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What stops them doing this with any other currency? The point here is that Bitcoin isn't really special.
by chc 13y ago
What stops them doing this with any other currency? The point here is that Bitcoin isn't really special.
- malandrew 13y agoThe fact that you get to completely avoid the US banking system or any other national banking system. Bitcoin can operate 100% extra-nationally. Let's say person A registers a company in country X but live in country Y and person B also registers a company in country X, but also lives in country Y. Now person A can control the business of his company to do business with the company of person B without ever triggering a taxable event for either person A or B in country Y, until either A or B try to repatriate the money into country Y, at which time it is taxed as income.
- chc 13y agoHow is that significant, though? The fact that the money isn't in any specific national banking system doesn't change the laws that you and your business are subject to unless you happen to find a country whose laws only care about property that's in the banking system.
- malandrew 13y agoIt's significant for every type of business that transacts in services that don't necessarily require repatriation until distribution of profits. All purchases and sales of services occurring between two "extra-national" corporate entities are essentially tax free. Only when profits and wages are distributed to individuals would taxes be levied.