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If bit coins are used to avoid tax, as they could easily be, and that seriously threatens a government's tax take then the government would kill bitcoin. Even i
by artumi-richard 14y ago
If bit coins are used to avoid tax, as they could easily be, and that seriously threatens a government's tax take then the government would kill bitcoin. Even if it meant shutting down the internet. If it only mildy threatens the government you might find transactions being slowly split into two, one part in local currency for tax purposes and a second part which is anonymous and digital.
As far as I can tell bitcoin is a neo-conservative wet dream, if it gained mass traction anyway.
- zanny 14y agoIf governments tried to shut down the internet they would have significantly more enemies than just currency speculators to war with. Also, any first world economy that cut off the internet today would go back into the dark ages and would suffer a more severe recession than the great depression. No government in the first world could realistically try to shut down the Internet. And if BTC gains transaction, it becomes harder and harder (eventually prohibitively so) for a gov't to disrupt the block chain or launch an attack on it.
- artumi-richard 14y agoIf the government has the potential of no revenue they would turn off the internet. Because they would believe, as I do, that government is good, as they do things like Schools, Roads, Defense (and in the UK HealthCare), policing, welfare, etc etc, and they collectively are more important than the internet. If all currency is traded anonymously. There will be no tax take.