- Jan 14, 2018
“pssst…we all know that nobody really gets how these things are taxed, right? Well, guess what, nor do the tax advisors across the planet!” – I have that on good authority from my friendly crypto accountant.
Hello from the UK…my name is Christopher James Pomfret,
Please come and meet me in my real world in this video…
OK…so, nobody likes tax…however, millions upon millions of crypto holders are desperate for a solution, because, whilst they may not like paying it, they feel compelled to be straight on their tax. That will not be possible if estimates covering just the US are correct: no more than 1% of US accountants even get what crypto is, let alone know how to deal with the crypto tax liability. My sources tell me “this Tax Season is going to be chaos”.
The CryptoGrandpa Dash…is a system designed to support accountants to educate themselves to be able to create intelligent solutions for their clients when they ask: “how are my crypto holdings taxed?” It will also empower them to ask ALL of their clients: “have you held any cryptocurrency in the year 2017?” and to then know how to deal with the answer. Like an accountant should! This will actually alleviate many very embarrassing conversations.
Respect to all: I understand that many also choose to remain out of the system. The CryptoGrandpa certainly respects the right for individuals to make that personal choice. This proposal is simply aimed at the vast vacuum that exists in the knowledge available for those that are compelled to get their tax straight. However, if you are a Masternode and choose not to conform – can I ask you politely to abstain rather than vote a no for that one reason?
Why is this good for Dash: in one of Amanda B. Johnson’s brilliant videos in 2016, she talked about the time when a cryptocurrency would step up and become the true form of digital cash, on the way to universal adoption. This is that time for Dash. The design of the campaign has Dash as the pivotal conduit in the delivery mechanism and as such making that step-up, doing the grown-up thing and helping to alleviate a real-world and urgent issue.
The opportunity: to step into the knowledge vacuum that exists with a training program of information for tax advisors, in the form of simplified advice sheets and a step-by-step video series, designed specifically for the crypto market. There is NOTHING out there for the accountants to get up to speed with this knowledge very quickly. The delivery will be a cascading of that information through carefully chosen key partnerships in the accountancy world, social media and mainstream media. Let’s call it the Dash to universal adoption
The Dash link: because of the genius design of the Dash Treasury and its voting system, we have the ability to design and fund the cleverest of incentive systems that ensures that Dash branded information has been disseminated out to a captive audience, before we send out the Dash we are using as the incentive. That would include a member based central body sending out to all of the accountants in its database, or an accountant then sending the information out to their database of clients. The credibility of those sources matched with the link to the brand will have intoxicating positive outcomes for Dash and its entire community.
A proposal that supports another proposal and inspires more: I am aware that there is a live proposal that is designing a tax information package aimed at Dash Masternodes, Miners and the general Dash community. I commend this and must make it clear that this would NOT be to that level of detail nor would there be a cross-over in our markets. I wish John every success. Further to this our team have already established that there will be other tools that accountants will find useful once our campaign is ongoing and I envisage the successful completion of this proposal to have a positive impact on the inspirational minds of many Dash community members to bring their complementary proposals to the Treasury.
Urgency factor: if 2017 was the “coming of cryptocurrencies” into the main stream media and the psyche of a mass of people far beyond the initial exclusivity, then 2018 may well be the year of “the tax seasons of chaos”! Of course, there are the vast gains to declare, but also the losses millions should be writing off.
The US example: late last year Coinbase proudly announced that it had usurped Charles Schwabb in terms of numbers of account holders and in doing so, raised the potential for comparison between themselves, as the largest exchange for access to cryptocurrency, and a platform where investors can access stocks, shares, ETFs and other mainstream investments. Since then Coinbase has gone on to dwarf the other by at least 3 million. Many of the millions on each platform are US based account holders. Imagine for a moment if less than 1000 of all those millions with Charles Scwabb chose not to declare their holdings on their tax return…it is not difficult to predict the IRS’s response. So how come official statistics show that of all US cryptocurrency holders – not just the many millions on Coinbase but across all exchanges – less than 1000 have ever declared their holdings to the IRS in any one tax year? That is the enormity of the issue.
Why US-centric: my sources show that there are over 650,000 registered Certified Public Accountants (CPAs) in the US. If estimates are right that no more than 6500 are familiar with crypto taxation, then this tax season will truly be chaos. This astonishing level of ignorance can be viewed as a huge challenge or a huge opportunity. The crypto eyes of the world are watching the US and its regulators – I believe this has the potential to be a defining moment. Which makes the US the place to begin and then a bespoke design for the taxation laws in any country…that roll out could be incredible quick and driven by many more from within the Dash community – why not come and play a role in that too?
The outcomes: delivering a unique solution to this urgent and pressing need will…
- Solve a huge issue for the IRS creating kudos for moving towards the regulator
- Alleviate the concerns of millions of Americans that are looking for guidance immediately
- Attract the next group of users as they see that the market has matured and gained credibility
- Set a precedent for the rest of the world to follow
- Be a vast step towards a tokenised world
- Send the brand of Dash into a new stratosphere beyond the crypto world and yet become the “friend of all cryptos”.
How much Dash? This is going to shock most because we are going to structure this very carefully so that the first month request is extremely low and we will build into the deal a minimum acceptable delivery that we must achieve to be awarded the next two months’ payment allocation. Does that sound fair? The amount you will see that in the next few days too.
This is going to be exciting and yes we are expecting a lot of the community to understand and vote this in over such a short space of time…but we will pull this off and this will achieve extraordinary things.
Thank you for coming so far into this proposal…I will value ALL feedback…and I am available for Q&As, zooms, webinars and calls.
Christopher James Pomfret
Addendum 1: there will be more!
Ultimately: this development melds the old world with the new, building trust as it grows, which will act as a catalyst for many more of this ilk, who knows soon we might be able to pay our tax with cryptocurrency.
How can we move to a real-world use like paying our taxes with cryptocurrency, if we don’t know how to declare our gains on the very cryptocurrencies we wish to use to pay the taxes?
This doesn’t make any sense: if the crypto world is entering mainstream media; developing partnerships with educational institutions; creating thousands of jobs across the world; influencing traditional industries to redesign the ultimate transition; attracting Governments to design their own versions and seducing Wall Street into using it as its latest toy to manufacture money for its elite clients, then surely it is time for cryptocurrency to mature on all levels. The desire to move to many more real-world uses means cryptocurrency is going to have to do the grown-up thing and conquer that bastion of the unknown…taxation of cryptocurrency. Think about this: you cannot pay tax with a currency that you have not declared for tax purposes!