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Governments that are actually tech savvy will realize that the cons of an uncontrollable, non-taxable currency are absolutely epic.

by papito 6y ago

derefr 6y ago
But it is individuals, not governments, who mine Bitcoin. In fact, the people who mine Bitcoin don’t like governments very much, and wouldn’t cooperate with a government-imposed Sybil attack that would devalue their state-independent store of wealth, any more than they would cooperate with said government going to war with a country they’ve exported all their investments to. Such people would actively seek to use their wealth to oppose such a government. If a government moved to confiscate all mining operations and run them itself to perform such an attack, the fight such people put up against that would be so obvious that it would be incredibly easy for parties external to the situation (Bitcoin devs + Node operators outside of China) to stop any ensuing Sybil attack. They’d just blacklist Chinese IPs from the network statically in the client code—effectively hard-forking the other 49% of the network in advance so it doesn’t later become confused.
- dehrmann 6y ago
  > But it is individuals, not governments, who mine Bitcoin. Bitcoin mining has outgrown this stage. It's more like companies, now. > the people who mine Bitcoin don’t like governments very much, and wouldn’t cooperate with a government-imposed Sybil attack... Early Bitcoin proponents don't like governments much. Chinese miners are another story. They see a business opportunity and have no interest in losing social credit points or, worse, going to a labor camp.
  - papito 6y ago
    Because the government cannot afford the resources to untangle it all, and the rich can afford the lawyers to exploit all the loopholes, and cover the tracks after little white-collar crime "indiscretions". Who funds the lawmakers who make the tax laws? Ah... Myself - I pay my 28%. No loopholes.
webinvest 6y ago
Cryptocurrencies are absolutely taxable — at least in the USA. It’s a gigantic pain in the ass that I feel every April. I don’t know why the USA makes taxes so painfully difficult and complex but that’s another topic and something they can improve on.

Governments that are actually tech savvy will realize that the cons of an uncontrollable, non-taxable currency are absolutely epic.

by papito 6y ago

Governments that are actually tech savvy will realize that the cons of an uncontrollable, non-taxable currency are absolutely epic.

derefr 6y ago

But it is individuals, not governments, who mine Bitcoin. In fact, the people who mine Bitcoin don’t like governments very much, and wouldn’t cooperate with a government-imposed Sybil attack that would devalue their state-independent store of wealth, any more than they would cooperate with said government going to war with a country they’ve exported all their investments to. Such people would actively seek to use their wealth to oppose such a government. If a government moved to confiscate all mining operations and run them itself to perform such an attack, the fight such people put up against that would be so obvious that it would be incredibly easy for parties external to the situation (Bitcoin devs + Node operators outside of China) to stop any ensuing Sybil attack. They’d just blacklist Chinese IPs from the network statically in the client code—effectively hard-forking the other 49% of the network in advance so it doesn’t later become confused.

dehrmann 6y ago
> But it is individuals, not governments, who mine Bitcoin. Bitcoin mining has outgrown this stage. It's more like companies, now. > the people who mine Bitcoin don’t like governments very much, and wouldn’t cooperate with a government-imposed Sybil attack... Early Bitcoin proponents don't like governments much. Chinese miners are another story. They see a business opportunity and have no interest in losing social credit points or, worse, going to a labor camp.
- papito 6y ago
  Because the government cannot afford the resources to untangle it all, and the rich can afford the lawyers to exploit all the loopholes, and cover the tracks after little white-collar crime "indiscretions". Who funds the lawmakers who make the tax laws? Ah... Myself - I pay my 28%. No loopholes.

webinvest 6y ago

Cryptocurrencies are absolutely taxable — at least in the USA. It’s a gigantic pain in the ass that I feel every April. I don’t know why the USA makes taxes so painfully difficult and complex but that’s another topic and something they can improve on.