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Author Topic: Could bitcoins be made illegal?  (Read 2190 times)
ArticMine
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January 05, 2012, 07:21:44 AM
 #21

It is possible but I suspect unlikely. A more likely scenario is that Bitcoin would be treated as foreign cash or gold requiring the reporting of transactions with a value over a certain amount say 10,000 USD under anti money laundering laws.

Concerned that blockchain bloat will lead to centralization? Storing less than 4 GB of data once required the budget of a superpower and a warehouse full of punched cards. https://upload.wikimedia.org/wikipedia/commons/8/87/IBM_card_storage.NARA.jpg https://en.wikipedia.org/wiki/Punched_card
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alex44878
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January 07, 2012, 12:45:16 AM
 #22

Oh man I hope not! Seems like it's already too large and dispersed to take down.
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January 07, 2012, 01:04:58 AM
 #23

If tomorrow all the international drug peddlers, arms dealers, human traffickers, bonsai kitten merchants decided to trade solely on the internet, could the US or any other government actually make the internet itself illegal?  Instead of cracking down on illegal businesses, could a government actually outlaw the process of hosting websites on servers or browsing the internet?

lifeseed
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January 07, 2012, 07:02:40 AM
 #24

I wonder if there is a way to pay VAT and sales tax by bitcoin. That would help to avoid government antagonism.
Gabi
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January 07, 2012, 11:54:42 AM
 #25

If tomorrow all the international drug peddlers, arms dealers, human traffickers, bonsai kitten merchants decided to trade solely on the internet, could the US or any other government actually make the internet itself illegal?  Instead of cracking down on illegal businesses, could a government actually outlaw the process of hosting websites on servers or browsing the internet?
You imply the government is not related to these crimes. But often governments are corrupted and have interests in illegal things...
Jeffrey Boyd Garrison
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January 07, 2012, 01:32:42 PM
 #26

I wonder if there is a way to pay VAT and sales tax by bitcoin. That would help to avoid government antagonism.

This to me would seem an impossibility (and thankfully so). Incidentally, the IRS in my opinion IS goverment antagonism.

BTC: 1FT4csqrAShBRJ3w5NL6BgZcYd7DJo7x6F
codymanix
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January 07, 2012, 09:56:48 PM
 #27

Robbers and Murderers and even Pirates are eating bread. They even do it every day! Forbid bread! This stuff must be illegal!!!

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January 08, 2012, 12:55:23 AM
 #28

Of course they could.  In the USA most things to do with securities start off as illegal, and then the good fed declares an exemption.  Just check out the Reg S or rule 144 laws...   
evoorhees
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January 08, 2012, 03:22:13 AM
 #29

Yes.  Democracy is the original 51% attack.

This is a brilliant statement. I might need to put that on a t-shirt some day, or put it in my sig...
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