With FACTA going into affect in 2014, people will be fleeing to Bitcoin

[Elwar]

"FATCA requires foreign financial institutions (FFI) of broad scope – banks, stock brokers, hedge funds, pension funds, insurance companies, trusts – to report directly to the IRS all clients who are U.S. Persons. Starting January 1, 2013 (later delayed to 2014), FATCA will require FFIs to provide annual reports to the Internal Revenue Service (IRS) on the name and address of each U.S. client, as well as the largest account balance in the year and total debits and credits of any account owned by a U.S. person. If an institution does not comply, the U.S. will impose a 30% withholding tax on all its transactions concerning U.S. securities, including the proceeds of sale of securities." http://en.wikipedia.org/wiki/Tax_haven#cite_note-53

It's already going into affect in the Caymen Islands, Panama, Costa Rica and pretty much every tax haven country that used to exist.

[GigaCoin]

"FATCA requires foreign financial institutions (FFI) of broad scope – banks, stock brokers, hedge funds, pension funds, insurance companies, trusts – to report directly to the IRS all clients who are U.S. Persons. Starting January 1, 2013 (later delayed to 2014), FATCA will require FFIs to provide annual reports to the Internal Revenue Service (IRS) on the name and address of each U.S. client, as well as the largest account balance in the year and total debits and credits of any account owned by a U.S. person. If an institution does not comply, the U.S. will impose a 30% withholding tax on all its transactions concerning U.S. securities, including the proceeds of sale of securities." http://en.wikipedia.org/wiki/Tax_haven#cite_note-53

It's already going into affect in the Caymen Islands, Panama, Costa Rica and pretty much every tax haven country that used to exist.

Great find! Honestly after that i wouldn't want to keep my Coins at any U.S based company such as Coinbase etc, they're going to be labeled as financial institutions eventually and will have to comply with all that rubbish. Too much invasion of privacy no thanks.

[Elwar]

"FATCA requires foreign financial institutions (FFI) of broad scope – banks, stock brokers, hedge funds, pension funds, insurance companies, trusts – to report directly to the IRS all clients who are U.S. Persons. Starting January 1, 2013 (later delayed to 2014), FATCA will require FFIs to provide annual reports to the Internal Revenue Service (IRS) on the name and address of each U.S. client, as well as the largest account balance in the year and total debits and credits of any account owned by a U.S. person. If an institution does not comply, the U.S. will impose a 30% withholding tax on all its transactions concerning U.S. securities, including the proceeds of sale of securities." http://en.wikipedia.org/wiki/Tax_haven#cite_note-53

It's already going into affect in the Caymen Islands, Panama, Costa Rica and pretty much every tax haven country that used to exist.

Great find! Honestly after that i wouldn't want to keep my Coins at any U.S based company such as Coinbase etc, they're going to be labeled as financial institutions eventually and will have to comply with all that rubbish. Too much invasion of privacy no thanks.

You should not keep your coins at any third company site. Other than what you may want to spend that day.

[ArticMine]

It simply means an ever increasing number of financial institutions worldwide will refuse to take clients that are US persons, and avoid the entire issue. By the way I would not be surprised if many Bitcoin related companies do that by the way. For example both Forex brokers that trade Bitcoin CFDs, AvaTrade and Plus500, do not accept US Persons as clients.

[accord01]

Most of the greedy bitcoiners wants to make huge profits from speculation AND evade taxes.  Lol, that is what you call ungrateful.  For bitcoin to work, it needs to weed out the delusional libertarian cultists spoiled brats, and it is doing a good job right now as mainstream is adopting it.  Mainstream and the big banks can adjust, the spoiled greedy brats will just fade into obscurity.

[Crazy]

I never heard the argument that disagreeing with unlawful legalized theft was being "bratty."

[GigaCoin]

Most of the greedy bitcoiners wants to make huge profits from speculation AND evade taxes.  Lol, that is what you call ungrateful.  For bitcoin to work, it needs to weed out the delusional libertarian cultists spoiled brats, and it is doing a good job right now as mainstream is adopting it.  Mainstream and the big banks can adjust, the spoiled greedy brats will just fade into obscurity.

I'm sorry but fuck that shit.

The "Greedy brats" created Bitcoin in the first place.

[accord01]

I never heard the argument that disagreeing with unlawful legalized theft was being "bratty."

it's not for you to decide what is legal or illegal.

[Crazy]

I never heard the argument that disagreeing with unlawful legalized theft was being "bratty."

it's not for you to decide what is legal or illegal.

Never said it was... doesn't mean I have to agree with it. Slaves didn't have much say in the legalized degree of their humanity either.

[accord01]

Most of the greedy bitcoiners wants to make huge profits from speculation AND evade taxes.  Lol, that is what you call ungrateful.  For bitcoin to work, it needs to weed out the delusional libertarian cultists spoiled brats, and it is doing a good job right now as mainstream is adopting it.  Mainstream and the big banks can adjust, the spoiled greedy brats will just fade into obscurity.

I'm sorry but fuck that shit.

The "Greedy brats" created Bitcoin in the first place.

Sure, and I'm apart of the greedy brats, but if you can't hold it, then it doesn't belong to you.  Some times in order to gain, you have to budge.

[ErisDiscordia]

Most of the greedy bitcoiners wants to make huge profits from speculation AND evade taxes.  Lol, that is what you call ungrateful.  For bitcoin to work, it needs to weed out the delusional libertarian cultists spoiled brats, and it is doing a good job right now as mainstream is adopting it.  Mainstream and the big banks can adjust, the spoiled greedy brats will just fade into obscurity.

hey go pay your taxes then. Hell, top up and give them 50% extra, if taxes are so great!

way to misunderstand absolutely everything in Bitcoinland. Have you even read Satoshis white paper?

[tutkarz]

Most of the greedy bitcoiners wants to make huge profits from speculation AND evade taxes.  Lol, that is what you call ungrateful.  For bitcoin to work, it needs to weed out the delusional libertarian cultists spoiled brats, and it is doing a good job right now as mainstream is adopting it.  Mainstream and the big banks can adjust, the spoiled greedy brats will just fade into obscurity.

Maybe tell us that things US is doing is OK and great? Spying everyone, destroying economy by printing fiat to death, destroying order in countries like Libya, Syria, Egypt and even trying to destabilise euro by hiding Greece debt??? But no, bitcoiners are the evil one heh.

[Elwar]

Most of the greedy bitcoiners wants to make huge profits from speculation AND evade taxes.  Lol, that is what you call ungrateful.  For bitcoin to work, it needs to weed out the delusional libertarian cultists spoiled brats, and it is doing a good job right now as mainstream is adopting it.  Mainstream and the big banks can adjust, the spoiled greedy brats will just fade into obscurity.

Some people are not big fans of being robbed.

Now we are robbed in the US just for being alive thanks to Obamacare.

Such ancient ideas of running things.

[GriTBitS]

Most of the greedy bitcoiners wants to make huge profits from speculation AND evade taxes.  Lol, that is what you call ungrateful.  For bitcoin to work, it needs to weed out the delusional libertarian cultists spoiled brats, and it is doing a good job right now as mainstream is adopting it.  Mainstream and the big banks can adjust, the spoiled greedy brats will just fade into obscurity.

I'm sorry but fuck that shit.

The "Greedy brats" created Bitcoin in the first place.

Also the "Greedy brats" dont give a fuck about the price. They are in it for the tech. Something that most of the retards in mainstream dont seem to understand.

[bitleif]

it's not for you to decide what is legal or illegal.

Who is it "for" then? If a law becomes at odds with the majority of people, then the law has to change.

The current legal and governmental system was made to fit the 19th and 20th century, to fit the gap between the monarchies that preceded it and the coming computer age. That model will soon go the way of the record store.

[F-bernanke]

Most of the greedy bitcoiners wants to make huge profits from speculation AND evade taxes.  Lol, that is what you call ungrateful.  For bitcoin to work, it needs to weed out the delusional libertarian cultists spoiled brats, and it is doing a good job right now as mainstream is adopting it.  Mainstream and the big banks can adjust, the spoiled greedy brats will just fade into obscurity.

Yeah go pay your taxes! So the parasites can suck you dry:

http://www.zerohedge.com/news/2013-11-30/other-america-taxpayers-are-fools-working-stupid

[accord01]

For bitcoin to go mainstream, which it is starting to enter into 2-3% of the population, you have to expect uncle sam to get involved.  That is what comes with getting wealthy from being in on it early, gift and a curse, but the gift is a lot better.

But i misread the title and original post.  I misinterpreted it as people will be "fleeing FROM bitcoin"

[desert_beagle]

I'm sorry but there isn't an alternative to TAXES.  If you want public services to exist, roads to be paved, streets to be cleaned, downed trees to be picked up etc etc etc then there has to be funds that take care of it.

I love how you guys wanna be left alone and shit and when you get scammed or lose your bitcoins you wanna get the law involved.  I mean talk about hypocrisy.

If you wanna be on your own, then pack your belongings and move to an island somewhere with your bitcoins.  But you don't wanna do that do you?  No of course, you want to be part of a functioning society.  Then until you live here do as is required by a citizen and pay your taxes and stop depending on others to do if for you.

[Crazy]

I'm sorry but there isn't an alternative to TAXES.  If you want public services to exist, roads to be paved, streets to be cleaned, downed trees to be picked up etc etc etc then there has to be funds that take care of it.

I love how you guys wanna be left alone and shit and when you get scammed or lose your bitcoins you wanna get the law involved.  I mean talk about hypocrisy.

If you wanna be on your own, then pack your belongings and move to an island somewhere with your bitcoins.  But you don't wanna do that do you?  No of course, you want to be part of a functioning society.  Then until you live here do as is required by a citizen and pay your taxes and stop depending on others to do if for you.

There actually is an alternative to theft, it's called voluntary action and the free market. Public services might very well be replaced entirely by charity if people had the 40-70% of wealth that's stolen from them at every turn. I've seen early colonial towns build their roads through cooperatives and as an exercise of free market capitalism because without it, their commerce suffers. Society's been pretty conditioned to feel like a central "authority" needs to be there for life to be decent. Well just wait until that authority grows beyond its welcome, as it inevitably does.

[papaminer]

I'm sorry but there isn't an alternative to TAXES.  If you want public services to exist, roads to be paved, streets to be cleaned, downed trees to be picked up etc etc etc then there has to be funds that take care of it. YOU FORGOT WARS

(SERIOUSLY? you are not going to include TAXES used to fund WARS in any country and US saying they HELPING THEM?)

What happen to IRAQ having a "WEAPON OF MASS DESTRUCTION"? where is that weapon now? was there really a WEAPON?


I love how you guys wanna be left alone and shit and when you get scammed or lose your bitcoins you wanna get the law involved.  I mean talk about hypocrisy.

If you wanna be on your own, then pack your belongings and move to an island somewhere with your bitcoins.  But you don't wanna do that do you?  No of course, you want to be part of a functioning society.  Then until you live here do as is required by a citizen and pay your taxes and stop depending on others to do if for you.

The functioning society you are talking about is a BIG FAIL...

I mean NSA/DHS spying on everybody and walk/talk like a BOSS? is that your functioning SOCIETY?

A lot of people are now waking up from all these CORPS/GOVs brainwash and hypno... it is only a matter of time... when CORPS/Govs are out of option but to do marshall law or better yet implement NWO... and I am pretty sure they will not include u in that NWO...