Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

South Korea considers cryptocurrency tax

reuters.com

Post reply on HN
Print view View original

191–200 of 231 posts

Re: South Korea considers cryptocurrency tax

#191

Post by mundo »

neuro_imager wrote: post #165

This thread reminds me that even on HN most comments on the internet are from people with very little understanding. I expected the "bubble", "tulip", "no value" arguments to come from the chicken littles on Forbes. If you think Bitcoin is overvalued, fine. Pour yourself a stiff drink and accept some people might lose some money. The sort of emotional hyperbole on here about "cryptocurrencies need to be banned by the…

> "cryptocurrencies need to be banned by the loving, paternal, incorruptible government to save the world from ourselves"

If you're going to summarize the other side's position, do so in a way that they would agree with.

Re: South Korea considers cryptocurrency tax

#192

Post by UncleMeat »

petre wrote: post #189
fatjokes wrote: post #170

Earlier quoted context omitted.

> The sort of emotional hyperbole on here about "cryptocurrencies need to be banned by the loving, paternal, incorruptible government to save the world from ourselves" is not just getting old, its absurd. Why is it "getting old"? It's a fair concern that something so volatile should be examined critically and relentlessly. People don't just "get a stiff drink and accept they'll lose money" if it goes down---they jump…

You probably don't live in Zimbawe, Venezuela or trying to get money out of China or another country for that matter. If you want to take over 10 grand out of the country you have to declare it or risk having it siezed.

I don't, you are right. But then why would I buy BTC? I don't need it if I live in the US. If it is so amazingly valuable to people in these countries, then why are we buying it and hoarding it instead of giving it to the people in need?

Re: South Korea considers cryptocurrency tax

#193

Post by s73ver_ »

neuro_imager wrote: post #148
WJW wrote: post #106

Earlier quoted context omitted.

Yes? It's certainly not the people struggling to buy food if that's what you are implying.

Its ironic that the same people who keep saying cryptocurrency has no underlying value, that its just a speculative bubble, are saying that profits from its increase in price should be aggressively taxed.

I don't see why it's ironic. Whether something is useful or not, and whether it's increases in value should be covered under financial taxes like any other commodity are separate issues.

Re: South Korea considers cryptocurrency tax

#194

Post by mrwong »

fatjokes wrote: post #181
neuro_imager wrote: post #177

Earlier quoted context omitted.

> It's a fair concern that something so volatile should be examined critically and relentlessly. I agree - but backed with concerns based on legitimate understanding not "price is going up quickly, must be a scam". > I think governments/regulators should have some say the same way you'd want them to regulate any financial instrument and punish Ponzi schemers and pump-and-dumpers. Because they did such a great job in…

> I agree - but backed with concerns based on legitimate understanding not "price is going up quickly, must be a scam". Something that goes up and down so quickly and so frequently does warrant concern. Nobody has that understanding at the moment and it needs investigating. > Because they did such a great job in 2008? Maybe not the American government, but IIRC, Iceland is punishing the bankers (jail!) and the Canadi…

Your realize that pointing yo the tiny nation of Iceland as the only one who actually put people in jail just sounds like sarcasm

Re: South Korea considers cryptocurrency tax

#195

Post by 45h34jh53k4j »

zeep wrote: post #172
bookmarkacc wrote: post #141

Earlier quoted context omitted.

No because you buy for 15k from them and sell for 16k to someone somewhere else in the world

Can we filter out sellers/buyers by country, to make sure?

No and by design. Global trade is global, man.

Re: South Korea considers cryptocurrency tax

#196

Post by dmichulke »

WJW wrote: post #106
mtgx wrote: post #85

Earlier quoted context omitted.

Do you think most people owning cryptocurrencies are affluent tax evaders?

Yes? It's certainly not the people struggling to buy food if that's what you are implying.

Such as e.g. affluent tax evaders in Zimbabwe and Venezuela, or in Argentina a few years ago?

http://edition.cnn.com/2017/10/31/africa/zimbabwe-bitcoin-su...

Re: South Korea considers cryptocurrency tax

#197

Post by scottnyc »

passwordreset wrote: post #146
scottnyc wrote: post #118

Earlier quoted context omitted.

I agree that this might be a wealth transfer to China. Bitcoin inherently does not hold any value, it is a ledger. When someone buys bitcoin, someone else sells it and takes the cash out of the system. Right now, a lot of mining is still taking place in China since energy is cheap. These miners sell their coins outside of China and bring cash back into the mainland to pay for the energy and hardware used for mining.…

> Bitcoin inherently does not hold any value, it is a ledger. I just want you to be aware that those 2 sentiments are directly contradictory. A ledger has value -- an online, world-wide, decentralized, distributed, peer-to-peer ledger moreso. Estimate the value of the ledger (this is a significantly different endeavour than estimating market cap), divide that value by the total number of BTC in circulation, and you h…

I see what you're saying, and that's an interesting way of thinking about the intrinsic value of Bitcoin. I suppose in estimating the value of the ledger you should also consider the negative value contributions to having this particular ledger, such as environmental impact, potential to destabilize governments, expected loss from hacking/user error, etc and see whether that outweighs the benefits of what some may perceive to be positive value.

I suppose what I meant to say is there is technically no money sitting somewhere held for owners of bitcoin to lay claim to.

Re: South Korea considers cryptocurrency tax

#198

Post by colordrops »

fatjokes wrote: post #181
neuro_imager wrote: post #177

Earlier quoted context omitted.

> It's a fair concern that something so volatile should be examined critically and relentlessly. I agree - but backed with concerns based on legitimate understanding not "price is going up quickly, must be a scam". > I think governments/regulators should have some say the same way you'd want them to regulate any financial instrument and punish Ponzi schemers and pump-and-dumpers. Because they did such a great job in…

> I agree - but backed with concerns based on legitimate understanding not "price is going up quickly, must be a scam". Something that goes up and down so quickly and so frequently does warrant concern. Nobody has that understanding at the moment and it needs investigating. > Because they did such a great job in 2008? Maybe not the American government, but IIRC, Iceland is punishing the bankers (jail!) and the Canadi…

> Something that goes up and down so quickly and so frequently does warrant concern.

Why is "going up and down so quickly" inherently bad? There's no moral or legal standard on volatility. It's just a metric, everyone is aware of it, and everyone should act accordingly.

Re: South Korea considers cryptocurrency tax

#199

Post by marshray »

passwordreset wrote: post #146
scottnyc wrote: post #118

Earlier quoted context omitted.

I agree that this might be a wealth transfer to China. Bitcoin inherently does not hold any value, it is a ledger. When someone buys bitcoin, someone else sells it and takes the cash out of the system. Right now, a lot of mining is still taking place in China since energy is cheap. These miners sell their coins outside of China and bring cash back into the mainland to pay for the energy and hardware used for mining.…

> Bitcoin inherently does not hold any value, it is a ledger. I just want you to be aware that those 2 sentiments are directly contradictory. A ledger has value -- an online, world-wide, decentralized, distributed, peer-to-peer ledger moreso. Estimate the value of the ledger (this is a significantly different endeavour than estimating market cap), divide that value by the total number of BTC in circulation, and you h…

Unless it is good at ledging things other than Bitcoin itself, your argument that the Bitcoin ledger has inherent value is completely circular.

Re: South Korea considers cryptocurrency tax

#200

Post by Agebor »

pedrocr wrote: post #127
Agebor wrote: post #72

Earlier quoted context omitted.

> index funds are huge and yet most people still prepare very poorly for retirement Retail financial products are only just now entering the internet era. At least in UK, before 2017 we did not have Vanguard, Monzo, Revolut. Nutmeg was less known. Older banks and investment accounts are still relatively hard to use via the internet (e.g. requiring ancient identity verification methods) and understand for unexperience…

>I think the goal should be to stop using any form of cash as a store of value No one should use any currency as a store of value, use actual productive assets. And your argument that we should make financial products enter the Internet era is completely true. I just don't see where the cryptocurrencies help.

It's mostly about speed of innovation. Cryptocurrencies will just make creating and experimenting with financial products easier (being unregulated).
Post reply on HN