Suppose the Government mandates everyone who owns BTC...

Bowjob

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Quote from: ralree on March 29, 2013, 07:30:09 AM

So confused. Are you assuming everyone is evading tax with BTC? Because I'm not - I'm paying it. It takes some ninja accounting to do so correctly, but unless they drastically change the tax law retroactively, your scenario makes no sense.

I'm not saying anything about evading taxes.. I'm saying if the gov't wants to keep tract of its people's bitcoins.. and they happen to get in a Cyprus situation..Then they go after your bitcoins. I'd hate to have that situation.

As for not knowing who owns and who doesn't.. You probably did use a bank account to Gox or some other exchange for buying BTC. That pretty much links your identity with bitcoins and they can follow the trail via block chain, no?

ralree

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Manateeeeeeees

So confused. Are you assuming everyone is evading tax with BTC? Because I'm not - I'm paying it. It takes some ninja accounting to do so correctly, but unless they drastically change the tax law retroactively, your scenario makes no sense.

ShadowOfHarbringer

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Bringing Legendary Har® to you since 1952

It is currently impossible to determimne if somebody holds BTC that are "properly secured".
Google: Truecrypt hidden volume

Well, unless they come to your home and hack your computer, but then you can hold your coinz in cold storage on an encrypted USB stick.

bg002h

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I outlived my lifetime membership:)

Quote from: Bowjob on March 29, 2013, 07:24:12 AM

Suppose the government mandates everyone who owns BTC in the country with the amount of coins one have.. And years later they do a 'bailout' years later ala Cyprus. But instead of freezing your BTC(not that they can), they send men in black suits to collect BTC for the IRS. What would you do? Could they technically determine if you're hiding BTC? Should we switch to a different wallet now before shit blows up? Maybe I'm just being paranoid.. I don't know.

I intend to cash out before then....but, I don't think it's paranoia! My opinion is that you are thinking pragmatically. It will probably happen in a country where personal property and freedom isn't highly respected by the government...but I doubt the US will be immune. I just hope I can squeeze a transaction into the (possibly perpetually full) block chain without loosing my shirt.

Bowjob

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Your country's gov't

empoweoqwj

hero member

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Which government is that? Chances are there are 100 governments "representing" people on these boards.

Bowjob

sr. member

Activity: 294

Merit: 250

Suppose the government mandates everyone who owns BTC in the country with the amount of coins one have.. And years later they do a 'bailout' years later ala Cyprus. But instead of freezing your BTC(not that they can), they send men in black suits to collect BTC for the IRS. What would you do? Could they technically determine if you're hiding BTC? Should we switch to a different wallet now before shit blows up? Maybe I'm just being paranoid.. I don't know.

Topic: Suppose the Government mandates everyone who owns BTC... (Read 1003 times)