Topic: [2017-10-09]World govts fear Bitcoin because they can’t tax it - John McAfee (Read 511 times)
October 10, 2017, 02:58:27 AM
To pay taxes from my bitcoin earnings? Not yet and I don't plan to do that till it is not going to be necessary. In my country the necessary law is still not accepted and if someone will ask me from where I get money on my debet card monthly I am going to reply it is support from parents.
October 10, 2017, 01:55:39 AM
I can't agree with both of McAfee's statements in this article. If governments feared Bitcoin and viewed it as existential threat, they would unleash all their rage - Bitcoin would be outlawed, it's users prosecuted, agencies like FBI and NSA would waste tons of resources on fightning it, or maybe there will be even entirely new body created for it, just like DEA. It's also not true that government can't tax Bitcoin, in fact it's easier than taxing cash because blockchain is permanent public ledger, so anyone can trace transaction of suspected tax evaders.
October 09, 2017, 11:06:07 PM
This is one of the reasons why bitcoin is banned on some countries, thats why coinbase is licensed and regulated for the US government, same in our country with coins.ph.
But in some countries which we heard lately bitcoin was banned, they afraid what bitcoin will affect to their country if most people use bitcoin without giving taxes to the government. Since they can't control bitcoin, and they might cannot regulate in on their country so they just ban it for their own good.
But in some countries which we heard lately bitcoin was banned, they afraid what bitcoin will affect to their country if most people use bitcoin without giving taxes to the government. Since they can't control bitcoin, and they might cannot regulate in on their country so they just ban it for their own good.
October 09, 2017, 10:55:37 PM
Quote
Cryptocurrencies have captured the attention of investors and world governments alike, especially given Bitcoin’s meteoric rise over the past 12 months. Cybersecurity expert John McAfee believes they may encompass the sum of all fears for governments the world over.
The blockchain technology that cryptocurrencies like Bitcoin and Ethereum are built on helps to solve the problems that plague traditional banking, by cutting out the middleman, thus reducing fees for consumers, while also decentralizing and securing transactions.
With no centralized exchange to control or influence, national authorities around the world will find it increasingly difficult to determine a given citizen's income and thus their income tax owed, undermining a critical source of government revenue, according to technology pioneer and head of MGT Capital Investments John McAfee.
More of this here...
The blockchain technology that cryptocurrencies like Bitcoin and Ethereum are built on helps to solve the problems that plague traditional banking, by cutting out the middleman, thus reducing fees for consumers, while also decentralizing and securing transactions.
With no centralized exchange to control or influence, national authorities around the world will find it increasingly difficult to determine a given citizen's income and thus their income tax owed, undermining a critical source of government revenue, according to technology pioneer and head of MGT Capital Investments John McAfee.
More of this here...
Yes, of this is a fact. Taxation is one of the many things that the government can be in control of the people and without adequate collection of taxes there would really be a big problem. I am not actually advocating that people stop paying taxes but maybe we should have compromises when it comes to Bitcoin. While the government can have a hard time finding out if people are paying correct taxes with their Bitcoin transactions, we should be declaring them according to the established laws so that the government may not be formulating restrictions and burdensome regulations against us. We should relay the message to the government that even if Bitcoin can be out of their control, we are still willing to pay our taxes.
Have you paid your correct tax lately? John McAfee already did!
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