Being one that tends to avoid conflict; I'm curious if there's a rather direct approach to satisfy all parties / goals, without unnecessary complications. This, in regards to full implementation of both BTC and legal structure in countries. I would be curious what others think; though aspects of this have been discussed before, just not necessarily from this P.O.V.
So where is BTC now?.....
"
First they Ignore you,
Then they Laugh at you,Then they fight you, <<<We are here
Then you win."Further;
"Step 1 Collect Underpants,
. <<<We are here
Step 3 Take over the world"
Now with either of the above quotes; we only have one step left. "then we win" and "take over the world" It would seem however there is no "real" plan-of-attack from our current collected underpants and taking over the world.
So far 2 players have stepped up to make their initial decisions; Though it seems some are mainly struggling with spelling atm BitCoin, Bit-Coin etc.
http://fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html US says "It's a currency!!!"" In contrast to real currency, "
virtual" currency is a medium of exchange that operates like a currency in some environments, but does not have all the attributes of real currency. In particular, virtual currency does not have legal tender status in any jurisdiction. This guidance addresses "convertible" virtual currency. This type of virtual currency either has an equivalent value in real currency, or acts as a substitute for real currency."
http://bitcoinmagazine.com/germany-provides-leadership-for-bitcoin-tax-clarity/Germany Says "It's a commodity!!!"......the German language publication Die Welt declared that profits from the sale of bitcoins held as an investment are exempt from taxation if the coins are held for over one year."
"This parliamentary ruling defines bitcoins as a
privately held movable asset which as a classification are subject to capital gains tax only if the asset is sold within a year of purchase. "
Would it not be most logical, "at this current juncture and point in regulations with countries", to do the following:
1) Move BTC towards being a Commodity, rather than a currency. (E.G- Follow German interpretation of "Moveable Asset")
2) If BTC was a Commodity there would NOT need to be any "new" laws created to deal with the exchange or transaction of such commodity in any country.
3) Simple "constructs" defining BTC / Crypto as commodities and connected to, such existing laws; To validate the Crypto in said country, would only be required.
4) Allow global adoption, deflation and subsequent stabilization; to continue for X period with a target value (assume, exceedingly high at this point)
5) All / or some Countries "choose" to use BTC as a "Global Reserve Currency" (assumption being current financial situation is unsustainable in certain areas)
6) Any Country(ies) that choose this reserve then create their OWN currency,
off the BTC reserve; to use within their governed body. (E.G- every country could have its' own or several EU "style" variants)
PRO's:Any Country (or group of countries) now have created a new strong currency with which, they can move forward; without collapse and without loss of their sovereign wealth. This path would allow many benefits to all parties at, in general, a low risk.
-BTC can gain the global adoption, pricing, strength and stability it was designed for.
-Individual countries can still have their own currency and "do as they wish"; while still utilizing BTC as both the reserve, as well as, international transactions.
-Countries would not, then, need to compete on which, or how many total currencies there are; (E.G. no forced global or semi-global single currency)
-Countries could easily transfer monies to other countries via the reserve coin BTC; simplifying even international trade beyond current.
-This could bypass, to a large extent; the possibility of a large economic recession / depression on a global scale, as a direct result of debt load, inflation, etc etc.
-it would then be in all parties "best interest" to maintain stability and high value of BTC on a global scale; thus further stabilizing the global reserve itself.
-Many Long term issues with BTC; latency, transactions, block size etc. should be avoidable / marginal if the final utilization is as a reserve instead of a currency.
Avoidances:-BTC cannot be integrated to any country, as a currency, without complete development and regulations for adoption (for EVERY country to be global!). Solved above?
-It is very likely, on the current course; that some countries may ban (or make altogether impossible) the acquisition or use of BTC, as it's direct competition. Solved above?
-BTC as a dominate direct currency cannot become global (e.g. step 3 take over the world) without a collapse of the current system *at some point*. Solved above?
-Current banking systems, corporations, and governments are not likely to allow a new "currency" to proliferate if it, in any way, hurts their long term viability. Solved above?
-With current global political situations (and near future), it is not likely that ANY singular (or nearly singlular) currency could be agreed upon, nor would ever. Solved above?
-It is entirely possible, if not likely that; some countries, groups, or individuals will not be ready to adopt a fully digital currency system yet. Solved above?
Cons:-?
I apologize for not including more personality in the text above, however I wanted to keep it somewhat "bulleted" and short. I'm sure I am missing some items or perspective here, but wouldn't something like this be a "path of least resistance"? Would this also be the shortest path to the end goal "Then you win" and "step 3 take over the world"?
Finally, what are your thoughts?
