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Author Topic: Does the Government Hate Bitcoin?  (Read 1505 times)
AdaptQuickly
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October 09, 2013, 03:01:58 AM
 #1

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How does the United States Government feel about Bitcoin?


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Answer Grading Rubric:
1)Your opinion.

2)Evidence. (News article, academic journal...etc)


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DeathProxy
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October 09, 2013, 07:16:51 AM
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I'm hoping the government will not hate bitcoin. Because the government has all the power to destroy bitcoin network. They can create better asics, they have hundreds if not thousands of genius scientist and  most of all they can print unlimited money.

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October 09, 2013, 07:17:36 AM
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They haven't really said anything about it.  This depends, then, on your view of the role of the state: does the state have a vested interest in keeping its own currency #1?  If so, then yes, the state views Bitcoin as dangerous, and will inevitably stop its growth, likely by outlawing businesses from using it officially, to ensure the dollar remains king.  If the state is viewed as a benevolent entity, then one might say they will adapt to Bitcoin for its superior qualities, and allow it to flourish, or perhaps outlaw it in the name of public safety, perhaps to stop terrorist activity or something similar.

AFAIK the closest official statement about Bitcoin was in the form of FinCEN guidance, and they can't make laws, they only give advice.  From what I've observed so far, the state has shut down various exchanges for they did not comply with various regulations.  Otherwise, I've not noticed any action from the state in regard to Bitcoin.

So far, this is in considering the state.  Considering the government that occurs outside the state, I've not seen very many people actively oppose Bitcoin; I have seen several who claim to really not like it (typically followed with "It's a ponzi scheme!") but I've yet to see any actual business openly oppose Bitcoin.  Most claim they want to understand Bitcoin more before they integrate the currency into their business.  Weighing the amount of businesses and individuals who either accept Bitcoin as of right now or are considering using it, against the amount of people and businesses who have outright said they do not want Bitcoin (or anyone else to use it for that matter), the general consensus is that Bitcoin is good and deep in the green, or in the very least, is not detrimental to people as a whole.

This isn't such a stark contrast, then; the government from the state vs. the government from the people are generally aligned here: "What's Bitcoin?"  It's true; most people yet do not have an opinion about Bitcoin, nor has the state given any real statement on the matter.

I'd give it some more time before making a real judgment call; the currency is only 4 years old after all.  By the ten year mark, we should have a very clear understanding of where Bitcoin is going.  I also apologize if I've missed something recent; I've not kept a close eye on Bitcoin for a month or two now.

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October 09, 2013, 07:27:50 AM
 #4

I believe now the gov doesnt care because Bitcoin is in its adoption stage
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October 09, 2013, 10:00:41 AM
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The FBI has the wallet of Dread Pirate Roberts which contains something to the tune of 80 million bucks. The catch? They can't open it because they don't have the password and there's probably a backup of the wallet somewhere out there just waiting to be used by someone else. FBI hates BitCoin. Source: http://www.theguardian.com/technology/2013/oct/07/fbi-bitcoin-silk-road-ross-ulbricht

From another point of view, US poker players are about to discover that poker platforms that use BitCoin are anonymous. This effectively means an end to Black Friday (when US government decided that online poker is illegal) and it also means that the US gov won't see a dime out of it. Source: http://www.codingthewheel.com/archives/could-bitcoin-revolutionize-online-poker/

Finally, IRS has finally begun to take notice and they're most likely shitting bricks because BitCoin is very, very hard to tax. Source: http://www.politico.com/story/2013/08/bitcoin-tax-haven-95420.html

All in all, the US government either hates BitCoin, either is completely stupid and incompetent. I'd say the odds are 50/50 for each.

Cheers,

“It is not when truth is dirty, but when it is shallow, that the lover of knowledge is reluctant to step into its waters.” -Friedrich Nietzsche
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October 09, 2013, 11:29:48 AM
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Short answer : Yes

Because if Bitcoin replace USD then they can no longer print money, same goes to the whole world.

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October 09, 2013, 11:48:59 AM
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Bitcoin is not hard to tax, at least not harder than cash.
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October 09, 2013, 11:49:19 AM
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Not yet... Governments will hate bitcoin when it gets 100-1000 times bigger than now. However, by that time it won't matter. Governments are there to serve the people, people don't serve the governments.

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October 09, 2013, 05:32:46 PM
 #9

Not yet... Governments will hate bitcoin when it gets 100-1000 times bigger than now. However, by that time it won't matter. Governments are there to serve the people, people don't serve the governments.
yea they hate it...they cant tax it
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October 09, 2013, 05:36:49 PM
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Pretty sure they hate it, yeah.

AdaptQuickly
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October 09, 2013, 05:39:30 PM
 #11

They haven't really said anything about it.  This depends, then, on your view of the role of the state: does the state have a vested interest in keeping its own currency #1?  If so, then yes, the state views Bitcoin as dangerous, and will inevitably stop its growth, likely by outlawing businesses from using it officially, to ensure the dollar remains king.  If the state is viewed as a benevolent entity, then one might say they will adapt to Bitcoin for its superior qualities, and allow it to flourish, or perhaps outlaw it in the name of public safety, perhaps to stop terrorist activity or something similar.

AFAIK the closest official statement about Bitcoin was in the form of FinCEN guidance, and they can't make laws, they only give advice.  From what I've observed so far, the state has shut down various exchanges for they did not comply with various regulations.  Otherwise, I've not noticed any action from the state in regard to Bitcoin.

So far, this is in considering the state.  Considering the government that occurs outside the state, I've not seen very many people actively oppose Bitcoin; I have seen several who claim to really not like it (typically followed with "It's a ponzi scheme!") but I've yet to see any actual business openly oppose Bitcoin.  Most claim they want to understand Bitcoin more before they integrate the currency into their business.  Weighing the amount of businesses and individuals who either accept Bitcoin as of right now or are considering using it, against the amount of people and businesses who have outright said they do not want Bitcoin (or anyone else to use it for that matter), the general consensus is that Bitcoin is good and deep in the green, or in the very least, is not detrimental to people as a whole.

This isn't such a stark contrast, then; the government from the state vs. the government from the people are generally aligned here: "What's Bitcoin?"  It's true; most people yet do not have an opinion about Bitcoin, nor has the state given any real statement on the matter.

I'd give it some more time before making a real judgment call; the currency is only 4 years old after all.  By the ten year mark, we should have a very clear understanding of where Bitcoin is going.  I also apologize if I've missed something recent; I've not kept a close eye on Bitcoin for a month or two now.

Very insightful. It seems that the users of bitcoin are constructing their own future. If only there was a way to increase the exposure of the positive aspects of bitcoin while minimizing the negative.

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October 09, 2013, 06:16:30 PM
 #12

Some grovernments do hate bitcoin,like the US and the UK,and some actually support bbitcoin like Germany  Smiley
murraypaul
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October 09, 2013, 06:47:50 PM
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No, they don't hate it.
Try to think in a more adult manner, who would they?
If you use Bitcoin to sell drugs, or operate unregulated exchanges, they will try to shut you down. Just as they would if you used dollars, pounds or euros.
If you use Bitcoin to sell shoes, then as long as you pay your taxes, why should they care?

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October 09, 2013, 06:51:25 PM
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In the case of the UK Government - the HMRC doesn't consider it money but are keeping a close eye on it and could change their stance.

The UK Gambling Commission on the other hand consider Bitcoin to be "Money's Worth" and therefor UK Bitcoin Gambling sites almost certainly DO need a license. I think this runs contrary to most things I have read in the Gambling subforum here.

Quote
Dear Mr ButterflySammy,
  
Thank you for your email.
  
You mention that HMRC doesn’t recognise Bitcoin as currency, which is fine.
  
However, when it comes to gambling, the Gambling Act 2005 defines gambling as the ability to win prizes of money, or money’s worth.
  
While bitcoin can’t be classed as money, per se, it certainly counts as money’s worth.
  
The Gambling Commission receives a number of requests from people seeking advice or approval in setting up a business. We do not provide legal advice, **including advice concerning the correct interpretation of legislation**. Therefore, we cannot advise you regarding the viability or legality of a business idea. It is up to you to obtain your own business or legal advice.
 
Kind regards,
  
Licensing Officer
DodoB
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October 09, 2013, 06:51:43 PM
 #15

No, they don't hate it.
Try to think in a more adult manner, who would they?
If you use Bitcoin to sell drugs, or operate unregulated exchanges, they will try to shut you down. Just as they would if you used dollars, pounds or euros.
If you use Bitcoin to sell shoes, then as long as you pay your taxes, why should they care?

you answered your own question.
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October 09, 2013, 06:57:57 PM
 #16

The government wants to tax bitcoin, so no.
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October 09, 2013, 07:07:27 PM
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The government absolutely hates the Bitcoin. Its an anonymous way for people to send money thats hard for the government to even seize. After the fall of the Silk Road, i believe 60,000 BC's were confiscated, and the U.S couldnt even collect on half. Not only that, but the Bitcoin is a competing Fiat currency (meaning its value is derived from faith)  just like the dollar, only tradable worldwide and creating a huge exchange worth billions. One of the biggest problems BC allow is for easy laundering of huge amounts of cash, with privacy that really helps drug dealers hide that pile of money under the mattress into something digital, tradable, and non stealable. That being said, the BC was primarily developed in Europe and most of the hardware/ currency is stored there. Given time and the growing popularity given by the silk road bust, I think the U.S must eventually integrate the BC system.

http://cdn17.castfire.com/video/305/2242/8032/627455/cbsnews...

The troubling bit can be found at ~7:00 in the video.

Interviewer: "Are you worried about the government shutting you down?"
Jeff Garzik: "We're actually working with the government to register Bitcoin exchanges as MSB's, or Money Service Businesses; To make sure that the long arm of the government can indeed reach Bitcoin..."
Jeff Garzik: "The only way Bitcoins are going to be successful is working with regulation and with the government..."

Yes we are guna have problems.
BC will never replace gold, as with any Fiat system. WIth the falling value of the dollar... BC's do seem kinda appealing.

my 2cents

Victorinox

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October 09, 2013, 09:02:37 PM
 #18

They do not really hate it, but it might be hard to tax.
And to check how much "value" everyone owns.

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October 09, 2013, 09:34:25 PM
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I will be announcing the winner for best post in 24 hours! Now I need to get some bitcoins to pay the winner LoL. Anyone selling?

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October 09, 2013, 09:46:30 PM
 #20

No, they don't hate it.
Try to think in a more adult manner, who would they?
If you use Bitcoin to sell drugs, or operate unregulated exchanges, they will try to shut you down. Just as they would if you used dollars, pounds or euros.
If you use Bitcoin to sell shoes, then as long as you pay your taxes, why should they care?

you answered your own question.



If you sell shoes, well you have to tax because every customer is potential IRS employee
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