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South Korea considers cryptocurrency tax

reuters.com

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Re: South Korea considers cryptocurrency tax

#41

Post by freehunter »

dmichulke wrote: post #11
JetSpiegel wrote: post #10

Earlier quoted context omitted.

If non-professional investors start putting their life savings into Bitcoin and it crashes, the government can't just say "though break, you will starve on retirement"

Why can't they? Surely they can indebt every person with accumulating govt deficits (currently 62k in the US) so what's different? https://ycharts.com/indicators/us_per_capita_public_debt

I'm not on the hook for "my share" of the national debt. The government isn't going to knock on my door with a $62k tax bill next month. That's the government's debt, not mine.

If I spend all my money but still owe creditors more, that's what I'm on the hook for. That's real debt.

Re: South Korea considers cryptocurrency tax

#43

Post by pc86 »

dmichulke wrote: post #40
pc86 wrote: post #34

Earlier quoted context omitted.

What does per capita public debt have to do with someone losing their life savings?

It's inconsistent that the govt "saves" you from losing your life savings yet indebts you with a nontrivial amount plus lifelong interest rate payments. Put as question: how much would you like legally binding financial advice by someone up to their ears in debt?

I don't owe $60k because the USG has $60k in per capita debt. Nobody's coming to me for that. The mental gymnastics you need to go through just to equate the two is exhausting.

"Legally binding" and "advice" are mutually exclusive concepts. And it's 100% possible you can give great financial advice and be in debt. "Max out your 401k and a Roth IRA" is great advice in 99% of circumstances. Just because someone is paying off high interest credit cards instead doesn't make the advice invalid or their choice of priorities incorrect.

Re: South Korea considers cryptocurrency tax

#44

Post by thkim »

smaili wrote: post #8

> Australia’s central bank governor Philip Lowe warned on Wednesday the fascination with the assets felt like a “speculative mania.” Just curious, what is it about speculation that has govs so worried? It’s quite clear at this point Bitcoin has grown far too large and most are now speculating on its value as a store so what benefit is there to step in, attempt to regulate it, and risk its undoing? To me, I’m reminded…

When a bubble bursts, it's not just about some people, but it brings down the whole economy. I can't believe people have already forgotten what CDO has done to this economy. Bitcoin & cryptos are financial weapons of mass destruction. Any responsible government ought to outright ban them all already.

Re: South Korea considers cryptocurrency tax

#45

Post by pjc50 »

indubitable wrote: post #9
eksemplar wrote: post #6

Earlier quoted context omitted.

Crypto is changing the world. I've made money off of bitcoin, but I've done so responsibly, like I suspect must people on HN have, by only betting what I could easily afford to lose. By going mainstream that sort of reasonable/safe approach has ended, and people are now happily risking their entire savings. This will certainly be great for some people, but it also has the potential to be absolutely devastating. In Am…

Can you elaborate on "society having to clean up after a bunch of people losing everything." ? Perhaps I'm reading too much into your post, but so far as I can tell you're suggesting you reside in a nation with stronger social systems than the US. And a number of people failing, who otherwise would not have, could pose a strain on such systems. Yet this is confusing to me since presumably we're speaking of older indi…

See upthread comment on Albanian civil war caused by too much of the country losing everything all at once in a set of pyramid schemes.

Re: South Korea considers cryptocurrency tax

#46

Post by creaghpatr »

thkim wrote: post #44
smaili wrote: post #8

> Australia’s central bank governor Philip Lowe warned on Wednesday the fascination with the assets felt like a “speculative mania.” Just curious, what is it about speculation that has govs so worried? It’s quite clear at this point Bitcoin has grown far too large and most are now speculating on its value as a store so what benefit is there to step in, attempt to regulate it, and risk its undoing? To me, I’m reminded…

When a bubble bursts, it's not just about some people, but it brings down the whole economy. I can't believe people have already forgotten what CDO has done to this economy. Bitcoin & cryptos are financial weapons of mass destruction. Any responsible government ought to outright ban them all already.

Like student loans, bubble speculators will want government compensation, or need it via welfare/Medicaid/tax writeoff etc most likely the tax write offs

Re: South Korea considers cryptocurrency tax

#47

Post by indubitable »

chii wrote: post #24
indubitable wrote: post #12

Earlier quoted context omitted.

I think this almost certainly is not the reason. You can take something as simple as lotteries to show this. Lotteries specifically target and exploit lower income individuals who we can say are probably not 'professional investors.' And they're huge money. In 2016 $80.55 billion was spent on lottery tickets in state lotteries in the US. [1] That's hundreds of dollars per person if each and every adult in the US boug…

but people don't usually put their entire life savings into lottery. but may be they could with Bitcoins...

The data would beg to differ. You have to keep in mind the demographic makeup of the US. More than half of Americans have less than $1,000 in savings - total. [1] Only 15% of Americans have more than $10k saved. Now take that $80 billion figure from the lottery. There are currently about 245 million adults in the US. About 49% of Americans play state lotteries. [2] Now let's do the math. That's $80.55 billion / (245 million * 0.49) = $671 spent on lotteries on average!! It is very safe to say that there are alot of people spending all, or near all, of what could be their life savings on lottery tickets.

Lottery tickets are almost always negative expected value which means you're basically lighting money on fire, and governments worldwide love them. More generally the US government acts as an oligarchy. Government self interest, followed by special interests are what generally drive government action. Public utility (and opinion) play a very minor role. And yes, I even have a source for this as well as I understand this is not what many people want to believe. [3]

[1] - https://www.fool.com/investing/2016/09/25/how-much-does-the-...

[2] - http://news.gallup.com/poll/193874/half-americans-play-state...

[3] - http://www.princeton.edu/~mgilens/Gilens%20homepage%20materi...

Re: South Korea considers cryptocurrency tax

#48

Post by thkim »

Bitcoin and cryptos ought to be banned for good. Cryptocurrencies are scam and outright bubble that will bring down the world economy. There is no currency without an authority to guarantee its value. Cryptos are pure bubble. If there is any good in this thing, it's ease of transaction, which is a question of underlying technology - it has nothing to do with lack of authority or decentralized scheme that cryptocurrencies tout as so important (and fail to deliver).

Re: South Korea considers cryptocurrency tax

#49

Post by seibelj »

non_sequitur wrote: post #2

Updated: South Korea Clarifies Position After Reports of Possible Ban on All Crypto Transactions "On Monday, Financial Services Commission (FSC) Chairman Choi Jong-ku clarified to reporters at a luncheon meeting that “the FSC is mapping out measures to restrict [cryptocurrency] transactions to some extent,” which he did admit include “an all-out ban,” Yonhap reported. “The restriction is aimed at minimizing side effe…

Thank goodness it’s impossible to ban crypto! Everyone in SK withdraw from the exchanges before they seize it!

Re: South Korea considers cryptocurrency tax

#50

Post by naveen99 »

azizsaya wrote: post #37

Crack down in India as well. http://www.livemint.com/Money/ubKaynMm1JKkoJUa0voi3M/Income-...

Thats not a crackdown, that's just tax collectors looking for easy money. They have plenty to gain from cryptocurrencies. It's like government banning cigarettes, not going to happen. They make too much money from it.
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