news Are governments around the world afraid of Cryptocurrencies?

[Haroon Basha]

The latest Cryptocurrencies chart clearly shows down trend. Bitcoin, Ether, Ripple all are going down day by day.

Are governments around the world afraid of these Cryptocurrencies invasion may result there will be considerable Tax loss to them? Some countries embraced it overwhelmingly and at the same time most of the countries putting a lot of restrictions on these crypto related financial transactions, some declared Bitcoin, Ether, Ripple etc as illegal too.

It is best advice to be cautious. Not to hold these Cryptocurrencies. Those who bought Bitcoin a few months ago are now in shock as 50% of the values have been evaporated!

And those who invested in cryptocurrencies domain names are also worried lot as it is very hard to find buyers. Better to stay away from buying new crypto related domain names, at least for time being.

 

[Nametree]

Bitcoin may not be the future, but the cat is out of the bag and it’s not going back - people are starting to question money, question the way transactions have been made for centuries, question expensive middlemen, and there is a lot of transformation coming.

But make no mistake, true decentralization is not going to happen - not before capitalism and the profit incentive lose their reign (so maybe never). Banks are not going to disappear because of the blockchain - banks will adopt blockchain and perhaps save costs on moving money around, but that cost will not necessarily be passed down to customers. Alternative forms of transaction will be controlled by governments in cahoots with banks et al., under the pretext of “protecting the customer/citizen”. Fear will continue to be sowed into supporters of true alternatives, using motives such as “anonymization is bad because people can use bitcoin to support terrorists, launder money and buy drugs”.

Unfortunately, where the promise of bitcoin may have been to allow people to transact independent of middlemen, and the hope to spread wealth perhaps, it’s becoming more of a tool to centralize wealth. People are easily manipulated to buy high and sell low, and while some have gotten lucky along the way and made millions, the real money hasn’t been made by the laypeople. “Look, this 16 year old put $1000 in bitcoin and now he’s a MILLIONAIRE. YOU CAN DO THAT TOO!” Then you buy at $20k, whales sell into the bull market causing the price to drop, and you sell at 10/8/6k because of fear that it will go to zero.

There’s still money to be made if you have patience, can control your emotions and try to understand how the markets may be manipulated. There are some real gems among the companies that have launched cryptocurrencies and will create transformational technology and maybe some paradigm shifts in certain industries. But if you buy high on your creditcards and blindly follow the hype, sure, you’re gonna lose your house at some point.

 

[IMEZI]

you forgot to mention about money laundering and terrorism, it's far more terrible than tax potential...

 

[private123]

Future is block chain technology.
So fully invested block chain domains.

 

[Haroon Basha]

you forgot to mention about money laundering and terrorism, it's far more terrible than tax potential...

Yes, you are right, it will increase money laundering, that ultimately a matter of tax evasion only. Terrorist organisations may not find it a good option because DIGITAL presence will expose their locations.

 

[Tshombe]

Bitcoin Price Crashed in Mass Selloff as Crypto Owners Try to Avoid Taxes.
Bitcoin prices collapsed this week amid a flurry of bearish cryptocurrency news, but the mass sell-off may simply be due to investors wanting to avoid the Tax Man.

Tax experts say cryptocurrency holders may be rabidly selling off their holdings in order to avoid paying capital gains taxes, which in some instances are substantial due to bitcoin's soaring prices in 2017.


Read more: Bitcoin Price Crashed in Mass Selloff as Crypto Owners Try to Avoid Taxes | Investopedia https://www.investopedia.com/news/b...-crypto-owners-try-avoid-taxes/#ixzz5A6v6AaXs

Another contributing factor to the drop in BTC price and thus all other alt-coin prices is the Mt Gox settlement as they try to sell 200,000 bitcoins to pay off their clients.

 

[IMEZI]

It sucks though for the clients because they will only get paid back at the price of $483 per BTC! Shocking really considering the current price of BTC even with the drop.

it is a lot of better than got nothing at all LOL

 

[IMEZI]

@jmaurya crypto rate getting bounce back since G20 conference statement looks promising bitcoin previously @7800$ and now at @8300$

update : https://cryptoslate.com/cryptocurrency-market-bounces-back-positive-g20-watchdog-statements/

 

[Sathyam]

Block chain and Crypto are here to stay. So do some of the platforms created by it like Ethereum, ripple etc, but the currencies are going to die slowly or would be merged with other reliable currencies. For us to understand the currencies we need to understand how electronic money works currently, even though we see money as currency electronically it is transacted in several forms based on the channel, merchant type and regions, some of the cryptocurrencies are currently created on those basis to enable trade of certain transaction types with high reliable encryption method. If we see crypto coin as only money multiplier then we are gonna be doomed someday...

 

[NoBS]

I like the technology, and eventually blockchain, or another decentralised concept will replace fiat. Not sure if that's bitcoin, or something else not yet invented. Decentralisation is the only way forward, and yes, it does threaten existing power structures. Ideally it will develop peacfully alongside existing frameworks and replace these.

 

[Ategy]

The governments around the world aren't nearly as afraid of crypto as they should be!
I've said it from day one .. blockchain technology does have a future .. but empty non-backed crypto currencies like Bitcoin are only going to be more and more targeted by governments the more popular they get. The only way they wouldn't is if they're able to collect due taxes .. which getting around taxes and government oversight is pretty much the main reason for crypto. If the whole world moved to untraceable crypto .. then who would pay for schools, hospitals, roads, police, etc etc etc

That being said .. I'm very surprised governments haven't cracked down already .. so who knows .. either they don't think it will cut into taxes .. or they just simply have no clue what's going on and haven't set policy mostly because they don't even understand it ... lol

 

[karmaco]

You don’t have to worry about buying new crypto names.Pretty much everything possible that makes any sense (and a lot that don’t) are registered.

Didn’t we just have a big bad crypto thread yesterday?

 

[Ategy]

It is clearly government pressure that lead Facebook and Google to take this decision against Cryptocurrencies.

I don't like google and especially facebook they are disgusting data whores but I don't necessarily disagree with them on this move.

With the big ad suppliers caught with their pants down for the whole Russia Elections Interference, I think these big media giants will be more and more proactive on potential future embarrassments. Regardless of what happens with Trump and friends .. you've got to bet that Facebook, Twitter, Google and the rest are all going to lined up and asked to explain their lack of vigilance .. if they are seen as being more pro-active and taking action since (now), then they will likely be subject to less penalties .. and more importantly .. less actual laws restricting what they can do.

 

[IMEZI]

Opps....
i have 4 crypto currency related domains..
1)- Bitcoin related
2)- Ripple related
and two crypto related

i got almost 150 domains related to coin/crypto LOL

 

[tech4]

YES! Anything that threatened their "grasp" control, anything that will dilute their control, anything that will change the "way" transactions are done and they are "traditional" they will fear.

Bankers fear, ie. JP Morgan, etc., Gov like Chinese communist. The same can be said of you and I. We fear things we cannot control and make us "little". And at worse make us irrelevant! Think of Amazon and the internet how it destroyed alot of "building malls" and jobs,, think of Chinese manufacturing, how it destroyed jobs in the US and elsewhere. New things are better, but there is a cost, the more efficient things are, the less there is a need for labor (cost cutting) so it does hurt.

One day we will all be irrelevant! Big US bankers fret just like Trump fret, fearpolooza!

 

[IMEZI]

YES! Anything that threatened their "grasp" control, anything that will dilute their control, anything that will change the "way" transactions are done and they are "traditional" they will fear.

that what we call as SURVIVAL INSTINCT

 

[Haykay2005]

Not all governments
Venezuela recruiting citizens to mine cryptocurrency

 

[alcy]

mtgox still have another 200K BTC to sell, waiting for further court decision on September 2018

hmmm I read somewhere they sold all
at way better prices of coure
which means they can repay all their 25k or so clients THREE times over.

but it's unlikely to happen even one time over

or will take several more years

 

[Tshombe]

hmmm I read somewhere they sold all
at way better prices of coure
which means they can repay all their 25k or so clients THREE times over.

but it's unlikely to happen even one time over

or will take several more years

It sucks though for the clients because they will only get paid back at the price of $483 per BTC! Shocking really considering the current price of BTC even with the drop.

 

[IMEZI]

hmmm I read somewhere they sold all
at way better prices of coure
which means they can repay all their 25k or so clients THREE times over.

but it's unlikely to happen even one time over

or will take several more years

another 166K BTC still waiting for further court verdict https://coinstelegram.com/2018/03/1...bankruptsy-is-postponed-until-september-2018/

 

[FolioTeam]

The latest Cryptocurrencies chart clearly shows down trend. Bitcoin, Ether, Ripple all are going down day by day.

Are governments around the world afraid of these Cryptocurrencies invasion may result there will be considerable Tax loss to them? Some countries embraced it overwhelmingly and at the same time most of the countries putting a lot of restrictions on these crypto related financial transactions, some declared Bitcoin, Ether, Ripple etc as illegal too.

It is best advice to be cautious. Not to hold these Cryptocurrencies. Those who bought Bitcoin a few months ago are now in shock as 50% of the values have been evaporated!

And those who invested in cryptocurrencies domain names are also worried lot as it is very hard to find buyers. Better to stay away from buying new crypto related domain names, at least for time being.

That's the government machine at work. Governments around the world and even in history have always been wary of advances and technologies that put the power squarely in the hands of the masses. (i.e. Cryptos, net neutrality etc)

A currency that no government controls definitely scares them. In their minds, they are probably like,

"Who knows what the people will wake up to do with all that power?"

Not to ignore the negative side of things too like terrorism, money laundering, tax evasion etc.

I think cryptocurrency may be heading towards government regulation down the line (my opinion). Or worse still, made to fizzle out. I remember last year, my country's central bank sent out a circular against the whole cryptocurrency shebang when they realized that Nigerians were getting into it.

Oh well, only time will tell what the future holds for cryptocurrency. Until then tread and trade with caution.

 

[private123]

Market U-turn

 

[neckozenica]

hi,

That lack of central authority is the primary reason governments are afraid of the cryptocurrency. To understand ... Money transfer business would also disappear in a virtual world. ... On the other hand, the European Central Bank reports that Bitcoin is just one of over 500 digital currencies now incirculation around the world.

 

[Alessandro Couteau]

Digital currency is groundbreaking and block chain technology is revolutionary ...

But for the most part, the people running it are not ... Tethering and manipulating the market in the favor of the house, much like a casino really ... One big giant online casino

Of course digital currency conflicts with physical currency and the governments which are backed by the banks won't allow this, I do however believe that the banks secretly invest in bulk crypto and sell off fast to cause drops and buy cheap while the market is unstable and then spike the numbers through insiders and sell as the price goes up ... And profit substantially ... That and cause a destabilized market to deter new investors from buying crypto currency ...

 

[Haroon Basha]

Google said on Tuesday that it would join Facebook in banning advertising for Bitcoin and other cryptocurrencies on its services and advertising platforms. The two major POWERs on earth have taken this decision. Of course, they are ridiculous decision only, but if these two have to survive, they have to hear the government DICTATES also. It is clearly government pressure that lead Facebook and Google to take this decision against Cryptocurrencies.