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.

 

[NoBS]

With all the crypto mania scammers are taking advantage of the mindless public who are lapping it up. I don't like google and especially facebook they are disgusting data whores but I don't necessarily disagree with them on this move.

 

[Haroon Basha]

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

 

[TauseefKhan]

nothing is permanent except change. And, government machinery already has tools to collect and analyze the information of its citizens. Instead of banning it, the wise option would be for them to come up with a technology that can help them revise the fiscal policies to suit the crypto trend. In the long run, it could prove to be more profitable. Just my 2¢!

 

[IMEZI]

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.

mtgox still have another 166K BTC to sell, waiting for further court decision on September 2018

 

[Tshombe]

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

Yep, will definitely drive down the prices more. Supply vs Demand. It's like what would happen if Satoshi Nakamoto woke up one day from his deep slumber and decides to sell off his nearly 1 million bitcoins

 

[dnk]

In India paypal account holders were ruthlessly hounded, subjected to identity theft, because large companies allegedly google, tata, falsely accused them of tax evasion, money laundering without legally valid proof since 2010.
Compared to bitcoin, paypal is far more transparent, and the money is less, so governments will take action as a lot of taxes can be avoided with bitcoin and others.

 

[shorterwinters]

BofA holds more patents than anyone regarding blockchain is the news out there. Other legacy players are on the bandwagon.
You have got state governments approving blockchain technology for utility tokens but not security tokens.
You have the SEC saying all tokens are securities. Utility vs security is really going to be debated for a while I think. You have this entity saying this and the other one saying that. You have congress (USA) saying lets give this a chance. You have governments saying you must trade through specific banks or agencies. The fact it must be reported on taxes legitimizes it I think.
It's only started I think. Blockchain will be incorporated into many things and I think it will happen from the big legacy players and governments without anyone really knowing it is happening or that it has happened. I actually find that a little scary in many ways.
As far as Bitcoin and cryptocurrency it will find traction but in many ways the vision and spirit of Satoshi will be swallowed up by all of what it was intending to avoid or prohibit and actually in many ways could morph into the exact opposite of the original vision.
The ICO game out there is like walking through a mine field. There are some good ones to be sure but there are some outright scams all over. Trying to regulate that either from within or from big brother is where all this will wash out at some point I think.
Bitcoin, cryptocurrency, and blockchain are here to stay I think but it is going to be a rocky road. Interesting times we are in for sure.

 

[shorterwinters]

mas. No bueno.

https://www.coindesk.com/icos-iced-12-month-freeze-us-token-trading-just-beginning/

Who knows.

 

[Haroon Basha]

The overwhelming response to this thread clearly indicates that there exists still a lot of pro-cryptocurrencies business persons and domainers.

 

[IMEZI]

The overwhelming response to this thread clearly indicates that there exists still a lot of pro-cryptocurrencies business persons and domainers.

everybody is opportunist, domainer also an opportunist, why dont we ride the tide till the end...

 

[urljunky]

If everybody really thinks that "governments" mostly USA don't know how to track and decipher almost anything you are not in reality. They have trillions and the brightest coders and code crackers. They probably started this whole bitcoin craze to give terrorist a false sense of security to track all the money. Tracking the flow of money is the key to everything. Without money terrorist are nothing. The government knows this.
They can make the stock market crash in the blink of an eye and they can manipulate bitcoin prices in a heart beat. When you own the USA you own the stock market. Billions of dollars, is change to the government. If they didn't want crypto currencies around they wouldn't be here. World powers have cell phones, they have each others phone numbers, and they talk to each other.
Crypto currencies are here for a reason. period.

Footnote: The governments can stop crypto currencies anytime they want. If they weren't using for their own ends, they would probably be shutdown already.

Check out this:
https://theintercept.com/2018/03/20...-down-bitcoin-users-snowden-documents-reveal/

 

[keltron72]

Well with all the government and banking 'regulations' wanted and being fought to be imposed, I think answers your question mate.

 

[private123]

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.

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


इसे कहते हैं सिर मुड़ाते ही ओले पड़ना ( I don't know what is say in English )..... Some months ago entering in domaining and going down...

 

[IMEZI]

Not all governments
Venezuela recruiting citizens to mine cryptocurrency

most mining activity were done by GPU/CPU not by human :D not sure what happen with another crypto but btc were no longer profitable https://www.investopedia.com/news/b...eating-cryptocurrency-according-one-estimate/

 

[IMEZI]

But if you buy high on your creditcards and blindly follow the hype, sure, you’re gonna lose your house at some point.

Some people even might loose their pants along with their socks....

 

[Haroon Basha]

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 credit cards and blindly follow the hype, sure, you’re gonna lose your house at some point.

Fantastic analyse. Thank you very much for your thoughtful writeup.

 

[tech4]

Not all governments
Venezuela recruiting citizens to mine cryptocurrency

The Venezuela gov, is a leftist communist government that did something very wrong. They basically confiscate every single business owner there is, and assume state control, not only that, they decided to kicked out European and American investors.

The current Venezuela government is a dictator that executes its own people, will not give up power, and did all those stupid thing to kill the economy. They have no choice but to rely on crypto to live a little longer.

Soon they will be topple. And they are not a free market government. They are just using crypto to their advantage. When they decided to kick out European and American investors, they took people's business, "confiscate" basically they rob everyone they can, so now their economy failed and many people want to help, but under "terms & conditions" but they are still hot headed, wanting to hold on to power and will not negotiate or accept "humanitarian aid". One of the most evil communist in current world history!

-sorry about being off topic, but Vez government is no government, just one fat guy running the show like North Korea!

 

[urljunky]

If everybody really thinks that "governments" mostly USA don't know how to track and decipher almost anything you are not in reality. They have trillions and the brightest coders and code crackers. They probably started this whole bitcoin craze to give terrorist a false sense of security to track all the money. Tracking the flow of money is the key to everything. Without money terrorist are nothing. The government knows this.
They can make the stock market crash in the blink of an eye and they can manipulate bitcoin prices in a heart beat. When you own the USA you own the stock market. Billions of dollars, is change to the government. If they didn't want crypto currencies around they wouldn't be here. World powers have cell phones, they have each others phone numbers, and they talk to each other.
Crypto currencies are here for a reason. period.

Footnote: The governments can stop crypto currencies anytime they want. If they weren't using for their own ends, they would probably be shutdown already.

 

[poweredbyme]

Rich persons will have to pay more tax if ordinary citizens pay less tax. This is the main concern of all governments. Because all governments in all countries are ruled by small number of very rich persons or families. KYC and similar identification regulations exist to tax ordinary citizens more to allow rich people pay less tax.

Governments hate anonymous payment methods. They can't tax if they don't know who must be taxed. They don't want to rely on voluntary tax declarations. Because the rich people who rule governments know if ordinary citizens were given an option to declare or not to declare tax, all people (including themselves) would choose not to declare. Such an option must be reserved exclusively to rich persons only, the rest must be forced to declare. So they collect evidents (bank account numbers, credit card numbers, ID documents and more), to use those evidences later to prove that they have a right to tax particular financial transactions. Crypto currency transactions leave insufficient evidence behind.

 

[shorterwinters]

I tell you, it moves so fast it makes your head spin.
So much news and rumors will be coming out from there this week. Double time in crypto world for a few days. Ooooffff,
As usual, you must read past the headlines. Not misleading but not quite the rosey, everything is good news. Long, long ways to go.
An example of a hyphenated name in use.
Go get'em.
.
https://crypto-lines.com/2018/03/19/cryptocurrencies-dont-risk-global-stability/

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

 

[DnEbook]

Without reading the whole thread, Yes! So much hacking going on these days!

 

[Haroon Basha]

Thank you Moderator.