UK 10yr plan for BTC - page 2. | Bitcointalksearch.org

aminorex

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Sine secretum non libertas

Quote from: botany on August 08, 2014, 10:44:46 AM

Do all governments think regulation is their primary job? Cheesy

The bitcoin economy seems to have developed pretty well without (or because of) the government not intervening.

Governments do not think - people do. Governments typically behave as though their own survival and expanding power is first priority - at the expense of the governed from whom substance and power of self-determination must be wrested. If they did not, natural selection would cull them. Once the state controls education fascism is the only stable endpoint.

polynesia

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Quote from: Mobius on August 09, 2014, 09:53:48 PM

Quote from: BitCoinNutJob on August 09, 2014, 02:40:01 AM

Quote from: botany on August 08, 2014, 10:44:46 AM

Do all governments think regulation is their primary job? Cheesy

The bitcoin economy seems to have developed pretty well without (or because of) the government not intervening.

Gov regulation will happen, the mainstream wont use bitcoin without it so as long as its "reasonable" regulation we all get rich and have extra resources to create bitcoin 2.0 to move the goal posts further.

I agree. Mild government regulation will likely cause bitcoin to get an additional amount of legitimacy and will cause increased levels of adoption.

We just have to hope that the government stops at 'mild' regulation.

Mobius

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Quote from: BitCoinNutJob on August 09, 2014, 02:40:01 AM

Quote from: botany on August 08, 2014, 10:44:46 AM

Do all governments think regulation is their primary job? Cheesy

The bitcoin economy seems to have developed pretty well without (or because of) the government not intervening.

Gov regulation will happen, the mainstream wont use bitcoin without it so as long as its "reasonable" regulation we all get rich and have extra resources to create bitcoin 2.0 to move the goal posts further.

I agree. Mild government regulation will likely cause bitcoin to get an additional amount of legitimacy and will cause increased levels of adoption.

polynesia

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Quote from: BitCoinNutJob on August 09, 2014, 02:40:01 AM

Quote from: botany on August 08, 2014, 10:44:46 AM

Do all governments think regulation is their primary job? Cheesy

The bitcoin economy seems to have developed pretty well without (or because of) the government not intervening.

Gov regulation will happen, the mainstream wont use bitcoin without it so as long as its "reasonable" regulation we all get rich and have extra resources to create bitcoin 2.0 to move the goal posts further.

The Government is trying to force-fit bitcoin into parameters they are comfortable with. That is the problem.
They should approach regulation with an open mind.

BitCoinNutJob

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Quote from: botany on August 08, 2014, 10:44:46 AM

Do all governments think regulation is their primary job? Cheesy

The bitcoin economy seems to have developed pretty well without (or because of) the government not intervening.

Gov regulation will happen, the mainstream wont use bitcoin without it so as long as its "reasonable" regulation we all get rich and have extra resources to create bitcoin 2.0 to move the goal posts further.

botany

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Quote from: gts476 on August 08, 2014, 10:20:16 PM

don't see any way they could make this happen, just .gov trying to kill competitors for it's monopoly on toilet paper.

It would take a concerted effort by all governments.
Might not happen even then.

gts476

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don't see any way they could make this happen, just .gov trying to kill competitors for it's monopoly on toilet paper.

polynesia

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Quote from: practicaldreamer on August 08, 2014, 12:29:16 PM

Quote from: virtualx on August 08, 2014, 12:22:24 PM

Quote from: practicaldreamer on August 08, 2014, 12:11:13 PM

Most of the taxes raised currently will still be able to be raised with bitcoin. The taxes that are currently problematic - for eg. corporation tax (companies locating offshore etc) and income from self employment (cash in hand etc) will still be problematic under bitcoin.

How would they be able to be raised? It's so easy to move btc, it's not possible to tax it.

Well, it seems to me that apart from the 2 types of taxation that I mentioned every other type of tax would be able to be raised at source and through the normal channels. Everything is accounted for.
Fuel tax + income from employment (as an employee) + capital gains tax + Value added Tax + Inheritance tax etc etc - none of these would be problematic for a government to raise - not where employers, retailers, accountants etc have a legal liability.

We could have under-reporting of the value of certain transactions. For e.g. - to avoid capital gains tax, a portion of the proceeds could be received through bitcoins and the remaining through fiat. This will lead to a growth in the parallel/bitcoin economy.

Of course, these issues are possible through fiat also. But dealing in large amounts of fiat is a problem. With bitcoins, it is easier.

practicaldreamer

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Quote from: virtualx on August 08, 2014, 12:22:24 PM

Quote from: practicaldreamer on August 08, 2014, 12:11:13 PM

Most of the taxes raised currently will still be able to be raised with bitcoin. The taxes that are currently problematic - for eg. corporation tax (companies locating offshore etc) and income from self employment (cash in hand etc) will still be problematic under bitcoin.

How would they be able to be raised? It's so easy to move btc, it's not possible to tax it.

Well, it seems to me that apart from the 2 types of taxation that I mentioned every other type of tax would be able to be raised at source and through the normal channels. Everything is accounted for.
Fuel tax + income from employment (as an employee) + capital gains tax + Value added Tax + Inheritance tax etc etc - none of these would be problematic for a government to raise - not where employers, retailers, accountants etc have a legal liability.

virtualx

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LOTEO

Quote from: practicaldreamer on August 08, 2014, 12:11:13 PM

Most of the taxes raised currently will still be able to be raised with bitcoin. The taxes that are currently problematic - for eg. corporation tax (companies locating offshore etc) and income from self employment (cash in hand etc) will still be problematic under bitcoin.

How would they be able to be raised? It's so easy to move btc, it's not possible to tax it.

practicaldreamer

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Most of the taxes raised currently will still be able to be raised with bitcoin. The taxes that are currently problematic - for eg. corporation tax (companies locating offshore etc) and income from self employment (cash in hand etc) will still be problematic under bitcoin.

   I reckon that what TPTB are trying to work out and balance is the possible benefits of btc (and what are they for government ? Lower transaction fees ? A burgeoning btc sector riding on the back of VC money ?) against the possible costs.

   Lets not forget here that under the current fiat financial system the Royal Bank of Scotland, for example, still has a balance sheet of £1.4 trillion. Thats as big as the whole of the UK economy.

   Whats the market cap of bitcoin again ?

botany

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Quote from: s1lverbox on August 08, 2014, 11:11:27 AM

I still don't get it how someone can regulate someone else work ( read : stoshi nakamoto).

internet is regulated but.none of this government assholes know how it's really work.

They don't have an idea how btc works. what Bitcoins is and.most important how to do it so can be taxed.

They will make wallet registration department?
I don't think so. you all can sleep well with no worries.

No chance they will prove u had coins. If they will digg around company's. ..compnays will move to more btc friendly place on planet.

my two satoshi. ...

They will look at places where conversion to fiat occurs....
Exchanges, money changers, etc.
The regulation will start from them.

s1lverbox

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I still don't get it how someone can regulate someone else work ( read : stoshi nakamoto).

internet is regulated but.none of this government assholes know how it's really work.

They don't have an idea how btc works. what Bitcoins is and.most important how to do it so can be taxed.

They will make wallet registration department?
I don't think so. you all can sleep well with no worries.

No chance they will prove u had coins. If they will digg around company's. ..compnays will move to more btc friendly place on planet.

my two satoshi. ...

botany

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News like this could become a thing of the past, if the UK tries taxing/over-regulating bitcoin companies.

http://www.standard.co.uk/news/london/london-overtakes-new-york-to-be-named-worlds-finance-capital-9394994.html

DavidHume

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Bitcoin companies will just leave the country and move elsewhere if they regulate it too much.

botany

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Do all governments think regulation is their primary job? Cheesy

The bitcoin economy seems to have developed pretty well without (or because of) the government not intervening.

polynesia

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Bitcoin businesses will move to tax havens, just like the regular ones did.

pikabit

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Quote from: jaberwock on August 08, 2014, 01:39:27 AM

government saying cryptos need to be regulated = we need new source of taxes because we are running out of money.

It is the main reason for many regulated markets we have.

well how are we going to pay the universal income if it's not by putting higher taxes on these that have wealth?

Ayers

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Leading Crypto Sports Betting & Casino Platform

they want to tax everything be glad that air is not taxable or seriously you would die instead of living in this shitty planet

Steigerz

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Quote from: oceans on August 08, 2014, 05:11:16 AM

Absolutely unreal that the UK Government is trying everything they can to find a way to tax bitcoin. It's never about the public when it comes to the UK Government it's always about them and how they can cash in. Unreal.

Looking at the collective i don't think its just the UK. If the Euro Union gets it way we will most likely see Bitcoin and other digital currencies outlawed.

Bitcoin will evolve and eventually surpass any regulation these thieves impose.

Topic: UK 10yr plan for BTC - page 2. (Read 3021 times)