stock and why, the annual value of the stock, any increases/decreases, etc.
It's all about the gov'mnt wanting to know and see everything that's going on, under the pretense of stopping money laundering.
Summary: Floyd messed up by even going into this. The only reason he did was he saw the current value of ****** at over $600 each and the money potential, but it was too big a risk in the first place if you didn't get in years ago when nobody knew about it.
I don't disagree he made a bad decision. I've always said ****** is a Ponzi scheme waiting to go south.
For those that don't understand this, the SEC and the IRS can't track ****** effectively; that's the point of the currency, to not be able to effectively track it by not having it managed by one source. It's just valuable data at the end of the day.
So the big gov'mnt firms said, "but then we can't get our share!" and started injecting themselves into things by forcing companies and individuals to disclose. Since there's no real "crime" they just wrote up a rule that says they can take you to court and sue you if you don't disclose for them. They just then sue you for whatever amount they think you should pay plus assumptive penalties.
In this situation, not one word would have been said if Floyd had been out there upping some public traded brand like Nike or Adidas, even if he got paid for it, because that business would have had to list it on their taxes as a business expense. ****** isn't money, therefore there's nothing to list because you haven't really "profited" yet. They're trying to make ****** be subject to the same rules AS money, so that they can control it, which would basically make ****** worthless due to regulatory expenses.
Like you don't get charged taxes for stock either. Same thing. But when stock is issued, a company has to disclose who holds the stock and why, the annual value of the stock, any increases/decreases, etc.
It's all about the gov'mnt wanting to know and see everything that's going on, under the pretense of stopping money laundering.
Summary: Floyd messed up by even going into this. The only reason he did was he saw the current value of ****** at over $600 each and the money potential, but it was too big a risk in the first place if you didn't get in years ago when nobody knew about it.
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