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what prevents people from hiding their realized trade gains from the IRS with pic related strategy?
>buy crypto with USD
>crypto goes up, sell for a penny more to yourself
>cash back out on your taxable end
>hide sweet gains on the other end with vpn and cold storage
do people do this?
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Nothing, which is why the IRS has such a stick up their ass about bitcoin
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Nothing on the block chain is anonymous honestly.
If you buy BTC with real cash, you are putting yourself at risk of being found.
The only way you can have anonymous gains with BTC is to mine it yourself.
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>>58657857
so what if you buy prepaid visa and use that to buy btc? how would they know if you used public wifi + vpn
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>>58657840
I mean, won't selling for 0.01 look pretty damn suspicious?
Also, once you have a bunch of bitcoin in your big wallet, then how do you cash out?
It seems like the weak link has always been the exchange. I don't understand how this scheme would help with that issue?
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>>58657942
how is it different than like a shell corporation
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>>58657982
Yeah, I suppose.
Probably wouldn't mean very much for the average Joe though,
http://www.theatlantic.com/business/archive/2016/04/how-rich-do-you-have-to-be-for-a-shell-company-to-be-useful/477384/
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>>58657982
Also, you end up with Bitcoin and would need to eventually turn that back into cash. So it still seems slightly more complicated than a shell company.
Bitcoin is obviously the preferred choice for criminal activity, but I doubt it's untraceable.
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