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Author Topic: UK 10yr plan for BTC  (Read 2925 times)
Kickstart4
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August 31, 2014, 08:07:02 PM
 #41

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.
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51percemt
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September 01, 2014, 07:09:10 AM
 #42

Do all governments think regulation is their primary job? Cheesy
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.
I don't see any problem with taxing bitcoin as long as the taxes are not unique to bitcoin - meaning that any taxes that are paid on bitcoin transactions are paid on any other barter transaction and any fiat based transaction when applicable.
wasserman99
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September 04, 2014, 06:54:45 AM
 #43

Do all governments think regulation is their primary job? Cheesy
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.
I don't see any problem with taxing bitcoin as long as the taxes are not unique to bitcoin - meaning that any taxes that are paid on bitcoin transactions are paid on any other barter transaction and any fiat based transaction when applicable.
I agree with this. I think that bitcoin should be treated the same way as any other asset/currency and citizens should pay the same taxes regardless of how they pay.

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September 04, 2014, 11:03:33 AM
 #44

Absolutely unreal that the UK Government is trying everything they can to find a way to tax bitcoin. It's never about the public when it comes to the UK Government it's always about them and how they can cash in. Unreal.

this only means they think bitcoin will become big enough to go through the hassle
yunkie
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September 04, 2014, 03:33:07 PM
 #45

As long as they do not put lots of limitations and regulations its cool.
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