The danger of the cyptocurrencies - page 15.

roadbits

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Quote from: The_Dark_Knight on February 06, 2017, 11:24:36 PM

Quote from: morgand on February 03, 2017, 03:03:23 AM

Quote from: bitbunnny on November 03, 2016, 08:43:00 PM

In some countries Bitcoin is taxed but not because governments are afraid of Bitcoin bur because they want to collect their part of earning.
They see Bitcoin like any other types of investment or capital that has to be taxed. No one actualy doesn't have fear from cryptocurrencies anymore, they are all just trying to have their peace of cake.

I dont know some countries can make tax from bitcoin, i just thinking that bitcoin is anonymous, nobody know who have the address, then how the government make tax list from address or people in that country?

Not possible besides even if they knew you were the owner of an address you could always tumble your coins and then claim the tumbler did not returned your coins and that you were scammed, and that is just one method there are probably many more.

Yup, not possible to find who is the owner of the address. If govt wants to put a tax on all BTC transaction they first ban all bitcoin wallets in their country and they only create one Bitcoin bank and issue an induvidual address to everyone, they must link that address to person identity proof. Then they may track Bitcoin transactions. I know this is not easy and no govt will take this much risk.

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Quote from: vaxo_nba on February 07, 2017, 12:36:25 AM

I think that idea of cryptos arised for people who transact at least 5 digits amount of money. Average human doesn't even know existance of such currencies, much less they need it.

That is one of the purposes but it is mostly about security and privacy. We dont want anyone reading our emails specially when those are really confidential. It is created for that but it happens to make a danger also. Due to extreme privacy the illegal things can now be transacted through it without anyone knowing it. Not even the most formiddable hackers can get there in time.

vaxo_nba

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I think that idea of cryptos arised for people who transact at least 5 digits amount of money. Average human doesn't even know existance of such currencies, much less they need it.

The_Dark_Knight

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Quote from: morgand on February 03, 2017, 03:03:23 AM

Quote from: bitbunnny on November 03, 2016, 08:43:00 PM

In some countries Bitcoin is taxed but not because governments are afraid of Bitcoin bur because they want to collect their part of earning.
They see Bitcoin like any other types of investment or capital that has to be taxed. No one actualy doesn't have fear from cryptocurrencies anymore, they are all just trying to have their peace of cake.

I dont know some countries can make tax from bitcoin, i just thinking that bitcoin is anonymous, nobody know who have the address, then how the government make tax list from address or people in that country?

Not possible besides even if they knew you were the owner of an address you could always tumble your coins and then claim the tumbler did not returned your coins and that you were scammed, and that is just one method there are probably many more.

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Quote from: sportis on February 03, 2017, 04:49:41 PM

Quote from: morgand on February 03, 2017, 03:03:23 AM

Quote from: bitbunnny on November 03, 2016, 08:43:00 PM

In some countries Bitcoin is taxed but not because governments are afraid of Bitcoin bur because they want to collect their part of earning.
They see Bitcoin like any other types of investment or capital that has to be taxed. No one actualy doesn't have fear from cryptocurrencies anymore, they are all just trying to have their peace of cake.

I dont know some countries can make tax from bitcoin, i just thinking that bitcoin is anonymous, nobody know who have the address, then how the government make tax list from address or people in that country?

Do you really believe that bitcoin is anonymous? When you buy/sell things with bitcoin and you give your real name and address; when you convert fiat to bitcoin or vice versa using as intermediary banking services are you anonymous? When you deal with trading and must send some documents in order to be fully verified so as you can process a withdrawal are you anonymous? No it's only pseudonymous. There are some methods to keep a level of privacy if you read satoshi's white paper https://bitcoin.org/bitcoin.pdf but does anyone who wants privacy he believes that are satisfactory?

You can fake everything online as you can use bitcoin mixing service just to make your transaction anonymous. However since fiat is the last option to convert your bitcoin, you will surely gonna be known and your funds might be in question if you cannot support the acquisition of it. You can hind your transaction to other people, but not with the exchanges or to the authorities if they choose to look into your account.

sportis

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Quote from: morgand on February 03, 2017, 03:03:23 AM

Quote from: bitbunnny on November 03, 2016, 08:43:00 PM

In some countries Bitcoin is taxed but not because governments are afraid of Bitcoin bur because they want to collect their part of earning.
They see Bitcoin like any other types of investment or capital that has to be taxed. No one actualy doesn't have fear from cryptocurrencies anymore, they are all just trying to have their peace of cake.

I dont know some countries can make tax from bitcoin, i just thinking that bitcoin is anonymous, nobody know who have the address, then how the government make tax list from address or people in that country?

Do you really believe that bitcoin is anonymous? When you buy/sell things with bitcoin and you give your real name and address; when you convert fiat to bitcoin or vice versa using as intermediary banking services are you anonymous? When you deal with trading and must send some documents in order to be fully verified so as you can process a withdrawal are you anonymous? No it's only pseudonymous. There are some methods to keep a level of privacy if you read satoshi's white paper https://bitcoin.org/bitcoin.pdf but does anyone who wants privacy he believes that are satisfactory?

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Quote from: choppork on February 01, 2017, 01:46:09 AM

Quote from: FasTroy on January 31, 2017, 07:04:59 PM

I think there is no danger to use bitcoin. Which it is anonymously used. And here it is the beauty of bitcoin.
When your transaction is secure and untracked also there is no tax.
It's really an amazing currency. So the government can't control transactions.

Your transactions can surely be tracked. If somebody has a connection to the owner of the local wallet site that you're using or if he knows your bitcoin address, then you can surely be tracked. Even if you put your money in a mixer so you can confuse the tracker, what if the tracker has a connection to the bitcoin mixer that you used as well? Trust me, if the government wants to track you, they will. But normal bitcoin users would have a hard time tracking you when you put your money in a mixer, in a gambling site, in an altcoin exchanger site, etc. since they don't know your withdrawal address in those sites.

Most of the advantages creates a new problem but on the tracing wallets. You can have 100 wallets and i dont think it is illegal and it wont take a year to transfer it in a new wallet. but why are you so worried about being tracked, if their tracking is not in the intention to hack you, relax.

dhampir-D

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Quote from: morgand on February 03, 2017, 03:03:23 AM

Quote from: bitbunnny on November 03, 2016, 08:43:00 PM

In some countries Bitcoin is taxed but not because governments are afraid of Bitcoin bur because they want to collect their part of earning.
They see Bitcoin like any other types of investment or capital that has to be taxed. No one actualy doesn't have fear from cryptocurrencies anymore, they are all just trying to have their peace of cake.

I dont know some countries can make tax from bitcoin, i just thinking that bitcoin is anonymous, nobody know who have the address, then how the government make tax list from address or people in that country?

I think taxes should be voluntary, as there are many people who are not in favor of how the state works, especially in very authoritarian countries. With Bitcoin, users can not be forced to pay for it, and this is probably the first moment in history when people have a convenient and secure way of storing value, and at the same time have real control over their money.

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Quote from: morgand on February 03, 2017, 03:03:23 AM

Quote from: bitbunnny on November 03, 2016, 08:43:00 PM

In some countries Bitcoin is taxed but not because governments are afraid of Bitcoin bur because they want to collect their part of earning.
They see Bitcoin like any other types of investment or capital that has to be taxed. No one actualy doesn't have fear from cryptocurrencies anymore, they are all just trying to have their peace of cake.

I dont know some countries can make tax from bitcoin, i just thinking that bitcoin is anonymous, nobody know who have the address, then how the government make tax list from address or people in that country?

es that is right none of the governments can impose tax on any person having bitcoins as the governments cannot detect any persons bitcoin but there is a chance for them to impose tax if they have contact with exchanges then they can impose tax in this way that will the tax on buying bitcoins only and nothing more.

choppork

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Quote from: 20kevin20 on February 03, 2017, 03:23:00 AM

Quote from: Farma on February 03, 2017, 03:19:00 AM

Anonymous transactions of cyptocurrencies could increase illegal transactions. but, I feel that it is a common thing, in fact, almost all users cyptocurrencies already know it. but, since cyptocurrencies used for business, many people have turned to making the legal business of cyptocurrencies, and take advantage of it. perhaps, at this time, illegal transactions made using cyptocurrencies been reduced.

Not really. [1]The transactions that are illegal haven't been stopped or reduced by busimesses. Illegal will be illegal no matter what you do. If we would crash BTC, they would move to something else and still transfer illegal money. Bitcoin's best feature in my opinion is the anonymity. [2]I am not a criminal and I love the fact that I can do anything without being watched by anyone. This is a great thing and businesses won't stop anything. The demand is still here. Bitcoin ATM is a business too, and I can buy BTC anonymously from them !

[1] - If anything, these legal businesses just introduce some more criminals to use bitcoins. There's no reason for these criminals to let go of the currency that suits them the best. There's no relation with the amount of legal businesses and illegal business going on. Maybe the illegal ones are actually preventing legal business to start using bitcoins because these illegal businesses are ruining the reputation of bitcoins.

[2] - Until you got doxxed by someone. Roll Eyes

It's just that no one's interested in you in particular. The ISP that you're using has all your traffic logs. Still feel not being watched? We're all being watched but they would just take a look at you in particular if (a.) you have something that they want (b.) you did something that upset them (c.) you did something that made a huge impact on them.

LegendOF45

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It is as difficult for us to say, a dangerous thing is the use of bitcoin transactions such as illegal weapons and drugs. people would easily make the bitcoin not blocked.

EdenHazard

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Quote from: TastyChillySauce00 on February 02, 2017, 11:06:45 PM

Quote from: EdenHazard on February 02, 2017, 06:13:32 PM

Quote from: TastyChillySauce00 on February 02, 2017, 09:12:17 AM

Quote from: Qunenin on February 02, 2017, 09:02:05 AM

Quote from: Fireblade on February 02, 2017, 08:23:43 AM

Quote from: sir.humus on February 02, 2017, 07:16:01 AM

One danger is that digital currency is used just like traditional bill-and-coin currency for purchases and online payments, but it's also considered a commodity, just like silver or gold. That means it's just as vulnerable to market fluctuations as any other commodity or stock would be. the market can move up and down—and, as is the nature of a young and active commodity—it can sometimes do so quite wildly.

actually people are still adopting bitcoin and still less than 1 % people are using bitcoin and in which may be a few hundred are able to use it as currency, while the remaining people still do not have the facility to use bitcoin as currency in local shops, therefore most of the people are using bitcoin as investment and for trading, i think when they will able to use bitcoin for shopping as currency then people will mostly use bitcoin as currency and not investment.

Just by your statement, Bitcoin used by 1% of the people in the world and you see it is at 1000$. Just imagine if 50% people uses bitcoin how high the price will be because as demand increases, the price will increase too.
There is no Danger of CrytoCurreny to anyone other than Fiat as, Soon Fiat will be vanished by bitcoins.

50% Of people around the world use bitcoin is just too dreamy, even I'm sure dollar didn't reach that many users, even if 10% of population in this world were using bitcoin, it would giving a big impact and might sky-rocketing the price due to uncontrollable demand, though it's just (if).

lol i even not sure if the whole bitcoin supply can fulfill the demand if then half of world population start using bitcoin actively , it was dreamy indeed but not impossible. as i believe there is nothing impossible .

nothing to worry about bitcoin , people just too anxious on something that even not sure.

Bitcoin can due to its flexibility of having decimals and smaller units such as satoshi, mbtc, and so on. If half of the world population are starting to actively use bitcoin, the price might go up and those users may have smaller amounts of bitcoin in their wallet but the value still the same as usual due to the overwhelming price of bitcoin.

oh damn you were right ! thanks to you for remind me about that , it is makes sense now. this should be more clear about how bitcoin price could keep increasing to the highest ever once people around the world adopt bitcoin.

a wonderful things ever created on the internet! i know bitcoin are the big thing, not even dangerous.

20kevin20

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Quote from: Farma on February 03, 2017, 03:19:00 AM

Anonymous transactions of cyptocurrencies could increase illegal transactions. but, I feel that it is a common thing, in fact, almost all users cyptocurrencies already know it. but, since cyptocurrencies used for business, many people have turned to making the legal business of cyptocurrencies, and take advantage of it. perhaps, at this time, illegal transactions made using cyptocurrencies been reduced.

Not really. The transactions that are illegal haven't been stopped or reduced by busimesses. Illegal will be illegal no matter what you do. If we would crash BTC, they would move to something else and still transfer illegal money. Bitcoin's best feature in my opinion is the anonymity. I am not a criminal and I love the fact that I can do anything without being watched by anyone. This is a great thing and businesses won't stop anything. The demand is still here. Bitcoin ATM is a business too, and I can buy BTC anonymously from them !

Farma

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Anonymous transactions of cyptocurrencies could increase illegal transactions. but, I feel that it is a common thing, in fact, almost all users cyptocurrencies already know it. but, since cyptocurrencies used for business, many people have turned to making the legal business of cyptocurrencies, and take advantage of it. perhaps, at this time, illegal transactions made using cyptocurrencies been reduced.

danherbias07

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Its impossible. They will need a lot of budget to produce bitcoin ATM's and not just that. How about the trading in the streets and convenience stores. Have they imagined how much chaos they are making just doing that. And the budget where will they take it? From people's tax? We will be seeing changes in our communities first before we can thag it can be done. But for now, there is nothing.

morgand

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Quote from: bitbunnny on November 03, 2016, 08:43:00 PM

In some countries Bitcoin is taxed but not because governments are afraid of Bitcoin bur because they want to collect their part of earning.
They see Bitcoin like any other types of investment or capital that has to be taxed. No one actualy doesn't have fear from cryptocurrencies anymore, they are all just trying to have their peace of cake.

I dont know some countries can make tax from bitcoin, i just thinking that bitcoin is anonymous, nobody know who have the address, then how the government make tax list from address or people in that country?

President79

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a lot of misunderstandings, lots of people are afraid of new things, they feel very comfortable with the existing system. they don't care about the complaints and problems that arose due to the old system. I think their minds are still closed.

marcoman22

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Quote from: mindrust on October 01, 2016, 03:52:50 AM

You are probably aware of the recent news about removing the fiat money for good and building up the cashless world.

Have you thought that bitcoin maybe the first step of this utopia? What if CIA behind this project? Would you still keep your money as bitcoins? Would you trust them? Do we know who the hell is Satoshi Nakamoto? I suure don't.

There is one big danger ahead. If the paper money gets removed, you will have no choice but to accept to get paid in crypto currencies. And to the big point:

If you keep your money in a goddamn computer, the government can rip you off instantly if they wanted it. I am not saying they aren't doing that already as most of us are keeping *our wealth in the banks. But cryptos will make their jobs easier. Much easier.

What if bitcoin price rises to 1.000.000$ and gold and USD become literally worthless? That's when bitcoin will be the world currency, and people gonna realise that gold is just a stone, USD is just a toilet paper.

Your won't have another choice but to store your money only in crypto, because the other choices will be worthless!

I am not sure if that's a good thing. Being dependent so much on computers just scares me.

No need to get scared.Bitcoin is the only currency which gives freedom to its users from governments and banking systems.It works using blockchain system which is now realised as the safest method. Even banking sectors, government sectors and even health sectors are trying to implement blockchain system in their departments.It shows how secure it is.

hurain

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Quote from: President79 on February 02, 2017, 11:33:38 PM

I think with the cryptocurrency thus it is hoped could resolve our common financial problems, this is because fiat money has many sides that can be overcome by the presence of cryptocurrency. I am sure, both can walk together.

as soon as the users of bitcoin do not increase, and as soon as the facilities of bitcoin do not present in all over the world. and as soon as people do nut become able to use bitcoin just like fiat currency everywhere and at any time, tell both bitcoin and fiat will go together. although bitcoin must impose some effect on fiat specially in those areas where the users of bitcoin are comparably more and where they have the facility to use bitcoin in their local shops.

President79

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I think with the cryptocurrency thus it is hoped could resolve our common financial problems, this is because fiat money has many sides that can be overcome by the presence of cryptocurrency. I am sure, both can walk together.

Topic: The danger of the cyptocurrencies - page 15. (Read 45218 times)