(Parody?) Elmer FUD: You MUST read this if you are holding any Bitcoins!!!

[Bit_Happy]

Can I buy Elmer's glue with Bitcoins, and what happens when I do?

If I am an American taxpayer, then I just traded "property" for a small bottle of white glue, and now I have to track and report the "capital gains" on my huge pile of Magic Internet Money, and when America successfully spreads their special form of "freedom" throughout the whole world, then everyone will have to report capital gains for even the smallest transactions, and people will see that Bitcoins are useless, and the world will find great value in the "Blockchain technology", but not BTC as money, and China will finally break Bitcoins' neck with a hard ban, not this "soft ban" that seems to have the worlds largest mining farms growing throughout the Red Empire, and once BTC falls to ZERO you will not be able to get even 20 cents for your "digital gold".

Now do you understand why Bitcoin is/was and always will be, just a silly toy for "libertarians" and wanna-be economic terrorists?  
...or maybe I am missing something and Bitcoin is still an exciting project?

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[Lauda]

Wait a second. Is this supposed to be some sort of a joke or are you serious with this?
If you are serious, then prepare for a huge storm. A lot of people hate these kinds of threads. I dislike them myself and could easily disprove the situation.

Update:

It says parody in the title.

There is a question mark if you haven't noticed.

[Moebius327]

Wait a second. Is this supposed to be some sort of a joke or are you serious with this?
If you are serious, then prepare for a huge storm. A lot of people hate these kinds of threads. I dislike them myself and could easily disprove the situation.

It says parody in the title.

[melody82]

The regulations in the usa were bought by big banks who don't want to deal with competition from cryptos.  The rules are pretty absurd, it would be like making everyone calculate the values of the usd vs the euro every time they bought a cup of coffee.  It really makes no sense.

As far as these regulations actually having a chilling effect on cryptos, I am not so sure.  There have been a couple of companies that recently moved out of new york because of the regulations there.  We are not talking about a business that needs a local presence like a bank does.  These guys can move shop, and they are moving shop, when the regulations get silly.

So I think that the big effect will be that companies who would have otherwise payed taxes, provided employment, and enriched their communities will move somewhere else where the climate is better, and then do those things at their new home.  

IMO the regulations have only backfired so far.

Edit: and I know, before you say it Moebius I did realize that it is a joke, but I can't help saying my opinion sometimes.

[QuestionAuthority]

Wouldn't it have been easier to just say America Sucks in bold print?

[Meuh6879]

every transaction are already trackable.
it's needed ... when you sell thing in a serious factory. 

bitcoin change nothing.
business man always need to track transaction for VAT (example, but not only ...).

[OROBTC]

...

Meuh6879

We do not have a VAT in the USA, but I am somewhat familiar with Peru's version of a VAT (they tax each transaction our bearing import company makes).

Our company there has to send every line item on every invoice that we produce (in other words, EVERYTHING we sell) via email on MS Excel spreadsheets to the Peruvian tax authorities.

That means that even if Bitcoin were popular in Peru, which it is NOT, then our company there would have a very hard time beating the tax man.

Only tiny little unincorporated businesses can get away from Peru's "VAT".  But, they can get caught, as most other businesses have to record THEIR info in transactions.  And Peru's tax collectors are as bad as any others...

[johnyj]

There are so many financial products and assets that you can't use to buy anything, but that does not stop you from trading them on exchanges and get some cash to spend

Bitcoin is the most abstraction form of asset that human ever invented, it does not have any physical form but it has the properties that any asset have: Exclusive ownership, the ability to satisfy certain customer demand, and generate return over time

[H.W.Z]

Many countries eliminates VAT For Bitcoin Transactions, like UK, Switzerland etc. It implies bitcoin is seen a payment method, not property any more by more and more countries. Although they haven't recognized bitcoin as currency yet. If some countries are still charging "capital gain" from Bitcoin, it will impact the development of bitcoin there. Business will remove from there, ppl will be reluctant to hold this useless internet money.

[pooya87]

~~~
Now do you understand why Bitcoin is/was and always will be, just a silly toy for "libertarians" and wanna-be economic terrorists?  
...or maybe I am missing something and Bitcoin is still an exciting project?

then why did you waste approximately 50 months of your life on a forum that is related to a project that is what you say it is.

[ajareselde]

Can I buy Elmer's glue with Bitcoins, and what happens when I do?

If I am an American taxpayer, then I just traded "property" for a small bottle of white glue, and now I have to track and report the "capital gains" on my huge pile of Magic Internet Money, and when America successfully spreads their special form of "freedom" throughout the whole world, then everyone will have to report capital gains for even the smallest transactions, and people will see that Bitcoins are useless, and the world will find great value in the "Blockchain technology", but not BTC as money, and China will finally break Bitcoins' neck with a hard ban, not this "soft ban" that seems to have the worlds largest mining farms growing throughout the Red Empire, and once BTC falls to ZERO you will not be able to get even 20 cents for your "digital gold".

Now do you understand why Bitcoin is/was and always will be, just a silly toy for "libertarians" and wanna-be economic terrorists?  
...or maybe I am missing something and Bitcoin is still an exciting project?

Not everyone is an American like yourself. Your country has many flaws, and it's laws together with it.
Like in case with Swiss,where VAT is voided for bitcoin transactions, it's obvious that your point is a flawed one. Try again.

~~~
Now do you understand why Bitcoin is/was and always will be, just a silly toy for "libertarians" and wanna-be economic terrorists?  
...or maybe I am missing something and Bitcoin is still an exciting project?

then why did you waste approximately 50 months of your life on a forum that is related to a project that is what you say it is.

Maybe he's one of those who are trying to troll, maybe he wants price to be lower, what ever it is, it's not working out for him.

cheers

[Kprawn]

I think what he is saying is.... Governments and FUD spreaders are talking down Bitcoin, but at the same time, they cash in on the Tax and Capital gains.

The Chinese are saying, they are banning Bitcoin, but at the same time, their citizens are building the strongest Bitcoin mining operations in the world.

People are saying one thing and doing the exact oposite. If Bitcoin was only a toy for Libetarians... Why are Banks interrested and Why are millions of dollars being pumped into VC investments?

That is my take on this.  

[PenguinFire]

Wouldn't it have been easier to just say America Sucks in bold print?

America sucks?  Is that why 100s of thousands immigrate to The United States for a better life.  Sure, America has its problem but so does any country.  I personally am very grateful to be a citizen of this fine county.

Also, funny use of words OP.  

[Acidyo]

This OP is absolutely ridiculous. lol Just shows how closed minded he is from the real picture. Please, carry on...give me more laughs to wake up to tomorrow.   

[S4VV4S]

Funny, much funny

I have one question though: Why would everyone (or anyone for that matter) in the whole world report capital gains to the U.S. government?

[Gleb Gamow]

Can I buy Elmer's glue with Bitcoins, and what happens when I do?

If I am an American taxpayer, then I just traded "property" for a small bottle of white glue, and now I have to track and report the "capital gains" on my huge pile of Magic Internet Money, and when America successfully spreads their special form of "freedom" throughout the whole world, then everyone will have to report capital gains for even the smallest transactions, and people will see that Bitcoins are useless, and the world will find great value in the "Blockchain technology", but not BTC as money, and China will finally break Bitcoins' neck with a hard ban, not this "soft ban" that seems to have the worlds largest mining farms growing throughout the Red Empire, and once BTC falls to ZERO you will not be able to get even 20 cents for your "digital gold".

Now do you understand why Bitcoin is/was and always will be, just a silly toy for "libertarians" and wanna-be economic terrorists?  
...or maybe I am missing something and Bitcoin is still an exciting project?

I'm goin' give you credit for crafting a well-constructed sentence. It was a pleasure to read, whereas most of great lengths seem overburden.

[Elwar]

If I am an American taxpayer, then I just traded "property" for a small bottle of white glue, and now I have to track and report the "capital gains" on my huge pile of Magic Internet Money, and when America successfully spreads their special form of "freedom" throughout the whole world, then everyone will have to report capital gains for even the smallest transactions, and people will see that Bitcoins are useless, and the world will find great value in the "Blockchain technology", but not BTC as money, and China will finally break Bitcoins' neck with a hard ban, not this "soft ban" that seems to have the worlds largest mining farms growing throughout the Red Empire, and once BTC falls to ZERO you will not be able to get even 20 cents for your "digital gold".

I think I found your problem...

[ammy009]

really ? Do you believe it ? then sell your bitcoins to me. I offer 40 cents (doubled you suggested 20 cents) ..........
 

[Kakmakr]

Funny, much funny

I have one question though: Why would everyone (or anyone for that matter) in the whole world report capital gains to the U.S. government?

Well if you decide not to do it, the IRS will hunt you down and seize your assets.
Are you saying it's not necessary to report capital gains in the USA? Elmer Fudge strikes again.  

 

[Elwar]

Funny, much funny

I have one question though: Why would everyone (or anyone for that matter) in the whole world report capital gains to the U.S. government?

Well if you decide not to do it, the IRS will hunt you down and seize your assets.
Are you saying it's not necessary to report capital gains in the USA? Elmer Fudge strikes again.  

I did not realize that the IRS was a worldwide organization. I wonder if Kim Jong Un gets pissed every time he has to file his US income taxes.