Swiss account holders will need a new store of value...

[abercrombie]

Looks like the SWISS banking system will no longer be a tax haven from respective governments.

http://www.swissinfo.ch/eng/business/tax-evasion_swiss-say-goodbye-to-banking-secrecy-/42799134

Those with huge cash stores will need some other new store of value.

Wonder what that could be?  BTC

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[alyssa85]

Bitcoin isn't really anonymous though, it is pseudonymous. It only works as tax haven if the holder is super-discreet and doesn't trip various wires, like selling a lot in one go.

[Cereberus]

Bitcoin isn't really anonymous though, it is pseudonymous. It only works as tax haven if the holder is super-discreet and doesn't trip various wires, like selling a lot in one go.

Pseudo anonymous can be converted to fully anonymous with the right tools, VPN+TOR, Tails+Electrum, Converting bitcoin to Monero being the best options to remain discreet.

Bitcoin is really a new store of value. The Swiss account holders can buy the most fancy hardware wallet for such purpose.

[LFC_Bitcoin]

Bitcoin isn't really anonymous though, it is pseudonymous. It only works as tax haven if the holder is super-discreet and doesn't trip various wires, like selling a lot in one go.

Pseudo anonymous can be converted to fully anonymous with the right tools, VPN+TOR, Tails+Electrum, Converting bitcoin to Monero being the best options to remain discreet.

Bitcoin is really a new store of value. The Swiss account holders can buy the most fancy hardware wallet for such purpose.

Let's hope so, I for one welcome them with open arms, Lord knows we need some big, mainstream investment.

[Mometaskers]

Well looks like they'll have to switch to cryptos if they want to be able to keep their money tax-free. Bitcoin would be the most suited to it and they have the money to buy whatever hardware it would require to protect their possession. I sure would do the same if I win the lottery -- convert a large part of it to crypto for safe-keeping.

[Yakamoto]

Bitcoin isn't really anonymous though, it is pseudonymous. It only works as tax haven if the holder is super-discreet and doesn't trip various wires, like selling a lot in one go.

As long as you make yourself small and don't leave anything obscenely obvious, it is fairly hard to make a case as to who owns what address. Just never use your real info, always use pseudonyms, all that jazz.

Bitcoin can be a fine tax haven. Just never exchange it all at once and always make sure that you work with people that are trustworthy.

[Xester]

Looks like the SWISS banking system will no longer be a tax haven from respective governments.

http://www.swissinfo.ch/eng/business/tax-evasion_swiss-say-goodbye-to-banking-secrecy-/42799134

Those with huge cash stores will need some other new store of value.

Wonder what that could be?  BTC

If swiss account could no longer hold secrecy then bigtime whales and investors will likely explore bitcoin. Bitcoin can provide them with the secrecy that they need. If this happens bitcoin may survive the threat of the central banks to go digital. This may cause another giant explosion of price increase since billions of investment will enter into bitcoin.

[RoommateAgreement]

this can indeed be a new era as the article says but a new era for cryptocurrencies which have no central authority to be handing out these kinds of information. in my opinion this can be a launchinig switch for bitcoin so that lots of investors move their money into bitcoin holding.

[Dude.Lebowski]

Bitcoin isn't really anonymous though, it is pseudonymous. It only works as tax haven if the holder is super-discreet and doesn't trip various wires, like selling a lot in one go.

However Bitcoin can not be seized like bank accounts. This feature is priceless.

[Pursuer]

Bitcoin isn't really anonymous though, it is pseudonymous. It only works as tax haven if the holder is super-discreet and doesn't trip various wires, like selling a lot in one go.

However Bitcoin can not be seized like bank accounts. This feature is priceless.

it can, it is counted as an asset if the court wants to and they can order the law enforcement to seize your assets with bitcoin included.
if I am remembering this right, it was BurtW who had a similar experience when they seized all his bitcoin.

[Amph]

Bitcoin isn't really anonymous though, it is pseudonymous. It only works as tax haven if the holder is super-discreet and doesn't trip various wires, like selling a lot in one go.

Pseudo anonymous can be converted to fully anonymous with the right tools, VPN+TOR, Tails+Electrum, Converting bitcoin to Monero being the best options to remain discreet.

Bitcoin is really a new store of value. The Swiss account holders can buy the most fancy hardware wallet for such purpose.

not if you then use your coin to purchase something on which you have your shipping address, and if bitcoin will be used on today like a currency(i hope so) then its anonymous will be destroyed completely

[Jet Cash]

I'm getting the feeling that Bitcoin will become a reserve currency more than a trading currency. The new bank and government offerings will become difficult competion in the trading arena. To gain credibility as a reserve currency, it needs to move gambling sites out of the main structure. Perhaps someone could start a sidechain for gambling sites in the same way that Neteller helped fiat transfers.

[Shiroslullaby]

There are still plenty of tax havens like the Cayman Islands, for example.
Some tech-smart investors will move to new methods like Bitcoin, but most will follow the tried and true methods of hiding their money in offshore accounts.
It will take a while but eventually crypto may become a part of investment portfolios. No one would risk putting their entire wealth in something so unproven though.

[davis196]

Looks like the SWISS banking system will no longer be a tax haven from respective governments.

http://www.swissinfo.ch/eng/business/tax-evasion_swiss-say-goodbye-to-banking-secrecy-/42799134

Those with huge cash stores will need some other new store of value.

Wonder what that could be?  BTC

I thought that the Swiss banking system is huge because of the "banking secrecy" ,not

becasue of taxation.This should have happen a long time ago.

Anyway most of the people with Swiss bank deposits will move to offshore islands.

I don`t expect that they will start buying bitcoins.

[Dude.Lebowski]

Bitcoin isn't really anonymous though, it is pseudonymous. It only works as tax haven if the holder is super-discreet and doesn't trip various wires, like selling a lot in one go.

However Bitcoin can not be seized like bank accounts. This feature is priceless.

it can, it is counted as an asset if the court wants to and they can order the law enforcement to seize your assets with bitcoin included.
if I am remembering this right, it was BurtW who had a similar experience when they seized all his bitcoin.

Not using Bitcoin properly is totally possible. But using it properly is the preferred method.

[Juggy777]

Looks like the SWISS banking system will no longer be a tax haven from respective governments.

http://www.swissinfo.ch/eng/business/tax-evasion_swiss-say-goodbye-to-banking-secrecy-/42799134

Those with huge cash stores will need some other new store of value.

Wonder what that could be?  BTC

About time this would be happening, the world is now waking up to corruption and even children know that swizz is the biggest tax haven. I do hope they do not use btc as a tax haven. It will get btc a bad name. And the government will then suspect every btc user. It will be dam annoying. Let's hope they stay away from btc for good. Already the government would have eyes on btc and this would empower them to open unnecessary trails again users.

[BTCLovingDude]

Looks like the SWISS banking system will no longer be a tax haven from respective governments.

http://www.swissinfo.ch/eng/business/tax-evasion_swiss-say-goodbye-to-banking-secrecy-/42799134

Those with huge cash stores will need some other new store of value.

Wonder what that could be?  BTC

I thought that the Swiss banking system is huge because of the "banking secrecy" ,not
becasue of taxation.This should have happen a long time ago.
Anyway most of the people with Swiss bank deposits will move to offshore islands.
I don`t expect that they will start buying bitcoins.

i was thinking a similar thing to what you say about the offshore account and people move to other offshore bank accounts.

but the problem is that Swiss banks were the safest option for anybody who wanted to have such accounts for holding money and others are not so much the same, but bitcoin is offering a lot more safety than any other option apart from its price.

[thejaytiesto]

Looks like the SWISS banking system will no longer be a tax haven from respective governments.

http://www.swissinfo.ch/eng/business/tax-evasion_swiss-say-goodbye-to-banking-secrecy-/42799134

Those with huge cash stores will need some other new store of value.

Wonder what that could be?  BTC

it was only a matter of time when that happened, swiss bank privacy would eventually end, but the swiss are smart and they have been investing a lot in bitcoin infrastructure, just look at the amount of ATM that you can use in Switzerland. So it's clear what they are going to do: they are going to aim to be the most bitcoin friendly country on the planet, that is going to be their future niche. If they cant no longer provide bank privacy, they will provide bitcoin privacy.

[RealBitcoin]

To prevent losing its status as a global financial hub, Switzerland signed the convention in 2014. The Swiss parliament approved the deal in 2015 and the treaty was ratified in 2016.

This is a bullshit argument.

In fact this policy is what will actually make Switzerland lose it's status as global hub (together with other BS laws that the EU is pushing on them). Rich people will immediately move their money to Singapore, Cayman Islands or Hong Kong.


The swiss are idiots , now most rich people will immediately transfer their money out of there if they havent so already.

They might even look into Bitcoin.

[cellard]

To prevent losing its status as a global financial hub, Switzerland signed the convention in 2014. The Swiss parliament approved the deal in 2015 and the treaty was ratified in 2016.

This is a bullshit argument.

In fact this policy is what will actually make Switzerland lose it's status as global hub (together with other BS laws that the EU is pushing on them). Rich people will immediately move their money to Singapore, Cayman Islands or Hong Kong.


The swiss are idiots , now most rich people will immediately transfer their money out of there if they havent so already.

They might even look into Bitcoin.

Yeah it doesn't make sense. The rich will go wherever they can get away with paying as minimum taxes as possible, sad to see since the rich should be the ones paying taxes to help the ones that are poor as fuck and go from bill to bill (those people should be the ones paying no taxes in order to leave them a margin to be able to start their own businesses). Anyway Switzerland will either adopt Bitcoin or lose tons of money. It's not like Switzerland produces anything in the world, their only role is hiding rich celebrities and big businessman's money so why are they killing their own niche.