24 upvotes, 5 direct replies (showing 5)
View submission: Don't invest recklessly
Fiat currency will never be worthless as long as the countries issuing them exist, because you can't pay taxes with bitcoin (even though you have to pay taxes *on* bitcoin)
Comment by knadkicker1 at 30/11/2017 at 06:59 UTC
17 upvotes, 0 direct replies
As long as they get their taxes from the earnings, they will leave us alone. Is the second it they believe they are getting cheated out of 15 fucking cents that they will swarm in and shut it down
Comment by Hi_My_Name_Is_Dave at 30/11/2017 at 09:17 UTC
3 upvotes, 2 direct replies
even though you have to pay taxes on bitcoin
Do you? You pay taxes when you sell bitcoin, but lets say you bought 10 bitcoins when they were $40 each, now that you have 100,000, do you pay taxes even though you haven't cashed them out?
Comment by [deleted] at 30/11/2017 at 13:37 UTC
3 upvotes, 0 direct replies
In the canton of Zug in Switzerland you can pay your taxes with Bitcoin.
Comment by ebliever at 02/12/2017 at 05:04 UTC
1 upvotes, 0 direct replies
Tell that to all the countries whose fiat hyperinflated to worthlessness. Yes, the paper bills existed, but that's small solace to those who used them for toilet and wall paper. The fact that a government accepts it does not give it value, it just makes it easy for people to dump the fiat on the government if no one else is accepting it at that point.
There have already been some small jurisdictions accepting Bitcoin and that will no doubt grow.
Comment by CycleGirl77 at 04/12/2017 at 17:52 UTC
1 upvotes, 0 direct replies
If you buy 1 BTC for $1000 then later buy a used car (nominally "worth" $11,000) with 1 BTC, you are theoretically liable for $10,000 in capital gains tax. However, just as the government is unable to collect sales tax on craigslist transactions, so too, the government will be hard-pressed to detect that capital gain because it is impractical to track all crypto exchanges.