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Good luck!

by lmartel 13y ago

Good luck!

dnautics 13y ago
I think you might be confusing "regulated" with "controlled". Setting aside the question of whether it should be regulated, of course it CAN be regulated. For example, if you're a corporation accepting bitcoins, in order to maintain corporate status, you have to keep good records of who you're receiving bitcoins with, and pay equivalent taxes, etc. etc.
betterunix 13y ago
That is kind of like saying, "Good luck collecting taxes!" At some point you need to exit the Bitcoin system -- maybe you need your nation's currency, maybe you need a new computer, maybe you just need to buy your lunch, but regulations can and mostly certainly will be enforced at the exit points.
- jaekwon 13y ago
  I'm sure people used to say the same thing about the dollar or bank notes, and exiting to the underlying asset like gold. It is possible to remain within the Bitcoin system. It may be difficult now, but it's getting easier every day.
  - betterunix 13y ago
    As long as the government is collecting taxes, and as long as you cannot make tax payments with Bitcoin, you cannot remain within the Bitcoin system. Even if all your other transactions are done with Bitcoin, you'll eventually need to get some dollars to pay your taxes -- and then you'll be hit with regulations. As for gold versus paper money, the above reasoning does not apply. Paper money is accepted for tax purposes (and would be far less popular if it was not).
    - deleted 13y ago
      [deleted]
- stinkytaco 13y ago
  The Bitcoin community is so speculative right now. From the people who are interested in the technology and where it might go and what problems it solves to the people who want to be free from central banks to the people who are just trying to get rich. It sometimes feels like the Bitcoin community has forgotten what currency is for: spending. And if you spend it, someone can regulate it.
drivingmenuts 13y ago
At some point, you'll have to make a payment to someone who doesn't accept Bitcoin, which is the point of failure. While cash may be anonymous and Bitcoin may be anonymous (the second one is dangerous, in and of itself), you will have to make a conversion to real-world currency and that transaction can be as heavily regulated, including the requirement for non-anonymity. And if you stick to Bitcoin transactions only, it would be very easy for authorities to declare tax-evasion, for starters, which opens up a whole different can of worms, as transactions are occurring in a non-regulated space. On the whole, it seems like Bitcoin-enthusiasts would be far safer in a more regulated environment.
- kbradero 13y ago
  money as we know it today had the same problem i guess...
  - Guvante 13y ago
    Having banks involved has allowed the current regulations. By getting them to follow rules it gets everyone else to do the same. Now, you can still get around it if you are small enough, but it is the same with nearly anything else.
  - betterunix 13y ago
    You know, each year in April, many millions of Americans send a pile of paperwork to the government detailing their tax obligations. Often this paperwork is accompanied by a payment owed to the government. People also have money taken from their paychecks as tax payments. Yes, regulations and laws are applied at the entry and exit points of the money system, and people who try to avoid those regulations run the risk of being arrested.
- ferdo 13y ago
  > On the whole, it seems like Bitcoin-enthusiasts would be far safer in a more regulated environment. Speaking as a longtime Bitcoin user, I'd disagree. My bitcoins were easier to trade before the government started taking Bitcoin seriously. They were also safer before the government declared the power to confiscate bitcoins.

Good luck!

by lmartel 13y ago

Good luck!

I think you might be confusing "regulated" with "controlled". Setting aside the question of whether it should be regulated, of course it CAN be regulated. For example, if you're a corporation accepting bitcoins, in order to maintain corporate status, you have to keep good records of who you're receiving bitcoins with, and pay equivalent taxes, etc. etc.

betterunix 13y ago

That is kind of like saying, "Good luck collecting taxes!" At some point you need to exit the Bitcoin system -- maybe you need your nation's currency, maybe you need a new computer, maybe you just need to buy your lunch, but regulations can and mostly certainly will be enforced at the exit points.

jaekwon 13y ago
I'm sure people used to say the same thing about the dollar or bank notes, and exiting to the underlying asset like gold. It is possible to remain within the Bitcoin system. It may be difficult now, but it's getting easier every day.
- betterunix 13y ago
  As long as the government is collecting taxes, and as long as you cannot make tax payments with Bitcoin, you cannot remain within the Bitcoin system. Even if all your other transactions are done with Bitcoin, you'll eventually need to get some dollars to pay your taxes -- and then you'll be hit with regulations. As for gold versus paper money, the above reasoning does not apply. Paper money is accepted for tax purposes (and would be far less popular if it was not).
  - deleted 13y ago
    [deleted]
stinkytaco 13y ago
The Bitcoin community is so speculative right now. From the people who are interested in the technology and where it might go and what problems it solves to the people who want to be free from central banks to the people who are just trying to get rich. It sometimes feels like the Bitcoin community has forgotten what currency is for: spending. And if you spend it, someone can regulate it.

drivingmenuts 13y ago

At some point, you'll have to make a payment to someone who doesn't accept Bitcoin, which is the point of failure. While cash may be anonymous and Bitcoin may be anonymous (the second one is dangerous, in and of itself), you will have to make a conversion to real-world currency and that transaction can be as heavily regulated, including the requirement for non-anonymity. And if you stick to Bitcoin transactions only, it would be very easy for authorities to declare tax-evasion, for starters, which opens up a whole different can of worms, as transactions are occurring in a non-regulated space. On the whole, it seems like Bitcoin-enthusiasts would be far safer in a more regulated environment.

kbradero 13y ago
money as we know it today had the same problem i guess...
- Guvante 13y ago
  Having banks involved has allowed the current regulations. By getting them to follow rules it gets everyone else to do the same. Now, you can still get around it if you are small enough, but it is the same with nearly anything else.
- betterunix 13y ago
  You know, each year in April, many millions of Americans send a pile of paperwork to the government detailing their tax obligations. Often this paperwork is accompanied by a payment owed to the government. People also have money taken from their paychecks as tax payments. Yes, regulations and laws are applied at the entry and exit points of the money system, and people who try to avoid those regulations run the risk of being arrested.
ferdo 13y ago
> On the whole, it seems like Bitcoin-enthusiasts would be far safer in a more regulated environment. Speaking as a longtime Bitcoin user, I'd disagree. My bitcoins were easier to trade before the government started taking Bitcoin seriously. They were also safer before the government declared the power to confiscate bitcoins.