[Chugalug] More on Bitcoin:

Matt Keys mk6032 at yahoo.com
Thu Aug 22 10:05:47 UTC 2013


Yeah, have fun...

Have fun trying to keep track of who's behind the IP in each 
transaction... have fun trying to "regulate" a peer-to-peer network with 
no central authority. Downloading copyrighted material using bittorrent 
has been deemed illegal and has been "regulated" by various 
authorities... does it still happen? Do the authorities know exactly how 
often this happens, from where, to/from whom?

The usual political fear mongering won't work. I think what's happening 
is that governments are starting to wrap their heads around this 
gigantic problem -- "how the hell are we going to continue business as 
usual if this really takes off worldwide?"

This guy quoted on the cnbc article has the right idea, but he's 
thinking about it in the wrong direction : "If the euro does go belly up 
the German authorities could potentially still collect tax if everyone 
started using the bitcoin - that's a good example of German 
forward-thinking!" -- http://www.cnbc.com/id/100971898 . If the Euro 
goes "belly up" nobody is going to give a shit about German taxes. 
They're going to dump their Euro money, as fast as possible, to bitcoin 
and another forms of money. Think Cyprus crisis v2.0 on an exponential 
scale.


On 08/21/2013 04:21 PM, Stephen Kraus wrote:
> Yeah, guess what it means.
>
> You have to report any profit you make from Bitcoin on your taxes. 
> Have fun!
>
>
> On Wed, Aug 21, 2013 at 3:59 PM, Tyler Mittan 
> <flashbatmanquestion at gmail.com <mailto:flashbatmanquestion at gmail.com>> 
> wrote:
>
>     Looks like Bitcoin is being recognized as "private money" by Germany:
>
>     http://www.cnbc.com/id/100971898
>
>     For those that don't take Austrian economics seriously, notice the
>     name drop of F.A. Hayek.
>
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