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(New Europe)   Germany recognizes Bitcoin as tax-free private money. Tax free eh we all know how that ends   (neurope.eu) divider line 16
    More: Obvious, bitcoins, viability  
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717 clicks; posted to Business » on 19 Aug 2013 at 12:12 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



16 Comments   (+0 »)
   
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2013-08-19 12:36:30 PM
You know who else recognized...... aahhh... nevermind.....
 
2013-08-19 01:13:39 PM
I just want to remind anyone thinking that the US government does not have the right to tax Bitcoins to remember that the way Germany taxes commerce has fark all to do with how the US does and that the Constitution does allow the Federal government to regulate currencies aside from the US Dollar.
 
2013-08-19 01:15:40 PM

Crotchrocket Slim: I just want to remind anyone thinking that the US government does not have the right to tax Bitcoins to remember that the way Germany taxes commerce has fark all to do with how the US does and that the Constitution does allow the Federal government to regulate currencies aside from the US Dollar.

...

regarding transactions that occur within the US that is (German citizens trading Bitcoins on hardware and infrastructure not within the US are not subject to US law obviously, but a US citizen trading Bitcoins with anyone- no matter where they are- or using hardware or network infrastructure within the US are subject to US law).
 
2013-08-19 02:24:31 PM
this will end well
 
2013-08-19 02:33:07 PM
WHOA WHAT HAPPENED?
 
2013-08-19 02:45:05 PM
Submitter: Tax free eh we all know how that ends

With a drum roll by Janne Carlsson?
 
2013-08-19 03:55:44 PM

Crotchrocket Slim: ...regarding transactions that occur within the US that is (German citizens trading Bitcoins on hardware and infrastructure not within the US are not subject to US law obviously, but a US citizen trading Bitcoins with anyone- no matter where they are- or using hardware or network infrastructure within the US are subject to US law).


Sounds to me that any country which contains a node hashing on the Bitcoin network could argue it has jurisdiction to regulate the entire system.

Just think how badly Interstate Commerce has been contorted and twisted and it's not a far fetch to believe that would be the US government's position.
 
2013-08-19 04:42:45 PM
The fark does "Tax free money" even mean?

According to the RT News, the classification means that some commercial profits on Bitcoin related endeavors may be taxable, but personal use of the currency will remain tax-free. "For the first time, the federal government recognizes Bitcoins as private money," Schaeffler said.
 
2013-08-19 05:21:17 PM

Crotchrocket Slim: I just want to remind anyone thinking that the US government does not have the right to tax Bitcoins to remember that the way Germany taxes commerce has fark all to do with how the US does and that the Constitution does allow the Federal government to regulate currencies aside from the US Dollar.


So if I decided to pay someone in chickens and they accept, would the federal government be entitled to part of a chicken?
 
2013-08-19 05:29:50 PM

Warlordtrooper: So if I decided to pay someone in chickens and they accept, would the federal government be entitled to part of a chicken?


The cash value of part of a chicken.  How much that is is up to either you or the IRS, whoever blinks last.
 
2013-08-19 07:58:23 PM

you have pee hands: The fark does "Tax free money" even mean?

According to the RT News, the classification means that some commercial profits on Bitcoin related endeavors may be taxable, but personal use of the currency will remain tax-free. "For the first time, the federal government recognizes Bitcoins as private money," Schaeffler said.


basically, business's would still be taxed using bitcoins, but not people.
 
2013-08-20 12:56:24 AM

links136: you have pee hands: The fark does "Tax free money" even mean?

According to the RT News, the classification means that some commercial profits on Bitcoin related endeavors may be taxable, but personal use of the currency will remain tax-free. "For the first time, the federal government recognizes Bitcoins as private money," Schaeffler said.

basically, business's would still be taxed using bitcoins, but not people.


Actually, I think that it means that the money won't be taxed in the way that, say, buying collectibles would be taxed.
 
2013-08-20 01:07:21 AM

Crotchrocket Slim: Crotchrocket Slim: I just want to remind anyone thinking that the US government does not have the right to tax Bitcoins to remember that the way Germany taxes commerce has fark all to do with how the US does and that the Constitution does allow the Federal government to regulate currencies aside from the US Dollar.

...regarding transactions that occur within the US that is (German citizens trading Bitcoins on hardware and infrastructure not within the US are not subject to US law obviously, but a US citizen trading Bitcoins with anyone- no matter where they are- or using hardware or network infrastructure within the US are subject to US law).


Like the CIA saying they can monitor basicly anything because those bits may have traveled overseas at one point...
 
2013-08-20 08:50:14 AM
They decided it would be more lucrative to tax "idea guys" wannabe entrepreneurs instead
 
2013-08-20 09:44:12 AM

links136: basically, business's would still be taxed using bitcoins, but not people.


That's what it says, but it doesn't mean much to me.  How often do you earn or spend money without a business being involved?  Even if you're paying the neighborhood kid $20 to shovel your driveway that's still technically taxable even though no one bothers with the paperwork.
 
2013-08-20 12:58:22 PM
Bitcoin has been a popular form of payment around the globe since it was first introduced in 2009, as people became dissatisfied with the conventional banking system.

Bitcoin is not a popular form of payment, and people are not dissatisfied with the conventional banking system.
 
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