For me its better if the government just get tax on the transaction we exchange in fiat, nothing more and nothing less. We all know that we have KYC in Bitcoin but it is better if we keep it safe here and shouldn't be share in government. I think it is much safer. The way I observe how government run the country here its just they are interested on how they can use us and manipulate how to be used for their own good. Where we get nothing in return. Worse part of it is to be blackmailed by the government. Just like in this news. I don't know what's the truth about it but come to think of it, it is not really impossible to be wealthy in Bitcoin, buy properties and Lambo. Most specially if you are good at trading. If we can check the person in this news if his really doing trading or certified scammer. Its better not to judge by the looks.
http://news.abs-cbn.com/video/news/04/14/18/alleged-bitcoin-scam-mastermind-claims-he-was-abducted-by-cops
Topic: Government Furious - page 12. (Read 1780 times)
The capitalization of bitcoin transactions reaches billions of dollars but governments of any country can not get revenues or income from these transactions and this makes governments in many countries complain of the existence of bitcoin because it is considered a threat to the economy of a country. Should tax apply to users who do bitcoin transactions? When are users comfortable with this situation? what is the right regulation to address these issues to help each country improve its economy?
Government are just afraid of the growth of cryptocurrency because most of the people are preparing to work on bounty campaigns or trading in the market more than working on the corporate world.
This is one of the ridiculous reason I heard why government are afraid of bitcoin. I don't know if you are serious about it or know nothing as to why government is somewhat afraid of crypto in general not just bitcoin.
Bitcoin has existed since birth to allow people to control their money freely.
As the BTC has become more and more popular, the government can't let it go because it has hurt its interests, so regulation is inevitable, so I think a reasonable tax is the best way.
As the BTC has become more and more popular, the government can't let it go because it has hurt its interests, so regulation is inevitable, so I think a reasonable tax is the best way.
Its a win-win situation isn't it? We are allowed to trade but we have to pay taxes. However, I'm totally against government imposing high taxes on it. I think they should work out something that its beneficial to both parties. And remember that we will only pay taxes if we converted crypto to fiat. But as long as we are holding it, government should put taxes on us.
The capitalization of bitcoin transactions reaches billions of dollars but governments of any country can not get revenues or income from these transactions and this makes governments in many countries complain of the existence of bitcoin because it is considered a threat to the economy of a country. Should tax apply to users who do bitcoin transactions? When are users comfortable with this situation? what is the right regulation to address these issues to help each country improve its economy?
They are going to get taxes out of it eventually that is why governments are doing everything they can to regulate exchanges, but that is why also there are many developers trying to create a decentralized exchange and when that happens governments are going to be unable to tax the income that you get out of cryptocurrencies as long as you only exchange between cryptocurrencies, as soon as you exchange your crypto for fiat then you will need to pay taxes.
Bitcoin has existed since birth to allow people to control their money freely.
As the BTC has become more and more popular, the government can't let it go because it has hurt its interests, so regulation is inevitable, so I think a reasonable tax is the best way.
As the BTC has become more and more popular, the government can't let it go because it has hurt its interests, so regulation is inevitable, so I think a reasonable tax is the best way.
The capitalization of bitcoin transactions reaches billions of dollars but governments of any country can not get revenues or income from these transactions and this makes governments in many countries complain of the existence of bitcoin because it is considered a threat to the economy of a country. Should tax apply to users who do bitcoin transactions? When are users comfortable with this situation? what is the right regulation to address these issues to help each country improve its economy?
Government are just afraid of the growth of cryptocurrency because most of the people are preparing to work on bounty campaigns or trading in the market more than working on the corporate world.
if the tax is the only solution I think there is nothing wrong as long as everything is transparent with clear rules from the minimum amount of ownership amount, tax percentage and so on, lest any party feel at the disadvantage
It's quite different because in case of you downloading and especially sharing pirate content, you are actually doing something wrong. While I agree that it's impossible to punish the majority of the people sharing pirate content, it does happen occasionally. It's not for nothing that a lot people now are using either VPN's or dedicated servers to distract attention away from their own download location. It's basically a case of better safe than sorry. On top of that, if you download stuff from your home computer, your IP is publicly known, and thus you can be held responsible for your actions, while if you transact with Bitcoin, only the IP of the first node is basically your taint. In most lightweight clients you can choose the node you connect to or you can even manually connect to a node of your choice. Authorities can't do anything about it.
Do not get me wrong I'm not trying to justify piracy in any way or form, it's just an example to show how difficult it is to deal with a problem at a decentralized level, governments are very good at dealing with centralized opponents of any kind, but they are terrible at dealing with movements without a visible head and that do not depend on it to organize itself, which is why file sharing is still very popular even in this day and age where governments have such tremendous powers of spying over the population, which means that they have almost no hope of stopping bitcoin no matter what they do.You don't have to control Bitcoin itself, you only have to control the fiat gateways, which is already in the realm of what the government does. Fiat gateways are exchanges that will convert crypto for fiat or vice versa. Because these exchanges operate as quasi-financial institutions, which are already very well-regulated, it's not difficult at all to expand current legal requirements to crypto exchanges. All (or at least most) of the major exchanges are already compliant with applicable rules and regulations or seeking to be, and what's more is that users will increasingly demand this so that there is more confidence that any wrongdoing by the exchanges will be accountable. There have been far too many scams and collapses that have happened without consequence to the bad actors, and everyone wants the confidence that the exchanges aren't run by idiots or charlatans. If the industry was capable of policing itself, it would have by now.
It's quite different because in case of you downloading and especially sharing pirate content, you are actually doing something wrong. While I agree that it's impossible to punish the majority of the people sharing pirate content, it does happen occasionally. It's not for nothing that a lot people now are using either VPN's or dedicated servers to distract attention away from their own download location. It's basically a case of better safe than sorry. On top of that, if you download stuff from your home computer, your IP is publicly known, and thus you can be held responsible for your actions, while if you transact with Bitcoin, only the IP of the first node is basically your taint. In most lightweight clients you can choose the node you connect to or you can even manually connect to a node of your choice. Authorities can't do anything about it.
Do not get me wrong I'm not trying to justify piracy in any way or form, it's just an example to show how difficult it is to deal with a problem at a decentralized level, governments are very good at dealing with centralized opponents of any kind, but they are terrible at dealing with movements without a visible head and that do not depend on it to organize itself, which is why file sharing is still very popular even in this day and age where governments have such tremendous powers of spying over the population, which means that they have almost no hope of stopping bitcoin no matter what they do. The capitalization of bitcoin transactions reaches billions of dollars but governments of any country can not get revenues or income from these transactions and this makes governments in many countries complain of the existence of bitcoin because it is considered a threat to the economy of a country. Should tax apply to users who do bitcoin transactions? When are users comfortable with this situation? what is the right regulation to address these issues to help each country improve its economy?
I do not think bitcoin is a threat to the economy of a country. Does the government do not know how it helps the unemployed citizens? They are more concerned in what they can get. They focus on the tax they did not look at the other side of crypto currency.
I do not understand why the government says bitcoin is a threat to the country's economy, how is it that bitcoin actually helps the economy of people around the world, and I think bitcoin can also help reduce poverty to make people's economy better
The capitalization of bitcoin transactions reaches billions of dollars but governments of any country can not get revenues or income from these transactions and this makes governments in many countries complain of the existence of bitcoin because it is considered a threat to the economy of a country. Should tax apply to users who do bitcoin transactions? When are users comfortable with this situation? what is the right regulation to address these issues to help each country improve its economy?
Sad reality but governments can still implement taxes on every local crytocurrency exchanges just like here in my country which local exchanges are regulated by the central bank. For me it is not really an issue because they can only get the tax once we made a convertion between Bitcoin and our local fiat currency. It will only be a big issue if they has the control of the blockchain where they can manipulate taxes in every transaction made by billions or trillions of addresses all over the world. I think they have to find ways to improve every country's economy without trying to make a breach on the system of Bitcoin because that is against our rights of privacy. The capitalization of bitcoin transactions reaches billions of dollars but governments of any country can not get revenues or income from these transactions and this makes governments in many countries complain of the existence of bitcoin because it is considered a threat to the economy of a country. Should tax apply to users who do bitcoin transactions? When are users comfortable with this situation? what is the right regulation to address these issues to help each country improve its economy?
I am agree if tax applied on our trade or our crypto asset. Its like we buying any goods in supermarket and the price include tax. But government should make regulation first before they collecting taxes and they should not prohibit bitcoin for payment
The capitalization of bitcoin transactions reaches billions of dollars but governments of any country can not get revenues or income from these transactions and this makes governments in many countries complain of the existence of bitcoin because it is considered a threat to the economy of a country. Should tax apply to users who do bitcoin transactions? When are users comfortable with this situation? what is the right regulation to address these issues to help each country improve its economy?
That is the reason why government are banning cryptocurrency, it was very clear that they did not want their own people to get wealthy because none of them will work on the corporate world.
The capitalization of bitcoin transactions reaches billions of dollars but governments of any country can not get revenues or income from these transactions and this makes governments in many countries complain of the existence of bitcoin because it is considered a threat to the economy of a country. Should tax apply to users who do bitcoin transactions? When are users comfortable with this situation? what is the right regulation to address these issues to help each country improve its economy?
perhaps, like most, if not all governments are doing, they keep imposing tax to each person’s income. governments are harvesting what ordinary people sow. taxing bitcoin will never be new to me. but i hope it will not reach to this point.
Well governments can be furious because it is losing taxes due to the technology that blockchain has implemented to solve financial problems.With time when all citizens finally accept btc,then at that time no government can stop bitcoin from reaching the peak that it is set to get to soon.
i dont think bitcoin should be taxed. or should it be taxed? would a government of a country could tax bitcoin? i dont think so.
If this is to become an issue, this is very broad. Why would a government of any country should tax bitcoin and bitcoin owners/holders? Bitcoin does not belong to any country.
Bitcoin does not belong to one country, bitcoin belongs to us all. The state can not impose a tax on bitcoin on personal transactions. The government can only impose a tax on market and banking transactions. I dont know the tax rules in other countries, but in my country (Indonesia) there is an Income Tax. Company Employee Salaries, State Employees, teachers' salaries, doctor salaries, police salaries, army salaries, agricultural products, etc. everything is taxed. If it must be applied to bitcoin, then the taxable is the proceeds of the sale, or after bitcoin is withdrawn into a bank account in the currency of a country. Unless the state is willing to acknowledge officially, that bitcoin is a currency or item of value. by making rules and protecting them through legislation.
It is hard to regulate it. You can ''catch coin holders at exchanges, but they can make new coins in their wallets with staking etc.
I'm not worried about regulation. Soros, Rothschild and other worry me. Implementing their game they could hurt this beautiful world.
I'm not worried about regulation. Soros, Rothschild and other worry me. Implementing their game they could hurt this beautiful world.
That's not a surprise, I guess that they are seriously afraid of such a big and independent thing.
Jump to: