341 - Why Whamen Will Eat Zee Bugs

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Hi Everyone Sandman Here,

This video is brought to you by a donation from HX Blank and here's what he has to say: "Hi Sandman, I saw that you mention men working in the grey or black market economy. I just wanted to talk about that and my current situation. I'm in my early 20s and recently got a bitcoin job. One that pays me through the lightning network, which is a layer 2 network on top of bitcoin that provides more privacy. My boss doesn't know my name or what I look like. I get paid weekly for the tasks I do for him. I'm not making much however since I don't have many expenses, I make more than enough to cover all expenses{credit cards included) which I'm trying to pay off completely. There are also services like paywithmoon which allow me to spend my bitcoin directly without cashing out. The service doesn't even ask for a KYC. Anyways the point that I'm trying to get to is that right now I rarely have to cash out of bitcoin unless I'm making a payment that has to be drawn directly from my bank account, like my credit card payments. So the only transactions that my government knows about are the payments that hit exchanges when I cash out, they don't know how much I make. This brings me back to men working in the grey and black market. With bitcoin and crypto growing, how long until the governments realize that they are losing revenue from the lack of income tax and try to 51% attack major block chains or try banning exchanges from accepting crypto from non-state-run wallets? Also please get a bitcoin tip wallet. If it's a lightning tip jar wallet that would be even better." Well HX Blank thanks for the donation and topic. I'll put a Bitcoin address in the description incase anyone wants to donate that way going forward. Right now many of your are wondering what the hell do women eating bugs have anything to do with Bitcoin? The answer of course is that if you don't have any Bitcoin and can't get out of the west at some point in the future you'll be eating zee bugs too. As for Bitcoin governments do realise they will lose a lot of revenue and are tracking transactions and imposing insanely heavy regulation right now. I have to send an exchange a photo of my drivers license, a bank statement and utility bill. Or a photograph of my passport. They keep that on file so the government knows how much you bought and for how much. When I was taking my coins off of Coinbase recently they wanted to know if it was going to my wallet or someone elses? When you're at the bank and you transfer money from one bank to another they never ask you questions like that. They just look for the routing and account numbers. But they have another identity to tie your transaction to on the other side. HX I think it's bullshit that you're not getting paid as much working from home under the table. I guess they figure that since you won't be paying taxes you won't have to pay as much. I suspect that if Bitcoin and the lightening network become popular and a larger portion of the population hold it then the volatility will die down and eventually the government will force kycs on most businesses. If I were doing shady under the table work and wanted to avoid exposing my identity I would buy two crypto wallets. One for my official Bitcoin that's connected to the banking system and another wallet that you use for off the books transactions. I'm not doing that but if I were that's what I would consider. Looking back I would have bought my Bitcoin on the local Bitcoins site anonymously from other individuals. That way I wouldn't be purchasing it on an exchange or through a brokerage. Even if you buy if through a tracable method there are ways to avoid tax like using a Roth IRA or TFSA. I'll discuss more in a moment but let me first tell everyone

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