<div dir="ltr">California did it first, and the current IRS policy is to treat it as an asset. Despite not regulating it, which is hilarious, because if we were a gang or something, we could just manipulate the market so it always appeared that we had taken a loss, which, if I remember, can be tax deductible.<br>
<br>California doing it first: <a href="http://cointelegraph.com/news/111706/california_inching_closer_towards_legalizing_bitcoin">http://cointelegraph.com/news/111706/california_inching_closer_towards_legalizing_bitcoin</a><div>
IRS white paper: <a href="http://www.irs.gov/pub/irs-drop/n-14-21.pdf">http://www.irs.gov/pub/irs-drop/n-14-21.pdf</a></div><div>More interesting, though: <a href="http://www.taxpayeradvocate.irs.gov/userfiles/file/2013FullReport/DIGITAL-CURRENCY-The-IRS-Should-Issue-Guidance-to-Assist-Users-of-Digital-Currency.pdf">http://www.taxpayeradvocate.irs.gov/userfiles/file/2013FullReport/DIGITAL-CURRENCY-The-IRS-Should-Issue-Guidance-to-Assist-Users-of-Digital-Currency.pdf</a><br>
<br>I believe the really scary thing about cryptocoins, for governments, is that local currency laws are already defunct, and this is on a level far greater than Swiss privacy laws ever thought of being. Basically, there has to be a higher authority than any one of our governments, and the UN would severely fuck this up.<div>
<br></div><div>Hmm, what body is there, that is more powerful than governments?<br><br>Oh, right. Us. The people. <br><br>And that, I believe, is the root of the problem they're having with regulation. No one wants to be the first to set some arbitrary laws that make no sense, only to miss a huge economic upswing next door because they are not as draconian or whatever other reason. <br>
<br>It's a shame to me that the governments do not see this and the approaching moments of history as opportunities to prove their worth -- prove to us why we should be letting them handle our money, let alone everything else, because it always seems to come back to our money.<br>
<br>Are they worried about having to put their money where their mouth is, that is, actually answer to their subjects? <br><br>The deal they have now allows them to answer to a slim number of masters. Once the cryptocurrency takeover is more obvious to people -- more even than it is now -- and the inevitability of it all becomes more apparent, then I think there is enough creativity and gumption left in the human race to actually take control of the train we're all going off the cliff together in. Everyday people want a brighter tomorrow or they don't get out of bed in the morning. It's that simple. Wealthy and powerful people need things to be the same as they are today tomorrow so that they can still be wealthy and powerful, without needing to do much else besides get out of bed in the morning. It's important to understand the real ramifications here. With the empowerment of technology, there will never again be a need for a world power. Cryptographic research, a field I deeply respect, will become more valuable and important than ever before, which might explain why I've begun to try and see what I can know about it, so that I at least won't get had when I go to purchase service or education regarding it.<br>
<br>Sorry for the tangent. Bottom line for me is that it's laughable the way the governments are handling this. They don't want to study the possibility of competing currencies, but they know they can't guarantee a monopoly much longer, so their response is to play politics about it. If we can take back our system of value without firing a single shot, just regular idiots like me, I mean, then, <i>seriously</i>, what can we not accomplish?<br>
<br>I think a bit of cryptography would help the folks on the ground in Ferguson. The cops need to stop being able to know where they all are at all times, and then things will get tactically unstable for them, and then they will ignite the unrest we need to ensure an unforgettable revolution. Oops. Did I type that out loud? (Hint: I'm a known dissident of the <a href="http://crimethinc.com">crimethinc.com</a> variety.)</div>
<div><br></div><div>PHM</div><div><a href="http://cur.lv/cdsgb">Go here for more about me, and spend a few seconds looking at something else if you hate advertisements.</a></div>
</div></div><div class="gmail_extra"><br><br><div class="gmail_quote">On Wed, Aug 20, 2014 at 7:08 PM, Dave Horsfall <span dir="ltr"><<a href="mailto:dave@horsfall.org" target="_blank">dave@horsfall.org</a>></span> wrote:<br>
<blockquote class="gmail_quote" style="margin:0 0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex">This could get interesting. The Australian Taxation Office (hallowed be<br>
their name) has ruled that Bitcoins are not currency, but assets, and that<br>
GST is payable.<br>
<br>
<a href="http://www.smh.com.au/technology/technology-news/australian-tax-office-decides-bitcoins-are-assets-not-currency-20140820-1063gq.html" target="_blank">http://www.smh.com.au/technology/technology-news/australian-tax-office-decides-bitcoins-are-assets-not-currency-20140820-1063gq.html</a><br>
<br>
-- Dave<br>
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