Quote:
Originally Posted by unpinkpanther
Thanks, sandalwood. I'm enjoying this conversation.
Maybe I used the wrong word by mentioning "cash".
Yes, the Central Bank issues its IOU here too, just like the Federal Reserve.
But do you think all transactions must use these IOUs?
Barter is alive and well today. Many LEGIT transactions go on without government-issued fiat currency.
I agree that the government mustn't dabble into EVERY legal transaction. (And by definition, they can't; they're too tied up in red tape to do that)
However, much of what I hear of Bitcoin reminds me of the scare-mongering of LibertyReserve, a digital currency that was the rave some years ago.
But it's always good to be informed. Beats hiding one's head in the sand...
Thank you
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Here you go brother:
https://cointelegraph.com/news/austr...esses-no-taxes
Read that article and tell me you won't be using Bitcoin, or some other digital currency, in the next 5 years.
As for barter, it is taxable in the United States. I don't know about your country but here our great generous and kind Uncle wants a piece. As for legit transactions happening I agree. The kicker in that soup is the size of the transaction. Once you get beyond a certain amount, $600 sounds like the figure, bingo! you better be reporting your transactions. Please don't believe me. Google barter IRS manual and read it for yourself.
As for the red tape: Never forget the government has forever to get untied if they really want you. Again, don't believe me. Google collecting rain in a water barrel and read it for yourself.
I don't know this for sure but I would bet dollars against donuts that the intent of the founders of the program you cited differs from the intent of the founders of Bitcoin. Again, just my guess.
Venezuela. That's all I'll say about that particular jackpot and digital currency.
Have a great weekend.