Topic: Does the Government Hate Bitcoin? (Read 1627 times)
Bitcoin is small market, so no reaction so far. I believe in future gov will want to use own virtual currency but centralized one
I think right now Bitcoin is still a relatively small market for them to really be taking action. I think they hate the idea of what Bitcoin could become - so they are thinking about the framework in which such an idea could co-exist with the current monetary policies. They don't want to make the same mistakes as they did in the early days of the internet.
Just my 2 cents
Just my 2 cents
How does the United States Government feel about Bitcoin?
Are you kidding? They are all in too deep shit right now to hate bitcoins. May be some of them have fun mining on unpaid vacation.
Please send me my bitcoin here: 1Am8TJ4XihJ9S7kBBSiSHqBX1UUxHqKZCC
EDIT: I assume you read some news besides bitcointalk, and know something about US government shutdown.
they wont if they have profit on it
I believe the government wants to control bitcoin like all other monetary resources. But governments have corporate influences (this is the primary one) along with social and economic influence. So essentially if methods of control are being changed and allow for less control from the governments position in this case bitcoin of course they will hate it.
Well, maybe not so much the government - but Credit Card companies, PayPal, etc aren't going to be kind to Bitcoin. These big companies may have sway with the government, asking that it use strong arm tactics against what they perceive as competition.
So far, in my opinion, the government does not hate bitcoin as it has nothing against their general functioing in an economy.
There will ALWAYS be people who use fiat currency and in my opinion bitcoin will never fully take over.
There will ALWAYS be people who use fiat currency and in my opinion bitcoin will never fully take over.
I'm hoping the government will not hate bitcoin. Because the government has all the power to destroy bitcoin network. They can create better asics, they have hundreds if not thousands of genius scientist and most of all they can print unlimited money.
And, the FBI or other departments easily have the funds to do a 51% attack. They would love to control.
Seriously, they care and feels threat from Bitcoin as much as they care and feels threat from WoW gold
I'm hoping the government will not hate bitcoin. Because the government has all the power to destroy bitcoin network. They can create better asics, they have hundreds if not thousands of genius scientist and most of all they can print unlimited money.
And, the FBI or other departments easily have the funds to do a 51% attack. They would love to control.
No, they don't hate it.
Try to think in a more adult manner, who would they?
If you use Bitcoin to sell drugs, or operate unregulated exchanges, they will try to shut you down. Just as they would if you used dollars, pounds or euros.
If you use Bitcoin to sell shoes, then as long as you pay your taxes, why should they care?
Try to think in a more adult manner, who would they?
If you use Bitcoin to sell drugs, or operate unregulated exchanges, they will try to shut you down. Just as they would if you used dollars, pounds or euros.
If you use Bitcoin to sell shoes, then as long as you pay your taxes, why should they care?
you answered your own question.
If you sell shoes, well you have to tax because every customer is potential IRS employee
I will be announcing the winner for best post in 24 hours! Now I need to get some bitcoins to pay the winner LoL. Anyone selling?
They do not really hate it, but it might be hard to tax.
And to check how much "value" everyone owns.
And to check how much "value" everyone owns.
The government absolutely hates the Bitcoin. Its an anonymous way for people to send money thats hard for the government to even seize. After the fall of the Silk Road, i believe 60,000 BC's were confiscated, and the U.S couldnt even collect on half. Not only that, but the Bitcoin is a competing Fiat currency (meaning its value is derived from faith) just like the dollar, only tradable worldwide and creating a huge exchange worth billions. One of the biggest problems BC allow is for easy laundering of huge amounts of cash, with privacy that really helps drug dealers hide that pile of money under the mattress into something digital, tradable, and non stealable. That being said, the BC was primarily developed in Europe and most of the hardware/ currency is stored there. Given time and the growing popularity given by the silk road bust, I think the U.S must eventually integrate the BC system.
http://cdn17.castfire.com/video/305/2242/8032/627455/cbsnews...
The troubling bit can be found at ~7:00 in the video.
Interviewer: "Are you worried about the government shutting you down?"
Jeff Garzik: "We're actually working with the government to register Bitcoin exchanges as MSB's, or Money Service Businesses; To make sure that the long arm of the government can indeed reach Bitcoin..."
Jeff Garzik: "The only way Bitcoins are going to be successful is working with regulation and with the government..."
Yes we are guna have problems.
BC will never replace gold, as with any Fiat system. WIth the falling value of the dollar... BC's do seem kinda appealing.
my 2cents
Victorinox
http://cdn17.castfire.com/video/305/2242/8032/627455/cbsnews...
The troubling bit can be found at ~7:00 in the video.
Interviewer: "Are you worried about the government shutting you down?"
Jeff Garzik: "We're actually working with the government to register Bitcoin exchanges as MSB's, or Money Service Businesses; To make sure that the long arm of the government can indeed reach Bitcoin..."
Jeff Garzik: "The only way Bitcoins are going to be successful is working with regulation and with the government..."
Yes we are guna have problems.
BC will never replace gold, as with any Fiat system. WIth the falling value of the dollar... BC's do seem kinda appealing.
my 2cents
Victorinox
The government wants to tax bitcoin, so no.
No, they don't hate it.
Try to think in a more adult manner, who would they?
If you use Bitcoin to sell drugs, or operate unregulated exchanges, they will try to shut you down. Just as they would if you used dollars, pounds or euros.
If you use Bitcoin to sell shoes, then as long as you pay your taxes, why should they care?
Try to think in a more adult manner, who would they?
If you use Bitcoin to sell drugs, or operate unregulated exchanges, they will try to shut you down. Just as they would if you used dollars, pounds or euros.
If you use Bitcoin to sell shoes, then as long as you pay your taxes, why should they care?
you answered your own question.
In the case of the UK Government - the HMRC doesn't consider it money but are keeping a close eye on it and could change their stance.
The UK Gambling Commission on the other hand consider Bitcoin to be "Money's Worth" and therefor UK Bitcoin Gambling sites almost certainly DO need a license. I think this runs contrary to most things I have read in the Gambling subforum here.
The UK Gambling Commission on the other hand consider Bitcoin to be "Money's Worth" and therefor UK Bitcoin Gambling sites almost certainly DO need a license. I think this runs contrary to most things I have read in the Gambling subforum here.
Quote
Dear Mr ButterflySammy,
Thank you for your email.
You mention that HMRC doesn’t recognise Bitcoin as currency, which is fine.
However, when it comes to gambling, the Gambling Act 2005 defines gambling as the ability to win prizes of money, or money’s worth.
While bitcoin can’t be classed as money, per se, it certainly counts as money’s worth.
The Gambling Commission receives a number of requests from people seeking advice or approval in setting up a business. We do not provide legal advice, **including advice concerning the correct interpretation of legislation**. Therefore, we cannot advise you regarding the viability or legality of a business idea. It is up to you to obtain your own business or legal advice.
Kind regards,
Licensing Officer
Thank you for your email.
You mention that HMRC doesn’t recognise Bitcoin as currency, which is fine.
However, when it comes to gambling, the Gambling Act 2005 defines gambling as the ability to win prizes of money, or money’s worth.
While bitcoin can’t be classed as money, per se, it certainly counts as money’s worth.
The Gambling Commission receives a number of requests from people seeking advice or approval in setting up a business. We do not provide legal advice, **including advice concerning the correct interpretation of legislation**. Therefore, we cannot advise you regarding the viability or legality of a business idea. It is up to you to obtain your own business or legal advice.
Kind regards,
Licensing Officer
No, they don't hate it.
Try to think in a more adult manner, who would they?
If you use Bitcoin to sell drugs, or operate unregulated exchanges, they will try to shut you down. Just as they would if you used dollars, pounds or euros.
If you use Bitcoin to sell shoes, then as long as you pay your taxes, why should they care?
Try to think in a more adult manner, who would they?
If you use Bitcoin to sell drugs, or operate unregulated exchanges, they will try to shut you down. Just as they would if you used dollars, pounds or euros.
If you use Bitcoin to sell shoes, then as long as you pay your taxes, why should they care?
Some grovernments do hate bitcoin,like the US and the UK,and some actually support bbitcoin like Germany
They haven't really said anything about it. This depends, then, on your view of the role of the state: does the state have a vested interest in keeping its own currency #1? If so, then yes, the state views Bitcoin as dangerous, and will inevitably stop its growth, likely by outlawing businesses from using it officially, to ensure the dollar remains king. If the state is viewed as a benevolent entity, then one might say they will adapt to Bitcoin for its superior qualities, and allow it to flourish, or perhaps outlaw it in the name of public safety, perhaps to stop terrorist activity or something similar.
AFAIK the closest official statement about Bitcoin was in the form of FinCEN guidance, and they can't make laws, they only give advice. From what I've observed so far, the state has shut down various exchanges for they did not comply with various regulations. Otherwise, I've not noticed any action from the state in regard to Bitcoin.
So far, this is in considering the state. Considering the government that occurs outside the state, I've not seen very many people actively oppose Bitcoin; I have seen several who claim to really not like it (typically followed with "It's a ponzi scheme!") but I've yet to see any actual business openly oppose Bitcoin. Most claim they want to understand Bitcoin more before they integrate the currency into their business. Weighing the amount of businesses and individuals who either accept Bitcoin as of right now or are considering using it, against the amount of people and businesses who have outright said they do not want Bitcoin (or anyone else to use it for that matter), the general consensus is that Bitcoin is good and deep in the green, or in the very least, is not detrimental to people as a whole.
This isn't such a stark contrast, then; the government from the state vs. the government from the people are generally aligned here: "What's Bitcoin?" It's true; most people yet do not have an opinion about Bitcoin, nor has the state given any real statement on the matter.
I'd give it some more time before making a real judgment call; the currency is only 4 years old after all. By the ten year mark, we should have a very clear understanding of where Bitcoin is going. I also apologize if I've missed something recent; I've not kept a close eye on Bitcoin for a month or two now.
AFAIK the closest official statement about Bitcoin was in the form of FinCEN guidance, and they can't make laws, they only give advice. From what I've observed so far, the state has shut down various exchanges for they did not comply with various regulations. Otherwise, I've not noticed any action from the state in regard to Bitcoin.
So far, this is in considering the state. Considering the government that occurs outside the state, I've not seen very many people actively oppose Bitcoin; I have seen several who claim to really not like it (typically followed with "It's a ponzi scheme!") but I've yet to see any actual business openly oppose Bitcoin. Most claim they want to understand Bitcoin more before they integrate the currency into their business. Weighing the amount of businesses and individuals who either accept Bitcoin as of right now or are considering using it, against the amount of people and businesses who have outright said they do not want Bitcoin (or anyone else to use it for that matter), the general consensus is that Bitcoin is good and deep in the green, or in the very least, is not detrimental to people as a whole.
This isn't such a stark contrast, then; the government from the state vs. the government from the people are generally aligned here: "What's Bitcoin?" It's true; most people yet do not have an opinion about Bitcoin, nor has the state given any real statement on the matter.
I'd give it some more time before making a real judgment call; the currency is only 4 years old after all. By the ten year mark, we should have a very clear understanding of where Bitcoin is going. I also apologize if I've missed something recent; I've not kept a close eye on Bitcoin for a month or two now.
Very insightful. It seems that the users of bitcoin are constructing their own future. If only there was a way to increase the exposure of the positive aspects of bitcoin while minimizing the negative.
Pretty sure they hate it, yeah.
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