What happens in the government if Bitcoin takes over? - page 2.

niothor

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in defi we trust

Quote from: validium on June 14, 2014, 08:27:45 AM

Quote from: niothor on June 14, 2014, 08:01:09 AM

Quote from: btcton on June 12, 2014, 03:42:28 AM

Most governments get their money from taxes. If these become impossible to collect, how will the government support itself? They would no longer have control over any currency. Would BTC taxes have to be enforced? Should an alternative be sought? How can a government survive without money?

I'd like to see people's opinions on anything related to this, as I feel that most forum members are better versed in such themes than I am, and I'm open to what everyone has to say.

Please let me know why would taxes become impossible to collect with bitcoin..

How are you going to avoid paying property tax or vat with bitcoin?

It would only make it a bit hard for them to collect taxes but not impossible

Probably only a tiny bit ..

I have a question for this guys who claim that with bitcoin you can avoid taxes , will you also avoid paying speed tickets when bitcoin replaces fiat?

validium

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Decentralized thinking

Quote from: niothor on June 14, 2014, 08:01:09 AM

Quote from: btcton on June 12, 2014, 03:42:28 AM

Most governments get their money from taxes. If these become impossible to collect, how will the government support itself? They would no longer have control over any currency. Would BTC taxes have to be enforced? Should an alternative be sought? How can a government survive without money?

I'd like to see people's opinions on anything related to this, as I feel that most forum members are better versed in such themes than I am, and I'm open to what everyone has to say.

Please let me know why would taxes become impossible to collect with bitcoin..

How are you going to avoid paying property tax or vat with bitcoin?

It would only make it a bit hard for them to collect taxes but not impossible

niothor

hero member

Activity: 826

Merit: 501

in defi we trust

Quote from: btcton on June 12, 2014, 03:42:28 AM

Most governments get their money from taxes. If these become impossible to collect, how will the government support itself? They would no longer have control over any currency. Would BTC taxes have to be enforced? Should an alternative be sought? How can a government survive without money?

I'd like to see people's opinions on anything related to this, as I feel that most forum members are better versed in such themes than I am, and I'm open to what everyone has to say.

Please let me know why would taxes become impossible to collect with bitcoin..

How are you going to avoid paying property tax or vat with bitcoin?

validium

sr. member

Activity: 350

Merit: 250

Decentralized thinking

Quote from: sana8410 on June 14, 2014, 07:20:19 AM

Quote from: Ron~Popeil on June 12, 2014, 04:13:14 AM

Quote from: btcton on June 12, 2014, 03:42:28 AM

Most governments get their money from taxes. If these become impossible to collect, how will the government support itself? They would no longer have control over any currency. Would BTC taxes have to be enforced? Should an alternative be sought? How can a government survive without money?

I'd like to see people's opinions on anything related to this, as I feel that most forum members are better versed in such themes than I am, and I'm open to what everyone has to say.

A sales tax would make sense. Businesses collect when you make a purchase and send it to the government just like a lot of states do right now.

Your right, if government can't tax bitcoin than will tax the goods and the services you purchase with bitcoin.At this point,government won't have any issue to get the money from tax,but in the future, if probably will exist only virtual currency’s they will come out with ways to tax/collect money.

Their first targets will be exchanges like coinbase

sana8410

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Quote from: Ron~Popeil on June 12, 2014, 04:13:14 AM

Quote from: btcton on June 12, 2014, 03:42:28 AM

Most governments get their money from taxes. If these become impossible to collect, how will the government support itself? They would no longer have control over any currency. Would BTC taxes have to be enforced? Should an alternative be sought? How can a government survive without money?

I'd like to see people's opinions on anything related to this, as I feel that most forum members are better versed in such themes than I am, and I'm open to what everyone has to say.

A sales tax would make sense. Businesses collect when you make a purchase and send it to the government just like a lot of states do right now.

Your right, if government can't tax bitcoin than will tax the goods and the services you purchase with bitcoin.At this point,government won't have any issue to get the money from tax,but in the future, if probably will exist only virtual currency’s they will come out with ways to tax/collect money.

Gianluca95

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Reputation first.

There are two possibilities:

1) Government will try to regulate it.
2) Government will try to ban it

Pente

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Property taxes
Mineral taxes
Oil extraction taxes
Road taxes
Import/Export taxes
Sales taxes
Travel taxes

Governments won't have any trouble collecting taxes. What they won't be able to do anymore is to run a deficit. Governments that try to run a deficit will quickly be marginilized just like in 3rd world countries.

I think this will ultimately mean less war, less prisons, and less welfare.

deisik

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English ⬄ Russian Translation Services

Quote from: taipo on June 14, 2014, 04:38:39 AM

Quote from: deisik on June 14, 2014, 02:41:53 AM

Quote from: Watermelondea on June 14, 2014, 01:46:21 AM

And what happens to Bitcoin if the goverment takes it over and starts controlling it?

Evidently, they would drop it in favor of fiat... Cool

or bastardise it to the point that it might as well just be fiat.

This is one of the reasons why Bitcoin will ultimately fail as a medium of exchange (even if it doesn't get banned in the interim)... Cool

taipo

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Kia ora!

Quote from: deisik on June 14, 2014, 02:41:53 AM

Quote from: Watermelondea on June 14, 2014, 01:46:21 AM

And what happens to Bitcoin if the goverment takes it over and starts controlling it?

Evidently, they would drop it in favor of fiat... Cool

or bastardise it to the point that it might as well just be fiat.

deisik

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English ⬄ Russian Translation Services

Quote from: Watermelondea on June 14, 2014, 01:46:21 AM

And what happens to Bitcoin if the goverment takes it over and starts controlling it?

Evidently, they would drop it in favor of fiat... Cool

Watermelondea

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And what happens to Bitcoin if the goverment takes it over and starts controlling it?

taipo

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Kia ora!

Quote

What happens in the government if Bitcoin takes over?

Just look back at the Governments, music and film industries reactions to torrents. So just replace 'music and film industries' with 'Banks', and you pretty much have your answer.

beetcoin

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Quote from: Benjig on June 13, 2014, 03:34:59 PM

Quote from: beetcoin on June 13, 2014, 02:53:13 PM

bitcoin can't take over. if it were that dangerous to the establishment, they'd do everything in their power to stop it.

Yes, they will still have ways of controlling it and people, in fact i think bitcoin is beneficial to them, they know fiat money failed, and bitcoin is the perfect solution.

nope, the establishment depends on fiat money to get rich. bitcoin removes the banks, especially if it gains enough steam. banks are an industry that deals with trillions of dollars. all they'd have to do is throw some money at politicians and shit will go down.

Benjig

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Quote from: beetcoin on June 13, 2014, 02:53:13 PM

bitcoin can't take over. if it were that dangerous to the establishment, they'd do everything in their power to stop it.

Yes, they will still have ways of controlling it and people, in fact i think bitcoin is beneficial to them, they know fiat money failed, and bitcoin is the perfect solution.

beetcoin

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bitcoin can't take over. if it were that dangerous to the establishment, they'd do everything in their power to stop it.

efreeti

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Quote from: zolace on June 13, 2014, 09:16:52 AM

I expect the gov to tag us with a chip and be able to track us using bitcoin this way. They will regulate bitcoin even more this way. Satoshi started the new world order.

Reason why anonymous coin are getting attention.

ajareselde

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Satoshi is rolling in his grave. #bitcoin

It wont take over anything. And the portion of the market that will bitcoin get will be monitored through blockchain.
If u take a minute to think about it, there is allways a way to monitor transactions.

zolace

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I expect the gov to tag us with a chip and be able to track us using bitcoin this way. They will regulate bitcoin even more this way. Satoshi started the new world order.

commandrix

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Quote from: countryfree on June 12, 2014, 03:41:07 PM

There are today in the world countries where governments don't control their currencies, and that doesn't prevent them to tax plenty of things. The government can tax properties, vehicles and every good which it says require to be registered. The government also control borders, so it's easy to tax anything coming in.

Several third world countries have their local currency pegged to the U.S. dollar, all for the better, because that helps investors believing in them.

So what makes you think the U.S. controls its borders? Cheesy

But, seriously, if the government knows it exists, it's going to find a way to tax it. Anyway, it's going to be just a matter of time before the U.S. creates its own cryptocurrency if it hasn't already.

countryfree

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Your country may be your worst enemy

There are today in the world countries where governments don't control their currencies, and that doesn't prevent them to tax plenty of things. The government can tax properties, vehicles and every good which it says require to be registered. The government also control borders, so it's easy to tax anything coming in.

Several third world countries have their local currency pegged to the U.S. dollar, all for the better, because that helps investors believing in them.

Topic: What happens in the government if Bitcoin takes over? - page 2. (Read 1903 times)