The hypocrisy of Crypto taxes: Tax the profits, but not responsible for fraud

All Cryptocurrencies

by COINS NEWS 9 Views

The hypocrisy of the tax system when it comes to crypto is infuriating: if you make money, they want a piece of it. But if you lose through fraud or a market collapse? "Hey it's unregulated. You took the risk, you pay the price."

I get that it's not FDIC insured and all that, but if there's no governmental responsibility for fraud and theft, then stay the fuck away from my profits! It's such a two faced system.

I'm no accountant, but the amount of time I put in last year to calculate the (literally) $17 profit I made from staking was immense. But when Gemini Earn fucks off with a couple of grand, I'm out on the street as far as the government is concered.

It's either one way or the other: we pay taxes on earnings to participate in a regulated market, or it's the wild fucking West and I keep 100% of what I earn. /rant

submitted by /u/russbird
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