Mandatory Registry For Bitcoin And Crypto

[steveinbsas]

PS 2: I haven't the slightest interest in crypto, especially since I transfer 100% of my monthly foreign income to an Argentine bank and I have no reason to avoid paying Argentine taxes on it...because there aren't any.

 

[BobbyHank]

I can not think of a more appropriate industry to "burden" with regulation than crypto. It has been more prone to swindling, fraud, outright theft, and complete lack of regulation than pretty much any other financial sector.
Its always refreshing to visit the last few days of massive losses to innocent bros--

Web3 is Going Just Great

A timeline recording only some of the many disasters happening in crypto, decentralized finance, NFTs, and other blockchain-based projects.

www.web3isgoinggreat.com

"It has been more prone to swindling, fraud, outright theft, and complete lack of regulation than pretty much any other financial sector." any other financial sector, except of course for Governments! they swindle, fraud, outright theft, and complete lack of regulations because we peasants allow them to write the regulations... in my humble opinion, they main reason that governments desire to regulate cryptos and all things financial is so that the better know how to steal our hard earned money.

 

[MilHojas]

Argentina Regulator: We Want to Work With Crypto Firms to Police Industry

Argentina’s top financial regulator wants to “work together” with the nation’s crypto industry as it steps up its control over the sector.

cryptonews.com

 

[MilHojas]

Providers of virtual assets in Argentina must register and comply with duty to report to authorities

The Argentine Congress reformed the legal framework on concealment and laundering of assets from criminal sources and included virtual assets and their providers under scrutiny.

www.dentons.com

 

[Robert8808]

Not sure if the Bitcoin(BTC) phenomenon can be easily shrugged off as a passing whim or fad? my comments are only about BTC & does not include any other "Crypto" like Ethereum, XRP & Sol etc(of which I have no interest).

No other asset in history have seen the rate of growth in such a short time which BTC has achieved to be ranked #5(see chart) & it is only a matter of short time before BTC tumbles Nvidia, then Apple etc, what does this mean? why is this happening?

The largest wealth asset managers in the world(Blackrock etc) are buying $hundreds if not $billions of BTC daily, would these topdog money making machines waste their time with anything less than ideal? they see the value of BTC, it is real, it is valuable, & the amount of money they put into BTC proves the importance of BTC over every other "Crypto"(imo every other "Crypto" is a diversion to take your attention & money away from the 1 true asset).

BTC is permissionless, meaning that anybody & everybody in the world can buy & hold the asset, & that asset cannot be confiscated from you if you so choose not to give up the 'private keys'(seed words & passphrase), try moving $5mil of gold across a border & see the fun in that, when you can walk across that border with $500mil of BTC in your head with the remembered seed words & passphrase & no-one can stop you...it's all in the mind!

Many people remember the first time they have heard of BTC when it hit the news for remarkable jumps in value that made people who were holding it into instant millionaires, so most think that they have missed the bus & if they bought BTC now it will not see those massive gains again? this is not the case, BTC is going after Nvidia, Apple, Gold, then the Realestate markets of the world, then the Art markets, everything will fall before BTC because it is the 1 true limited supply asset in the world, where every currency loses value BTC is the only 1 that gains without the debasement of inflation.

The largest asset managers in the world know their stuff, ignore them at your own loss.

For those that want to get rich overnight BTC may not fit the bill unless you are extremely fortunate to purchase it right before a big pump, otherwise most just buy it & hold, through the ups & the downs then eventually BTC does rise & you are in profit, not an easy task but attainable for the determined...NFA

*As for me i recently encountered a nasty bump to my head & have totally forgot my seed words...

 

[LuckyLuke]

Crypto is a big yawn to me. It's only as valuable as it's adoption and medium of exchange within a country's existing framework.

Crypto's main value is evasion. Evasion from taxes, evasion from laws, evasion from regulations. There are a million assets that can be traded digitally across countries already.

Government is big bad man, taxes is doo doo, banks are big booger face. You literally can't have a conversation with most Crypto advocates without first getting past some of the most fundamental building blocks of human society. Sit down with one of these financial wizards and you'll rapidly be glossing over such trivialities as:

What is a government? Do we need it?
Is money necessary?
Are banks a service?
Why do taxes exist?

These are the same people that will happily call the policy, firefighters, drive down a road built by government, paid by taxes, and call you a dunce for not evading it.

 

[elhombresinnombre]

Some years ago, prompted by the Buenos Aires Starbucks Crypto Scandal (if you don't already know about this, look it up) I did some back of the envelope calculations about Bitcoin. At that time - and I don't see any reason why anything would since have changed - the average value of Bitcoin from inception to that point was more-or-less equal to the value of the work used to create it from inception to that point. I concluded that - again, on average - in order to make a profit from the ownership of Bitcoin it would be necessary either to steal it, steal the work required to make it or outsmart other people who own it. Further, as Bitcoin is finite and the work required to mine the very last dregs increases exponentially, I estimated that the amount of work required to mine the very last scintilla would be more than the energy content of the Universe. So far, nobody has come back to me and proved otherwise.

 

[Robert8808]

Crypto is a big yawn to me. It's only as valuable as it's adoption and medium of exchange within a country's existing framework.

Crypto's main value is evasion. Evasion from taxes, evasion from laws, evasion from regulations. There are a million assets that can be traded digitally across countries already.

Government is big bad man, taxes is doo doo, banks are big booger face. You literally can't have a conversation with most Crypto advocates without first getting past some of the most fundamental building blocks of human society. Sit down with one of these financial wizards and you'll rapidly be glossing over such trivialities as:

What is a government? Do we need it?
Is money necessary?
Are banks a service?
Why do taxes exist?

These are the same people that will happily call the policy, firefighters, drive down a road built by government, paid by taxes, and call you a dunce for not evading it.

By framing BTC into the generalized "Crypto" category is very telling that you have not studied the differences of BTC compared to the rest of "Crypto", there is a (pardon the pun) Yawning gap between the 2, please take the time to search deeper why BTC is different from every other Crypto, It's easy to understand why many are confused about the whole "Crypto" debacle because of the sheer size & scope of the topic.

The fundamental building blocks of society(financially) you are talking about are being reshaped as per BTC being gradually adopted eg(US BTC Strategic Reserve Asset), worlds largest asset managers fighting each other to grab the largest stack of BTC they can etc.

Government(Gov) is not a big bad man, the mismanagement of finance by Gov is a crime, BTC will rewire the financial circuit boards of Gov eventually.

Yes why do taxes exist? to keep the common man bent over backwards in debt maybe? when the gold standard where linked to the value of the dollar no longer exists, now the printer can print shiploads of cash so why should people pay tax? when the Gov already prints as much as they need anyway? (my personal thought of tax non-related to the BTC topic, I will pay the legal required amount of tax no matter what country I reside in, I will not cheat the system, I am a law abiding citizen & I will endeavor to pay the legal minimum of course, who would not?)

As far as BTC being made to avoid taxation nothing could be further from the truth, BTC is more traceable than cold cash, every transaction is visible in an electronic ledger, my statement earlier about walking across a border with the seed words of BTC remembered were described that BTC is truly the real bearer asset & no-one can take it off you & you can travel anywhere with it, eg the state you live in decides to confiscate all of the gold of every member of the country? legal theft? it has happened before in US, some may judge that action as unacceptable & decide to leave the country with their wealth, impossible with gold but entirely viable with BTC.

Do you honestly think the sharpest & wealthiest financial minds in the world(US asset mangers like Blackrock etc) are making an error by buying BTC with every spare dollar every day they can find? why don't you sit down with the real finacial wizards & see why they are buying BTC?

 

[Robert8808]

Some years ago, prompted by the Buenos Aires Starbucks Crypto Scandal (if you don't already know about this, look it up) I did some back of the envelope calculations about Bitcoin. At that time - and I don't see any reason why anything would since have changed - the average value of Bitcoin from inception to that point was more-or-less equal to the value of the work used to create it from inception to that point. I concluded that - again, on average - in order to make a profit from the ownership of Bitcoin it would be necessary either to steal it, steal the work required to make it or outsmart other people who own it. Further, as Bitcoin is finite and the work required to mine the very last dregs increases exponentially, I estimated that the amount of work required to mine the very last scintilla would be more than the energy content of the Universe. So far, nobody has come back to me and proved otherwise.

I do not understand what math you used with your back of the envelope calculation...but let me offer you how I profited by buying BTC, in 2019 I sold a property for $120,000, BTC were $5000 at the time, I purchased 10 BTC($50,000) & still had $70,000 cash left over, that 10 BTC now are valued at $1,029,667.94...please point out how i did not profit from this purchase in 2019? your rationale does not add up to reality?