Government Furious

[Vatimins]

I am not for imposing taxes on transactions. However, if they are to ban bitcoin thoroughly, I will move along with the taxes because whether you like it or not, the government is more powerful than you and you can do nothing to it. On the other hand, taxes should not be high, otherwise users will get bored and they will stop transacting. And to be honest, taxes are better than getting bitcoin banned.

     I agree with you, I too hate the fact that there are taxes which is the first reason why I got into this industry in the first place. But as what you have said, we are powerless to oppose the decisions of the government. Which is why, there really is no other way to go but regulation if we really want mass adoption. Sure, taxes might be higher in the first few years but I think that it will probably drop due to a lot of complains.

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[BartS]

Governments don't do things that are good for the nation, maybe there are couple governments in whole world that do that, but most of them are working just for their own interest. They are corrupted, to much, only way to escape from this corruption is to change entire system.
Believe it or not, they will put people in jail (if that didn't happen already), they will go even further, some governments are capable for big evil. You can see that from the past.
Only thing that gives me hope are ordinary people across the world, blockchain give us a glance of what is better, people are awaking from some dream with crypto. We are more opened for better things, not what governments tell us its better, what really is better. Just decentralized system can help us to have fair world, and we must have go in that direction.

I have no doubt that governments have the potential of doing everything in their power to retain their position of power above the population, but at the same time it will be impossible, just look at piracy, every year people all over the world download software, movies, books, games and music for free without paying a single cent to those that created that content and even with a very aggressive campaign by the media, by the producers of those contents and by the government itself and yet people keep doing it, why? Because it's impossible to catch them all.

[megamanexe002]

The capitalization of bitcoin transactions reaches billions of dollars but governments of any country can not get revenues or income from these transactions and this makes governments in many countries complain of the existence of bitcoin because it is considered a threat to the economy of a country. Should tax apply to users who do bitcoin transactions? When are users comfortable with this situation? what is the right regulation to address these issues to help each country improve its economy?

That's the reason why cryptocurrency is very profitable, its because of the taxless transactions and government are just envy about cryptocurrencies growth that's why they want to ban bitcoins.

[Quidat]

Governments don't do things that are good for the nation, maybe there are couple governments in whole world that do that, but most of them are working just for their own interest. They are corrupted, to much, only way to escape from this corruption is to change entire system.
Believe it or not, they will put people in jail (if that didn't happen already), they will go even further, some governments are capable for big evil. You can see that from the past.
Only thing that gives me hope are ordinary people across the world, blockchain give us a glance of what is better, people are awaking from some dream with crypto. We are more opened for better things, not what governments tell us its better, what really is better. Just decentralized system can help us to have fair world, and we must have go in that direction.

I have no doubt that governments have the potential of doing everything in their power to retain their position of power above the population, but at the same time it will be impossible, just look at piracy, every year people all over the world download software, movies, books, games and music for free without paying a single cent to those that created that content and even with a very aggressive campaign by the media, by the producers of those contents and by the government itself and yet people keep doing it, why? Because it's impossible to catch them all.

This is true which they might really have the control on bigger vicinity but it wont able to cope up 100% which means there would be still exploits or people would take advantage without being sued or caught out by the government itself but even though we people always do prefer on things which are being regulated where we do somehow feel secure coz everything can really be identified.

[richardsNY]

I have no doubt that governments have the potential of doing everything in their power to retain their position of power above the population, but at the same time it will be impossible, just look at piracy, every year people all over the world download software, movies, books, games and music for free without paying a single cent to those that created that content and even with a very aggressive campaign by the media, by the producers of those contents and by the government itself and yet people keep doing it, why? Because it's impossible to catch them all.

It's quite different because in case of you downloading and especially sharing pirate content, you are actually doing something wrong. While I agree that it's impossible to punish the majority of the people sharing pirate content, it does happen occasionally. It's not for nothing that a lot people now are using either VPN's or dedicated servers to distract attention away from their own download location. It's basically a case of better safe than sorry. On top of that, if you download stuff from your home computer, your IP is publicly known, and thus you can be held responsible for your actions, while if you transact with Bitcoin, only the IP of the first node is basically your taint. In most lightweight clients you can choose the node you connect to or you can even manually connect to a node of your choice. Authorities can't do anything about it.

[Elseye]

That's not a surprise, I guess that they are seriously afraid of such a big and independent thing.

[Axelion]

It is hard to regulate it. You can ''catch coin holders at exchanges, but they can make new coins in their wallets with staking etc.
I'm not worried about regulation. Soros, Rothschild and other worry me. Implementing their game they could hurt this beautiful world.

[boled]

Bitcoin does not belong to one country, bitcoin belongs to us all. The state can not impose a tax on bitcoin on personal transactions. The government can only impose a tax on market and banking transactions. I dont know the tax rules in other countries, but in my country (Indonesia) there is an Income Tax. Company Employee Salaries, State Employees, teachers' salaries, doctor salaries, police salaries, army salaries, agricultural products, etc. everything is taxed. If it must be applied to bitcoin, then the taxable is the proceeds of the sale, or after bitcoin is withdrawn into a bank account in the currency of a country. Unless the state is willing to acknowledge officially, that bitcoin is a currency or item of value. by making rules and protecting them through legislation.

[Lakash]

If this is to become an issue, this is very broad. Why would a government of any country should tax bitcoin and bitcoin owners/holders? Bitcoin does not belong to any country.

[Ayaah]

i dont think bitcoin should be taxed. or should it be taxed? would a government of a country could tax bitcoin? i dont think so.

[mimienamphine]

Well governments can be furious because it is losing taxes due to the technology that blockchain has implemented to solve financial problems.With time when all citizens finally accept btc,then at that time no government can stop bitcoin from reaching the peak that it is set to get to soon.

[Labajah]

The capitalization of bitcoin transactions reaches billions of dollars but governments of any country can not get revenues or income from these transactions and this makes governments in many countries complain of the existence of bitcoin because it is considered a threat to the economy of a country. Should tax apply to users who do bitcoin transactions? When are users comfortable with this situation? what is the right regulation to address these issues to help each country improve its economy?

perhaps, like most, if not all governments are doing, they keep imposing tax to each person’s income. governments are harvesting what ordinary people sow. taxing bitcoin will never be new to me. but i hope it will not reach to this point.

[weblaraveluser]

The capitalization of bitcoin transactions reaches billions of dollars but governments of any country can not get revenues or income from these transactions and this makes governments in many countries complain of the existence of bitcoin because it is considered a threat to the economy of a country. Should tax apply to users who do bitcoin transactions? When are users comfortable with this situation? what is the right regulation to address these issues to help each country improve its economy?

That is the reason why government are banning cryptocurrency, it was very clear that they did not want their own people to get wealthy because none of them will work on the corporate world.

[Bitfling]

The capitalization of bitcoin transactions reaches billions of dollars but governments of any country can not get revenues or income from these transactions and this makes governments in many countries complain of the existence of bitcoin because it is considered a threat to the economy of a country. Should tax apply to users who do bitcoin transactions? When are users comfortable with this situation? what is the right regulation to address these issues to help each country improve its economy?

I am agree if tax applied on our trade or our crypto asset. Its like we buying any goods in supermarket and the price include tax. But government should make regulation first before they collecting taxes and they should not prohibit bitcoin for payment

[0t3p0t]

The capitalization of bitcoin transactions reaches billions of dollars but governments of any country can not get revenues or income from these transactions and this makes governments in many countries complain of the existence of bitcoin because it is considered a threat to the economy of a country. Should tax apply to users who do bitcoin transactions? When are users comfortable with this situation? what is the right regulation to address these issues to help each country improve its economy?

Sad reality but governments can still implement taxes on every local crytocurrency exchanges just like here in my country which local exchanges are regulated by the central bank. For me it is not really an issue because they can only get the tax once we made a convertion between Bitcoin and our local fiat currency. It will only be a big issue if they has the control of the blockchain where they can manipulate taxes in every transaction made by billions or trillions of addresses all over the world. I think they have to find ways to improve every country's economy without trying to make a breach on the system of Bitcoin because that is against our rights of privacy.

[Cepot]

I do not understand why the government says bitcoin is a threat to the country's economy, how is it that bitcoin actually helps the economy of people around the world, and I think bitcoin can also help reduce poverty to make people's economy better

[Bugsbey]

The capitalization of bitcoin transactions reaches billions of dollars but governments of any country can not get revenues or income from these transactions and this makes governments in many countries complain of the existence of bitcoin because it is considered a threat to the economy of a country. Should tax apply to users who do bitcoin transactions? When are users comfortable with this situation? what is the right regulation to address these issues to help each country improve its economy?

I do not think bitcoin is a threat to the economy of a country. Does the government do not know how it helps the unemployed citizens? They are more concerned in what they can get. They focus on the tax they did not look at the other side of crypto currency.

[BartS]

It's quite different because in case of you downloading and especially sharing pirate content, you are actually doing something wrong. While I agree that it's impossible to punish the majority of the people sharing pirate content, it does happen occasionally. It's not for nothing that a lot people now are using either VPN's or dedicated servers to distract attention away from their own download location. It's basically a case of better safe than sorry. On top of that, if you download stuff from your home computer, your IP is publicly known, and thus you can be held responsible for your actions, while if you transact with Bitcoin, only the IP of the first node is basically your taint. In most lightweight clients you can choose the node you connect to or you can even manually connect to a node of your choice. Authorities can't do anything about it.

Do not get me wrong I'm not trying to justify piracy in any way or form, it's just an example to show how difficult it is to deal with a problem at a decentralized level, governments are very good at dealing with centralized opponents of any kind, but they are terrible at dealing with movements without a visible head and that do not depend on it to organize itself, which is why file sharing is still very popular even in this day and age where governments have such tremendous powers of spying over the population, which means that they have almost no hope of stopping bitcoin no matter what they do.

[jaysabi]

It's quite different because in case of you downloading and especially sharing pirate content, you are actually doing something wrong. While I agree that it's impossible to punish the majority of the people sharing pirate content, it does happen occasionally. It's not for nothing that a lot people now are using either VPN's or dedicated servers to distract attention away from their own download location. It's basically a case of better safe than sorry. On top of that, if you download stuff from your home computer, your IP is publicly known, and thus you can be held responsible for your actions, while if you transact with Bitcoin, only the IP of the first node is basically your taint. In most lightweight clients you can choose the node you connect to or you can even manually connect to a node of your choice. Authorities can't do anything about it.

Do not get me wrong I'm not trying to justify piracy in any way or form, it's just an example to show how difficult it is to deal with a problem at a decentralized level, governments are very good at dealing with centralized opponents of any kind, but they are terrible at dealing with movements without a visible head and that do not depend on it to organize itself, which is why file sharing is still very popular even in this day and age where governments have such tremendous powers of spying over the population, which means that they have almost no hope of stopping bitcoin no matter what they do.

You don't have to control Bitcoin itself, you only have to control the fiat gateways, which is already in the realm of what the government does. Fiat gateways are exchanges that will convert crypto for fiat or vice versa. Because these exchanges operate as quasi-financial institutions, which are already very well-regulated, it's not difficult at all to expand current legal requirements to crypto exchanges. All (or at least most) of the major exchanges are already compliant with applicable rules and regulations or seeking to be, and what's more is that users will increasingly demand this so that there is more confidence that any wrongdoing by the exchanges will be accountable. There have been far too many scams and collapses that have happened without consequence to the bad actors, and everyone wants the confidence that the exchanges aren't run by idiots or charlatans. If the industry was capable of policing itself, it would have by now.

[bajingluncat]

if the tax is the only solution I think there is nothing wrong as long as everything is transparent with clear rules from the minimum amount of ownership amount, tax percentage and so on, lest any party feel at the disadvantage