How Bitcoin might destroy another entire industry! - page 2.

niothor

hero member

Activity: 826

Merit: 501

in defi we trust

Quote from: User705 on November 09, 2013, 01:51:44 PM

"Sort of have to"? Please describe the process by which you see this happening? That's assuming one can prove that the coins in a certain address belong to a certain person or entity.

Theoretically , it can't be done. The only case till now , shows it can be done. Irony isn't it?

Siegfried

sr. member

Activity: 266

Merit: 250

Quote from: User705 on November 09, 2013, 01:51:44 PM

"Sort of have to"? Please describe the process by which you see this happening? That's assuming one can prove that the coins in a certain address belong to a certain person or entity.

Torture.

User705

legendary

Activity: 896

Merit: 1006

First 100% Liquid Stablecoin Backed by Gold

One of the main reason for converting gold to BTC is international portability. With currency wars heating up as evidenced by the last "surprise" ECB rate cut, future capital controls in the "developed" nations are possible.

DeathAndTaxes

donator

Activity: 1218

Merit: 1079

Gerald Davis

Quote from: theonewhowaskazu on November 09, 2013, 01:31:34 PM

Quote from: User705 on November 08, 2013, 11:32:07 PM

It's not just about taxes although that is one end of the spectrum. Many other countries use "taxes" as political weapons like China, and Russia. The bread and butter of asset protection business is setting up corporations, LLC, and trusts to defend against frivolous liability and other lawsuits. Some examples are set up slip and fall or suing for pretend injuries in auto accidents. Many lawyers who take up these cases work on a percentage basis and tend to avoid situations were collecting would be hard. Collecting with bitcoin is impossible.

Not really, if you get a court order to cough up your Bitcoins you sort of have to.

What Bitcoins? I lost my wallet.dat, it got corrupted years ago.
Bitcoin is the first wealth that is portable and reputable.

Kinda hard to say you don't have a physical asset (say gold) when they open the safe and it is there. Kinda hard to move $1M in gold bullion out of the country (damn TSA metal detectors).

User705

legendary

Activity: 896

Merit: 1006

First 100% Liquid Stablecoin Backed by Gold

"Sort of have to"? Please describe the process by which you see this happening? That's assuming one can prove that the coins in a certain address belong to a certain person or entity.

theonewhowaskazu

sr. member

Activity: 448

Merit: 250

Quote from: User705 on November 08, 2013, 11:32:07 PM

It's not just about taxes although that is one end of the spectrum. Many other countries use "taxes" as political weapons like China, and Russia. The bread and butter of asset protection business is setting up corporations, LLC, and trusts to defend against frivolous liability and other lawsuits. Some examples are set up slip and fall or suing for pretend injuries in auto accidents. Many lawyers who take up these cases work on a percentage basis and tend to avoid situations were collecting would be hard. Collecting with bitcoin is impossible.

Not really, if you get a court order to cough up your Bitcoins you sort of have to.

User705

legendary

Activity: 896

Merit: 1006

First 100% Liquid Stablecoin Backed by Gold

It's not just about taxes although that is one end of the spectrum. Many other countries use "taxes" as political weapons like China, and Russia. The bread and butter of asset protection business is setting up corporations, LLC, and trusts to defend against frivolous liability and other lawsuits. Some examples are set up slip and fall or suing for pretend injuries in auto accidents. Many lawyers who take up these cases work on a percentage basis and tend to avoid situations were collecting would be hard. Collecting with bitcoin is impossible.

theonewhowaskazu

sr. member

Activity: 448

Merit: 250

Quote from: User705 on November 08, 2013, 09:09:31 PM

There is an entire industry handling trillions of various fiat currency. Many companies and even entire countries specialize in this industry called asset protection. Countless man hours and enormous amounts are spent creating off shore shell companies, trusts, and various other vehicles to shield money from seizure ranging from cases of simple judgements personal or business all the way to issues of protecting wealth in countries where politics play a big role in permitting or confiscating personal wealth. A few good lessons on bitcoin security makes Switzerland and Cayman Islands obsolete.

Not really, a tax haven is still a tax haven. Its just the banks that live there won't have such a fun time. Although, corporations will probably still use them for the interest.

User705

legendary

Activity: 896

Merit: 1006

First 100% Liquid Stablecoin Backed by Gold

There is an entire industry handling trillions of various fiat currency. Many companies and even entire countries specialize in this industry called asset protection. Countless man hours and enormous amounts are spent creating off shore shell companies, trusts, and various other vehicles to shield money from seizure ranging from cases of simple judgements personal or business all the way to issues of protecting wealth in countries where politics play a big role in permitting or confiscating personal wealth. A few good lessons on bitcoin security makes Switzerland and Cayman Islands obsolete.

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