You are just babbling and have not read the thread.
What a load of BS in the TT....
1a:
What's wrong with paying taxes and why will it kill bitcoin?
A country must get taxes to build roads and run the country. Taxes system might need an overhaul but it won't kill bitcoin.
Governments have already effectively made it impossible for people to use bitcoin as a medium of exchange, as they expect taxes to be paid on bitcoin gains. Thus it cant function as a medium of exchange (same goes for gold btw.). Unless Government loses its control on its money monopoly this law wont be altered.
I didn't get that point. If you buy something for dollars and then sell it for dollars, you still have to pay taxes. What am I missing here and what is the difference between dollars and bitcoins then?
The difference is that the "medium of exchange" is taxed.
For example: If the merchant accepts dollars and holds onto them and eventually uses them to buy new supply (i.e. sells dollars), he doesnt have to pay capital gains taxes on a possible increase in the dollars value. If the dollar trades higher versus the euro, the government does not force you to pay taxes on these exchange rate "gains".
However if the merchant accepts bitcoin and holds on them and eventually uses them to buy new supply (i.e. sells bitcoins), he will have to pay capital gains taxes.
The same is true for your average bitcoin holder. If he buys one bitcoin for 100 dollars and eventually buys products with the same bitcoin (which is now worth 500 dollars) he will have to pay capital gains taxes on the 400 dollar increase. He wont have to do this if dollars increase in value in comparison to bitcoins, euros or any other currency.
Thats why you dont have competition in medium of exchanges. Everybody using alternatives has to pay taxes on the medium of exchange! That obligation also kills any anonymity you might have btw.!
1b:
This will change once the government understands bitcoin and has new methods of getting taxes to keep countries running.
Not all countries limit the use of bitcoin so this is nonsense. I can still buy pizza here in europe with bitcoin.
Also bitcoin is volatile, maybe they are protecting their merchants and economy. If a company or bank loses 50% of their money due to the bitcoin taking a dive it can easily kill a company. Who says they're doing it to keep their money "monopoly".
No it will not change. Inflation is the most powerful way to tax. Inflation is only possible if government has control over money. Read your history.
3:
Bitcoin can only be hacked if public key cryptography is hackable. This can be done once quantum entangled quantum computers become mainstream.
If this happens every bank on the planet can be hacked with ease.
Since the greeks hundreds of years ago people have tries to solve the factorization of big numbers. No one has succeeded since so it's safe if you use it correctly.
The fun thing is that a bitcoin account, when no money has been spent from it, is even more secure. You will have to be able to find SHA-256 collisions too to find the public key.
On the other side bitcoin hasn't been hacked but nearly all banks in the world have.
And we can easily modify virtual currencies to withstand quantum computers. Look at Quark-coin.
Not very convincing for the average joe who wants to either store wealth in gold or bitcoins. Again you say it cant be hacked but you overestimate your own intelligence.
Also address theses points for the average joe: 1) What if my money is outcompeted by a different altcoin? 2) What can I do with Bitcoin except dumping it on the next guy? Silver I like, I can touch it, its used in industry, it looks great. 3) I cant be sure that the limit cant be broken. I have no trust. 5) I rather choose something stable thats not a technology to store wealth over long periods of time.
See you arrogantly assume bitcoin is the best way without ever considering that there are safer alternatives.
