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Author Topic: World govts fear Bitcoin because they can’t tax it – John McAfee  (Read 423 times)
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October 12, 2017, 09:47:20 PM
 #1

McAfee is very eccentric, but he is normal and logical when it comes to Bitcoin:

https://www.rt.com/business/406175-governments-fear-bitcoin-tax-revenue/

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October 12, 2017, 09:58:50 PM
 #2

John Mcafee is right, that the government is afraid because Bitcoin is not taxed,

the government will definitely try to impose a tax on Bitcoin they will surely look for such a way,

as Google , 2 years recently Google in my country is taxed, the government is cunning, lol Cheesy

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October 12, 2017, 10:05:52 PM
 #3

Governments can tax exchanges and they can say what is legal tender and what is not. Suppose a government dictates that you cannot pay with BTC? You would still be able to buy some old furniture from a neighbor with BTC, but you couldn't pay a flight ticket, or at a restaurant with BTC. Any government can do it. I don't think they're much afraid...
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October 12, 2017, 10:10:04 PM
 #4

The combination of chain analysis and the stranglehold they have over exchanges and payment processors means they can tax it just as easily as anything else.

In this day and age attempting to hide any money from The Man is a complete nightmare. You have stuff like Monero but unless you find someone else who's interested in taking it and has little interest in turning it into usable money then you're kind of back where you started.

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October 26, 2017, 06:05:10 PM
 #5

John McAfee: ‘Bitcoin moves above  $500,000 within three years. Bets?’
https://twitter.com/officialmcafee/status/887012614131372032

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John McAfee: ‘I will eat my d-ck’ on national television if I lose $500K Bitcoin bet

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October 29, 2017, 01:50:36 PM
 #6

believe me they will end up taxing it lol; they would not how though. but dude if they can land their hands on anything they will.
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October 29, 2017, 02:00:25 PM
 #7

it is not really a hard thing to guess though.
every time there is a news about some country or some government talking about bitcoin and voicing their concern, specially when it is some government official, the central bank CEO for example, they always say something about taxes and talk about the difficulty bitcoin presents when it comes to that.

i am surprised though. why not just follow what Japan and a couple of other countries did? there is even a proposal to US congress to do this. they simply remove taxes from bitcoin payments but take taxes from those who trade it, or take taxes when you buy bitcoin to spend.

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October 29, 2017, 02:06:21 PM
 #8

I usually don't agree with this crazy dude, but now I think he is totally right. If countries could tax Bitcoin we would see the crypto being quickly adopted in the countries with the strongest economies and even in the Stock Exchanges all around the world. Here in my country, Bitcoin is denominated as an passive active and the tax fee is 15%.


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October 29, 2017, 02:07:09 PM
 #9

It does not look governments are afraid of Bitcoin. At least, not yet. That's because people usually sell Bitcoin for fiat money in order to get profits. There are really few people who don't use Bitcoin for speculative purposes. So as long as people convert BTC to USD or other fiat money, governments can not be so worried about cryptos.

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October 29, 2017, 02:07:30 PM
 #10

Exactly they can't tax or regulate it therefore have no control over Bitcoin which means they can't abuse the system like they do in fiat.
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October 29, 2017, 02:30:36 PM
 #11

Governments can tax exchanges and they can say what is legal tender and what is not. Suppose a government dictates that you cannot pay with BTC? You would still be able to buy some old furniture from a neighbor with BTC, but you couldn't pay a flight ticket, or at a restaurant with BTC. Any government can do it. I don't think they're much afraid...

Yes they can tax exchanges, but only normal and centralized ones. What about the decentralized exchanges, that operate on the blockchain? There is nothing they can do about those, and that's why bitcoin can't really be regulated. As McAfee also said one day, bitcoin can only regulate itself, and he is right about that. We, as users, can decide how much regulation we accept, and that's one of the beauties of bitcoin.

We can choose not to pay taxes from our coins if we want, it will be hard for governments to track us, but the question is, why would we do that? It's perfectly fine to pay some taxes from bitcoin, as long as they are not abusive. We all win if we do that, let's not be greedy.

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October 29, 2017, 02:34:34 PM
 #12

Bitcoin will need to be taxed in the future. This is not a bad thing it will mean it becomes more mainstream. and this will drive the price up and up.

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October 29, 2017, 02:45:15 PM
 #13

It's actually very simple. If you want to have more control and force people to pay tax over their gains for example, then force exchanges to submit user information directly to the government. In the same way they could force other services do to the same. I am quite sure that it's just a matter of time before these kind of regulations will be utilized (give it two years at most). Governments are catching up, which costs time, so we have to prepare ourself for what has to come, and potentially focus on other means of exchanging Bitcoin (P2P) for those who don't want to go through all of this. That being said, I don't really think the average joes will see any problems when it comes to paying tax. Their wealth gets taxed, their gains through whatever non crypto investment gets taxed, their income gets taxed, etc. For them it's nothing strange at all.

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October 29, 2017, 02:52:23 PM
 #14

Interesting piece of article which is saying the whole truth on the problem what Bitcoin has created. Being a decentralized currency made it more harder for the government to support Bitcoin and other cryptocurrencies even though they want too by supporting them it may lead to a loss in revenue for the country. Even if their citizens and businesses are required to spill out their Bitcoin addresses you cannot distinguish what the transaction is for from payments to remittances their is no way to label it for the taxing department.

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October 29, 2017, 03:16:26 PM
 #15

Governments can tax exchanges and they can say what is legal tender and what is not. Suppose a government dictates that you cannot pay with BTC? You would still be able to buy some old furniture from a neighbor with BTC, but you couldn't pay a flight ticket, or at a restaurant with BTC. Any government can do it. I don't think they're much afraid...
Definitely,governments fear that they would not be fully able to control and trace all bitcoin transactions even by imposing strict regulations over bitcoin exchanges.We saw that PBOC of china also tried its best to regulate bitcoin exchanges and at last,china government thought that it would not work and started strict actions against bitcoin.

Tax is the main source of revenue for any government and no government would sit silently losing it.



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October 29, 2017, 03:25:01 PM
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Governments can tax exchanges and they can say what is legal tender and what is not. Suppose a government dictates that you cannot pay with BTC? You would still be able to buy some old furniture from a neighbor with BTC, but you couldn't pay a flight ticket, or at a restaurant with BTC. Any government can do it. I don't think they're much afraid...
Definitely,governments fear that they would not be fully able to control and trace all bitcoin transactions even by imposing strict regulations over bitcoin exchanges.We saw that PBOC of china also tried its best to regulate bitcoin exchanges and at last,china government thought that it would not work and started strict actions against bitcoin.

Tax is the main source of revenue for any government and no government would sit silently losing it.

Sad but it would be hard for the government to imposed tax to each transaction we will made, and to think that it would be a delicate process, monitoring everyone and each assets would be verified and be stated, i don't think it will woro that easily, as i prefer that so many people would complain and most importantly the bitcoins important asset will be no value if this kind of process happens, they were scared because they cannot emerge and control something that is my opinion why.

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October 29, 2017, 03:28:54 PM
 #17

This is like kicking in an open door. Yes of course governments want to stay in control, who would have thought  Roll Eyes

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October 29, 2017, 03:40:27 PM
 #18

McAfee is very eccentric, but he is normal and logical when it comes to Bitcoin:

https://www.rt.com/business/406175-governments-fear-bitcoin-tax-revenue/
No worry about bitcoin holders, if the govt work with developers they will find solution how to maxmize tax earning from bitcoin bagholders. the key is exchangers. for all crypto not only bitcoin users must pay tax via exchangers.

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October 29, 2017, 03:49:38 PM
 #19

Sad but it would be hard for the government to imposed tax to each transaction we will made, and to think that it would be a delicate process, monitoring everyone and each assets would be verified and be stated, i don't think it will woro that easily, as i prefer that so many people would complain and most importantly the bitcoins important asset will be no value if this kind of process happens, they were scared because they cannot emerge and control something that is my opinion why.

Partially understand this, but the thing is, some countries are starting to include tax in Bitcoin - in fact, many already have, like US, UK, Japan, and you can be charged for tax evasion if your profits in Bitcoin are not reported. Online registered companies dealing with Bitcoin can be easily tracked, no problem, but for those that are freelancing or trading for Bitcoin, it's more tricky.

It is not impossible though, when you convert your Bitcoins to fiat, you will leave footprints, hence it is still traceable and Bitcoin is not completely non taxable. It is because the Governments cannot control your Bitcoins, which makes them fear it as now they would have less power, and their currency may even decrease in value in the future, which is the case in China. Tongue

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October 29, 2017, 03:51:23 PM
 #20

It is always been the case.  Government in any country have not set in place any laws to regulate Bitcoins and cryptocurrencies. As more and more people globally are turning into bitcoins,  this will be a problem to banks and government as banking business and taxes will be affected.  Mccaffe is right that govt should focus on their legislating rules for ICO to prevent scams.

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