Bitcoin Forum
March 28, 2024, 07:49:23 PM *
News: Latest Bitcoin Core release: 26.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: Why the Government will dislike Bitcoin  (Read 745 times)
general.crackdown (OP)
Newbie
*
Offline Offline

Activity: 28
Merit: 0


View Profile
September 06, 2011, 09:32:00 PM
 #1

After watching the Channel 4 news report on the "underground web" I was very interested by Bitcoin  and how it functions. Here is a copy of the report for all interested:

http://www.youtube.com/watch?v=lJ4w-hLz9pw&feature=player_embedded#!

The report made a spectacular misrepresentation of Bitcoin associating its use with criminals, drug dealers, terrorists and sex perverts. The anonymous nature of Bitcoin was also attacked.

The irony we are witnessing here is unbelievable. I could take the ferry to Guernsy tomorrow and anonymously buy a £38'000 gold bar (VAT free) and then ask somebody to store it for me in a secret vault under a front company owned by an unknown man registered as a director of a low tax IBC in Belize (who is actually me). People may laugh but this is true.

What needs to be asked is: Why is the Government so afraid of Bitcoin?

What Bitcoin allows is anonymous transactions. Governments have always been interested in transactions because they can tax them and maintain their burdensome bureaucratic systems above us all. If Government loses its ability to tax it loses its ability to rule - except in a few situations like the Middle East where oil revenues replace taxation. If Bitcoin were to seriously to catch on the Government would take all possible measures to either ban or destroy Bitcoin unless it could find a way to effectively tax our Bitcoins. The real problem is that in order to tax Bitcoins they have to accept that Bitcoin is a currency - and in doing so they shot themselves in the foot by destabilising their own currency.






The grue lurks in the darkest places of the earth. Its favorite diet is adventurers, but its insatiable appetite is tempered by its fear of light. No grue has ever been seen by the light of day, and few have survived its fearsome jaws to tell the tale.
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
1711655363
Hero Member
*
Offline Offline

Posts: 1711655363

View Profile Personal Message (Offline)

Ignore
1711655363
Reply with quote  #2

1711655363
Report to moderator
1711655363
Hero Member
*
Offline Offline

Posts: 1711655363

View Profile Personal Message (Offline)

Ignore
1711655363
Reply with quote  #2

1711655363
Report to moderator
travistouchdown
Newbie
*
Offline Offline

Activity: 6
Merit: 0


View Profile
September 06, 2011, 09:54:49 PM
 #2

it will always come down to taxes, they will make up stories, criminalize and make examples of those using it, but will never just come out and admit that If they could tax it, they'd except it. Oh and impose their own laws over it too...
general.crackdown (OP)
Newbie
*
Offline Offline

Activity: 28
Merit: 0


View Profile
September 06, 2011, 10:08:26 PM
 #3

The price of Bitcoin is about to increase a sellers market is slowly emerging I think. I'm going to get in early before the rush:

  http://img136.imagevenue.com/loc197/th_346714784_Sellers_122_197lo.jpg


        
Pages: [1]
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!