Topic: What is the Future of Bitcoin ? - page 69. (Read 76854 times)
Due to all of the above factors, I personally believe that bitcoin will inevitably completely implode if it doesn't fade into obscurity first.
legendary
Activity: 1302
Merit: 1008
Core dev leaves me neg feedback #abuse #political
It is also interesting to note that a deflationary currency like this actually rewards early adopters (which is why bitcoins have been compared to Ponzi Schemes by numerous experts). Finally, the "mining" of bitcoins is remarkably inefficient in its use of energy and computational power when compared to other systems of creating currency.
all been discussed many times before.
early adopters are rewarded for risk taking and spearheading new technology.
proof of work may appear inefficient but is the only proven method
for distributed consensus.
It is also interesting to note that a deflationary currency like this actually rewards early adopters (which is why bitcoins have been compared to Ponzi Schemes by numerous experts). Finally, the "mining" of bitcoins is remarkably inefficient in its use of energy and computational power when compared to other systems of creating currency.
legendary
Activity: 1302
Merit: 1008
Core dev leaves me neg feedback #abuse #political
we've never had a deflationary currency before (except during times of chaos) so you really don't know.
gold is a deflationary currency but doesn't work well for small payments because it's not easily divisible. this is the first time we've tried an asset based deflationary currency that's easily divisible.
gold is a deflationary currency but doesn't work well for small payments because it's not easily divisible. this is the first time we've tried an asset based deflationary currency that's easily divisible.
Theoretically at least, this could create enough deflation per year that basically nobody would ever want to actually spend a bitcoin, which would lead to a crash/total failure of the bitcoin economy.
Assuming demand for the currency trends upward long-term (and if it doesn't, it wouldn't really be a successful currency), the value of a single bitcoin will increase. Inflation is healthy and necessary for a currency because it encourages people to spend and/or invest their cash, as opposed to deflation which encourages people to hoarde, further deflating the currency (by decreasing supply).
The biggest problem that I see with bitcoin is that by design, it is a deflationary currency. Instead of increasing the money supply every year (like say, the US government does with USD), the supply of bitcoin increases by a smaller number of "coins" each year, until eventually no more bitcoins are created... ever again.
that's why, at the end, the gov can only tax the FIAT movment ... and not when you pay merchandise and employees with bitcoin and receive bitcoin from customers.
Overstock take this way ...
Overstock take this way ...
Is overstock paying their employees and suppliers in bitcoin ?
I did read an article that said that overstock was planning on paying some bonuses in bitcoin.
I wonder how they plan on working out the payroll taxes?
They may actually break it up into 2 parts. Till the non-taxable limit earning may be paid in FIAT and beyond it payment may be made in Bitcoin.
that's why, at the end, the gov can only tax the FIAT movment ... and not when you pay merchandise and employees with bitcoin and receive bitcoin from customers.
Overstock take this way ...
Overstock take this way ...
Is overstock paying their employees and suppliers in bitcoin ?
I did read an article that said that overstock was planning on paying some bonuses in bitcoin.
I wonder how they plan on working out the payroll taxes?
that's why, at the end, the gov can only tax the FIAT movment ... and not when you pay merchandise and employees with bitcoin and receive bitcoin from customers.
Overstock take this way ...
Overstock take this way ...
Is overstock paying their employees and suppliers in bitcoin ?
I did read an article that said that overstock was planning on paying some bonuses in bitcoin.
that's why, at the end, the gov can only tax the FIAT movment ... and not when you pay merchandise and employees with bitcoin and receive bitcoin from customers.
Overstock take this way ...
Overstock take this way ...
Is overstock paying their employees and suppliers in bitcoin ?
that's why, at the end, the gov can only tax the FIAT movment ... and not when you pay merchandise and employees with bitcoin and receive bitcoin from customers.
Overstock take this way ...
Overstock take this way ...
future of bitcoin is paying for everything with bitcoins, everyday grocery etc
all users and lovers of bitcoin would want the same thing. however, for banks or governments and businesses or shares will reject it because they have a reason, it will damage the economy and reduce transaction and their income: DPlease dont confuse Banks with Governments. Banks are NOT Government. Banks are businesses that pay huge tax to Governments by sucking their clients. Governments love tax. If Bitcoin businesses can generate tax, Government will love Bitcoin too.
. if bitcoin taxed, who should pay?? banks have a physical form to make a deal. whether bitcoin bank also made to save bitcoin?? bitcoin while most still conduct transactions online. how the government monitors all online transactions such as personal. need to work hard for it all: '(Government does not need to monitor transactions. Government will monitor exchanges for taxation. Exchanges will impose the tax on u. Just like it happens in share market. For buying & selling stocks exchange imposes the service tax on you. Here the plus is that, as long as you are earning Bitcoin and spending it w/o converting it to FIAT, u r not taxable.
No ..You dont pay twice. Take the example of share market. The exchange pay your service tax and deduct it from U. Now, if u have some quick profit in FIAT, which is taxable, u may have to pay it under income tax.
future of bitcoin is paying for everything with bitcoins, everyday grocery etc
all users and lovers of bitcoin would want the same thing. however, for banks or governments and businesses or shares will reject it because they have a reason, it will damage the economy and reduce transaction and their income: DPlease dont confuse Banks with Governments. Banks are NOT Government. Banks are businesses that pay huge tax to Governments by sucking their clients. Governments love tax. If Bitcoin businesses can generate tax, Government will love Bitcoin too.
. if bitcoin taxed, who should pay?? banks have a physical form to make a deal. whether bitcoin bank also made to save bitcoin?? bitcoin while most still conduct transactions online. how the government monitors all online transactions such as personal. need to work hard for it all: '(Government does not need to monitor transactions. Government will monitor exchanges for taxation. Exchanges will impose the tax on u. Just like it happens in share market. For buying & selling stocks exchange imposes the service tax on you. Here the plus is that, as long as you are earning Bitcoin and spending it w/o converting it to FIAT, u r not taxable.
future of bitcoin is paying for everything with bitcoins, everyday grocery etc
all users and lovers of bitcoin would want the same thing. however, for banks or governments and businesses or shares will reject it because they have a reason, it will damage the economy and reduce transaction and their income: DPlease dont confuse Banks with Governments. Banks are NOT Government. Banks are businesses that pay huge tax to Governments by sucking their clients. Governments love tax. If Bitcoin businesses can generate tax, Government will love Bitcoin too.
. if bitcoin taxed, who should pay?? banks have a physical form to make a deal. whether bitcoin bank also made to save bitcoin?? bitcoin while most still conduct transactions online. how the government monitors all online transactions such as personal. need to work hard for it all: '(Government does not need to monitor transactions. Government will monitor exchanges for taxation. Exchanges will impose the tax on u. Just like it happens in share market. For buying & selling stocks exchange imposes the service tax on you. Here the plus is that, as long as you are earning Bitcoin and spending it w/o converting it to FIAT, u r not taxable.
future of bitcoin is paying for everything with bitcoins, everyday grocery etc
all users and lovers of bitcoin would want the same thing. however, for banks or governments and businesses or shares will reject it because they have a reason, it will damage the economy and reduce transaction and their income: DPlease dont confuse Banks with Governments. Banks are NOT Government. Banks are businesses that pay huge tax to Governments by sucking their clients. Governments love tax. If Bitcoin businesses can generate tax, Government will love Bitcoin too.
. if bitcoin taxed, who should pay?? banks have a physical form to make a deal. whether bitcoin bank also made to save bitcoin?? bitcoin while most still conduct transactions online. how the government monitors all online transactions such as personal. need to work hard for it all: '(Government does not need to monitor transactions. Government will monitor exchanges for taxation. Exchanges will impose the tax on u. Just like it happens in share market. For buying & selling stocks exchange imposes the service tax on you. Here the plus is that, as long as you are earning Bitcoin and spending it w/o converting it to FIAT, u r not taxable.
Only see bitcoin good to send money abroad.
Women usually end up with the money anyway.
Only see bitcoin good to send money abroad.
future of bitcoin is paying for everything with bitcoins, everyday grocery etc
all users and lovers of bitcoin would want the same thing. however, for banks or governments and businesses or shares will reject it because they have a reason, it will damage the economy and reduce transaction and their income: DPlease dont confuse Banks with Governments. Banks are NOT Government. Banks are businesses that pay huge tax to Governments by sucking their clients. Governments love tax. If Bitcoin businesses can generate tax, Government will love Bitcoin too.
. if bitcoin taxed, who should pay?? banks have a physical form to make a deal. whether bitcoin bank also made to save bitcoin?? bitcoin while most still conduct transactions online. how the government monitors all online transactions such as personal. need to work hard for it all: '( Wait ...Bitcoin has not yet solved the offline transaction problem which is required for no internet zone.
Physical coins like Casascius Bitcoins WOULD be solving that problem already, if only nation-states like the USA and others weren't aggressively outlawing and suing them to protect their despicable, tyrannical monopoly on physical money."The only thing a capitalist hates more than a communist is a competitor"
Jump to: