Post
Topic
Board Economics
Re: Why Bitcoin will collapse in price.
by
porc
on 07/12/2013, 20:59:30 UTC
Reread the thread: They force us by expecting us to pay capital gains taxes on every media of exchange thats not government currency.

Why is that a problem? If bitcoin value increases compared to local fiat it's good for the merchant. They will pay capital gains which are ONLY a fraction of such gain. If they lose value or stay the same, no problem.

That guy seems to be impossible to explain this. His argument is now reduced to the assertion that Bitcoin will fail because of paperwork businesses would have to fill out for exchange rate gains. I hope somebody would come here and explain it in detail whether it actually requires that much work and how often

Personally, I don't believe him but have no experience in this field to refute with competence...

No my argument is that bitcoin wont become a media of exchange because government enforces its monopoly on money with all its might.

Now one of the way it does so is by taxing other media of exchange (if you cant grasp that I cant help you).

Other ways are (as explained above):

1) Prohibiting merchants from accepting bitcoins 2) Raiding exchanges 3) Raiding miner networks

The list is endless.

Why do you think gold is not used as money? If the market before chose it to be money? Any guess.