What problem are you solving?
This applies to everything the government "solves". Sure, they'll solve a problem, after they create a problem.
Topic: License and Regulate Bitcoin Mining? (Read 1121 times)
This applies to everything the government "solves". Sure, they'll solve a problem, after they create a problem.
They likely will make some things reportable in future, such as wages if crypto currencies gain wide spread use. And there is always taxes to be paid in one way or an other...
Yeah, good luck with that.It's not really very hard. Aim at corporations. Just need to do some audits to keep them on toes. If grey markets become problem, more force will be diverted to issue.
When you really think about it very many things are easily tracked now days. Rather hard to avoid paying for things in urban and sub-urban communities...
They likely will make some things reportable in future, such as wages if crypto currencies gain wide spread use. And there is always taxes to be paid in one way or an other...
Yeah, good luck with that.It's not really very hard. Aim at corporations. Just need to do some audits to keep them on toes. If grey markets become problem, more force will be diverted to issue.
When you really think about it very many things are easily tracked now days. Rather hard to avoid paying for things in urban and sub-urban communities...
Why would you even want to suggest this?
Why regulate miners?
What problem are you solving?
Leave bitcoin mining alone. There's no need to regulate or license anything and plenty of reasons why it is a very bad idea. Ultimately such a scheme directly undermines the security of bitcoin. Restricting the supply of miners allows anyone to artificially takeover the network.
Why regulate miners?
What problem are you solving?
Leave bitcoin mining alone. There's no need to regulate or license anything and plenty of reasons why it is a very bad idea. Ultimately such a scheme directly undermines the security of bitcoin. Restricting the supply of miners allows anyone to artificially takeover the network.
They likely will make some things reportable in future, such as wages if crypto currencies gain wide spread use. And there is always taxes to be paid in one way or an other...
Yeah, good luck with that.
I think governments take the easy route. Once you gain either fiat or some larger assets you must declare where did they come from or what did you do to get those.
Until you have something well recognised it's too hard to track.
They likely will make some things reportable in future, such as wages if crypto currencies gain wide spread use. And there is always taxes to be paid in one way or an other...
Until you have something well recognised it's too hard to track.
They likely will make some things reportable in future, such as wages if crypto currencies gain wide spread use. And there is always taxes to be paid in one way or an other...
Hmm... I hadn't read this.
So if I trade bitcoins for dollars, I'm a "money transmitter", but if I trade bitcoins for goods and services, I'm not.
So I have 1BTC and you have a dollar and we want to trade, why can't I just sell you my phone for $100 and then you buy a phone off me for 1BTC? We have just effectively traded currency, without being money transmitters. Absurd!?
Hmm... I hadn't read this.
So if I trade bitcoins for dollars, I'm a "money transmitter", but if I trade bitcoins for goods and services, I'm not.
So I have 1BTC and you have a dollar and we want to trade, why can't I just sell you my phone for $100 and then you buy a phone off me for 1BTC? We have just effectively traded currency, without being money transmitters. Absurd!?
I'm not entirely sure of any of this; however, if you post this thread in the Legal sub-forum, you're bound to get much more informed replies.
Could govt do the following?
1. Amnesty for all current holders of bitcoins if they register ownership of all currently owned bitcoin.
2. Require licenses and registering of all mining and block rewards.
3. Fines and/or jail time for not registering, or maintaining a license.
4. Fines and/or jail time for off-chain transactions.
5. Create new category of taxes specifically for cryptocurrency 'gains' due to deflation.
6. Create new category of taxes specifically for block reward 'gains'.
I realize there are several problems, two being, how do you determine if your citizen is involved in a transaction and not a citizen of another country, and how do you know they did it in your jurisdiction?
Well, they seem to do ok with gold and other forms of tax evasion and money laundering, or perhaps they arent doing as well as they would like you to believe.
Any thoughts?
1. Amnesty for all current holders of bitcoins if they register ownership of all currently owned bitcoin.
2. Require licenses and registering of all mining and block rewards.
3. Fines and/or jail time for not registering, or maintaining a license.
4. Fines and/or jail time for off-chain transactions.
5. Create new category of taxes specifically for cryptocurrency 'gains' due to deflation.
6. Create new category of taxes specifically for block reward 'gains'.
I realize there are several problems, two being, how do you determine if your citizen is involved in a transaction and not a citizen of another country, and how do you know they did it in your jurisdiction?
Well, they seem to do ok with gold and other forms of tax evasion and money laundering, or perhaps they arent doing as well as they would like you to believe.
Any thoughts?
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