So is it a scam, or are people making real taxable income? lol
If you make any kind of income beyond the legislated threshold, its taxable. If its not being paid, it is you who is being the scammer.
The Government lets you get away with only so much, unless that is....
edited for clarity
The Definition of Tax Evasion
"Tax evasion is an illegal attempt to defeat the imposition of taxes by individuals, corporations, trusts, and others. Tax evasion often entails the deliberate misrepresentation of the taxpayer's affairs to the tax authorities to reduce the taxpayer's tax liability, and it includes dishonest tax reporting, such as declaring less income, profits or gains than the amounts actually earned, or overstating deductions."
Sounds to me like you would be obligated to at least mention how much you made through P2E games if you made more than the 600$ cap. I would love to talk to someone who deals with taxes on this to be honest
Yup There is a specific question on the 2021 US tax returns that asks: ” At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?”
There is no exemption for gaming. All these gaming virtual currencies count.
Say no, and the odds are you can get away with it, but if they do catch you… good luck.
Like did you buy an aromor skin with Gems in GW2, then sell that skin for more gems?
So is it a scam, or are people making real taxable income? lol
If you make any kind of income beyond the legislated threshold, its taxable. If its not being paid, it is you who is being the scammer.
The Government lets you get away with only so much, unless that is....
edited for clarity
The Definition of Tax Evasion
"Tax evasion is an illegal attempt to defeat the imposition of taxes by individuals, corporations, trusts, and others. Tax evasion often entails the deliberate misrepresentation of the taxpayer's affairs to the tax authorities to reduce the taxpayer's tax liability, and it includes dishonest tax reporting, such as declaring less income, profits or gains than the amounts actually earned, or overstating deductions."
Sounds to me like you would be obligated to at least mention how much you made through P2E games if you made more than the 600$ cap. I would love to talk to someone who deals with taxes on this to be honest
Yup There is a specific question on the 2021 US tax returns that asks: ” At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?”
There is no exemption for gaming. All these gaming virtual currencies count.
Say no, and the odds are you can get away with it, but if they do catch you… good luck.
Like did you buy an aromor skin with Gems in GW2, then sell that skin for more gems?
So is it a scam, or are people making real taxable income? lol
Both. It can be both. A pyramid scheme is a scam but for the 1% of people that make money on it
My experience has shown me that a regular guy that's good with games can make money.
That's always been true.
It was true back in Roman times and before. Just make sure that its not you, that is being played.
Yep, I do my best. Thanks.
Hows those kickstarter and founders packs been treating you?
See here is the thing... You never defend your position in a good way either. Its maddening.
You either ask us questions back to change the subject so we forgot about the main one, you deflect like you did here, or you tell us we don't understand. I admit that I don't at least not as much as others here but some people will write you a well-articulated answer and you'll say. You just don't get it just in a more articulated way
I do my best to bring to the light everything I can. A lot of these these are pretty complex the deeper you get.
You might not know as much as others, but you know more than most the world. You're still early.
You're not going to get everything from me, but you will get enough to do your own research DYOR.
This line of discussion piqued my interest and I wanted to look a bit into the UK side of all this. Seems we're taxed on Crypto as well. Comes under Capital Gains or Income tax depending on some variables:
This line of discussion piqued my interest and I wanted to look a bit into the UK side of all this. Seems we're taxed on Crypto as well. Comes under Capital Gains or Income tax depending on some variables:
So is it a scam, or are people making real taxable income? lol
If you make any kind of income beyond the legislated threshold, its taxable. If its not being paid, it is you who is being the scammer.
The Government lets you get away with only so much, unless that is....
edited for clarity
The Definition of Tax Evasion
"Tax evasion is an illegal attempt to defeat the imposition of taxes by individuals, corporations, trusts, and others. Tax evasion often entails the deliberate misrepresentation of the taxpayer's affairs to the tax authorities to reduce the taxpayer's tax liability, and it includes dishonest tax reporting, such as declaring less income, profits or gains than the amounts actually earned, or overstating deductions."
Sounds to me like you would be obligated to at least mention how much you made through P2E games if you made more than the 600$ cap. I would love to talk to someone who deals with taxes on this to be honest
Yup There is a specific question on the 2021 US tax returns that asks: ” At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?”
There is no exemption for gaming. All these gaming virtual currencies count.
Say no, and the odds are you can get away with it, but if they do catch you… good luck.
Like did you buy an aromor skin with Gems in GW2, then sell that skin for more gems?
I'm not sure which part of the actual question and the associated rule you do not understand. It's been explained in pretty straightforward and clear English multiple times. For the IRS, this is an amazingly simple question.
All time classic MY NEW FAVORITE POST! (Keep laying those bricks)
"I should point out that no other company has shipped out a beta on a disc before this." - Official Mortal Online Lead Community Moderator
Proudly wearing the Harbinger badge since Dec 23, 2017.
Coined the phrase "Role-Playing a Development Team" January 2018
"Oddly Slap is the main reason I stay in these forums." - Mystichaze April 9th 2018
This line of discussion piqued my interest and I wanted to look a bit into the UK side of all this. Seems we're taxed on Crypto as well. Comes under Capital Gains or Income tax depending on some variables:
I'm sure you will find that all western countries are quite similar in their tax structure.
Without a doubt you're right. I've heard anecdotal information on how taxes work in the US but here in the UK it gets done for us automatically, provided you're not a small business owner.
Here's the kicker from my perspective. If I start earning money from P2E I'm going to have to start doing taxes manually for the income earned. That just boggles my mind.
This line of discussion piqued my interest and I wanted to look a bit into the UK side of all this. Seems we're taxed on Crypto as well. Comes under Capital Gains or Income tax depending on some variables:
I'm sure you will find that all western countries are quite similar in their tax structure.
Similar in some ways and not in others. The United States federal government relies mostly on income taxes. It's not just FICA; the Social Security and Medicare taxes are fundamentally income taxes. Individual states generally rely on some combination of a sales tax, income tax, and property tax, but some states don't have all three. There some places places in the United States where there is no sales tax at all from any level of government.
Just doing a preview of my 2021 taxes (I hate surprises so I do a draft early). Here is the explanation from Turbotax:
What does this mean?
Starting this year, the IRS requires taxpayers to indicate if they made any virtual currency transactions during the tax year. Virtual currency includes any type of cryptocurrency.
A transaction involving virtual currency includes any of the following:
- Receipt or transfer of virtual currency for free
- An exchange of virtual currency for goods or services
- A sale of virtual currency
- An exchange of virtual currency for other property (including for another virtual currrency)
All time classic MY NEW FAVORITE POST! (Keep laying those bricks)
"I should point out that no other company has shipped out a beta on a disc before this." - Official Mortal Online Lead Community Moderator
Proudly wearing the Harbinger badge since Dec 23, 2017.
Coined the phrase "Role-Playing a Development Team" January 2018
"Oddly Slap is the main reason I stay in these forums." - Mystichaze April 9th 2018
This line of discussion piqued my interest and I wanted to look a bit into the UK side of all this. Seems we're taxed on Crypto as well. Comes under Capital Gains or Income tax depending on some variables:
I'm sure you will find that all western countries are quite similar in their tax structure.
Similar in some ways and not in others. The United States federal government relies mostly on income taxes. It's not just FICA; the Social Security and Medicare taxes are fundamentally income taxes. Individual states generally rely on some combination of a sales tax, income tax, and property tax, but some states don't have all three. There some places places in the United States where there is no sales tax at all from any level of government.
Minnesota being one of those on food. I currently live in South Dakota and when my wives new wheelchair comes in we are moving to Mankato or Minneapolis
There are a lot of places in the US that don't have a sales tax on some basic essentials. But there are also some states where hardly anything has a sales tax, with only a handful of exceptions such as gas or cigarettes. Oregon is one of them.
This line of discussion piqued my interest and I wanted to look a bit into the UK side of all this. Seems we're taxed on Crypto as well. Comes under Capital Gains or Income tax depending on some variables:
I'm sure you will find that all western countries are quite similar in their tax structure.
Without a doubt you're right. I've heard anecdotal information on how taxes work in the US but here in the UK it gets done for us automatically, provided you're not a small business owner.
Here's the kicker from my perspective. If I start earning money from P2E I'm going to have to start doing taxes manually for the income earned. That just boggles my mind.
Exxxactly. When you try you will quickly see they do not fit.
Let me give you an example. Under the build back better plan, there is as a section that incorrectly lables mining pool operators as brookers which would require them to collect KYC ID, Soc, address, picture, ID etc, and report taxes on behalf of those people.
There is no way possible they can do this. Code allows anyone to join.
The same problem exist for the taxation of p2e games, but with a whole slew of other issue beside no video game ever has required KYC.
The biggest elephant in the room is these taxes are uncollectable unless volentarily given.
That being said if proper guidence is given and non punitive law is written I'm sure people would have no problem declaring and reaping the benifits that that brings.
Taxes have been collected long before computers, W2s, and 1040s. If the IRS wants too, they will have no trouble making their collection. They can even garnish your wages directly if needed.
The burden is on the individual to accurately record and report all their earnings, not the IRS's. Failure to do so does not relieve that person of their responsibility to pay taxes. You tax form is actually a very insightful look into your life. If you start claiming deductions for things that your stated income cannot afford, they're going to come looking.
But your right, if you are making 10 or 20 bucks off of crypto currency and NFTs, the IRS won't care. But if its as the title of the thread suggest, lifting someone out of poverty, then when tax times comes they best report their income accurately, or it will be all to obvious for the IRS.
This line of discussion piqued my interest and I wanted to look a bit into the UK side of all this. Seems we're taxed on Crypto as well. Comes under Capital Gains or Income tax depending on some variables:
I'm sure you will find that all western countries are quite similar in their tax structure.
Without a doubt you're right. I've heard anecdotal information on how taxes work in the US but here in the UK it gets done for us automatically, provided you're not a small business owner.
Here's the kicker from my perspective. If I start earning money from P2E I'm going to have to start doing taxes manually for the income earned. That just boggles my mind.
Exxxactly. When you try you will quickly see they do not fit.
Let me give you an example. Under the build back better plan, there is as a section that incorrectly lables mining pool operators as brookers which would require them to collect KYC ID, Soc, address, picture, ID etc, and report taxes on behalf of those people.
There is no way possible they can do this. Code allows anyone to join.
The same problem exist for the taxation of p2e games, but with a whole slew of other issue beside no video game ever has required KYC.
The biggest elephant in the room is these taxes are uncollectable unless volentarily given.
That being said if proper guidence is given and non punitive law is written I'm sure people would have no problem declaring and reaping the benifits that that brings.
If the government ever stamps down on P2E by going after crypto currency and NFTs and the like P2E games would cease to exist. No gaming company is going to deal with regulations. Its the reason why EA and the like lobby so hard that MTX are fair and just and not need regulations.
Nope they wont you know why? Web3 application, games, marketplaces, NFTs can be made by anyone anywhere and collect and payout with out any ID social anything and it cannot be stopped.
It's hard to believe, but no govenment in the world can shut down Ethereum or any other decentralized blockchain. They live. The tech is powerful. World changing.
"Pyramid Scheme"... your friend that's involved with a pyramid scheme always trying to sell you stuff is 150% not the same as a rando on a game forum NOT TRYING SELL YOU ANYTHING. Those games you backed Pantheon, SoL were more like pyramid schemes than a guy on a forum just informing people..
"Taxes, taxes, taxes" - ooooh so scary! NEWS FLASH if you PAY ANY TAX it goes AWAY! If you pay a tax on PROFIT it MEANS you made PROFIT. When was the last time any of you legit made profit by simply PLAYING a game NOT by flipping backer/founder packs?
Anyone who's won at a casino hates it but knows exactly how paying tax on profit works and understands that PROFIT is something you DID NOT HAVE before..
Win $1250
Tax $250
Keep $1000 <--- see how that works? That's money you DID NOT have before.
Should you live in constant fear because one day you MAY be taxed? Figure out what MAY be taxed in the FUTURE then set it aside to be EXTRA SAFE if it'll make you feel better... Trying to make people fear because one day you may be taxed is like trying to convince someone to not go outside because it may rain... on a SUNNY day.
The money people/gamers put into crypto/nft/p2e games is the SAME money they put into EVERY OTHER game that DOES NOT give you ANYTHING in return. You don't even own a JPEG of the stuff you paid hundreds of dollars for in 'classic' 'legacy" games'...
Do YOU understand now why this has the game industry shitting itself? Their never ending flow of easy money is about to be cut off. This is a Robin Hood scenario/movement so pick your side & "Make sure you do it wise" - Green Day
This line of discussion piqued my interest and I wanted to look a bit into the UK side of all this. Seems we're taxed on Crypto as well. Comes under Capital Gains or Income tax depending on some variables:
I'm sure you will find that all western countries are quite similar in their tax structure.
Similar in some ways and not in others. The United States federal government relies mostly on income taxes. It's not just FICA; the Social Security and Medicare taxes are fundamentally income taxes. Individual states generally rely on some combination of a sales tax, income tax, and property tax, but some states don't have all three. There some places places in the United States where there is no sales tax at all from any level of government.
It's all the same, the only differences are in the percentages for this and for that. We all try new things and incorporate what we like which is most of it.
It's all based from Rome and has grown from there. There was a little hiccup I know that your aware of.
It's amazing when you read about the social economic system of the Roman Empire. How closely everything is based from it.
This line of discussion piqued my interest and I wanted to look a bit into the UK side of all this. Seems we're taxed on Crypto as well. Comes under Capital Gains or Income tax depending on some variables:
I'm sure you will find that all western countries are quite similar in their tax structure.
Similar in some ways and not in others. The United States federal government relies mostly on income taxes. It's not just FICA; the Social Security and Medicare taxes are fundamentally income taxes. Individual states generally rely on some combination of a sales tax, income tax, and property tax, but some states don't have all three. There some places places in the United States where there is no sales tax at all from any level of government.
Minnesota being one of those on food. I currently live in South Dakota and when my wives new wheelchair comes in we are moving to Mankato or Minneapolis
There are a lot of places in the US that don't have a sales tax on some basic essentials. But there are also some states where hardly anything has a sales tax, with only a handful of exceptions such as gas or cigarettes. Oregon is one of them.
We have a federal GST and the provinces have quite a bit of autonomy to bring whatever taxes they like.
We don't even have Free Trade in our own Country for certain things.
"Pyramid Scheme"... your friend that's involved with a pyramid scheme always trying to sell you stuff is 150% not the same as a rando on a game forum NOT TRYING SELL YOU ANYTHING. Those games you backed Pantheon, SoL were more like pyramid schemes than a guy on a forum just informing people..
"Taxes, taxes, taxes" - ooooh so scary! NEWS FLASH if you PAY ANY TAX it goes AWAY! If you pay a tax on PROFIT it MEANS you made PROFIT. When was the last time any of you legit made profit by simply PLAYING a game NOT by flipping backer/founder packs?
Anyone who's won at a casino hates it but knows exactly how paying tax on profit works and understands that PROFIT is something you DID NOT HAVE before..
Win $1250
Tax $250
Keep $1000 <--- see how that works? That's money you DID NOT have before.
Should you live in constant fear because one day you MAY be taxed? Figure out what MAY be taxed in the FUTURE then set it aside to be EXTRA SAFE if it'll make you feel better... Trying to make people fear because one day you may be taxed is like trying to convince someone to not go outside because it may rain... on a SUNNY day.
The money people/gamers put into crypto/nft/p2e games is the SAME money they put into EVERY OTHER game that DOES NOT give you ANYTHING in return. You don't even own a JPEG of the stuff you paid hundreds of dollars for in 'classic' 'legacy" games'...
Do YOU understand now why this has the game industry shitting itself? Their never ending flow of easy money is about to be cut off. This is a Robin Hood scenario/movement so pick your side & "Make sure you do it wise" - Green Day
Maybe I would treat this like it was a doomsday scenario if gaming companies have shown me otherwise. There isn't one thing that has proven to me that this is a good idea.
"Their never ending flow of easy money is about to be cut off."
This right here is so far from the truth it hurts. No way, no f'n way, is a company like EA, Ubisoft, and SE interested in this if they couldn't make money on it. More than any of us. The thing is you and Bc are just seeing the Brightside of all this. The problem is that companies do not have your interest in heart.
When this stuff goes badly. I hope you and BC are not on here trying to say that you knew this was coming all along because it will, and I would guess in the next few year
We'll be debating the next Monetization scheme
If we were wondering what was going to kill F2P, its definitely P2E
"Pyramid Scheme"... your friend that's involved with a pyramid scheme always trying to sell you stuff is 150% not the same as a rando on a game forum NOT TRYING SELL YOU ANYTHING. Those games you backed Pantheon, SoL were more like pyramid schemes than a guy on a forum just informing people..
"Taxes, taxes, taxes" - ooooh so scary! NEWS FLASH if you PAY ANY TAX it goes AWAY! If you pay a tax on PROFIT it MEANS you made PROFIT. When was the last time any of you legit made profit by simply PLAYING a game NOT by flipping backer/founder packs?
Anyone who's won at a casino hates it but knows exactly how paying tax on profit works and understands that PROFIT is something you DID NOT HAVE before..
Win $1250
Tax $250
Keep $1000 <--- see how that works? That's money you DID NOT have before.
Should you live in constant fear because one day you MAY be taxed? Figure out what MAY be taxed in the FUTURE then set it aside to be EXTRA SAFE if it'll make you feel better... Trying to make people fear because one day you may be taxed is like trying to convince someone to not go outside because it may rain... on a SUNNY day.
The money people/gamers put into crypto/nft/p2e games is the SAME money they put into EVERY OTHER game that DOES NOT give you ANYTHING in return. You don't even own a JPEG of the stuff you paid hundreds of dollars for in 'classic' 'legacy" games'...
Do YOU understand now why this has the game industry shitting itself? Their never ending flow of easy money is about to be cut off. This is a Robin Hood scenario/movement so pick your side & "Make sure you do it wise" - Green Day
Maybe I would treat this like it was a doomsday scenario if gaming companies have shown me otherwise. There isn't one thing that has proven to me that this is a good idea.
"Their never ending flow of easy money is about to be cut off."
This right here is so far from the truth it hurts. No way, no f'n way, is a company like EA, Ubisoft, and SE interested in this if they couldn't make money on it. More than any of us. The thing is you and Bc are just seeing the Brightside of all this. The problem is that companies do not have your interest in heart.
When this stuff goes badly. I hope you and BC are not on here trying to say that you knew this was coming all along because it will, and I would guess in the next few year
"Pyramid Scheme"... your friend that's involved with a pyramid scheme always trying to sell you stuff is 150% not the same as a rando on a game forum NOT TRYING SELL YOU ANYTHING. Those games you backed Pantheon, SoL were more like pyramid schemes than a guy on a forum just informing people..
"Taxes, taxes, taxes" - ooooh so scary! NEWS FLASH if you PAY ANY TAX it goes AWAY! If you pay a tax on PROFIT it MEANS you made PROFIT. When was the last time any of you legit made profit by simply PLAYING a game NOT by flipping backer/founder packs?
Anyone who's won at a casino hates it but knows exactly how paying tax on profit works and understands that PROFIT is something you DID NOT HAVE before..
Win $1250
Tax $250
Keep $1000 <--- see how that works? That's money you DID NOT have before.
Should you live in constant fear because one day you MAY be taxed? Figure out what MAY be taxed in the FUTURE then set it aside to be EXTRA SAFE if it'll make you feel better... Trying to make people fear because one day you may be taxed is like trying to convince someone to not go outside because it may rain... on a SUNNY day.
The money people/gamers put into crypto/nft/p2e games is the SAME money they put into EVERY OTHER game that DOES NOT give you ANYTHING in return. You don't even own a JPEG of the stuff you paid hundreds of dollars for in 'classic' 'legacy" games'...
Do YOU understand now why this has the game industry shitting itself? Their never ending flow of easy money is about to be cut off. This is a Robin Hood scenario/movement so pick your side & "Make sure you do it wise" - Green Day
Maybe I would treat this like it was a doomsday scenario if gaming companies have shown me otherwise. There isn't one thing that has proven to me that this is a good idea.
"Their never ending flow of easy money is about to be cut off."
This right here is so far from the truth it hurts. No way, no f'n way, is a company like EA, Ubisoft, and SE interested in this if they couldn't make money on it. More than any of us. The thing is you and Bc are just seeing the Brightside of all this. The problem is that companies do not have your interest in heart.
When this stuff goes badly. I hope you and BC are not on here trying to say that you knew this was coming all along because it will, and I would guess in the next few year
I don't know about those things.
You should see what they were doing around here. Certainly not people I would trust, the ones in positions of power anyways.
Maybe I would treat this like it was a doomsday scenario if gaming companies have shown me otherwise. There isn't one thing that has proven to me that this is a good idea.
"Their never ending flow of easy money is about to be cut off."
This right here is so far from the truth it hurts. No way, no f'n way, is a company like EA, Ubisoft, and SE interested in this if they couldn't make money on it. More than any of us. The thing is you and Bc are just seeing the Brightside of all this. The problem is that companies do not have your interest in heart.
When this stuff goes badly. I hope you and BC are not on here trying to say that you knew this was coming all along because it will, and I would guess in the next few year
"No way, no f'n way, is a company like EA, Ubisoft, and SE interested in this if they couldn't make money on it."
I've actually suggested in one of my previous posts how they(AAA Companies) could make money from it but they've gotten fat & lazy over the decades just sitting on the piles of money they rake in. Even crowdfund MMO's that were supposed to be doing for gamers(giving a little back) what the p2e/nft/crypto games are doing for us now LIED & RAN with the money we gave them while providing us with MVP or nothing at all...
"Their never ending flow of easy money is about to be cut off."
This right here is so far from the truth it hurts.
How do AAA game companies create games? They need employees and GOOD non-AGS level developers are a finite resource in the industry. What happens when every dev worth more than what a triple AAA company is paying them decides to go make a crypto/nft/p2e game with a few other people? then multiply that by 1000.
What happens when crypto/p2e/nft indie companies decide to expand and poach people from the old guard industry?
"The thing is you and Bc are just seeing the Brightside of all this. The
problem is that companies do not have your interest in heart."
There is no "brightside" or darkside it just is what it is. The information is out there in great detail that can be analyzed and verified many times over. The old guard companies that made billions/trillions from us didn't have our best interest in heart. These 7 man crypto dev teams are indie devs that have found a way to break free from the old guard power structure.
A lot of people commenting strongly against crypto/nft/p2e should think about what exactly the old guard gaming industry has done for you. They've taken your money over the decades, made you accept mediocrity, made you turn on other gamers like some prostitute that fights another prostitute... but worst of all killed any hope that OUR hobby would ever evolve beyond anything more than the act of swiping our credit cards.
Comments
It was true back in Roman times and before. Just make sure that its not you, that is being played.
"Be water my friend" - Bruce Lee
Is it worth the Governments time?
"Be water my friend" - Bruce Lee
Hows those kickstarter and founders packs been treating you?
Even Archage for all the bitching
I just know when to holdem and know when to foldem
"Be water my friend" - Bruce Lee
You might not know as much as others, but you know more than most the world. You're still early.
You're not going to get everything from me, but you will get enough to do your own research DYOR.
Don't get caught dicking the Government, they can get rough
They set up nice payment plans too
"Be water my friend" - Bruce Lee
But in Canada if you start selling things past a certain threshold you need to register for a sales tax # and start charging and reporting sales tax.
If you don't, your breaking the law.
If memory serves me right I think the threshold is $3600 in sales.
"Be water my friend" - Bruce Lee
https://www.gov.uk/government/publications/tax-on-cryptoassets
"Be water my friend" - Bruce Lee
All time classic MY NEW FAVORITE POST! (Keep laying those bricks)
"I should point out that no other company has shipped out a beta on a disc before this." - Official Mortal Online Lead Community Moderator
Proudly wearing the Harbinger badge since Dec 23, 2017.
Coined the phrase "Role-Playing a Development Team" January 2018
"Oddly Slap is the main reason I stay in these forums." - Mystichaze April 9th 2018
Here's the kicker from my perspective. If I start earning money from P2E I'm going to have to start doing taxes manually for the income earned. That just boggles my mind.
All time classic MY NEW FAVORITE POST! (Keep laying those bricks)
"I should point out that no other company has shipped out a beta on a disc before this." - Official Mortal Online Lead Community Moderator
Proudly wearing the Harbinger badge since Dec 23, 2017.
Coined the phrase "Role-Playing a Development Team" January 2018
"Oddly Slap is the main reason I stay in these forums." - Mystichaze April 9th 2018
Let me give you an example. Under the build back better plan, there is as a section that incorrectly lables mining pool operators as brookers which would require them to collect KYC ID, Soc, address, picture, ID etc, and report taxes on behalf of those people.
There is no way possible they can do this. Code allows anyone to join.
The same problem exist for the taxation of p2e games, but with a whole slew of other issue beside no video game ever has required KYC.
The biggest elephant in the room is these taxes are uncollectable unless volentarily given.
That being said if proper guidence is given and non punitive law is written I'm sure people would have no problem declaring and reaping the benifits that that brings.
The burden is on the individual to accurately record and report all their earnings, not the IRS's. Failure to do so does not relieve that person of their responsibility to pay taxes. You tax form is actually a very insightful look into your life. If you start claiming deductions for things that your stated income cannot afford, they're going to come looking.
But your right, if you are making 10 or 20 bucks off of crypto currency and NFTs, the IRS won't care. But if its as the title of the thread suggest, lifting someone out of poverty, then when tax times comes they best report their income accurately, or it will be all to obvious for the IRS.
It's hard to believe, but no govenment in the world can shut down Ethereum or any other decentralized blockchain. They live. The tech is powerful. World changing.
It's all based from Rome and has grown from there. There was a little hiccup I know that your aware of.
It's amazing when you read about the social economic system of the Roman Empire. How closely everything is based from it.
"Be water my friend" - Bruce Lee
We don't even have Free Trade in our own Country for certain things.
Sounds ludicrous doesn't it?
"Be water my friend" - Bruce Lee
If we were wondering what was going to kill F2P, its definitely P2E
It has such a nice jingle
"Be water my friend" - Bruce Lee
You should see what they were doing around here. Certainly not people I would trust, the ones in positions of power anyways.
"Be water my friend" - Bruce Lee
This right here is so far from the truth it hurts.