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• red_bull_of_juarez@lemmy.dbzer0.com ⁨2⁩ ⁨weeks⁩ ago

  Cash in this day and age is a huge pain in the butt. Sure, you can get groceries and some tech. But buying a house or even a car or pay for services? Impossible to very inconvenient. Even just paying for everything in cash will be a problem if you ever get audited. You’d need to launder the money somehow and at that point you can also take the gold.

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  • UnspecificGravity@piefed.social ⁨2⁩ ⁨weeks⁩ ago

    Another critical difference:

    If you got a million dollars in cash you were obliged to pay taxes upon receipt, and if you did not do so and you try to deposit it, you are going to get flagged for a tax audit and subject to criminal charges.

    If you got a million dollars in GOLD you don’t pay taxes until you sell it. So you can sit on it for years and then sell it and deposit it and you only pay taxes at that moment and have not broken the law in doing so.

    Money is income, Gold is just gold until you turn it into money.

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    • red_bull_of_juarez@lemmy.dbzer0.com ⁨2⁩ ⁨weeks⁩ ago

      Good point, but after a while someone would still want to know where the gold came from. Unless you sell it so slowly that it’d be barely useful to you.

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      • Themosthighstrange@lemmy.world ⁨2⁩ ⁨weeks⁩ ago

        “after a while someone would still want to know where the gold came from”, five minutes after the cash has been exchanged, you’ll be quickly forgotten about. You don’t live in a damn csi episode

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  • CultLeader4Hire@lemmy.world ⁨2⁩ ⁨weeks⁩ ago

    You’re saying I should open a car wash?

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    • red_bull_of_juarez@lemmy.dbzer0.com ⁨2⁩ ⁨weeks⁩ ago

      On the advice of counsel, I decline to answer that question.

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    • boonhet@sopuli.xyz ⁨2⁩ ⁨weeks⁩ ago

      The point of laundering is to wash money acquired illegally. Meaning you still have to pay the taxes.

      If the 500 KG of cash lands on your lap legally and you can somehow prove that, you can just declare it as income and pay the taxes. If it’s drug money or something then you’ll have to launder.

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  • UnderpantsWeevil@lemmy.world ⁨2⁩ ⁨weeks⁩ ago

    Cash in this day and age is a huge pain in the butt.

    The initial deposit would be tricky, but after that it’s pretty straightforward.

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  • wonderingwanderer@sopuli.xyz ⁨2⁩ ⁨weeks⁩ ago

    Would it raise as many questions if you inexplicably receive a priceless painting as a gift from an anonymous benefactor and then sell it on the legitimate market?

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• OwOarchist@pawb.social ⁨2⁩ ⁨weeks⁩ ago

  $50M in cash you can spend right away.

  Maybe the bank won’t be too curious, but the IRS will definitely notice.

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  • UnderpantsWeevil@lemmy.world ⁨2⁩ ⁨weeks⁩ ago

    Just pay taxes on $50M. Then you’re left with around $25-35M depending on how you report it.

    And that’s more than enough to live comfortably on interviewing l indefinitely

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• sp3ctr4l@lemmy.dbzer0.com ⁨2⁩ ⁨weeks⁩ ago

  IOUs based off of gold are literally how many modern fiat currencies started.

  What in the hell do you need to spend $50M on, right away?

  Not to mention gold being around 140x more valuable per weight.

  Those weights of either gold or currrency are going to require a vault or armored car and a crew of people with a forklift to either store or hold anywhere.

  You’re gonna be bringing both to a bank.

  Suddenly showing up with or trying to spend or sell those volumes of either gold or cash is going to get you a visit from the IRS, Secret Service, and FBI, and maybe CIA.

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