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blogBitcoin: Going from Deceptive to Disruptive (singularityhub.com)

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[–]zenms -11 ポイント-10 ポイント

The implications for taxation is the big story regarding any crypto currency. For the first time in the history of the world your money will be safe from confiscation by the thieving state.

[–]goldstarstickergiver 15 ポイント16 ポイント

Are you aware of why states collect taxes?

[–]blank89 4 ポイント5 ポイント

I don't think they are. Probably a fucking teenager libertarian.

[–]dyffryn [score hidden]

Because they can take it by force.

[–]Toy_Cop 4 ポイント5 ポイント

How do you figure? When I buy things online I'm almost always charged tax on the purchase.

[–]Bluemanze [score hidden]

You mean the thieving state that taught you how to read, keeps you from being murdered at a whim, and builds/maintains the roads you use to visit Grandma? Taxes are a good thing. Anarchy is only appealing to people who have no idea what an Anarchy entails. Go spend some time in rural Africa and get back to me.

[–]pampilho [score hidden]

For the first time in the history of the world your money will be safe from confiscation by the thieving state.

What a completely clueless thing to say.

Taxes are collected per transaction, including financial transactions, and it doesn't depend on what money is being used. Try investing your money in foreign currency and see what happens if you don't declare the extra revenue.

The FAQ of this bitcoin wiki even has a section dedicated to tax compliance, and there have been pretty explicit reports on how cryptocurrency is supposed to be taxed, like this bloomberg article on bitcoins.

[–]zenms [score hidden]

What a completely clueless thing to say.

No, in fact, you're the one who's clueless. From your link:

Taxes are collected per transaction, including financial transactions, and it doesn't depend on what money is being used.

The government has no way to track the transfer of bitcoins like it can for dollars. The government has no way of knowing how many bitcoins you or I possess at any given time, and the government cannot confiscate them from you or me. Bitcoin was specifically designed to avoid government regulation.

What you don't understand is how the IRS currently depends on banks and banking records in order to collect taxes. It also depends on companies sending it forms (such as 1099s) in order to facilitate tax collection. All of this goes away with bitcoin. Tax enforcement will simply be too expensive to be worth doing.

“The danger is the creation of an electronic black market, similar to the cash economy,” Joshua Blank, a tax law professor at New York University, said in a December interview. “That’s what the IRS wants to avoid.”

That is exactly what will happen. It is inevitable.

[–]moretastierest [score hidden]

You still buy things from businesses that keep inventories and information on sales that get reported to banks and government agencies. And you can still be audited and have to explain where all your stuff came from without any record of the expenditure.

[–]pampilho [score hidden]

The government has no way to track the transfer of bitcoins like it can for dollars.

Here's the clueless assumption. Some people have already learned this lesson the hard way.

And contrary to what mattered in the silk road case, no one needs to know what you've purchased with your cryptocurrency. The tax people only need to know that you've spent X amount of money in a transaction, and that you haven't paid its tax yet. And cryptocurrencies such as Bitcoin were designed to not only track this information but also make it public.

And fyi, contrary to your belief, real money transactions can't be tracked (if you pay with cash money) while with bitcoins the required information is made available to everyone.

So, yeah. Clueless.