Pay your taxes people.
I'd say don't convert to fiat, don't pay taxes, stay happy!I totally agreed with you, why pay tax, so the government can use it to fund war, and other bad things.
Topic: The way it will play out - page 2. (Read 2266 times)
I totally agreed with you, why pay tax, so the government can use it to fund war, and other bad things.
Pay your taxes people.
I'd say don't convert to fiat, don't pay taxes, stay happy! 
Pay your taxes people.
Guys! To be charged in taxes in case of exchange into fiat will only be one of the regulation mechanisms. Why do you think the Asian and European financial policy makers started to define bitcoin as commodity and "other assets" like for example Sweden and Germany? Because owning bitcoins will force you to pay capital gains taxes first on the redeemers side - later on - on any kind of transaction. This implies also that ownership of bitcoins will become to be declared officially towards your local tax authorities.
This is simply obvious to anybody with the slightest idea about political economy. It's not about panic instead it's about being aware about fiscal consequences of the official statements and wording many national financial authorities made the recent weeks.
That's one thing. The other thing are several technological changes to the bitcoin protocol planned for version 0.9. E.g.: things like the enabling of payment messages to sign payment requests. Sure that's a good thing and even necessary for merchants. But don't be naive, it also opens up a fabulous "regulation vector" into the bitcoin protocol. The ability to identify specific transactions additionally the free description field enabling everyone to add up to 80 bytes of whatever data to any transaction.
Wouldn't be too surprised if some regulators would start to track PaymentRequests including a user-friendly description of what the payment is meant for. Combine this tracking data with infos they will request from regulated bitcoin exchanges and la voila .....
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holding bitcoin is tax free.. converting it to fiat is taxed.. simples..
as for regulation. again this will only be regulated at the fiat conversion gateways.
do not panic with what other people will suggest will happen. its not as bad as you think
as for regulation. again this will only be regulated at the fiat conversion gateways.
do not panic with what other people will suggest will happen. its not as bad as you think
This. Taxing it when you convert it to cash is pretty much the only way this will work.
... Was always curious how the regulation would start out to be implemented.
Now, it became obvious. The miners and investors will not be taxed. The "average user" will be taxed.
For not being taxed miners and investors will agree first to integrate identification mechanisms into the block chain protocol. Never forget that mining is synonymous with validating transactions and transaction chain.
Only the majority of miners can decide about protocol changes by voting for or against a new validating functionality or new contract script. As mining becomes a more and more aggregated and an exclusive business the disparity between miners and users will increase.
Therefore my next step in curiosity will be about a potential splitting of mining and validating into two distinctive processes. It would level out the playing field for all bitcoin participants.
Let's see?
Now, it became obvious. The miners and investors will not be taxed. The "average user" will be taxed.
For not being taxed miners and investors will agree first to integrate identification mechanisms into the block chain protocol. Never forget that mining is synonymous with validating transactions and transaction chain.
Only the majority of miners can decide about protocol changes by voting for or against a new validating functionality or new contract script. As mining becomes a more and more aggregated and an exclusive business the disparity between miners and users will increase.
Therefore my next step in curiosity will be about a potential splitting of mining and validating into two distinctive processes. It would level out the playing field for all bitcoin participants.
Let's see?
holding bitcoin is tax free.. converting it to fiat is taxed.. simples..
as for regulation. again this will only be regulated at the fiat conversion gateways.
do not panic with what other people will suggest will happen. its not as bad as you think
... Was always curious how the regulation would start out to be implemented.
Now, it became obvious. The miners and investors will not be taxed. The "average user" will be taxed.
For not being taxed miners and investors will agree first to integrate identification mechanisms into the block chain protocol. Never forget that mining is synonymous with validating transactions and transaction chain.
Only the majority of miners can decide about protocol changes by voting for or against a new validating functionality or new contract script. As mining becomes a more and more aggregated and an exclusive business the disparity between miners and users will increase.
Therefore my next step in curiosity will be about a potential splitting of mining and validating into two distinctive processes. It would level out the playing field for all bitcoin participants.
Let's see?
Now, it became obvious. The miners and investors will not be taxed. The "average user" will be taxed.
For not being taxed miners and investors will agree first to integrate identification mechanisms into the block chain protocol. Never forget that mining is synonymous with validating transactions and transaction chain.
Only the majority of miners can decide about protocol changes by voting for or against a new validating functionality or new contract script. As mining becomes a more and more aggregated and an exclusive business the disparity between miners and users will increase.
Therefore my next step in curiosity will be about a potential splitting of mining and validating into two distinctive processes. It would level out the playing field for all bitcoin participants.
Let's see?
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