Bitcoin and Cryptos are "printing money at home". it's illegal

[dollarneed]

Cryptocurrencies is like printing money at home because Bitcoin and cryptos are decentralization of currency making.

Centralization of currency making means only central banks of each country can print money/currency (US Dollar, Euro etc..)

Printing money at home or in factory is illegal in all the countries. 

This is the reason Economist "Marc Faber" said "there is will 10,000 cryptocurrencies and the bubble will burst" 

Remember bitcoin is not only a currency but also as an investment like gold, we have rights for what we have. If you're thinking that we create money i think you're wrong we're just mining like gold and what if I find gold on the surface of my property is it illegal? I don't think so it would belong to the person on the land in which the materials were found as well as bitcoin, my government has banned bitcoin as currency but not as stock, so you can mine bitcoin but don't ever think transact with them you will get punish.

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[darkangel11]

i'm still not sure i believe that BTC is the "nail in the coffin" for governments. decentralized money is attractive for various reasons, but that doesn't mean that citizens will completely abandon sovereign-backed money. in fact, they can't.... not without overthrowing national tax regimes entirely. some bitcoin supporters say, "just stop paying taxes! taxation is theft!" famous last words before prison....

We might be closer to this than you might think. Even now. If I wanted to I probably would be able to avoid most taxes with the use of cryptocurrencies. I'd still have to pay VAT on my purchases, but the rest could be mitigated with enough effort.
Say I'd work for BTC alone, without having any fiat income. I'd be trading, claiming airdrops, writing in a sig campaign, have a job on the forum, like some moderators, campaign managers, you name it. It would be possible to earn more than enough to make an honest living anywhere in the world. Then proceed with buying all the stuff that you need online and ordering food from restaurants that accept BTC and you're all set. No fiat transactions = no taxes. The only problem would be paying the property tax since the government doesn't accept cryptocurrencies, but some of us are still living with our parents

[pooya87]

Cryptocurrencies is like printing money at home because Bitcoin and cryptos are decentralization of currency making.
Centralization of currency making means only central banks of each country can print money/currency (US Dollar, Euro etc..)
Printing money at home or in factory is illegal in all the countries. 
This is the reason Economist "Marc Faber" said "there is will 10,000 cryptocurrencies and the bubble will burst" 

"Economist" my ass. printing money which is illegal means you acquire the paper that cash uses then use the same printing machines and print the same cash bills. this is illegal not creating your own medium of exchange. you can decide to use rocks as a medium of exchange and nobody can tell you otherwise. or go back to hundreds of years ago and exchange goods with each other (silk with sugar,...) and stop using the government issued fiat. and there is nothing illegal about that.

[Vaskiy]

This is not the form of printing money at home. It is all about the technology advancement which is into development for the support of banking services. In specific it ease the process involved in the transaction without any intermediary. The same when got multiple usage, it got more value and has termed it to be similar to currency and not currency.

[Chris!]

Cryptocurrencies is like printing money at home because Bitcoin and cryptos are decentralization of currency making.

Centralization of currency making means only central banks of each country can print money/currency (US Dollar, Euro etc..)

Printing money at home or in factory is illegal in all the countries.  

This is the reason Economist "Marc Faber" said "there is will 10,000 cryptocurrencies and the bubble will burst"  

I guess you're going to have to get busy reporting people to the authorities. I heard that there are a few people around the world mining so it may be a little difficult to find them, but I believe in you.

Don't listen to the haters. I know you can do it. Go for it.

Edit: 1111th post, make a wish!

[rommelzkie]

We are not on 1,000 crypto list (actively traded). so the 10,000 list of all crypto is still a long way to go. remember that government starts to regulate ICO so we expect that ICO will be slower this year unlike last year 2017.

Maybe by year 2100 we will reach 10,000 crypto list then the bubble will happen. just imagine that scenario. 

[Kakmakr]

If two farmers decide to trade produce from their farms, then that is defined as a currency too. The one farmer grows tomatoes and the other one Oranges. How will the government stop that from happening? This is the same for Bitcoin too, with a miner "growing" bitcoins and selling that at a market price, determined by Supply and demand. <Same with the price of Oranges and Tomatoes>

In Bitcoin, people trade Cash <Fiat> for bitcoins. This is why the government defined it as a Commodity. Most people believe that a Currency can only be defined as a Currency, if it is issued by a central Government. I would rather define Bitcoin as a hybrid technology. <Currency&Commodity>

[trickyriky]

cryptocurrencies are, well, NOT money. Therefore there is nothing wrong with creating them. you are Printing nothing. If you really want to equate it to something "real", you could say you're "Printing tokens", and you can do that to your heart's content.

It is true. Cryptocurrency is not money in full understanding of this word, that is why when you printing it (as it was called in the post), you do not do anything illegal. Mining cannot be an illegal business as for me, and I do not understand why it is restricted in some countries.

[ParveZ219]

Cryptocurrencies is like printing money at home because Bitcoin and cryptos are decentralization of currency making.

Centralization of currency making means only central banks of each country can print money/currency (US Dollar, Euro etc..)

Printing money at home or in factory is illegal in all the countries. 

This is the reason Economist "Marc Faber" said "there is will 10,000 cryptocurrencies and the bubble will burst" 

Cryptocurrency doesn't means printing money at home... cryptocurrency are already made...As like energy can neither be destroyed nor created...same is the cryptocurrency...It is created by someone God father and they keep the ratio among then...

But why people become rich?
As the price of the cryptocurrency is so much unstable so they are transferring from one to another cryptocurrency which we generally call trading..

Its not illegal.

[figmentofmyass]

i'm still not sure i believe that BTC is the "nail in the coffin" for governments. decentralized money is attractive for various reasons, but that doesn't mean that citizens will completely abandon sovereign-backed money. in fact, they can't.... not without overthrowing national tax regimes entirely. some bitcoin supporters say, "just stop paying taxes! taxation is theft!" famous last words before prison....

We might be closer to this than you might think. Even now. If I wanted to I probably would be able to avoid most taxes with the use of cryptocurrencies. I'd still have to pay VAT on my purchases, but the rest could be mitigated with enough effort.
Say I'd work for BTC alone, without having any fiat income. I'd be trading, claiming airdrops, writing in a sig campaign, have a job on the forum, like some moderators, campaign managers, you name it. It would be possible to earn more than enough to make an honest living anywhere in the world. Then proceed with buying all the stuff that you need online and ordering food from restaurants that accept BTC and you're all set.

with trading, it's getting riskier to keep money on unlicensed exchanges. what happened to btc-e could easily happen to other exchanges that don't enforce KYC. decentralized exchanges will help with no-KYC trading itself, but cashing out of BTC to your bank (or getting cash in hand) is difficult to do without giving ID now. this might be less of an issue for non-US traders. but after the coinbase/IRS case and all these cases against localbitcoins traders, cashing out in ways that avoid paper trails is pretty tough for americans.

also, don't you need to cover things like rent and utilities? medical expenses? other things that can't be covered in cryptocurrencies? aside from amazon and uber eats (via gift cards), my options are fairly limited.

No fiat transactions = no taxes.

not necessarily. in the USA, any transaction that realizes a gain is taxable, whether or not it involves fiat money.

[copoyes]

it seems can not in conclusion print money at home because cryptocurency there is a market up and down can be in everyone's clay
perhaps more precisely a job that can be kept at home

[odolvlobo]

Show me a U.S.  law that says that "printing money at home" is illegal.

You might be thinking of these, but they obviously do not apply to cryptocurrency.

18 U.S. Code § 472 - Uttering counterfeit obligations or securities
Whoever, with intent to defraud, passes, utters, publishes, or sells, or attempts to pass, utter, publish, or sell, or with like intent brings into the United States or keeps in possession or conceals any falsely made, forged, counterfeited, or altered obligation or other security of the United States, shall be fined under this title or imprisoned not more than 20 years, or both.

18 U.S.C. § 486. Uttering coins of gold, silver or other metal
Whoever, except as authorized by law, makes or utters or passes, or attempts to utter or pass, any coins of gold or silver or other metal, or alloys of metals, intended for use as current money, whether in the resemblance of coins of the United States or of foreign countries, or of original design, shall be fined under this title or imprisoned not more than five years, or both.

Also, if you are going to say that something is defined as 'blah blah blah", at least use an accepted definition, and not some definition that you have invented.

The U.S. government does not define cryptocurrency as a "commodity". FinCEN defines it as a "virtual convertible" currency, where "virtual" means "not legal tender", "convertible" means easily convertible to "real" currency.

For taxation purposes, the IRS considers a cryptocurrency to be a "property".

[monkeydominicorobin]

Cryptocurrencies is like printing money at home because Bitcoin and cryptos are decentralization of currency making.

Centralization of currency making means only central banks of each country can print money/currency (US Dollar, Euro etc..)

Printing money at home or in factory is illegal in all the countries. 

This is the reason Economist "Marc Faber" said "there is will 10,000 cryptocurrencies and the bubble will burst" 

Bitcoin is not tangible. So how can you print it at home. Bitcoin is not even in your home. So there is everything wrong with their layman's  definition of cryptocurrency.

[Rulelies]

Remember cryptocurrency is digital. It's virtual money so it's not something you can feel or touch. By the way no one is printing money at home. Money is gained when you successfully update transactions and you do it quick too. And mind you, every cryptocurrency has their maximum supply at every point. These thing regulates the amount of Bitcoin in circulation.

[guxu219]

There already are 10000+ cryptocurrencys,heck you yourself can make 10000 cryptocurrencys in a single day with ERC20

[obinine]

cryptocurrencies are, well, NOT money. Therefore there is nothing wrong with creating them. you are Printing nothing. If you really want to equate it to something "real", you could say you're "Printing tokens", and you can do that to your heart's content.

Good point, it’s like calling farming World of Warcraft accounts and selling them as printing money at home lmfao

[morrisby25]

cryptocurrencies are, well, NOT money. Therefore there is nothing wrong with creating them. you are Printing nothing. If you really want to equate it to something "real", you could say you're "Printing tokens", and you can do that to your heart's content.

Barter system is also good  

I give you 1000 kilos wheat, you give me a laptop/computer. Producers get all the control.  

Exactly, what is currency anyway? Something we assign a fixed value. That’s like saying freelancers are printing money