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South Korea considers cryptocurrency tax

reuters.com

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Re: South Korea considers cryptocurrency tax

#221

Post by thkim »

neuro_imager wrote: post #151
kazagistar wrote: post #83

Earlier quoted context omitted.

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?

venezuela shows exactly why bitcoin cannot be used as currency. venezuela currency lost its value because the trust in central authority has evaporated, meaning it is now decentralized. look at it - venezuela currency value graph looks like bitcoin value graph upside down. people are quoting different value. some local areas are creating their own currency (just like bitcoin forks!). it is totally out of control. nobody can use it as currency.

Re: South Korea considers cryptocurrency tax

#222

Post by thkim »

colordrops wrote: post #198
fatjokes wrote: post #181

Earlier quoted context omitted.

> 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.

it is not about morality. volatility is bad for any currency. it's simple truth.

Re: South Korea considers cryptocurrency tax

#223

Post by thkim »

hectorr1 wrote: post #124
thkim wrote: post #44

Earlier quoted context omitted.

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.

> I can't believe people have already forgotten what CDO has done to this economy. Collateralized Debt Obligations - every word in the acronym screams credit. A CDO is an instrument that guarantees you a cash flow based on debt. A guarantee for you is an obligation for someone else. Chains of these guarantees and obligations is what enabled the housing bubble. The breaking of these chains caused the Great Recession.…

you're thinking leverage is only way to pose a system risk to economy. it is not. leverage amplifies the risk, but just because there is no leverage that does not mean risk is not exposed to the system. when consumption goes down, business gets affected.

Re: South Korea considers cryptocurrency tax

#224

Post by colordrops »

thkim wrote: post #222
colordrops wrote: post #198

Earlier quoted context omitted.

> 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.

it is not about morality. volatility is bad for any currency. it's simple truth.

Despite mass perceptions and previous assertions long in the past by its creator, bitcoin is not a currency, nor are most people attempting to use it as one. Neither is it digital gold, or an asset management system, or any other easy label. These terms were and are used as analogies to help people grasp blockchain technology, but it is a new and altogether different beast from previous monetary instruments, and not subject to the same constraints.

Re: South Korea considers cryptocurrency tax

#225

Post by indubitable »

TeMPOraL wrote: post #123
indubitable wrote: post #51

Earlier quoted context omitted.

You have a contradiction in your logic. Poor people working "regular, shitty, low-paying high-demand jobs" do not have savings. The numbers may vary somewhat by country but here [1] they are for America. 85% have less than $10k. 50% have less than $1k. 34% have $0. And there's probably going to be a pretty good correlation with savings and income. The 15th percentile in household income is about $120,000. Interesting…

We were not talking exclusively, or even in particular, about the US, though.

Interesting! Those data are indeed specific to the US and I expected the numbers would vary by nation, but not radically so. I enjoy learning more about economics and the fact there is a nation where even the poor have substantial savings is quite bemusing to me! Do you have any sources available?

Re: South Korea considers cryptocurrency tax

#226

Post by jacobr »

neuro_imager wrote: post #152
jacobr wrote: post #94

Earlier quoted context omitted.

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.

You could consider it a crime to help facilitate actions that can be a danger to the society and individuals, like others have explained elsewhere in comments. This would be similar to unregulated lotteries, ponzi schemes, smoking bans, etc.

I definitely don't agree about criminalisation of cryptocurrencies (which also didn't happen), but there are valid points that are not only about stealing wealth.

Re: South Korea considers cryptocurrency tax

#227

Post by petre »

UncleMeat wrote: post #192
petre wrote: post #189

Earlier quoted context omitted.

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?

Because it's the current get-rich-quick scheme and human nature is rather selfish than altruistic? Because it's been a good tools to store value and move it over borders?

Re: South Korea considers cryptocurrency tax

#228

Post by ufo »

neuro_imager wrote: post #214
ufo wrote: post #184

Earlier quoted context omitted.

I always downvote those Venezuela posts because they are invariably Bitcoin propaganda. The linked stories inevitably originate in a bitcoin news site and are backed by more wishful thinking than actual data.

The article I linked to was from ABC news (as mainstream a news source as you could find). How is this propaganda? You're saying people in countries with hyperinflated currency have no use for crypto and don't use it? Can you back this up? Can you explain why there are significant premiums for Bitcoin when buying from exchanges from these countries? Or is this propaganda too? Of course there isn't data (except of cou…

That article honestly sounded like an advertisement for Colibit.

Re: South Korea considers cryptocurrency tax

#229

Post by s73ver_ »

neuro_imager wrote: post #213
s73ver_ wrote: post #193

Earlier quoted context omitted.

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.

Commodity: noun, plural commodities. 1.an article of trade or commerce, especially a product as distinguished from a service. 2.something of use, advantage, or value. 3.Stock Exchange. any unprocessed or partially processed good, as grain, fruits, and vegetables, or precious metals. 4.Obsolete. a quantity of goods. So if you're saying its a commodity (and therefore should be taxed), it has value (and has to be based…

"But semantics aside, taxation is theft,"

No, not in the slightest.

Re: South Korea considers cryptocurrency tax

#230

Post by dang »

neuro_imager wrote: post #213
s73ver_ wrote: post #193

Earlier quoted context omitted.

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.

Commodity: noun, plural commodities. 1.an article of trade or commerce, especially a product as distinguished from a service. 2.something of use, advantage, or value. 3.Stock Exchange. any unprocessed or partially processed good, as grain, fruits, and vegetables, or precious metals. 4.Obsolete. a quantity of goods. So if you're saying its a commodity (and therefore should be taxed), it has value (and has to be based…

> taxation is theft

Please keep generic ideological tangents off HN. They lead to angry-samey discussion rather than thoughtful-curious. Fortunately that didn't happen in this case, but then not all sparks lead to wildfires, even in a dry forest.

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