Re: [ANN][DASH] Dash | First Anonymous Coin | Inventor of X11, DGW, Darksend and InstantX
This is what I think as well. The legal system just isn't designed to deal with this. It requires legal entities the whole time and for a legal entity to be associated with property. Thats why we have banks - so that your state of credit or debt IS your money and that money is synonymous with your identity.
It has painted itself into a corner. Left a wide open goal. Satoshi quietly switched the points a few miles ahead of the state-managed financial juggernaut and sent it down a spur.
What happens if we are in the park, happily chatting watching our kids play....I scrawl out a bunch of numbers and letters in the sandpit for you that represents the private key to a blockchain address containing a million dollars worth of capital ?
Have I then "paid you" ? Are you then liable for $300k in tax ? What about all the other people who saw it but didn't know what it meant ?
Regulate that
It has painted itself into a corner. Left a wide open goal. Satoshi quietly switched the points a few miles ahead of the state-managed financial juggernaut and sent it down a spur.
What happens if we are in the park, happily chatting watching our kids play....I scrawl out a bunch of numbers and letters in the sandpit for you that represents the private key to a blockchain address containing a million dollars worth of capital ?
Have I then "paid you" ? Are you then liable for $300k in tax ? What about all the other people who saw it but didn't know what it meant ?
Regulate that
But they are already defining crypto as properties, as the IRS Virtual Currency Guidance states. http://www.irs.gov/uac/Newsroom/IRS-Virtual-Currency-Guidance
I realize it has been easier to kill Gaddafi and ravage Libya so the "gold dinar" would not have been adopted in Africa as replacement for the U.S. dollar (he wanted to trade oil only in "gold dinars" bypassing the mighty buck and its colonial properties and have therefore paid the price), than to destroy decentralized, spread all over the world arcane property, but I am wary of "them."
They might also try to co-opt the crypto space and suck it into their financial crime cartel shenanigans. It is too early to tell but it does seem we have a fighting chance this time.