Topic: A Bill to Ban Buying All Cryptocurrencies - page 3. (Read 612 times)
The government will always disagree and do everything against cryptocurrency because it's giving users financial freedom. The government thinks that we're taking advantage of crypto usage that they couldn't regulate and implement taxation in this area. They're greedy when it comes to taxation so this news isn't new anymore.
After all the regulations they made they can't stop bitcoin from growing and it could affect the economy by cashless payments that avoid extra tax because the payment is on cryptocurrencies. They just want to suck the most of the tax that they could use for themselves. Fuck those politicians only thinking for themselves. Cryptocurrency is the future and it is for convenience and if the government take that away then prepare on the online backlash they would receive on the future.
They are scared of crypto taking over traditional currency and tax payment.
They cannot just accept the fact that cryptocurrency had given financial freedom to people, and that the government it self cannot take advantage of it since it is decentralized and not controlled by anyone. Of course, the government is threatened that people will take their power as the government if people will continue to support crypto.But people have to pay their dues to the government since they are supposed to pay for whatever they were supposed to pay for example an income tax. Income taxes gives a big part of a government's income. But yes, I think banning buying cryptocurrencies is like a hypocritical move. If they do so, they should also ban ForEx and Stocks since many people make big money out of it.
They are scared of crypto taking over traditional currency and tax payment. They cannot just accept the fact that cryptocurrency had given financial freedom to people, and that the government it self cannot take advantage of it since it is decentralized and not controlled by anyone. Of course, the government is threatened that people will take their power as the government if people will continue to support crypto.
That is true, but they don't think that people now become smart and people want to learn new thing that will help them to solve their problem. They cannot just accept the fact that cryptocurrency had given financial freedom to people, and that the government it self cannot take advantage of it since it is decentralized and not controlled by anyone. Of course, the government is threatened that people will take their power as the government if people will continue to support crypto.I guess that will not give a bad effect to people and if the government still wants to do that, then they need to be careful with the people power
But soon, the government will realize the benefits of cryptocurrency, and in the end, the governments will approve the cryptocurrency.
Well he said it himself, cryptocurrency dis-empower the government, they are afraid that as more and more people start involving in crypto, people would deviate from using fiat and that would mean putting them at a position where they are not able to control transaction and the privacy of the poeple, which proves the point that bitcoin and cryptocurrency give people the power to control their own financial lives and do what they want and how they want.
Yeah, I saw that clip from an Anthony Pompliano tweet, and it seems like satire on how out of date and diabolical some politicians can be. Supposedly this Congressman has been in office for 22 years - much longer than he should probably be allowed.
This guy disgusts me. So damn conservative. The US has done a lot of damage to other countries, because of playing this world police officer role. Now that this status is in danger, this guy offers to make sure this country still stays on top of everything and keeps benefiting from the countries it made economically dependent. I think lawmakers in America are not like that in general, though. The bill won't pass, because it's risky even for the USA to outlaw cryptocurrencies. It could significantly trigger the outflow of investment and smart people as well as development of underground economics. Every country has its radically oriented politicians, but I don't think they will win in this country.
This is just one man that has probably been paid by the enemy of decentralization. They said bitcoin is going to die, or just a bubble, but still it's rising and this politician is just coming up with another twist that it's taking power from the USD. This Mr Sherman will be voted out, someone should please check if he is affiliated with any big bank. No colleague will join him.
The reason why they want to put a ban on cryptocurrency in some areas because of tax. Cryptocurrency transaction doesn't need any tax to send and receive any assets in the blockchain. It might appear that cryptocurrency transaction affects the economic rate of each country so they create a bill on it. Government are afraid because they don't know how to control bitcoin because it's a decentralized digital money. Well, in some cases, this bill will might help some but not that big, governments priority is their nation, they are scare to adopt this new technology.
They have to simply abandon the idea of taxing private Bitcoin transactions. What they could do is go after business, since they are by law required to keep accounting they could be also be subject to auditory on items sold or services given, and tax according to that, or the items themselves.
So when you buy the Lambo its the Lambo that is taxed, not the bitcoin used to buy it. An officer could check its plate to confirm if that car has its tax paid. Countries like Japan have yearly taxes for cars anyway, no pay no right to use public roads.
Every time a new "disruptive" technology comes, the first reaction from the old politicians is to try to "ban" it (since it takes so much effort to learn), until the use is so overwhelming that they are forced to concede. Bitcoin is no different and it probably won't be last.
Rep. Sherman is not the voice of the government. I am sure that this will not pass in Congress because this is a myopic view of cryptocurrency. I am enjoining Mr. Sherman to instead take a look at how many countries including China and others who are already undermining the economic status of USA by bypassing the dollar...soon the dollar will not be very influential anymore because many central banks are unloading it as one of their reserve currency. Why? because they are concern about the propensity of the USA government to print more paper money (called as quantitative easing to make it more appealing). The problem is not cryptocurrency...it is the government itself. Now, when the government is not accepting its fault they usually refocus the blame to someone or something else. That is what Rep. Sherman is doing.
They're scared that their little piggy banks and magic sticks (banks and fiat) will get overtaken by this financial instrument tool. They know so well that it can't replace fiat, but once people shifted their interest towards crypto, people will start losing trust into fiat and all hell will break loose from where they are contained right now. It's inevitable that fiat will have its ups and downs, but then again it still remains to be one of the most flexible (albeit destructive) financial system introduced after the gold standard is broken, and banning cryptocurrencies wouldn't even help in their cause, lol.
The reason why they want to put a ban on cryptocurrency in some areas because of tax. Cryptocurrency transaction doesn't need any tax to send and receive any assets in the blockchain. It might appear that cryptocurrency transaction affects the economic rate of each country so they create a bill on it. Government are afraid because they don't know how to control bitcoin because it's a decentralized digital money. Well, in some cases, this bill will might help some but not that big, governments priority is their nation, they are scare to adopt this new technology.
Mr Sherman say it all they afraid of cryptocurrency making the traditional economic and tax system in effective, and the Congress view it so because they have failed to formulate policy that can meet up with the standard of cryptocurrency operations. Am very optimistic that this bill will have any effect on the Price of bitcoin/cryptocurrency against the dollars and other currencies on the exchange market this is so because they have failed to take the right step which is adoption of cryptocurrency instead of banning it.
They are scared of crypto taking over traditional currency and tax payment.
They cannot just accept the fact that cryptocurrency had given financial freedom to people, and that the government it self cannot take advantage of it since it is decentralized and not controlled by anyone. Of course, the government is threatened that people will take their power as the government if people will continue to support crypto. Jump to: