Re: [Vo]:OT: (sort of): Senator calls on the US government to ban Bitcoin.

[Craig]

OrionWorks - Steven Vincent Johnson > wrote:


Please correct me if I error on the following assumption but I’m
assuming BItcoin was conceived to be neutral on the subject of
taxation. I’ll be curious to know if Mr. Rothwell might have a
differing opinion on this matter.



Bitcoin and taxes are two separate subjects. Bitcoin is closer to cash 
than any other form of money. When payments are made in cash, then a 
separate log of income and expenses has to be made for taxes. There is 
no paper trail which may make it easier for tax avoidance, by some.


Craig

Re: [Vo]:OT: (sort of): Senator calls on the US government to ban Bitcoin.

[Jed Rothwell]

OrionWorks - Steven Vincent Johnson  wrote:

> Please correct me if I error on the following assumption but I'm assuming
> BItcoin was conceived to be neutral on the subject of taxation. I'll be
> curious to know if Mr. Rothwell might have a differing opinion on this
> matter.
>
It is over my head. I do not understand Bitcoin or taxes enough to comment.

- Jed

Re: [Vo]:OT: (sort of): Senator calls on the US government to ban Bitcoin.

[James Bowery]

Sen. Manchin (D) of West Virginia passes his w̶i̶n̶d̶ judgement on Bitcoin:
"The clear ends of Bitcoin for either transacting in illegal goods and
services or speculative gambling make me weary of its use."

http://news.cnet.com/8301-13578_3-57619592-38/sen-manchin-demands-complete-us-ban-on-bitcoin/



On Thu, Feb 27, 2014 at 10:10 PM, Terry Blanton  wrote:

> On Thu, Feb 27, 2014 at 9:38 PM, James Bowery  wrote:
>
> >It should be banned as a public menace.
>
> What, centralized government or bitcoin?  :-)
>
>

Re: [Vo]:OT: (sort of): Senator calls on the US government to ban Bitcoin.

[Eric Walker]

On Thu, Feb 27, 2014 at 5:49 PM, OrionWorks - Steven Vincent Johnson <
orionwo...@charter.net> wrote:

> “Senator Joe Manchin (D-WV) just sent a letter to federal regulators
> calling for a ban on the virtual currency Bitcoin. The senator says Bitcoin
> attracts and enables criminals even as its value to the US economy is
> "suspect, if not outright detrimental." The letter is nonbinding.”
>
One thing to keep an eye on in this connection is the fact that Manchin is
on the US Senate Committee on Banking, Housing, and Urban Affairs [1],
formerly the Committee on Banking and Currency.  The earlier name probably
gives a sense of the committee's focus, scope and priorities.  I assume
that once banks start to take cryptocurrencies seriously as a threat to the
fees they take in for various transactions, there will be a lot of
behind-the-scenes lobbying, if it has not already begun.  The nature of
lobbying is to enter into the backdoor in pursuit of some vested interest
(e.g., maintaining a monopoly on transaction fees) and to come out of the
front door in the guise of something that is in the general interest (e.g.,
reducing the traffic in illegal drugs).

Eric


[1]
http://en.wikipedia.org/wiki/Senate_Committee_on_Banking,_Housing,_and_Urban_Affairs

Re: [Vo]:OT: (sort of): Senator calls on the US government to ban Bitcoin.

[Terry Blanton]

On Thu, Feb 27, 2014 at 9:38 PM, James Bowery  wrote:

>It should be banned as a public menace.

What, centralized government or bitcoin?  :-)

Re: [Vo]:OT: (sort of): Senator calls on the US government to ban Bitcoin.

[James Bowery]

The clear ends of centralized government power to serve those who have
acquired enough benefits from the government to afford to defend their
interests via politics, while the rest of us try to survive the results,
makes me weary of its existence. It should be banned as a public menace.


On Thu, Feb 27, 2014 at 7:49 PM, OrionWorks - Steven Vincent Johnson <
orionwo...@charter.net> wrote:

> Regarding recent discussions concerning the legitimacy of Bitcoin, or lack
> of.
>
>
>
> See:
>
>
> http://www.theverge.com/2014/2/26/5450640/senator-calls-upon-the-us-government-to-ban-bitcoin
>
>
>
>
>
> Title: Senator calls on the US government to ban Bitcoin.
>
>
>
> Excerpt:
>
>
>
> "Senator Joe Manchin (D-WV) just sent a letter to federal regulators
> calling for a ban on the virtual currency Bitcoin. The senator says Bitcoin
> attracts and enables criminals even as its value to the US economy is
> "suspect, if not outright detrimental." The letter is nonbinding."
>
>
>
> * * * *
>
>
>
> While the senator appears to focus on the evils of Bitcoin... i.e.
> criminals use it, etc... and how Bitcoin could ruin the U.S. economy, the
> cynical part is more inclined to suspect the real issue, the issue not
> being discussed out in the open may have more to do with some within
> government halls becoming worried about the possibility that it might turn
> out to be impossible tax Bitcoin transactions. If more and more individuals
> start using systems like BItcoin for most if not all of  their on-line
> commerce transactions, and if the technology is designed to effectively
> avoid government intervention in order to apply taxes, whose going to pay
> their salaries?
>
>
>
> I'm a state government employee, so perhaps I should be worried since my
> salary comes from taxes. Curiously, I'm not. Whether I'm right or not, I'm
> of the opinion that Bitcoin commerce and related on-line commerce models
> can be taxed, if everyone would simply cooperate with each other rather
> than these models focusing on flipping the finger at Uncle Sam. Please
> correct me if I error on the following assumption but I'm assuming BItcoin
> was conceived to be neutral on the subject of taxation. I'll be curious to
> know if Mr. Rothwell might have a differing opinion on this matter.
>
>
>
> Regards,
>
> Steven Vincent Johnson
>
> svjart.OrionWorks.com
>
> www.zazzle.com/orionworks
>
> tech.groups.yahoo.com/group/newvortex/
>

[Vo]:OT: (sort of): Senator calls on the US government to ban Bitcoin.

[OrionWorks - Steven Vincent Johnson]

Regarding recent discussions concerning the legitimacy of Bitcoin, or lack
of.

 

See:

http://www.theverge.com/2014/2/26/5450640/senator-calls-upon-the-us-governme
nt-to-ban-bitcoin

 

 

Title: Senator calls on the US government to ban Bitcoin.

 

Excerpt:

 

"Senator Joe Manchin (D-WV) just sent a letter to federal regulators calling
for a ban on the virtual currency Bitcoin. The senator says Bitcoin attracts
and enables criminals even as its value to the US economy is "suspect, if
not outright detrimental." The letter is nonbinding."

 

* * * *

 

While the senator appears to focus on the evils of Bitcoin... i.e. criminals
use it, etc... and how Bitcoin could ruin the U.S. economy, the cynical part
is more inclined to suspect the real issue, the issue not being discussed
out in the open may have more to do with some within government halls
becoming worried about the possibility that it might turn out to be
impossible tax Bitcoin transactions. If more and more individuals start
using systems like BItcoin for most if not all of  their on-line commerce
transactions, and if the technology is designed to effectively avoid
government intervention in order to apply taxes, whose going to pay their
salaries?

 

I'm a state government employee, so perhaps I should be worried since my
salary comes from taxes. Curiously, I'm not. Whether I'm right or not, I'm
of the opinion that Bitcoin commerce and related on-line commerce models can
be taxed, if everyone would simply cooperate with each other rather than
these models focusing on flipping the finger at Uncle Sam. Please correct me
if I error on the following assumption but I'm assuming BItcoin was
conceived to be neutral on the subject of taxation. I'll be curious to know
if Mr. Rothwell might have a differing opinion on this matter.

 

Regards,

Steven Vincent Johnson

svjart.OrionWorks.com

www.zazzle.com/orionworks

tech.groups.yahoo.com/group/newvortex/