Topic: With FACTA going into affect in 2014, people will be fleeing to Bitcoin (Read 4419 times)

It only makes business sense with the other world markets now opening up.
If the costs are great to administer vs the value the client may have given.

However bassed on the request that all businesses and governments world wide be responsible to the success of this emerging technology sector Recommendations made before the senate concerning cryto-currency and how not to make drastic policies that would take it "off our shores" and our of our reach.

The only alternative is to be homeless and live on Public lands in tents, but even that is likely to be made criminal.

Man this site made me frustrated, then angry and happy.  thanks for the OP for the post. 

If it is now considered being greedy if one prefers to not be taxed by a parasitic government then call me greedy and what every else you can come up with.

Larken & Co FTW!

Yup, some of us that lost thousands of XBT -- millions of USD -- in the BTCST Ponzi, sat back and let the so-called authorities handle the theft. We could have traveled to TX, kidnapped Shavers (pirate@40), tied him to a chair, applied a c-clamp to his knee, and tightened it a quarter-turn every two minutes 'till he spit out his private keys.

But that would have likely landed _us_ -- the defrauded victims -- in jail for a protracted period.

Instead, Trendon is currently a free man.

Tell me about your so-called 'justice' again?

It's not hypocrisy, it's self-preservation.

yes, i'll enjoy paying my taxes for your shitty pothole roads and clean streets that i never use, and taxes for bombs to kill all those little kids overseas that never meant me any harm.  taxation is theft.  like others have said above, if you enjoy your taxes so much, feel
free to give away all that bratty money you hate so much.

That's actually a tax that's done correctly and is quite enforcable even in the world of bitcoins.  If you want to drive, you have to buy license plate tags and gasoline.  Both of those things are taxed and goes towards road maintanince.  If you don't drive, you don't pay those taxes.

The type of tax that I'm against is when they take a huge cut out of my paycheck for social security that is going to be bankrupt before I would be eligible to take advantage of it, a massive military to wage wars on the other side of the world, and a prison system housing millions of non-violent drug offenders.  It's for those reasons that I'm glad we now have a way for the first time to take money out of the sole control of the government and give it to the people.

Thank you everyone for thoroughly bunking - no, outright smashing - rather, absolutely OBLITERATING the classic statist "MUH ROADS..." argument that was made on the previous page.

It gives me faith in humanity to see so many people in one place who "know their shit."

 

Keep fitin the good fite.

Bless Satoshi.

Our trash is private, the streets in our community are private, so there plainly is an alternative to taxes.  You just have to think about them.  The statists have you brainwashed.

great point.

First let me say, I'm a huge supporter of social programs.  It's the one thing I think government should be doing, since nobody else will and I believe in taking care of ones neighbor. In addition to basic infrastructure and all that.  That's all a given.  However, I think you have a fundamental misunderstanding of taxes.  Most of the taxes don't go to any of the stuff you've described.  You know where it goes?  It goes to pay the interest on the debt that is created out of thin air and sold to the banks.  Also known as treasury bonds.  The IRS enforces this corruption by collecting, by force, the gains for the capital holders.  You know, the wealthy elite who own the banks and thus own the government because they buy the Treasury bonds, with an expectation of interest on capital.  

"Borrower is a slave to the lender."

Since the government is in debt to the banks, the government is the banks slave and thus, will do whatever the banks tell them to do.  If you found your way to Bitcoin, that means there is hope for you.  Doesn't mean you have to be a delusional uber-bull, Libertarian or any other stupid title.  But it does mean you're going to have to learn for yourself, the truth behind the banks, the government, the IRS and how money is created in the first place.  I'll give you a hint, most of it's not coming off printing presses.  

To the OP...I'm not sure this is going to cause people to "flee" into Bitcoin.  Bitcoin exchanges are increasingly adding verification requirements and continue to show a willingness to comply with regulations.  Kind of defeats the purpose of "tax haven" if you've given up all your personal info.

Oh, look! Another person conflating government with society!  

The bolded part speaks volume about the level of your imagination and nothing about reality.

Also this made me laugh a lot:


Aren't we all ungrateful for not appreciating all the great stuff they're forcing on us? 

FATCA will forever be known as FATCAT, as it serves them well.

Every road in my area has been paid for by the gas drilling companies, not the government.  We don't have street cleaners, and local residents take care of downed trees.  Even if the government did do all of those things for us, they still also spend the vast majority of their money murdering people, so fuck them.

I have been scammed, and I didn't go crying to an authority.  I sucked it up, learned my lesson, and moved on.

The sad part about pick up and leave is I can't escape the reach of my government no matter where I go.  I get certain protections (like being safe from drones, for now) by staying.  You might have a point that protection is worth paying for, but I would also be paying for the drones and missiles.

To those who equate following the law with being an honorable person, I suggest you go pick up and read a book or two by a man named George Orwell.  Or if reading is not your thing, then have a look at this web site instead:  http://www.josietheoutlaw.com/

For the rest of you, you may want to take a look as well and consider whether they are worth supporting.

Your mind is heavily washed. Big Brother always say all their actions are vital. Like inquisition when people were burned in the name of God, like Nazi regime when Jews were legally taxed to death for the prosperity of the nation.
Click on my signature and learn how people lost everything when they were "taxed" in Cyprus in name of European Union.

I escaped European financial prison and now I'm living at the place where all my income is not taxed at all. And I don't see anything wrong with public roads and infrastructure.

hahaha nice one 

Yes I like to have my cake and eat it. And come back for seconds.

+1

Imagine your buddies take you to Vegas and your best buddy hires a dominatrix for you and she ties you up to the bed and repeatedly punches you in the balls. He pays her $200 from your wallet and expects you to thank him for the hook up.

All of that stuff you said about what the government provides. Ya, we do not want those things. We repeatedly say we do not want it. We talk all the time about how much we do not want these government services over and over and over and over.

But you go ahead and vote for people who provide it, then you tell us that we are hypocrites for living in this society that provides all of this bullshit when we complain about being robbed to get punched in the nuts.

yeah, i think most people wouldn't complain if taxes weren't so exorbitantly high (and to top that off, they tax every fucking thing.. from income, capital gains, sales, property, VAT and whatever else). we don't need to spend trillions on defense. we don't need to spend $100 a box of markers.

the problem is that politicians and corporations use tax revenue for their own personal gain.. at the cost of the regular taxpayer.

Wow you really have no idea do you, have you actually checked where your taxes actually go? No need to check just take a look around... none of your taxes actually go to do any of that. Notice how on top of your large taxes you're still paying for roads via tolls, you're still paying heavy council fees, you're still paying through the roof for energy and water, you're still paying extreme insurance costs for basic healthcare, there has been no major scientific breakthroughs through government research in the past 2 decades (Curing cancer, etc) All "public" services that should be covered under a tax system in a theft free environment. Didn't you even notice how Infrastructure is crumbling and there is barely any development??

I don't actually mind taxes but only if they aren't stolen, if we are paying huge taxes but actually getting it back in form of infrastructure & development it's fine, but we know that didn't work. A society can function and prosper with a minimal flat universal tax as low as 1% or even tax free (funding government via fees for services and imports).

I suggest you do some reading on this topic, will help you better understand why every western nation is in shambles.

Yes because God knows what kind of chaos would ensue if the free market were to take care of public services. Such as the internet. Or food production or distribution. Or technological innovation. Or any other kind of production. Thank God we have the almighty big brother central planning state for all that. Oh wait...

The functioning society you are talking about is a BIG FAIL...

I mean NSA/DHS spying on everybody and walk/talk like a BOSS? is that your functioning SOCIETY?

A lot of people are now waking up from all these CORPS/GOVs brainwash and hypno... it is only a matter of time... when CORPS/Govs are out of option but to do marshall law or better yet implement NWO... and I am pretty sure they will not include u in that NWO...

There actually is an alternative to theft, it's called voluntary action and the free market. Public services might very well be replaced entirely by charity if people had the 40-70% of wealth that's stolen from them at every turn. I've seen early colonial towns build their roads through cooperatives and as an exercise of free market capitalism because without it, their commerce suffers. Society's been pretty conditioned to feel like a central "authority" needs to be there for life to be decent. Well just wait until that authority grows beyond its welcome, as it inevitably does.

I'm sorry but there isn't an alternative to TAXES.  If you want public services to exist, roads to be paved, streets to be cleaned, downed trees to be picked up etc etc etc then there has to be funds that take care of it.

I love how you guys wanna be left alone and shit and when you get scammed or lose your bitcoins you wanna get the law involved.  I mean talk about hypocrisy.

If you wanna be on your own, then pack your belongings and move to an island somewhere with your bitcoins.  But you don't wanna do that do you?  No of course, you want to be part of a functioning society.  Then until you live here do as is required by a citizen and pay your taxes and stop depending on others to do if for you.

For bitcoin to go mainstream, which it is starting to enter into 2-3% of the population, you have to expect uncle sam to get involved.  That is what comes with getting wealthy from being in on it early, gift and a curse, but the gift is a lot better.

But i misread the title and original post.  I misinterpreted it as people will be "fleeing FROM bitcoin"

Yeah go pay your taxes! So the parasites can suck you dry:

http://www.zerohedge.com/news/2013-11-30/other-america-taxpayers-are-fools-working-stupid

Who is it "for" then? If a law becomes at odds with the majority of people, then the law has to change.

The current legal and governmental system was made to fit the 19th and 20th century, to fit the gap between the monarchies that preceded it and the coming computer age. That model will soon go the way of the record store.

Also the "Greedy brats" dont give a fuck about the price. They are in it for the tech. Something that most of the retards in mainstream dont seem to understand.

Some people are not big fans of being robbed.

Now we are robbed in the US just for being alive thanks to Obamacare.

Such ancient ideas of running things.

Maybe tell us that things US is doing is OK and great? Spying everyone, destroying economy by printing fiat to death, destroying order in countries like Libya, Syria, Egypt and even trying to destabilise euro by hiding Greece debt??? But no, bitcoiners are the evil one heh.

hey go pay your taxes then. Hell, top up and give them 50% extra, if taxes are so great!

way to misunderstand absolutely everything in Bitcoinland. Have you even read Satoshis white paper?

Sure, and I'm apart of the greedy brats, but if you can't hold it, then it doesn't belong to you.  Some times in order to gain, you have to budge.

Never said it was... doesn't mean I have to agree with it. Slaves didn't have much say in the legalized degree of their humanity either.

it's not for you to decide what is legal or illegal.

I'm sorry but fuck that shit.

The "Greedy brats" created Bitcoin in the first place.

I never heard the argument that disagreeing with unlawful legalized theft was being "bratty."

Most of the greedy bitcoiners wants to make huge profits from speculation AND evade taxes.  Lol, that is what you call ungrateful.  For bitcoin to work, it needs to weed out the delusional libertarian cultists spoiled brats, and it is doing a good job right now as mainstream is adopting it.  Mainstream and the big banks can adjust, the spoiled greedy brats will just fade into obscurity.

It simply means an ever increasing number of financial institutions worldwide will refuse to take clients that are US persons, and avoid the entire issue. By the way I would not be surprised if many Bitcoin related companies do that by the way. For example both Forex brokers that trade Bitcoin CFDs, AvaTrade and Plus500, do not accept US Persons as clients.

You should not keep your coins at any third company site. Other than what you may want to spend that day.

Great find! Honestly after that i wouldn't want to keep my Coins at any U.S based company such as Coinbase etc, they're going to be labeled as financial institutions eventually and will have to comply with all that rubbish. Too much invasion of privacy no thanks.

"FATCA requires foreign financial institutions (FFI) of broad scope – banks, stock brokers, hedge funds, pension funds, insurance companies, trusts – to report directly to the IRS all clients who are U.S. Persons. Starting January 1, 2013 (later delayed to 2014), FATCA will require FFIs to provide annual reports to the Internal Revenue Service (IRS) on the name and address of each U.S. client, as well as the largest account balance in the year and total debits and credits of any account owned by a U.S. person. If an institution does not comply, the U.S. will impose a 30% withholding tax on all its transactions concerning U.S. securities, including the proceeds of sale of securities." http://en.wikipedia.org/wiki/Tax_haven#cite_note-53

It's already going into affect in the Caymen Islands, Panama, Costa Rica and pretty much every tax haven country that used to exist.