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South Korea considers cryptocurrency tax

reuters.com

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Re: South Korea considers cryptocurrency tax

#151

Post by neuro_imager »

kazagistar wrote: post #83
noarchy wrote: post #70

Earlier quoted context omitted.

A ban won't stop crypto any more than it stops illegal drugs, prostitution, etc. That said, there would be an effect on the crypto markets if a handful of major nations took action. So the question I have would be: will they aim for the taxes (presumably allowing crypto trading), or for an outright ban?

Sure, but unlike drugs or prostitution, aggressive police action doesn't harm any underprivileged classes, but rather a bunch of affluent tax evaders.

The people in Venezuela and Zimbabwe that are now using crypto as an opportunity not to starve now that their fiat currency is worth less than toilet paper disagree.

http://abcnews.go.com/Technology/wireStory/venezuelans-bitco...

edit: Rather than downvote - could you please explain why you think crypto is not beneficial to the billions of people worldwide currently excluded from the financial system?

Re: South Korea considers cryptocurrency tax

#152

Post by neuro_imager »

jacobr wrote: post #94
noarchy wrote: post #70

Earlier quoted context omitted.

A ban won't stop crypto any more than it stops illegal drugs, prostitution, etc. That said, there would be an effect on the crypto markets if a handful of major nations took action. So the question I have would be: will they aim for the taxes (presumably allowing crypto trading), or for an outright ban?

I don't think law makers ever expect a law to stop a criminal behaviour. Making it more difficult (remove apps, shut down web sites) is likely to have some impact though.

What is the crime here exactly? Breaking up the financial cartels? Regardless, I have no doubt that the government will do their best to use this as yet another opportunity to steal wealth from their citizens.

Re: South Korea considers cryptocurrency tax

#153

Post by KasianFranks »

arcticfox wrote: post #109
KasianFranks wrote: post #100

Earlier quoted context omitted.

You mean like stocks and all other derivatives and equities including the US dollar and other currencies on Forex. Smart.

Except stocks represent ownership in real companies making real products. If one person owns 100% of a company and there is zero trading, it's still an extremely valuable property. If one person owns 100% of a crypto, it is worthless.

https://www.investopedia.com/terms/s/storystock.asp not to mention the public company manipulations, scams and out right fleecing of investors.

Re: South Korea considers cryptocurrency tax

#154

Post by neuro_imager »

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.

Yes, because governments and their financial sector cronies have a history of brilliant financial decisions that benefit their citizens.

Re: South Korea considers cryptocurrency tax

#155

Post by neuro_imager »

kgwgk wrote: post #26
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…

Nothing of value is being created, at least not of the magnitude of the apparent “value” of the bubble, so making money off bitcoin is by definition getting money from someone else. Clearly it cannot work forever, and those who are left holding the bag won’t be happy.

I admire the certainty of the naysayers on this thread. I only wish I could borrow their crystal ball.

Re: South Korea considers cryptocurrency tax

#156

Post by rudiger »

neuro_imager wrote: post #149
rudiger wrote: post #101

At its core, the current cryptocurrency craze is simply an unprecedented wealth transfer to China from the rest of the world. Until the end of 2013, Bitcoin was predominantly traded for US dollars. However, after the crash of 2013, miners consolidated in China and Bitcoin mostly traded for Chinese yuan[1]. At the start of 2017, regulators in China cracked down on digital currency exchanges[2] and trading quickly move…

You know you're citing articles that are almost a year old? Please also provide evidence that "all of the early buyers are selling".

Yes, I'm aware that an article from January 2017 has data backing up an assertion about global Bitcoin trading volume from 2012 to 2017. What is your point?

Re: South Korea considers cryptocurrency tax

#157

Post by afsina »

apalmer wrote: post #144
afsina wrote: post #137

Earlier quoted context omitted.

Or, Keynes was wrong and he is responsible with all the boom and bust cycles and inflationary theft.

Serious question, Keynes was born in the late 1880 and didnt publish anything until 1900s... we had boom and bust cycles long before this. How do you explain that?

Yes there were other boom and busts. But Keynes makes sure of it. According to Hayek (and many others), Keynesian spending policies are not a solution to unemployment or economic crises. On the contrary, they are a real threat to economic stability.

Re: South Korea considers cryptocurrency tax

#158

Post by runeks »

rudiger wrote: post #101

At its core, the current cryptocurrency craze is simply an unprecedented wealth transfer to China from the rest of the world. Until the end of 2013, Bitcoin was predominantly traded for US dollars. However, after the crash of 2013, miners consolidated in China and Bitcoin mostly traded for Chinese yuan[1]. At the start of 2017, regulators in China cracked down on digital currency exchanges[2] and trading quickly move…

You seem to be confusing volume with liquidity. The question is not how many times a bitcoin (allegedly) changes hands on an exchange, but how many USD/CNY/JPY etc. are bidding on bitcoins right now.

Why wouldn’t the CNY/JPY/KRW markets have much higher volume when they have zero trading fees?

The magnitude of an exchange is measured by how many funds they have on deposit, not how often these deposits change owner according to the exchange’s internal database.

Re: South Korea considers cryptocurrency tax

#159

Post by milcron »

paulmd wrote: post #114
ethanwillis wrote: post #71

Earlier quoted context omitted.

MFW it takes up to two weeks for an international wire transfer to clear. MFW banks are closed on Sundays.

Why do you need to send a wire transfer? A giro transfer clears within a few minutes, and a credit card charge is accepted within seconds. What's the use-case that is not acceptably covered by those options?

I'd never heard of a giro transfer. In the states we use ACH and it takes 2-5 days to clear. The ACH numbers are also reusable - your numbers never change, and they can be used for withdrawal as well as deposit.

Re: South Korea considers cryptocurrency tax

#160

Post by nybble41 »

RobertoG wrote: post #81
mewwts wrote: post #66

Earlier quoted context omitted.

But wouldn’t that have a profound impact on the value of a currency? If all demand for it dissappeared except taxes what would happen to it’s value relative to other currencies? What would happen to trade?

Maybe demand wouldn't be impacted. Taxes affect every spending in the economy. If you need to pay your taxes where that currency will come from? You are going to need to win it somehow. Instead of exchange currencies in order to be able to pay taxes, why not accepting payment in the government currency in the first place?

> Instead of exchange currencies in order to be able to pay taxes, why not accepting payment in the government currency in the first place?

You don't need to exchange all your currency to pay taxes, and in the hypothetical scenario we're discussing you would want the rest to remain in cryptocurrencies because that is what you need to pay all your other expenses. Beyond the network effect, exchanging only the amount you need for taxes would improve security and limit your exposure to currency manipulation.

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