Quote:
Originally Posted by JurisDictum
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Everyone gets taxes with the exception of those that can right off everything they make as some kind of business expense. Even most people capable of this end up paying more tax then they would like so they can show income for various reasons (credit).
Payroll taxes, sales taxes, property taxes, taxes on income and gifts. Two things are certain: death and taxes.
Even gangsters pay taxes to avoid scrutiny.
Crypto is only useful for tax evasion if you made a lot of money by investing when it was low. You could essentially avoid selling or cash out off shore and never get the tax hammer from all your capital gains. Which is capped at 15% anyway last I checked. You could also work for cryto and hide income to some degree...but the minute you start getting USD in your account there is a paper trail.
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There are ways to get cash from crypto, indirectly, without a paper trail.
Anyhow. The point still stands, the establishment intends to heavily regulate and centralize themselves with Libra; thus it will not suit the purposes of people looking to invest in it for growth opportunities since it will not see exponential growth over time. They're essentially looking to directly tie it to the dollar, like Tether, so aside from using it like a widely accepted gift certificate, and trusting that Facebook isn't going to Ponzi it, it doesn't have the potential to compete with decentralized crytpocurrencies.