It’s supposed to be an electronic cash system, but not “THE” electronic cash system used worldwide for day to day use, doesn’t matter how big or small is the value. Bitcoin won’t be that. Bitcoin has taken the shot for us, for all of us in this community. In the current system that we’re living, distribution of money is far, very far from being fair. And by fair I don’t mean equal, since differences in people and nations will be reflected in the economy of the world. Bitcoin has been merged to this system. Bitcoin did it for us. All the ideology and the philosophy behind Bitcoin. The message. The disruption. We knew that at some point the current system would try to absorb Bitcoin to their own world: regulations, the Wall Street, the hedge funds, the big investors, mining centralization. This is when Bitcoin started being absorbed to their world.
Or BitMonero, should I say. A small group of people that shared the love for Bitcoin, its ideals and cryptography, but also believed that privacy and fungibility are part of the main characteristics of electronic cash. This group had the advantage of learning through its big brother failures. Watching and learning, trying to avoid the same mistakes, but having some mistakes of its own as well. Monero is, at the moment, being considered as something small – it’s “just a niche” some might say. But this is not true. Monero has the people and the potential to become what Bitcoin was supposed to be, philosophically speaking. Not only it has the real characteristics of sound money, it also has a better distribution model where people can mine with any computer, any web browser. This doesn’t mean much, right? Do you care about decentralization at all? Don’t lie to me. Just a few people really care because the rest is too busy watching the price change. What you don’t understand is that with a good decentralization model you will have a fair distribution of the world’s wealth. In the future, anyone will be able to “make” money and this idea is extremely powerful. I can’t even describe with words the importance of this. Now that the current system is busy exploring Bitcoin and dealing with it, Monero has the place and the opportunity for accomplishing the changes that Bitcoin wasn’t able. Like the little brother trying to avenge its big brother. So, the window is here. This is the time to seize the opportunity. “What are you talking about? Should I buy more Monero?” No, silly. It’s time to make Monero known outside. It’s time to teach what Monero is about. See how I phrased that? Don’t just explain what Monero is. You should also explain what Monero is trying to achieve in the current financial system. Yes, you will talk about the price because people love the increase of value, but don’t forget WHY it has value on the first place!
Monero only exists because YOU are in it
Help people open wallets. Ask them if you can exchange value in this currency from now on. For business that have an online version, talk to them about GloBee and show how easy it is to accept this currency as payment method. For local business… I admit that I still don’t know how easy it is for a local business to accept Monero as a payment method. But if this is what is stopping us, we should come with a solution. We should come with a solution to help the people of the world to liberate itself from the current financial system while they’re too busy with Bitcoin. In the meanwhile, let's avoid making too many mistakes. Keep the community tight. Don't forget the main values and let's keep walking.
Thoughts on the current tax regulation (focussing on Germany). We need a fast solution!
(Sorry if something is not clearly understandable, I'm not a native speaker. Also you might need to think into a different legal/tax system when reading this.) I collected some thoughts about why I think that the current taxation on crypto currencies (as existing in some countries) is neither fair nor viable and potentially dangerous. Hopefully someone with great connections and a thick FIAT wallet will set a precedent soon.
The government is earning a pile of money at zero risk and without counterbalance. Money at the expense of loosers. In Germany you can set off losses, but only against recent (or near-future) gains. If you had no gains, you lost your money. On the other hand sinde, if you are on the winner side, the government is aksing for up to 43% in taxes. You cannot set off cryptocurrency losses against other sorts of capital gains (e.g. stock gains) or if you didn't have gains at all.
It is barely possible to keep track of cryptocurrency activities. Keys get lost/stolen, coins get shorted by transaction fees (is it "taking gains" before paying these fees?), Fragments remain unusable in accounts, ShapeShift trades happen (you send something in, some time later you get something else of a comparable size back), coin mixers for increased privacy (privacy is a right!), atomic swaps (potentially happening fully automatic in the future via multiple hops), multiple accounts (how to apply the FIFO principle correctly?), bought something with my crypto visa (what was the rate again?), bought some coin for my brother (no way to extract that for taxation due to FIFO), some exchanges don't even exist anymore to get the trading history,... It is freaking not possible to do everything correctly. And either I pay waaaay too much or I might be criminal (it's not little money here anymore)
Investors are forced riding into a potential bubble with full speed as taking gains would have almost the same implications. Hope or pray for a year.
The government is asking for taxes on something it can't even validate (not even if it was technically adverse). The honest people will pay the taxes, the others might not. So they are saying "thank you" if you paid and maybe nothing if you didn't?
It costs a load of money to check such annual tax declaration involving crypto trades due to the vast amount of transactions/actions happening. No way staff can validate them properly in time. At the expenses of the average taxpayer while large corporations and the really rich people find their loopholes and pay close to nothing on their business.
The result of your tax declaration will depend very much on the person in charge. All of them will have a different interpretation/skill set/accuracy. So the tax returns will be unfair by default. Just as usual, but now there is a lot of money involved.
There are close to zero tax experts I can ask how to do the declaration best and correctly
Worst case people might end up being accused of money laundring if they cannot proof origin of their gains, respectively their trades anymore (e.g. due to a terminated exchange platform or the use of a privacy coin). Imagine those people on youtube calling out competitions: A 100$ in some coin might be 10k$ soon. How to proof the origin and legitimacy?
Wealth is moving to the countries with low to no fees on crypto swaps as they can easily jump between coins, scratch off gains and re-invest in new low market cap or fresh coins. While in high tax countries like Germany up to 43% on gains would be charged if I did so. So I'm not.
People that made huge gains might move to other countries temporary in order to check the money out with little taxes or to spend it right there. Japan sounds great!
People cannot circumvent swapping cryptocurrencies. The have to in order to reach their desired altcoins.
Sample: In the first month I bought 1 BTC as an investment. In month two I really want to buy IOTA. So I need to get some fresh Bitcoin prior to buying IOTA. But in the governments interpretation I'm now buying IOTA with my FIFO Bitcoin from the first month, have to pay taxes and cannot HODL it for my inteded year. What a joke.
I've heard it is possible to create isolated accounts to better control FIFO? If so, I gonna create a new account for every purchase. If not: how will my mixed and splitted across multiple accounts coins be put into row again?
I wrote some applications and tools that utilize cryptocurrencies. Gave away some for testing purposes, etc. Before giving them away I might have needed to tax the gains I had on them until then. Anyways, no clue where those coins are spread or lost at the moment. I was working with these, not "investing".
It might happen that one day, when regulatory rules become clear, golden bridges are built to transition from the currently unregulated markets to regulated ones. Everybody who paid taxes befor would have bad luck, while all others receive green cards.
Accidentially sold a wrong coin and immediately re-bought it? Full taxation! Otherwise it could have been tax free after a year.
The current tax regulation might case a bit of a pyramid scheme effect. A year after the start of the craze the first very rich people might start checking out. Hopefully, their weight is not too large compared to countries with better tax situation (or USA, where every trade at any time needs to be taxed).
People leaving the country for 1-2 years in order to realize their gains somewhere with minimum taxes (I already know of many looking to move).
Some technical issues preventing a fair taxation:
How can one proof (or the government proof the opposite), that he got a few Bitcoins years ago when they were worth nothing? Or that he mined them when the idea was still young?
How are ICOs to be taxed? What's the time and value of the newly created coin I need to tax?
If cryptocurrencies have to be taxed when beeing exchanged for each other, what would this mean for the gaming industry? Exchanging virtual assets, trading collector cards, buying in-game tokens/coins,... Games could not operate anymore.
[PLEDGE] Please we need a new foundation - Today we start anew
Time to hard fork the foundation. The current one is corrupt and must be terminated. They get rid of Mark stubbornly and now add an accused pedophile rapist and a guy from LITECOIN whos brother profited from his Chinese Bitcoin exchange by manipulating it. The foundation has no authority and we should not recognize them. Can we please start a new one with good CLEAN people? I nominate the following and I will even donate: CEO of Gyft Bitpay CEO (though he's accused of being a pedophile also so maybe not) Ryan Selkis two bit idiot Andreas (though he too has been dirtied by neo bee) Can someone get their attention and maybe we can pledge donations. I pledge 0.25 btc for now. I am so sick and tired of their secrecy, corruption, controversies, fraud and scandals. I'd like to call the new group, Two Bit Foundation
188 pts: ajm__'s comment in Stop freaking out about the price and look at this damn picture. It's a log chart, which is necessary for viewing since bitcoin value has always grown exponentially over the longer term.
186 pts: thealmightydru's comment in I tried to order a deck of Cards Against Humanity using Bitcoins but was surprised by this negative response. What do you guys think?
185 pts: sfgayatheist's comment in If you get caught selling Bitcoin hardware on eBay, Paypal will "sever business relationships with you".. read:
Reddit Activist Network TL;DR News Dump 02/16/2012 06:30 EST
Wow.. maybe there's been a dip in the news but I feel if you've been keeping up with the TL;DR updates, you have a handle on everything major happening right now for the online freedom fight. :) Which means I can start playing with some other stuff. Check back in today to see some projects, i'll try to get off the ground! Reddit Activist Hivemind
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