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Re:El Salvador abandons Bitcoin as legal tender after failed... by sporkydistance on Monday February 03, 2025 @10:41PM (#42927586)
Here's one good use: I looked into leaving the US to become a citizen elsewhere. I have about $15MM in my retirement. I would have to pay a penalty on my taxes for early withdrawal, and be taxed when I renounce my citizenship. In theory I could cash everything out, buy a huge amount of BTC, move to another country (within a week, or quickly!!), and then cash it out in their currency. Of course, all sorts of alarm bells would go off if a normal schmoe like me tried to move that much money out of my investment account, because I'm not rich enough to break finance laws like people worth 10x, 100x or 1,000x more than me can do without going to jail. And I'd be terrified that the other country would OOPS my deposit like in the film Blow with Johnny Depp.
Re:El Salvador abandons Bitcoin as legal tender after failed... by FireBeyond on Monday February 03, 2025 @11:08PM (#42927797)
So your one good use is... tax evasion. Huh.

It's not illegal to move money out of your investment accounts, it's just reported so that yes, you can have a tax liability.

I too, would like tax-free investments and funds.

Re:El Salvador abandons Bitcoin as legal tender after failed... by sporkydistance on Monday February 03, 2025 @11:19PM (#42927886)
Yes! That's my one good use! :)

Seriously, that's all I got.

Re:El Salvador abandons Bitcoin as legal tender after failed... by georgeecollins on Tuesday February 04, 2025 @11:03AM (#42934144)
I think the government is figuring this out and has access to a lot of info about BTC from the Binance settlement. That's just speculation on my part, it may not be true.

What I think a lot of people don't realize is that the US government is not very interested in going after people who do tax evasion in the $5-50 m range. People like that can afford lawyers and representatives, it will take years, and never get any headlines. They love to go after people for $5-50k evasion because they just get paid.

Re:El Salvador abandons Bitcoin as legal tender after failed... by mvieira38 on Tuesday February 04, 2025 @12:11PM (#42935380)
And it doesn't work unless you buy your bitcoin peer to peer, as any exchange will just leave a log relating your buying to your wallet, and liquidate it peer to peer as well. Any transactions with regulated institutions will doxx your wallet and then it's over, you can't use those funds anymore without being tracked (or at least trackable) by the feds.
Re:El Salvador abandons Bitcoin as legal tender after failed... by csomar on Monday February 03, 2025 @11:23PM (#42927915)
One man tax evasion is another man escape from illegitimate capture.
Re:El Salvador abandons Bitcoin as legal tender after failed... by bbbbq on Tuesday February 04, 2025 @01:13AM (#42928691)
Sorry, maybe you could ask your Senator to repeal the anti-money laundering laws, if you're upset with democratic laws and institutions.
Re:El Salvador abandons Bitcoin as legal tender after failed... by bbbbq on Tuesday February 04, 2025 @01:12AM (#42928684)
I love this. "What is Bitcoin good for?" "Idk crime?"