UK 10yr plan for BTC

[polynesia]

Do all governments think regulation is their primary job?
The bitcoin economy seems to have developed pretty well without (or because of) the government not intervening.

Gov regulation will happen, the mainstream wont use bitcoin without it so as long as its "reasonable" regulation we all get rich and have extra resources to create bitcoin 2.0 to move the goal posts further.

The Government is trying to force-fit bitcoin into parameters they are comfortable with. That is the problem.
They should approach regulation with an open mind.

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[Mobius]

Do all governments think regulation is their primary job?
The bitcoin economy seems to have developed pretty well without (or because of) the government not intervening.

Gov regulation will happen, the mainstream wont use bitcoin without it so as long as its "reasonable" regulation we all get rich and have extra resources to create bitcoin 2.0 to move the goal posts further.

I agree. Mild government regulation will likely cause bitcoin to get an additional amount of legitimacy and will cause increased levels of adoption.

[polynesia]

Do all governments think regulation is their primary job?
The bitcoin economy seems to have developed pretty well without (or because of) the government not intervening.

Gov regulation will happen, the mainstream wont use bitcoin without it so as long as its "reasonable" regulation we all get rich and have extra resources to create bitcoin 2.0 to move the goal posts further.

I agree. Mild government regulation will likely cause bitcoin to get an additional amount of legitimacy and will cause increased levels of adoption.

We just have to hope that the government stops at 'mild' regulation.

[aminorex]

Do all governments think regulation is their primary job?
The bitcoin economy seems to have developed pretty well without (or because of) the government not intervening.

Governments do not think - people do.  Governments typically  behave as though their own survival and expanding power is first priority - at the expense of the governed from whom substance and power of self-determination must be wrested.  If they did not, natural selection would cull them.  Once the state controls education fascism is the only stable endpoint.

[valvalis]

Taxes everywhere
It would be more expensive to transaction with bitcoin.

[botany]

Do all governments think regulation is their primary job?
The bitcoin economy seems to have developed pretty well without (or because of) the government not intervening.

Governments do not think - people do.  Governments typically  behave as though their own survival and expanding power is first priority - at the expense of the governed from whom substance and power of self-determination must be wrested.  If they did not, natural selection would cull them.  Once the state controls education fascism is the only stable endpoint.

You don't seem to think democracies work efficiently.

[furlong]

never trust the institutions 

[Mobius]

Do all governments think regulation is their primary job?
The bitcoin economy seems to have developed pretty well without (or because of) the government not intervening.

Gov regulation will happen, the mainstream wont use bitcoin without it so as long as its "reasonable" regulation we all get rich and have extra resources to create bitcoin 2.0 to move the goal posts further.

I agree. Mild government regulation will likely cause bitcoin to get an additional amount of legitimacy and will cause increased levels of adoption.

We just have to hope that the government stops at 'mild' regulation.

Since the government is run by "the people" and for "the people" it is up to the citizens of the country to ensure this happens. If government starts to enact too much regulation then the citizens need to elect new politicians who support less regulation.

[polynesia]

Do all governments think regulation is their primary job?
The bitcoin economy seems to have developed pretty well without (or because of) the government not intervening.

Gov regulation will happen, the mainstream wont use bitcoin without it so as long as its "reasonable" regulation we all get rich and have extra resources to create bitcoin 2.0 to move the goal posts further.

I agree. Mild government regulation will likely cause bitcoin to get an additional amount of legitimacy and will cause increased levels of adoption.

We just have to hope that the government stops at 'mild' regulation.

Since the government is run by "the people" and for "the people" it is up to the citizens of the country to ensure this happens. If government starts to enact too much regulation then the citizens need to elect new politicians who support less regulation.

The problem is bitcoin regulation is unlikely to be an election issue. Elections will be won by politicians on various other issues and we finally have to accept the bitcoin regulation policies of the winning party.

[lihuajkl]

Do all governments think regulation is their primary job?
The bitcoin economy seems to have developed pretty well without (or because of) the government not intervening.

Gov regulation will happen, the mainstream wont use bitcoin without it so as long as its "reasonable" regulation we all get rich and have extra resources to create bitcoin 2.0 to move the goal posts further.

I agree. Mild government regulation will likely cause bitcoin to get an additional amount of legitimacy and will cause increased levels of adoption.

Depend what level of regulation is imposed to BTC? If taxed a lot, it would be a burden for the development of btc.

[BitDreams]

I believe if they attempt to tax transactions on the internet they will fail and drive the economy over to dark coins.

Taxing consumption appears to be the logical conclusion to me but with that comes the need for government to regulate transportation at an even higher level. Of course with blockchains, once rules are set regulating everything becomes easier.

To me the eventual conclusion is that bitcoin ultimately optimizes taxation to the point where taxes are almost if not totally voluntary.

[botany]

I believe if they attempt to tax transactions on the internet they will fail and drive the economy over to dark coins.

I believe that integrating dark coin like features into bitcoin is bound to happen, given the way countries are trying to regulate the system.

[Foxxyfox]

I believe if they attempt to tax transactions on the internet they will fail and drive the economy over to dark coins.

I believe that integrating dark coin like features into bitcoin is bound to happen, given the way countries are trying to regulate the system.

all new features of darkcoin can be achieved with 3rd party services with bitcoins

[botany]

I believe if they attempt to tax transactions on the internet they will fail and drive the economy over to dark coins.

I believe that integrating dark coin like features into bitcoin is bound to happen, given the way countries are trying to regulate the system.

all new features of darkcoin can be achieved with 3rd party services with bitcoins

Correct. But if government intervention becomes systemic, it may be integrated with the original bitcoin protocol as well.

[Mobius]

Do all governments think regulation is their primary job?
The bitcoin economy seems to have developed pretty well without (or because of) the government not intervening.

Gov regulation will happen, the mainstream wont use bitcoin without it so as long as its "reasonable" regulation we all get rich and have extra resources to create bitcoin 2.0 to move the goal posts further.

I agree. Mild government regulation will likely cause bitcoin to get an additional amount of legitimacy and will cause increased levels of adoption.

Depend what level of regulation is imposed to BTC? If taxed a lot, it would be a burden for the development of btc.

I had specified that mild regulation would be necessary. Additionally regulation and taxation are two separate issues. In the US at least it would be very difficult to impose any taxes on bitcoin that do not have the same type of tax for a fiat based transaction. If this would be imposed then the taxing authority would run into equal protection constitutionality issues.

[Febo]

UK planning how to handle BTC integration into their economy...my 2 bobs worth is they just want to figure out how to tax BTC so they can get their cut.

http://www.theregister.co.uk/2014/08/07/uk_government_to_assess_whether_virtual_currencies_should_be_regulated/

'I want to see whether we can make more use of them for the benefit of the UK economy and British consumers' from the UK article really means 'how can UK tax BTC'

in 10 years time people will laugh at this.

[botany]

Do all governments think regulation is their primary job?
The bitcoin economy seems to have developed pretty well without (or because of) the government not intervening.

Gov regulation will happen, the mainstream wont use bitcoin without it so as long as its "reasonable" regulation we all get rich and have extra resources to create bitcoin 2.0 to move the goal posts further.

I agree. Mild government regulation will likely cause bitcoin to get an additional amount of legitimacy and will cause increased levels of adoption.

Depend what level of regulation is imposed to BTC? If taxed a lot, it would be a burden for the development of btc.

I had specified that mild regulation would be necessary. Additionally regulation and taxation are two separate issues. In the US at least it would be very difficult to impose any taxes on bitcoin that do not have the same type of tax for a fiat based transaction. If this would be imposed then the taxing authority would run into equal protection constitutionality issues.

Regulation and taxation might be different, but given the government's past track record, taxation seems to be the end result that they pursue.

[DhaniBoy]

I think bitcoin is a symbol of freedom to transact, you use bitcoin only if you use the internet, because bitcoin only be used in transactions on the Internet, bitcoin has no physical form such as another currency, so bitcoin should be free from taxes unlike other currencies that have a physical form, hopefully government policy would be different from the currency that has a physical form ... 

[Swordsoffreedom]

The fact that the UK has enacted a 10 year plan and evaluation of it means that they will take their time getting to a decision ^^.

At least it sounds prudent though
"These alternative payment systems are popular because they are quick, cheap, and convenient – and I want to see whether we can make more use of them for the benefit of the UK economy and British consumers. I also want to be alert to the risks that accompany any new technology."

"We need to plan ahead to make sure the right infrastructure is in place to meet the UK’s objectives and this strategy will set out what the UK needs to do over the next 10 to 15 years to achieve this," the consultation paper said. "It is vital that our digital communications infrastructure meets the needs of users in the UK. The UK must also be competitive on a global scale."

Anyways no real problem with it from my opinion will need to see how the bureaucratic red tape pans out though.

[Kickstart4]

government saying cryptos need to be regulated = we need new source of taxes because we are running out of money.

It is the main reason for many regulated markets we have.

Yes absolutely.Governments are just seeking another way to get their cut out of peoples money.