61–70 of 104 posts
Bitcoin is analogous to gold. To the extent it is more of a "threat" than gold, it is because moving bitcoin across national borders is easier. You also don't have to assay it. This article is alarmism. There is no theory of how bitcoin will facilitate more tax evasion or transactions for contraband, than cash or, or bearer bonds, or gold do.
Bitcoin is analogous to gold. To the extent it is more of a "threat" than gold, it is because moving bitcoin across national borders is easier. You also don't have to assay it. This article is alarmism. There is no theory of how bitcoin will facilitate more tax evasion or transactions for contraband, than cash or, or bearer bonds, or gold do.
Do bearer bonds still exist? It thought they were replaced by electronic securities because, you know, their only unique purpose is for theft.
"The volume of transactions in Bitcoin is growing only slowly, relative to the massive increase in demand for the currency" The author states this without presenting data. He is wrong. In fact, data shows the opposite: - The exchange rate increase by 5x between February (low of $20) and March (high of $100) - BitPay alone recorded a merchant transaction volume increasing by 7.6x between February ($687k) and March ($5…
> BitPay alone recorded a merchant transaction volume increasing by 7.6x between February ($687k) and March ($5.2M): ... so total transactions increased by a lot more than 7.6x, maybe 10x, 20x, who knows) your math is not good. one provider having a large percent increase does not imply that the total market had a larger percentage increase. its entirely possible that BitPay gained a larger share of bitcoin transacti…
This may be only an assumption, but I do believe it is correct. The other data points I added to my post seem to confirm it: trades and transactions are widely increasing everywhere.
In 1998, Paul Krugman described the fatal flaw that will inevitably sink any currency that includes it; a flaw that Bitcoin's designers have overlooked.
http://www.forbes.com/sites/pascalemmanuelgobry/2013/04/05/k... …
So no, Bitcoin is not an "Existential threat to the Modern Liberal State". Not even close.
FTA: Taxation: How do governments collect taxes on transactions in Bitcoin? The answer is they don't, and they can't. Though many Bitcoin fans don't quite realize it, Bitcoin's radical transparency could in fact be a tax-collector's wet dream. Every public-key, balance, and transaction is public. A government that wants to coopt and efficiently tax Bitcoin could announce the following policy, based on the idea of 'ta…
1. Create new bitcoin address.
2. Receive bitcoins from someone for cash.
3. Send them to merchant's public address.
Earlier quoted context omitted.
What happens if I send dirty money to my enemy's registered address?
Your client/wallet detects it and offers a pop-up with registration or forfeiture options. Up to a certain amount (per person, per year) you can probably just pay a small excise tax (less than 100% forfeiture) to 'clean' it. Larger amounts without explanation would mean a visit from the taxman or Justice Department, however.
FTA: Taxation: How do governments collect taxes on transactions in Bitcoin? The answer is they don't, and they can't. Though many Bitcoin fans don't quite realize it, Bitcoin's radical transparency could in fact be a tax-collector's wet dream. Every public-key, balance, and transaction is public. A government that wants to coopt and efficiently tax Bitcoin could announce the following policy, based on the idea of 'ta…
That law would fail because there's no way to prove the transaction didn't come from someone who wants to cause trouble for the registered person but whom the person doesn't actually know. Suppose you are angry at a merchant who takes bitcoin: 1. Create new bitcoin address. 2. Receive bitcoins from someone for cash. 3. Send them to merchant's public address.
If it's money given to them in payment for goods/services, they reject it as non-legal tender. "I'm sorry, sir, we can't take that form of payment, do you have another?"
Software makes this very easy... even automatic.
Earlier quoted context omitted.
I wonder how anyone can think that is the case. Can the government stop me from buying something with USD? Not a chance.
> Can the government stop me from buying something with USD? Not a chance. What? Of course they can. They can get a warrant and bust into your house and put you in jail if they have basis to believe you have bought something they think you shouldn't have (drugs, child porn, slaves, and tons of other things).
Earlier quoted context omitted.
"Bitcoin is interfering with the ability of the government to stop consensual transactions between adults." UH OH
I wonder how anyone can think that is the case. Can the government stop me from buying something with USD? Not a chance.