Zooko Wilcox Admits Snowden is Right That Bitcoin, Ethereum, Zcash Can Help Evade Taxes

Zooko Wilcox Admits Snowden is Right That Bitcoin, Ethereum, Zcash Can Help Evade Taxes

admin Edward Snowden, Ethereum, Zcash 0 Comments

There has been growing controversy over new cryptocurrency Zcash, since a tweet by Edward Snowden suggested that it will encourage tax protests. Snowden’s tweet was attached to a post by The New York Times, where Zcash was described as a “harder-to-trace virtual currency.” Snowden wrote in regard to the article: “Coincidentally, new technologies raise the possibility of unstoppable tax protests.” Selective disclosure Created by computer scientists at Johns Hopkins University and Massachusetts Institute of Technology, Zcash has been claimed to have secured $3 mln in backing from Silicon Valley venture capitalists, and its developers claim to have used advanced cryptography to create the virtual currency. Rather than coming forward as a privacy purposed entity with ulterior intentions, as has been interpreted from Snowden’s comment, the CEO of Zcash, Zooko Wilcox, describes the functionality of the cryptocurrency as “selective disclosure.” Wilcox says that this characteristic of Zcash makes it possible for businesses to conceal their private transaction details from competitors, thieves and foreign enemies, while simultaneously disclosing that information to their country’s tax authority. What Snowden really means However, Wilcox explains that he understands Snowden’s line of thought as it applies to other cryptocurrencies. “I can also see where Edward Snowden is …

Roger Ver: If IRS is Trying to Tax Bitcoin, That Seems Like Acceptance

admin IRS, Politics, Taxes, USA, World Politics 0 Comments

In a reaction to the U.S. government’s renewed commitment to tax Bitcoin transactions, the owner of Bitcoin.com, Roger Ver, says that while he’s not a fan of taxes and the IRS, he thinks it is a strong sign Bitcoin has come to stay, and governments are coming to terms with that. Mainstream adoption While the crypto entrepreneur doesn’t agree that taxing is good for the community, he affirms that it is an indication of mainstream adoption. He explains: “It is a sign of progress towards mainstream adoption, and with that adoption, Bitcoin will bring many positive changes to the world.” Whether taxing Bitcoin transactions is feasible, is another issue that immediately comes to mind when looking at the nature of the virtual currency and its anonymity. When Cointelegraph asked Roger if cryptocurrencies could be taxed accurately, he had this to say: “I think cryptocurrencies will bring a whole new meaning to the term “voluntary compliance.” No amount of threats of violence from the IRS can solve a math problem.” Tax is theft Roger holds the conviction that tax is theft and is paternalistic in its nature. He quotes Lysander Spooner: “If taxation without consent is not robbery, then any band …