one transaction you can probably get away with it. but you turn it into a business then you're going to be a bigger target.
David Thompson
10/10 work of art, but I give the thot a 3/10
Daniel Brooks
that's not "reverse tax evasion"
That's taking tax evasion (localbitcoins cash sales) Adding money laundering (washing illegal(because you didn't pay taxes on the sale) funds through cash transactions) and topping it off with fraud (re-selling a business for profit based on cooked books)
Is risking 20 years in prison worth a few hundred thousand dollars?
just pay your fucking taxes.
Justin Taylor
>I've never actually used LocalBitcoins. Do you have to give personal info? >It is easy to be tracked? yes to both
Jacob Hughes
fake tits, fake face, fake personality
what a winner only to and from the camera, to upload to instagram. and maybe on "date"s with sugar daddies.
Jaxson Johnson
How the fuck are we going to make America great again if you fuck the nation by not paying your fair share. You are no better than niggers that steal from Wal-mart. Die in a fire you piece of shit.
Jackson Harris
The riskiest part seems to be getting the cash from local Bitcoins.
How exactly will you get caught cooking the books? Say you have a multi tenant property you just deposit enough extra to bring yourself up to a decent vacancy rate. IRS CRA are going to be happy as fuck you paying taxes and not audit you because you aren't showing too low of a income. The buyers appraiser will do whatever the fuck they can to get a high assessment to appease the buyers bank and get more business from the buyer in the future.
Jack Ramirez
makes me want to work as a financial investigator. everybody thinks they are soooo smart.
is there work for private financial investigators? like bounty hunting for fraud? hmmm
Blake Moore
You guys never been to a club?
Luke Ortiz
if you get caught from localbitcoins they WILL get you for the rest. Why not just stick to simple tax evasion and call it good? Then worst case scenario you could pay up, pay the penalty, and not go to fucking prison.
clubs, underground raves, outdoor festivals, you name it.
going to one of these places is not the same thing as "walking around"
most people in a club are so intoxicated they can't legally be in public.
Gabriel Brown
unless you live in a country that has no regulations on money services and literally does not care about money laundering.
Asher Phillips
I follow my states laws and do not currently meet the requirements for a MTL or a MS
Yeah but it's more of a bitch to hide it
For selling or buying? For being a seller you have to give personal info to local bitcoins and paxful is optional
That was cause he made money selling drugs for crypto currnecy and he converted crypto to cash using local bitcoins, it was the crypto being made from selling drugs being converted to USD on localbitcoins that got him the charged
it's called debt collectors
He sold drugs for crypto and converted the drug money crypto to USD which is laundering cause it was drug money
Cooper Sanders
How exactly do they get you from local bitcoins?
Say you aren't doing 3000K trades like the link above but rather just a few small ones.
Do they nab you right there and charge you?
Or they wait and get you personal info and see if you end up reporting the income?
Jaxson Brown
he got on the radar because he was running a money service without a license, it was a sting. they offered him more illegal shit to do so they could charge him with more shit. they targeted him because he was running a illegal money service business.
Doing localbitcoins is not money services, there are certain requirements you need to meet and you will never reach them as a single trader (unless you live in a few specific states that have other state laws regulating bitcoin like new yorks bitlicense)
Again the guy was selling drugs for crypto with his father and then converting the drug money to USD using localbitcoins, it being drug money is what makes it laundering
No it was the amount that set it off which was past the amount I said no single trader would ever be able to trade
Easton Fisher
>Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, and file reports of cash purchases of these negotiable instruments of more than $10,000 (daily aggregate amount),
Can you not ask for cash only? Why would you want to go through a bank?
Gavin Mitchell
>>An MSB is generally any person offering check cashing; foreign currency exchange services; or selling money orders, travelers’ checks or pre-paid access (formerly stored value) products; for an amount greater than $1,000 per person, per day, in one or more transactions. A person who engages as a business in the transfer of funds is an MSB as a money transmitter, regardless of the amount of money transmission activity.
Luke Peterson
I know what a debt collector does, and I know that it is not remotely what I described. Do you know what a debt collector does? Do you know what a financial investigator would do?
i haven't bothered to evaluate how they would get you, my point stands even if its really hard for them to get you. You are adding several additional crimes (with more severe penalties) for very little benefit.
Unless you are wiling to spend a LOT of time travelling, I imagine the volume you are looking to push will be fairly obvious on LOCALbitcoins. And they are definitely looking. They may be looking for people cashing out drug money on localbitcoins, but they won't mind nabbing you one bit.
aren't you maybe just being a bit too greedy for your own good? Didn't you make enough easy money? Will you be satisfied with this scheme? What will you do next? The problem with this sort of thing is knowing when to call it good enough. I'd say you're already there.
Leo Cooper
localbitcoins is not a money service, it connects people that provide the service.
oh really? link?
Liam Anderson
1. they can easily steal your shit or use fake money and dealing cash is sketchy and is also bound to more laws/regulations but it's doubtful a trader would ever pass the amount
2. There are other options besides a bank
3. If your bank is good they don't give a shit
You're never going to get to $1,000 per person, per day and if you are they are going to scam you there is also more then that like you can't do $10k in a week alltogether
>like bounty hunting for fraud That's a debt collector
localbitcoins is not a money service and most of the people doing it do not meet the requirements to be a money service business
Lincoln James
>aren't you maybe just being a bit too greedy for your own good? Didn't you make enough easy money? Will you be satisfied with this scheme? What will you do next? The problem with this sort of thing is knowing when to call it good enough. I'd say you're already there.
I'm only 22 and studying to be a CPA. After I get my CPA I can't imagine sitting around all day being retired by 24. I enjoy working with small business and this seems like a good way to clear some of my Bitcoins while doing just that.
Christian Anderson
Ok, lets forget about local bitcoins. Why not open a shell company in a tax haven, have them own the bitcoins and sell them on exchanges. Withdraw the coins from company account and proceed with the plan?
Elijah Scott
Cause that's to much fucking work and would probably cost more money and take more time then it would to just pay it and not worry about it
Levi Hughes
>private financial investigator >that's a debt collector How the fuck can you collect debt for fraud that hasn't been caught? Are you so retarded that you think you can take the subtitle of a movie, completely disregard the title of the movie, and know what movie you are watching?
There are multiple kinds of "bounty hunter", but a "private financial investigator, like a bounty hunter for fraud" is not represented by every type of "bounty hunter"
for example: a bounty on coyote, or birds next to airports. I have a friend from highscool that is employed as a nuisance bird bounty hunter around an international airport. Jesus fuck i just realized your probably a TV watching mouthbreather, and you think the only type of bounty hunter is named "dog"
Samuel Cook
Agreed, never thought about going that route unless I have over 5 mill in crypto. Might apply at a big 4 in Cayman after getting my CPA and see what I can learn myself.
Hunter Carter
i told you, local bitcoins isn't a money service, it connects people who want to dispose of their bitcoins. selling your bitcoins, like selling your car, is perfectly legal. but once you turn it into a business where you are continuously profiting from flipping cars, or in this case reselling bitcoins, you are de facto operating a business like entity.
Blake Ross
>willingly pay to sustain the lives of leeches
Blake Bailey
>like bounty hunting for fraud It's a debt collector
>but once you turn it into a business where you are continuously profiting from flipping cars, or in this case reselling bitcoins, you are de facto operating a business like entity.
That is not what makes it a money services business
Julian James
I-I cashed out $80 just to see if I could, do I have to pay taxes on that? I literally don’t know how bros
Jeremiah Ross
>>A person who engages as a business in the transfer of funds is an MSB as a money transmitter, regardless of the amount of money transmission activity.
if you operate it like a business then it requires a MSB. if you sell personal bitcoins once in a while the same way you sell used products you are not a business.
Samuel Walker
You motherfucker, that's 15 years in maximum security prison.
William Nelson
thats money orders, checks, credit/debit cards, drafts ect. does not apply to selling bitcoin the way people do on localbitcoin
>>A user of virtual currency is not an MSB under FinCEN’s regulations and therefore is not subject to MSB registration, reporting, and recordkeeping regulations. However, an administrator or exchanger is an MSB under FinCEN’s regulations, specifically, a money transmitter, unless a limitation to or exemption from the definition applies to the person. An administrator or exchanger is not a provider or seller of prepaid access, or a dealer in foreign
Cooper Gomez
law.cornell.edu/cfr/text/31/1010.100 31CFR 1010.100 5iA - B, C, D, E, F 7i & 7ii & 8iii & gg all specifically include limitations that would exclude localbitcoin sellers
Look up the law (and your states law) most of the websites do not list all of the regulations and details
Anthony Nguyen
because your definitions do not include virtual currencies when those laws were created. FINCEN, the authority, revised their definitions specifically to address this issue. virtual currencies fall under their jurisdiction and they have said
>> an administrator or exchanger is an MSB under FinCEN’s regulations, specifically, a money transmitter
>>The Bank Secrecy Act (BSA) requires many financial institutions, including money services businesses (MSB), to keep records and file reports on certain transactions to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN)
Isaac James
>unless a limitation to or exemption from the definition applies to the person.
31CFR 1010.100 5iA - B, C, D, E, F 7i & 7ii & 8iii & gg all specifically include multiple limitations that would exclude localbitcoin sellers , can you tell I already gone to court for this?
James James
point to me the specific entries you think exempt localbitcoin sellers from MSB requirements.
Section 5iA - B, C, D, E, F, and 7i & 7ii & 8ii & gg
It's all to long to copy and paste, make sure your on section 5iA
Thomas Ramirez
none of those exceptions applies to the seller, local bitcoins is protected by
>>(A) Provides the delivery, communication, or network access services used by a money transmitter to support money transmission services;
but the actual seller is not exempted by any of the provisions you are listing.
>>An administrator or exchanger that (1) accepts and transmits a convertible virtual currency or (2) buys or sells convertible virtual currency for any reason is a money transmitter under FinCEN’s regulations, unless a limitation to or exemption from the definition applies to the person.
Nolan Richardson
5i-A is the definition of money transmitter, what you listed is 5i-iia or ii-a which is irrelevant
>unless a limitation to or exemption from the definition applies to the person.
Tyler Cooper
yeah its hard beyond pleb tier winning
Gabriel Butler
>>An administrator or exchanger that (1) accepts and transmits a convertible virtual currency or (2) buys or sells convertible virtual currency for any reason is a money transmitter under FinCEN’s regulations, unless a limitation to or exemption from the definition applies to the person.10
. FinCEN’s regulations provide that whether a person is a money transmitter is a matter of facts and circumstances. The regulations identify six circumstances under which a person is not a money transmitter, despite accepting and transmitting currency, funds, or value that substitutes for currency. 31 CFR § 1010.100(ff)(5)(ii)(A)–(F).
look at the exemptions (5)(ii)(A)-(F). none of those things can be applied to someone who exchanges virtual currencies for fiat.
>>Facts and circumstances; Limitations. Whether a person is a money transmitter as described in this section is a matter of facts and circumstances. The term “money transmitter” shall not include a person that only:
pick one you think gives you an exemption.
Gavin Barnes
Your problem here is that you have no conception of the time/money it actually takes to operate businesses.
Say you wanted to start or purchase a business tomorrow. Would you even know where to begin? You're going to have to a get a lawyer who is either crooked, dumb, or expensive. Would you know where to find one?
