Ron Paul advises people to be careful regarding bitcoins

[fiulpro]

According to Ron Paul , the government might be collecting information about people and what are they doing with their money in bitcoins and where the taxes are headed to therefore he said it's better to be 'viligant' of the government.

- I do believe the time when KYC and documentation was made essential for any existing wallets or any bitcoin related site , this was something that we already did predict.

The libertarian stated how the most important thing is to make * bitcoins legal * he apparently drafted a bill regarding that too and what's even more important is ** to make sure it stays legal **.

“As of now it looks like a lot of people believe in the marketplace and believe it can work,” Paul said about crypto advocates who support free markets. “My advice is to be vigilant. There’s information collected, the [crypto] exchanges are not totally anonymous and I read the stories about the IRS checking up on things. For somebody like myself, I don’t even believe in the IRS let alone being flexible enough [to say] ‘well as long as they are investigating me even if I follow the rules,’ well… In 1932 in the depth of the depression, people were allowed to own gold, and we were on the gold standard,” Paul declared.

He continued saying how the government made it illegal to hold gold up until 1975.

The guy believed that it's very important that people are allowed to make their own financial decisions and they can very well do that using cryptocurrencies like: Bitcoins.


https://news.bitcoin.com/ron-paul-advises-bitcoin-proponents-to-be-vigilant-of-government-theres-information-collected/

Let's share our thoughts on this matter.
Is there something new that we don't know but they guy does ? Is the government thinking about making it illegal ? Are they using cryptocurrencies to track people?? A lot of questions about this !?

What matters is : we stay up to date regarding all the news , articles so we can plan anything well in advance, who knows when they decide to ban owning bitcoins ?!

[1713519880]

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[mnporter2001]

I think this post came out too late that everyone here knew this in advance.
Since 2018, when the bounty collapsed and I have been given lots of advice on stopping the KYC offering by a lot of members here.  The government will soon pay attention to us and may impose huge taxes on us so we must be very careful in protecting personal information.

[chip1994]

I think this will only cause concern for traders in countries with a large taxation of profits from the crypto market. In my country, the government has not proposed laws that ban Crypto or impose high taxes on trading in the Crypto market. So I don't have to worry too much and can trade normally even while I'm being watched.

But nevertheless, we should not evade taxes or try to bypass the government, we are always monitored and only the observance of the rule will keep us safe.

[Obi theo]

 When we talk about government we should not generalize it as a whole ,there are some government that accepts the idea of bitcoin and some that doesn't, really I have to agree with mnporter2001, the post came out late , but crypto was always meant as a peer to peer transaction with even know the two parties in question ..that the main reason I don't buy the idea of kyc at all.with it we aren't safe even if we ain't doing anything illegal .

[tbct_mt2]

Privacy and anonymity are most fundamental and important things for bitcoiners. In non custodial wallets, you have control on your address and transactions. Use the change addresses for your transactions and if possible try to use VPS (not trial or free accounts) to get as best privacy and anonymity as possible.

About tax, in nations that tax is strictly regulated, it is good for future if you pay tax in full from your profits. If you try to hide your huge income from bitcoin exchange, governments might put you into jails anytime.

[lepbagong]

-snip-
About tax, in nations that tax is strictly regulated, it is good for future if you pay tax in full from your profits. If you try to hide your huge income from bitcoin exchange, governments might put you into jails anytime.

Underline what you say about taxes, it is clear that if the government has enacted and made standard rules, it is mandatory for every citizen to follow the rules that have been made, because taxes are the main income for almost all countries. so that if we trick the tax officials, there are very clear consequences.

but we do not deny that there are still those who cooperate with tax officials so that the tax value is not high with cooperation. and the possibility that it could very well happen because the control tool is still a bit difficult.

[doomloop]

First if the government is using it to track people, I wouldn’t worry much about that one because you’re only meant to worry if you’re the type that’s doing shady business of some sort, as long as your hands are clean why would the government come knocking at your door lol?

Right from the start, we have all known how Bitcoin works, and we are aware that there is nothing like being fully anonymous, we have seen lots of people that committed one crime or the other and they were all caught after it, you can always be traced, but as long you’re just using it for transactions you will have no problem with anyone.

[samputin]

First if the government is using it to track people, I wouldn’t worry much about that one because you’re only meant to worry if you’re the type that’s doing shady business of some sort, as long as your hands are clean why would the government come knocking at your door lol?

After reading this response, I felt relief. You're right. I mean, I'm just an ordinary individual who uses bitcoin for certain basic and common transaction. If the government would look at my background on this, I have nothing to worry about.

Right from the start, we have all known how Bitcoin works, and we are aware that there is nothing like being fully anonymous, we have seen lots of people that committed one crime or the other and they were all caught after it, you can always be traced, but as long you’re just using it for transactions you will have no problem with anyone.

Yeah, well you know what they say. There's no secret that's not being exposed. I mean, the truth shall prevail after all. Bitcoin might be anonymous at some point and decentralized, but when you do something shady using such, you'll get caught eventually.

[Parking_Meater]

That's why trezor or ledger are perfect. If the feds come knocking. Put your wallet in a condom (non lubricated, unless that's your thing) swallow or prison pocket. What crypto? The only crypto I know of is the coins that mtgox owes me.

[YOSHIE]

the government might be collecting information about people and what are they doing with their money in bitcoins and where the taxes are headed to therefore he said it's better to be 'viligant' of the government.

The government doesn't seem to be getting tired of looking for weaknesses against Bitcoin users 'it's like a cat is afraid of fish' in fact all cats want to eat the fish.

Logically if the government treats taxes on Bitcoin users in their respective countries, in fact, bitcoin users will continue to trade & transactions against Bitcoin, treating taxes is difficult for the government, because the biggest whales in Bitcoin are government people, only a handful of commoners know Bitcoin.

For me, it is a common thing for the government to mention, the proof is that none of the governments really make decisions about what Bitcoin users do, the reason for not violating state law, in my opinion Bitcoin is not a criminal offense for now, it is still running according to existing regulations.

For now the government in my country is still obtimistic to Bitcoin, nothing is strange yet, hopefully nothing is strange.

[ranochigo]

If you were to draw comparison between the banning of gold and Bitcoin, it won't be valid. Physical items are easier to ban due to the fact that enforcement is way easier combined with the fact that all of it's transaction has to be physical. If you were to ban Bitcoin, the effects would be way lesser.

It's no secret that the government is collecting information about its citizens. If your government can be recording your metadata of your phone logs, you can be sure that they'll attempt to track your Bitcoins from the moment it leaves the exchange.

[Oshosondy]

It's no secret that the government is collecting information about its citizens. If your government can be recording your metadata of your phone logs, you can be sure that they'll attempt to track your Bitcoins from the moment it leaves the exchange.

You are right, ones there is a single leak, then all privacy is lost. But that is why tumblers will be good, like the wasabi wallet or mixer that will mix the coin. What the governments are trying to do is to make sure citizens are not able to have online privacy but there should always still be ways to have the privacy but this can be very hard but yet achieveable.

[20kevin20]

Back when gold was made illegal, people used to own it in their homes or buried underground which was quite easy to find using metal detectors. Welcome to the beauty of Bitcoin, where you can literally write down on a small piece of paper the seed containing billions of dollars.

If BTC becomes illegal, people with a substantial amount of coins in their wallets will just flee the country. I don't think it's very hard to hide a very small piece of paper containing the seed on it, so it's easy to flee with as much money as you like basically. It can't be banned everywhere - there'll always be an alternative.

The govs will only collect more and more information from all of us from now on. Ever since they got the taste of control, they're only pushing for more and more - it's like an addiction of power. And since everyone really believes it's to their own good, it's gonna work. Yeah, the general "Bitcoin is anonymous" mindset should change and Bitcoin should (imo) have a privacy option. At least something in between BTC and XMR, so that at least the basic and most commonly exposed fingerprints are hidden.

Interesting times ahead, but I sincerely doubt BTC will be banned unless it becomes hard for governments to track txs. They probably already know a large part of the population owning Bitcoin and their approximate balances.

[Reid]

They just don't want money being stashed without their knowledge.
That means less tax for their pockets to fill.

Same names in the government, same tradition being passed on them.
Steal money from the public like they were not a part of it anymore.
Soon we might have troubles exchanging it back for cash for KYC's will be everywhere. We can't even use it for our regular merchants accepting bitcoin.
It will happen, the question is when or unless someone fights for privacy.

[milani]

I think this will only cause concern for traders in countries with a large taxation of profits from the crypto market. In my country, the government has not proposed laws that ban Crypto or impose high taxes on trading in the Crypto market. So I don't have to worry too much and can trade normally even while I'm being watched.

But nevertheless, we should not evade taxes or try to bypass the government, we are always monitored and only the observance of the rule will keep us safe.

Oh, you are the lucky one. In my country there are no strict rules for crypto traders for example, the crypto is not forbidden. But the last news made lots of crypto users to think over, because our government decided to adopt some laws that will bring limitations and taxes to crypto holders and traders. The only not pleasant thing that those rules will not work for everyone in the country, only for ordinary people. So of course it is great to act by laws and live under laws and taxes, but only in case those rules are for everyone and in case those rules are made from the point of view of common sense. Anyway the Ron Paul's words have a deep sense, but to hide the personal information from such a giant like government will be too complicated.

[sheenshane]

If we look back in the history of gold, Ron Paul is right it was allowed to own Bitcoin when economic depression had been experienced globally as a safe haven.  During those years the government wasn't able to track and don't have control over golds and its owners then they decided to made it illegal until they came up with regulations that government will still have authority on it.  Similar to Bitcoin that its core of decentralization will depart the power of the government over it then they might also end up with the same option as what had happened back then with gold.

Privacy and anonymity though it is one of the features that Bitcoin provides to its owner is conversely against the tenet of the government which IMO that they will never allow that it will happen.  Basically, Paul's advice is something that we really need to take seriously for it bring pandemonium to every Bitcoin enthusiast especially those people who didn't understand yet how Bitcoin will work.

[avikz]

Let's share our thoughts on this matter.
Is there something new that we don't know but they guy does ? Is the government thinking about making it illegal ? Are they using cryptocurrencies to track people?? A lot of questions about this !?

It is an well envisaged matter! That's the reason why governments around the world has implemented KYC to any legal financial businesses. The aim is to identify the people if needed! So it's no wonder that government has the ability to track you under any circumstances!

So I believe what Ron is saying is correct! The government may not ban it outright but there are possibilities that government will track any out of the box transactions through a legal crypto exchange!

[dothebeats]

Valid points, especially that regulators and the governments want to create laws and regulations that encompasses any and all bitcoin and crypto-related activities. Though I have to say that people are too much into cryptocurrencies right now that it’s almost impossible to warn them further of what lies ahead. They understand the risks associated in dealing with crypto, so I’m pretty sure they know that these things will happen down the line.

I hope that they do not end up as authoritarian douchebags like they had with their stint with gold back then, but it’s highly possible that this happens.

[target]

Regulations are inevitable it's going to be here. It's far easy to regulate cryptocurrencies than banning it, besides there is so much money for the government to collect as tax. It's fair to give what belongs to the government but since cryptocurrency doesn't being to the government them it might be hard for a BTC holder to send it to them.
The holders I think won't have a grudge sending tax if they are sending digital fiat.

[wxa7115]

According to Ron Paul , the government might be collecting information about people and what are they doing with their money in bitcoins and where the taxes are headed to therefore he said it's better to be 'viligant' of the government.

- I do believe the time when KYC and documentation was made essential for any existing wallets or any bitcoin related site , this was something that we already did predict.

The libertarian stated how the most important thing is to make * bitcoins legal * he apparently drafted a bill regarding that too and what's even more important is ** to make sure it stays legal **.

“As of now it looks like a lot of people believe in the marketplace and believe it can work,” Paul said about crypto advocates who support free markets. “My advice is to be vigilant. There’s information collected, the [crypto] exchanges are not totally anonymous and I read the stories about the IRS checking up on things. For somebody like myself, I don’t even believe in the IRS let alone being flexible enough [to say] ‘well as long as they are investigating me even if I follow the rules,’ well… In 1932 in the depth of the depression, people were allowed to own gold, and we were on the gold standard,” Paul declared.

He continued saying how the government made it illegal to hold gold up until 1975.

The guy believed that it's very important that people are allowed to make their own financial decisions and they can very well do that using cryptocurrencies like: Bitcoins.


https://news.bitcoin.com/ron-paul-advises-bitcoin-proponents-to-be-vigilant-of-government-theres-information-collected/

Let's share our thoughts on this matter.
Is there something new that we don't know but they guy does ? Is the government thinking about making it illegal ? Are they using cryptocurrencies to track people?? A lot of questions about this !?

What matters is : we stay up to date regarding all the news , articles so we can plan anything well in advance, who knows when they decide to ban owning bitcoins ?!

At some point I think this was over the table for most governments but they decided against it because eventually they will have to back down in a similar way to what it is happening with the war on drugs, if they began a war against cryptocurrencies how are they going to win it? At least against the war on drugs there are physical items that need to pass through their channels they can intercept and then track back to the origin.

But when it comes to cryptocurrencies how are they going to track and identify people if they can hide behind aliases and use cryptography to move in the digital world? Simply put the war will be many times harder than the war on drugs and most likely this is why they are trying to regulate the market instead.