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It's considered property in the US. And the rights to own are protected by the constitution. As long as western governments don't go on a crusade, cryptocurrenc
by rafale 5y ago
It's considered property in the US. And the rights to own are protected by the constitution.
As long as western governments don't go on a crusade, cryptocurrencies will continue to thrive.
- usaphp 5y agoYou can still own it, but businesses can just be banned from accepting payments.
- meowkit 5y agoHow in the world is the (US government at least) going to stop a business from accepting whatever they want as a form of payment?
- deleted 5y ago[deleted]
- fridif 5y agohow in the world is the US government going to stop restaurants from letting people inside?
- meowkit 5y agoIn some places they never did. Slowing the spread of a virus and dictating what people can trade with is an apples to orange comparison. This is not a good rebuttal.
- Afforess 5y agoThis is a compelling argument because what? The US government is incapable of passing new legislation to regulate/outlaw property? An interstate-trading crypto ban would be legal, as far as I can tell.
- lovedswain 5y agohttps://en.wikipedia.org/wiki/Executive_Order_6102 https://en.wikipedia.org/wiki/Executive_Order_6102
- uncomputation 5y agoA bit of a shaky analogy I’ll admit in advance, but drugs are also considered property in the US and that very possession is a crime itself. Possessions viewed by the government as harmful will eventually be legislated away, as you say “a crusade.” But to assume that the US is just going to let crypto walk through and displace the dollar (the pillar of the modern economy - the IMF uses the dollar as its barometer) is just ludicrous. Either crypto will be outright banned or will be mutated through legislation into a centralized currency - the very thing it sought to solve.
- baq 5y agoheroin is considered a property, too, i guess? i'm not in the US, so i'm not sure, but it at least used to not be a good thing to get caught owning heroin.
- deleted 5y ago[deleted]
- deleted 5y ago[deleted]
- MaxBarraclough 5y ago> And the rights to own are protected by the constitution. You don't have a constitutional right to own absolutely anything, though. If you buy grenades, for instance, the state will seize them and imprison you. Someone already mentioned Executive Order 6102, regarding gold.
- dheera 5y agoWhich means that it isn't treated as a currency. I could buy a Tesla with Bitcoin, but what good is that if I have to pay capital gains tax for "selling" the Bitcoin even though I didn't actually sell it, I used it?
- WrtCdEvrydy 5y agoBecause Bitcoin is property just like stock.
- dheera 5y agoThat's my point; it's treated as property, not currency, which sucks.
- thinkloop 5y ago> what good is that if I have to pay capital gains tax You would (almost) never pay cap gains on cash even if the law required it, because cash goes down in value over time. Everyone knows this, so no one holds cash, they buy stocks, bonds and realestate. When it comes time for the Tesla, they have to sell those assets, pay cap gains, then buy it, just like BTC. If you wanted to avoid cap gains, your only choice is to hold cash, in which case you would have less overall money at the end. tl;dr: all appreciating assets are encumbered with cap gains, the only way to avoid it is to buy non-appreciating assets, which is worse
- lostmsu 5y agoThis treatment of secondary currencies (regular ones included) is not universal across the world.