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Crypto about to die - Bank of England

Discussion in 'CryptoCurrency' started by ttmschine, Dec 31, 2017.

  1. ttmschine

    ttmschine Power Member

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  2. & How exactly are they going to stop it?

    Just like China blocked FaceBook and yet every Chinese tourist I have met has it...
     
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  3. ttmschine

    ttmschine Power Member

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    Create their own crypto which, being backed by a bank will be adopted at every retailer in the Uk and beyond (and the FED are looking at creating their own too), far extending the possible reach and use of their crypto than any other, thereby reducing the desirability of bitcoin etc because it's harder to use.

    Then refuse to accept Bitcoin or other cryptos in exchange thereby marginalising them, OR impose huge transfer costs OR huge tax penalties (in conjunction with Govt) for businesses that trade Bitcoin, etc.

    Basically make it financially unviable to use any other kind of crypto - maybe even make them illegal since they are "criminal" etc - come on, you know exactly how the govt are going to spin it.
     
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  4. Huh? Creating their own Crypto is not regulating Crypto... I guarantee it would be more volatile than Bitcoin has been, meaning it will not be adopted everywhere unless BOE prevents the price from drastically changing, which would make it just like PayPal/ Normal online transfers and utterly pointless.

    The reason Crypto hasn't really been accepted by many shops is that they could easily lose millions if the price drops after they accept orders.

    They don't accept BTC anyway. The exchanges are offshore & Bitcoin marketplaces like LocalBTC are just effectively eBay for BTC. Decentralized exchanges are also under development.

    Tax penalties would mean nothing. Currently, UK actually has perfect Crypto Tax laws. If they changed that then people simply wouldn't declare their earnings. It's not like they can be traced back to a person (In most cases)

    It could easily become a trillion dollar industry. They aren't going to criminalize it (while having their own Crypto) as that would not only cause mass outrage, but also be blocked by any ethics board they put in place.
     
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  5. ttmschine

    ttmschine Power Member

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    A Trillion Dollar industry that they can't take any money from or tax - it isn't going to happen.
     
  6. Donald J. Trump

    Donald J. Trump Newbie

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    With the recent success of XRP I don't surprise with this news. Normal people will buy this thing selling their BTC ,LTC ETH over this shit by BOE. eventually banks will get some control over BTC and other real cryptos too.
     
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  7. moonshine7000

    moonshine7000 Elite Member

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    That is not surprised by this news.The Big Banks and governments always want their cut.
     
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  8. Racevedo

    Racevedo Regular Member

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    [​IMG]
     
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  9. haller

    haller Newbie

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    Daily mail... Lol.
     
  10. Weed? Imagine how much money they would make by taxing something that is already safe enough for America to legalize.

    They do still tax it, but only when you sell it for £ or $.

    It would make no sense to tax it any other way, because of the big +/-%. When you earn $, you report the earnings at the BOE exchange rate for that week/ month. You don't keep paying tax on the same $ if it increases.
     
  11. ttmschine

    ttmschine Power Member

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    It is in plenty of other more "reliable" news outlets too.
     
  12. mickyfu

    mickyfu BANNED BANNED

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    Not as funny as people thinking Bitcoin is going to be the one world currency.
     
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  13. moonshine7000

    moonshine7000 Elite Member

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    The banks will stop that eventually, it will put them out of business.
     
  14. jimbobo2779

    jimbobo2779 Jr. VIP Jr. VIP

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    People would likely just ignore it and carry on using whichever crypto they want to support. There is not a lot that can be done to put that cat back in the bag at this stage.
     
  15. djw1606

    djw1606 Power Member

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    So basically do exactly what they have been doing with it. What will be different?
     
  16. ttmschine

    ttmschine Power Member

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    The banks will own it all so they can make money off it.
     
  17. djw1606

    djw1606 Power Member

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    The banks can't enact laws, so they can't make it illegal. If governments make it illegal, it doesn't stop its use. What do you mean by the banks will own it all?
     
  18. ttmschine

    ttmschine Power Member

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    The bank of England is like the Fed, it's the national bank.

    They work in conjunction with the government, but banks and industrialists lobby the govt anyway.

    The govt will enact the appropriate laws, it will make any "undesirable" crypto illegal and/or so heavily "taxed" (ie fees etc) that no one will use them, allowing the banks to bring in their own cryptos where they can see every transaction and no one can hide from the tax man.

    Plus they'll make all of the transaction fees, exchange fees, etc, instead of random "exchanges".

    The banks rule the world, do you think they're going to sit back and allow someone to "steal" "their" money?
     
  19. djw1606

    djw1606 Power Member

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    They can only tax it as income tax, the same as they would tax the BofE's crypto. Unregulated crypto's will still be desirable. Do you really think a national bank will run a single product with high returns that crushes every other income source they have. Not going to happen.
     
  20. zionbar

    zionbar Elite Member

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    ....You were saying?
     
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