Question Crypto questions that nobody asks

[ufnio]

Hi everybody. Congrats about the forum.

I´ve been operating an offshore company in Estonia for a few years. My first company. I must admit I incorporated rather impulsively. I later found out there is a high cost of closing the company/liquidation, but so far so good.

I´ve recently found out from a friend of mine that I can open a company account on a crypto exchange.

That means I would be able to transfer FIAT company earnings (untaxed) to crypto. But it is now were things get exciting:
You can then transfer crypto from exchange wallet to personal wallet.

Sounds too good to be true. That means I can invest in crypto before I pay tax, keep it safe in my own hands using cold wallets, and if someday I need to run away from governments I can exchange it for FIAT through decentralized exchanges. I would probably use Monero. I don´t see the Bitcoin community trying to anonymize bitcoin anytime soon. They are blindly thinking about Lambos, when it´s actually helping the surveillance state (at least for now).

Now the uncomfortable questions:
What if I loose the wallet private keys? Do I get into debt with tax man / bank?
What do you think the tax man is capable of doing if a company is abandoned?. No more tax returns etc. They are recently shifting the burden to banks, but they can do nothing but banning you from banking again with them, right?. Do I just get banned from entering Estonia? How far internationally can they go? Let´s assume it´s not more than USD 1m.
If I have kids would they inherit the debt?
Any similar examples from yourselves/your friends?

 

[JackAlabama]

Hi everybody. Congrats about the forum.

I´ve been operating an offshore company in Estonia for a few years. My first company. I must admit I incorporated rather impulsively. I later found out there is a high cost of closing the company/liquidation, but so far so good.

I´ve recently found out from a friend of mine that I can open a company account on a crypto exchange.

That means I would be able to transfer FIAT company earnings (untaxed) to crypto. But it is now were things get exciting:
You can then transfer crypto from exchange wallet to personal wallet.

Sounds too good to be true. That means I can invest in crypto before I pay tax, keep it safe in my own hands using cold wallets, and if someday I need to run away from governments I can exchange it for FIAT through decentralized exchanges. I would probably use Monero. I don´t see the Bitcoin community trying to anonymize bitcoin anytime soon. They are blindly thinking about Lambos, when it´s actually helping the surveillance state (at least for now).

Now the uncomfortable questions:
What if I loose the wallet private keys? Do I get into debt with tax man / bank?
What do you think the tax man is capable of doing if a company is abandoned?. No more tax returns etc. They are recently shifting the burden to banks, but they can do nothing but banning you from banking again with them, right?. Do I just get banned from entering Estonia? How far internationally can they go? Let´s assume it´s not more than USD 1m.
If I have kids would they inherit the debt?
Any similar examples from yourselves/your friends?

You can make bitcoin anonymously enought if use some of the tools and methods available. It is not trivial, takes quite some time but with a holistic strategy it can be done.
Especially if you are out of the western police states.

 

[ufnio]

You can make bitcoin anonymously enought if use some of the tools and methods available. It is not trivial, takes quite some time but with a holistic strategy it can be done.
Especially if you are out of the western police states.

Yes. I heard of coin tumblers/mixers but are they as effective as Monero?

 

[nomad999]

I can exchange it for FIAT through decentralized exchanges.

What do mean by that ? Thats litterally the one thing you cannot do on a dex.
Until stablecoins are widely accepted you need a centralised exchange to get FIAT.

If you lose your private key you would have to get a police report and give it to the taxman, pretty sure the lost amount would then not be taxable.

Estonia is in europe so whatever you do there might be easily available to other EU states, just my guess ... someone else might have more info there.
I wouldn't leave a bad reputation in a bank located in EU.

 

[troubled soul]

What if I loose the wallet private keys?
Some Interesting Reading

Man Who Forgot Bitcoin Password Makes 'Peace' with $250 Million Loss: 'Time Heals All Wounds'

Stefan Thomas says he has just two more tries to get the password right before he's locked out of his Bitcoin account forever

finance.yahoo.com

 

[ufnio]

What do mean by that ? Thats litterally the one thing you cannot do on a dex.
Until stablecoins are widely accepted you need a centralised exchange to get FIAT.

If you lose your private key you would have to get a police report and give it to the taxman, pretty sure the lost amount would then not be taxable.

Estonia is in europe so whatever you do there might be easily available to other EU states, just my guess ... someone else might have more info there.
I wouldn't leave a bad reputation in a bank located in EU.

I heard you can exchange Crypto for Fiat on dex. Peer to peer. I´ve never used them before though

I agree it´s not a good idea to leave a bad reputation in a bank in EU. Perhaps that´s the key question. Would I be blacklisted for banking elsewhere, even with a Police report?

 

[JackAlabama]

I heard you can exchange Crypto for Fiat on dex. Peer to peer. I´ve never used them before though

I agree it´s not a good idea to leave a bad reputation in a bank in EU. Perhaps that´s the key question. Would I be blacklisted for banking elsewhere, even with a Police report?

depends if they share data among each others. I heard UK doing something like that.