How will further rises affect government scrutiny?

[gentlemand]

Bitcoin and buddies is rapidly becoming something that can't be ignored by government, regulators and authorities. If this carries on many of them will be compelled to sort their shit out.

Do you think the majority will do anything beyond reasserting AML/KYC shite?

If they decide look a little closer they'd probably find an awful lot about the crypto market that they really, really don't like.

I think something being done to bring ICOs to heel is inevitable, but many of the exchanges don't cut it either. There aren't too many that you could consider fully compliant, that's if they even know what there is to comply with.

[aso118]

It is inevitable that there is further government scrutiny. There is talk about the US federal reserve getting worried. China has already shut down crypto exchanges and banned ICOs. India might take action. We could see concerted action soon.

[aardvark15]

Bitcoin and buddies is rapidly becoming something that can't be ignored by government, regulators and authorities. If this carries on many of them will be compelled to sort their shit out.

Do you think the majority will do anything beyond reasserting AML/KYC shite?

If they decide look a little closer they'd probably find an awful lot about the crypto market that they really, really don't like.

I think something being done to bring ICOs to heel is inevitable, but many of the exchanges don't cut it either. There aren't too many that you could consider fully compliant, that's if they even know what there is to comply with.

Governments are going to want to collect taxes on cryptocurrency profits. I think the IRS will be paying a lot of attention to exchanges where you can buy and cash out Bitcoins to see if people are claiming income from gains.

The tricky part is that my understanding is you don’t have to claim income until you cash out so no matter how much my Bitcoins are gaining in value, I don’t have to account for it until I sell. So the US government won’t see everyone claiming income from Bitcoins. Just the ones that start cashing out.

[cellard]

Bitcoin and buddies is rapidly becoming something that can't be ignored by government, regulators and authorities. If this carries on many of them will be compelled to sort their shit out.

Do you think the majority will do anything beyond reasserting AML/KYC shite?

If they decide look a little closer they'd probably find an awful lot about the crypto market that they really, really don't like.

I think something being done to bring ICOs to heel is inevitable, but many of the exchanges don't cut it either. There aren't too many that you could consider fully compliant, that's if they even know what there is to comply with.

Well, it is pretty obvious that the bigger you become, the more you are going to raise alarms for the government. They hate anything that is big and is not controlled by them. Things are getting serious now that $10,000 will be the new floor, and we are headed towards $100,000 in the next decade, so yes, I expect AML/KYC stuff to become strengthened on all exchanges. One of the reasons im scared to cash out is that they decide to steal all of my money with some bullshit excuse about how the funds are not clear. I think they may start doing this to people to scare them away from BTC.

But the main point is, it will be a war if they are not at least neutral about BTC. The bigger it becomes the less they are going to let it grow, but BTC will win in the long term.

[gentlemand]

Governments are going to want to collect taxes on cryptocurrency profits. I think the IRS will be paying a lot of attention to exchanges where you can buy and cash out Bitcoins to see if people are claiming income from gains.

The tricky part is that my understanding is you don’t have to claim income until you cash out so no matter how much my Bitcoins are gaining in value, I don’t have to account for it until I sell. So the US government won’t see everyone claiming income from Bitcoins. Just the ones that start cashing out.

Spending them is also realising a gain. I assume Bitpay and similar will be obligated to report sales above a certain level but that already probably applies to regular banking anyway.

The point where they'd truly lose their shit is when fiat is ignored completely and it becomes a closed loop. That is of course a rare thing but it's going to be ever increasing. Right now I'd be delighted to accept BTC for work and I'd hope someone else would be delighted to accept it for my needs.

Times that by a significant population and I wonder what happens next.

[bohr]

Bitcoin and buddies is rapidly becoming something that can't be ignored by government, regulators and authorities. If this carries on many of them will be compelled to sort their shit out.

Do you think the majority will do anything beyond reasserting AML/KYC shite?

If they decide look a little closer they'd probably find an awful lot about the crypto market that they really, really don't like.

I think something being done to bring ICOs to heel is inevitable, but many of the exchanges don't cut it either. There aren't too many that you could consider fully compliant, that's if they even know what there is to comply with.

Governments are going to want to collect taxes on cryptocurrency profits. I think the IRS will be paying a lot of attention to exchanges where you can buy and cash out Bitcoins to see if people are claiming income from gains.

The tricky part is that my understanding is you don’t have to claim income until you cash out so no matter how much my Bitcoins are gaining in value, I don’t have to account for it until I sell. So the US government won’t see everyone claiming income from Bitcoins. Just the ones that start cashing out.

When it comes to the IRS it is better to not guess and to be completely sure of what you need to do, in some countries you still need to report your holdings of bitcoin even if you are not realizing your potential profits, as you may guess that is nothing but a way to try to control you  and your money since the government wants to know how many coins you have and what is the current value of your holdings even if you do not have plans to cash out.