Canada DOJ looking to regulate Bitcoin mining as gambling

[Philopolymath]

Anyone know if this rumor is true???

I have buddy high-up in treasury dept said they are NOT allowed to talk or comment about it..great??

Very hard to get any info?

Prepare to be taxed and regulated???

[aminorex]

Nobody knows if its true.  Very strange things happen from time to time.  But pretty much everyone can probably agree that it's extremely unlikely, as phrased.

[greenlion]

I think what probably happened is that somebody in the DOJ didn't understand what mining was and asked somebody to explain it, and the person explaining happened to choose the analogy that mining is a lottery to produce a valid hash, and the rate at which you hash corresponds to the number of lottery tickets.

Allow some offhand conversation like that to filter through various echo chambers and telephone-games, and suddenly a conversation like that turns into equating mining with gambling, when there isn't necessarily anything real to go on.

[MonkeyBear68]

This actually would be a dream result as we do NOT have to pay taxes on lottery winnings in Canada. This applies to both lotto and casino winnings. This would essentially mean that any Bitcoins produced by mining would be tax free income. 

Having said that I highly doubt the Harper™ Government would forego the taxes on Bitcoin mining by declaring it as money earned by gambling.

[promojo]

Let's be real here.... How is the government going to know we are mining...  Not going to happen.  They will not be able to regulate/monitor this.

promoJo

[TheButterZone]

Mining has ~ electrical draw as grow houses.

[pbj sammich]

I think what probably happened is that somebody in the DOJ didn't understand what mining was and asked somebody to explain it, and the person explaining happened to choose the analogy that mining is a lottery to produce a valid hash, and the rate at which you hash corresponds to the number of lottery tickets.

Allow some offhand conversation like that to filter through various echo chambers and telephone-games, and suddenly a conversation like that turns into equating mining with gambling, when there isn't necessarily anything real to go on.

That's seriously troubling no?

[cdooer]

This actually would be a dream result as we do NOT have to pay taxes on lottery winnings in Canada. This applies to both lotto and casino winnings. This would essentially mean that any Bitcoins produced by mining would be tax free income. 

Having said that I highly doubt the Harper™ Government would forego the taxes on Bitcoin mining by declaring it as money earned by gambling.

Like MB68 says, there are no taxes on gambling winnings in Canada, so whats the problem?

[verdun2003]

they can regulate as much as they want, won't change too much in the grand scheme of things. Look at the drugs, or alcohol during prohibition, 30 000 speakeasies. If Bitcoin doesn't exist anymore, won't be because of useless regulation, but because of a better alternative. My 0.02cts

[byronbb]

Anyone know if this rumor is true???

I have buddy high-up in treasury dept said they are NOT allowed to talk or comment about it..great??

Very hard to get any info?

Prepare to be taxed and regulated???

Canada does not as of now tax gambling winnings in any form, even if that revenue is generated by a professional gambler, ie a winning poker player or sports-bettor.

[seriouscoin]

Mining has ~ electrical draw as grow houses.

which doesnt prove a thing. If you let your government make laws base on suspicion you might as well move to North Korea.

[seriouscoin]

I says this rumor smells like a load of horseshit (no offense to you Horsecoin)

[TheButterZone]

Mining has ~ electrical draw as grow houses.

which doesnt prove a thing. If you let your government make laws base on suspicion you might as well move to North Korea.

The People don't "let" tyrants do anything, tyrants do whatever the fuck they want and kill or cage you if you oppose tyranny.

[BitOnyx]

Any links regarding this issue ?

There are many plans but as long as there are no execution I wouldn't worry about it.

[Dr.Zaius]

Bitcoin mining is gambling. It is pure chance if you discover a block or not, no skill is required.
A mining rig merely improves ones probabilities, akin to a sports betting hotline predicting outcomes/ card counting etc.

Bitcoiners invented very misleading terms ie "mining", calling bitcoin a currency etc. To give themselves some perceived legitimacy.  This has led to major confusion amongst governments and users.

Mining for bitcoin no different then playing roulette.

This would be great news for Canadians since gambling is not taxable in Canada.

[5thStreetResearch]

Bitcoin mining is gambling. It is pure chance if you discover a block or not, no skill is required.
A mining rig merely improves ones probabilities, akin to a sports betting hotline predicting outcomes/ card counting etc.

Bitcoiners invented very misleading terms ie "mining", calling bitcoin a currency etc. To give themselves some perceived legitimacy.  This has led to major confusion amongst governments and users.

Mining for bitcoin no different then playing roulette.

This would be great news for Canadians since gambling is not taxable in Canada.

its not pure chance.  Your chances are based on your investment and setup

[fordlincoln]

Haven't you guys heard of the Mint Chip?

If DOJ is trying to regulate BTC then they'll have to lock up the Royal Canadian Mint


https://www.bitcoinregime.com/2014/01/24/royal-canadian-mint-readies-its-version-of-bitcoin-mintchip-it-business/

[01BTC10]

In most case gambling gains are tax exempt. However Bitcoin mining is certainly already taxable.