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RE: LEO Roundtable #35 - Is this a 2017 Repeat or Is this Crypto Bull Run Different?

in LeoFinance3 months ago (edited)

Every legal way to avoid taxes interests me a great deal. Let's say you have 1 BTC. You take out a loan of 50,000 DAI with the BTC as collateral when BTC goes to $400,000. You get margin called long before BTC crashes to $50,000 and you lose, what, $50,000 worth of BTC but keep the rest? And if that happens, you don't have to pay any tax on the fraction of 1 BTC you effectively swapped for DAI (that maintains its value all the way to the BTC bottom)? Which is when you'd buy BTC with the DAI you've got.

Is this correct?

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Taxes should not be avoided but improved.
With blockchain you can direct your taxes to good purposes and government accounts where you can scan and trace the activity.
Today you have no transparency what the taxes are used for, who really paid what and how much.

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I will not pay any more taxes than I'm legally required to.

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I did not mean you should pay more. If anything just make sure that what you are forced to pay can be tracked and verified for good use.

Yes, that's one of the use cases of blockchain.