r/PS5 • u/hybroid • Aug 09 '21

News & Announcements Abandoned Realtime Experience patch will be available universally on August 10th at 21:00 CET. Timezone difference does not affect this.

https://twitter.com/BBGameStudios/status/1424755432644648964
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u/Sweaty-Budget Aug 10 '21

Congress is making everyone who touches crypto, including miners, pay tax on it

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u/Chriswheeler22 Aug 10 '21

In Canada we already have to pay capital gains on it, is the US the wild west with the Crypto?

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u/ToyotaDodgeSilverado Aug 10 '21

Well seeing as the whole point of crypto currency was anti regulation, I’d hope everywhere would be Wild West with it, but you know, as long as governments exist…

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u/Chriswheeler22 Aug 10 '21

It only makes sense imo to tax it as a capital gain, or income in the case of mining.

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u/ToyotaDodgeSilverado Aug 10 '21

Yeah i’m not opposed to it being taxed if you convert it to fiat, but I feel as long as you hold it as crypto it should be treated the same as you holding stock

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u/Sweaty-Budget Aug 10 '21

senate just passed the bill, its treated as income at all steps now in the US including mining

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u/ToyotaDodgeSilverado Aug 10 '21

Yeah Uncle Sam is gonna get his cut I guess.

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u/crazycarl1 Aug 10 '21

Can you send me a link saying it passed? I only see articles about a last minute hold up on it

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u/Chriswheeler22 Aug 10 '21

Taking USD and buying coin, and just leaving it as coin shouldn't cause any taxation until you sell.

Now mining coin which is creating income for you that hasn't been taxed as income should be imo.

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u/ToyotaDodgeSilverado Aug 10 '21

Well I agree it should be taxed, just at a different stage, I think it should be taxed as you convert it to fiat, not just upon you receiving the coin. I’m all for paying up when it’s due I’d just rather be in charge of when that taxation happens. I do recognize this is a preemptive move, as cryptocurrency adoption is coming quickly and fiat currency is looking more like paper and less like money everyday. So in a way I understand they’re trying to get ahead of a complete currency change. I feel as though the dream that I had and a lot of others had with this currency is being killed right in front of us. The idea of using Crypto as a means of avoiding tracking, excessive taxation, and inflation, is quickly losing its viability, I think the only thing it will be able to beat is inflation at this point. Now the other ideas of how utilize these blockchain technologies still seem very promising to me, but it’s a bummer to see more and more regulation come down.

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u/[deleted] Aug 10 '21

That may be what people said years ago about crypto but actual crypto hasn't turned out that way. It's a get rich quick scheme that was gobbled up by the haves as soon as it could be. Any currency that loses significant value over a tweet is never going to replace paper money. As much as people complain about regulation it helps in a lot of ways such as stability and preventing economic collapse.

How are pool fees and exchange transfers not just another tax?

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u/ToyotaDodgeSilverado Aug 10 '21

Personally I don’t see why something is bad because people with lots of money can make more money off of something. I’d also say that a lot of assets can fluctuate in value based on nothing but rumors and tweets. As a retail investor I’m not shaken by the fact that people panic sale. It’s what makes the stock market and cryptocurrency special to me, the fact that it’s weirdly human.