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Question: Will you support Gavin's new block size limit hard fork of 8MB by January 1, 2016 then doubling every 2 years?
1.  yes
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Author Topic: Gold collapsing. Bitcoin UP.  (Read 1803911 times)
railzand
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Lux e tenebris


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October 13, 2014, 05:58:23 PM
 #13801

If it grows large, the early adopters (with any money left) will be the governments.

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cypherdoc
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October 13, 2014, 06:02:08 PM
 #13802


Be careful with this, remember the Feds took down the mob by proving tax evasion, not actual crimes.



you also need to be careful in posting ridiculous amounts of bitcoin attributable to certain individuals.
rocks
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October 13, 2014, 06:16:53 PM
 #13803


Be careful with this, remember the Feds took down the mob by proving tax evasion, not actual crimes.


you also need to be careful in posting ridiculous amounts of bitcoin attributable to certain individuals.

My hypothetical example above was just that, a hypothetical example to outline how a future argument might be drawn in the public sphere. Not sure where there is a reaction there. I was replying to you in discussion and so used you as an example, that is common, there is nothing attributing there.

All I am trying to point out is that if the thesis of this thread come true, then the reality of the situation is developed world governments will be bankrupt with limited tax options and huge unfunded liabilities/promises to voters. The pressure to find funding mechanisms for past unfunded promises will be thundering.

It is important to anticipate this possibility if you are predicting bitcoin as future global money as a possibility.
justusranvier
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October 13, 2014, 06:21:48 PM
 #13804

All I am trying to point out is that if the thesis of this thread come true, then the reality of the situation is developed world governments will be bankrupt with limited tax options and huge unfunded liabilities/promises to voters. The pressure to find funding mechanisms for past unfunded promises will be thundering.
The reality of the situation for developed world governments will be the same with or without Bitcoin.
molecular
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October 13, 2014, 06:47:47 PM
 #13805

who says i have any bitcoin?  i just believe in the cause of fair money.

Be careful with this, remember the Feds took down the mob by proving tax evasion, not actual crimes.

If the US government (with all of the data collected by NSA, etc) is able to prove that at one point you acquired a certain number of coins then it is easy for them to force to you admit to one of the following, either:
1) You sold the coins, in which case you better have reported that past sale to the IRS and paid taxes, or
2) You still control the coins

or

3) They got stolen...

* runs filing police report *

PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0  3F39 FC49 2362 F9B7 0769
Wekkel
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October 13, 2014, 06:48:21 PM
 #13806

If Bitcoin grows large, exactly how will governments tax the 'windfall'?

I'm guessing they could only enforce anything at the fiat interface (bank account level).

Taxing users for bitcoin to physical goods transactions could only be a written law that users might or might not abide by. The same goes for posting cash around in envelopes.

If Bitcoin becomes massive, I do not think the government can tax as efficient as they do now. The apparatus would shrink drastic due to lack of income. How will they tie millions of people to (by then) zillion Bitcoin addresses? It's a losing proposition, and the government would know and switch to proven tax strategies from way back + property taxes. If too suppressive, a massive black market would exist with Dark Coin/Monero (XMR) type of currencies.

If you think cryptos will be really big, it's time to move to a jurisdiction that does not tax capital gains of individuals.

Like this post? you can tip me (BTC) 1LGi2DMhectdFSkBid5srrnHk8WHgD3V1d or very WoW (Doge) D9p6FZQb1sKkq9hApy4tnjSduYfdnc74bb
brg444
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Bitcoin replaces central, not commercial, banks


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October 13, 2014, 06:50:58 PM
 #13807


If you think cryptos will be really big, it's time to move to a jurisdiction that does not tax capital gains of individuals.

this.

if these scenario unfold I'm pulling a Erik Vorhees and expatriating myself some place me and my BTC will be left alone.

"I believe this will be the ultimate fate of Bitcoin, to be the "high-powered money" that serves as a reserve currency for banks that issue their own digital cash." Hal Finney, Dec. 2010
Melbustus
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October 13, 2014, 07:11:30 PM
 #13808


If you think cryptos will be really big, it's time to move to a jurisdiction that does not tax capital gains of individuals.

this.

if these scenario unfold I'm pulling a Erik Vorhees and expatriating myself some place me and my BTC will be left alone.


DId Erik actually renounce his citizenship? I think Roger did...

Bitcoin is the first monetary system to credibly offer perfect information to all economic participants.
But Bitcointalk & /r/bitcoin are heavily censored. bitco.in/forum, forum.bitcoin.com, and /r/btc are open.
Best info on Casascius coins: http://spotcoins.com/casascius
smooth
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October 13, 2014, 07:15:55 PM
 #13809

who says i have any bitcoin?  i just believe in the cause of fair money.

Be careful with this, remember the Feds took down the mob by proving tax evasion, not actual crimes.

If the US government (with all of the data collected by NSA, etc) is able to prove that at one point you acquired a certain number of coins then it is easy for them to force to you admit to one of the following, either:
1) You sold the coins, in which case you better have reported that past sale to the IRS and paid taxes, or
2) You still control the coins

or

3) They got stolen...

* runs filing police report *

"I threw out the hard drive"
bassclef
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October 13, 2014, 07:39:10 PM
 #13810

who says i have any bitcoin?  i just believe in the cause of fair money.

Be careful with this, remember the Feds took down the mob by proving tax evasion, not actual crimes.

If the US government (with all of the data collected by NSA, etc) is able to prove that at one point you acquired a certain number of coins then it is easy for them to force to you admit to one of the following, either:
1) You sold the coins, in which case you better have reported that past sale to the IRS and paid taxes, or
2) You still control the coins

or

3) They got stolen...

* runs filing police report *

"I threw out the hard drive"

"Private keys lost in a boating accident"
cypherdoc
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October 13, 2014, 07:49:14 PM
 #13811

Dow -201.

that's not good.
cypherdoc
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October 13, 2014, 08:23:48 PM
 #13812

that's alot of money.  US financial intermediaries should get mad:

Defying the dollar Russia & China agree currency swap worth over $20bn

http://rt.com/business/195556-russia-china-currency-swap/
cypherdoc
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October 13, 2014, 08:28:40 PM
 #13813

that's alot of money.  US financial intermediaries should get mad:

Defying the dollar Russia & China agree currency swap worth over $20bn

http://rt.com/business/195556-russia-china-currency-swap/

Medvedev and Li signed over 40 other agreements at the meeting, including outlining plans to add another pipeline from Russia to China. Li is in Moscow for a three-day visit.

well, i guess if Europe doesn't want to use it, China will.
vuduchyld
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October 13, 2014, 09:15:54 PM
 #13814

Dow -201.

that's not good.

Meh.  We're talking about a 6% slide (not even technically a correction) from the ATH.  I'd hope that isn't enough to cause much heartburn.  Of course, it is the spooky month of October.
cypherdoc
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October 13, 2014, 09:49:06 PM
 #13815

Glenn Greenwald:

http://www.ted.com/talks/glenn_greenwald_why_privacy_matters
cypherdoc
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October 13, 2014, 10:08:50 PM
 #13816

uh oh. breakdown.  see how the RUT has been leading?:

kodtycoon
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October 13, 2014, 10:09:42 PM
 #13817

uh oh. breakdown.  see how the RUT has been leading?:



where do you get these charts?

"Pioneering a revolutionary novel consensus mechanism called proof of importance."
cypherdoc
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October 13, 2014, 10:10:45 PM
 #13818

$400
cypherdoc
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October 13, 2014, 10:12:11 PM
 #13819

#RunToSafety
inca
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October 13, 2014, 10:37:19 PM
 #13820

Balls of steel will pay off Smiley
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