05 Apr '13, 8pm

Bitcoin Really Is an Existential Threat to the Modern Liberal State

Taxation: How do governments collect taxes on transactions in Bitcoin? The answer is they don't, and they can't. Crypto-currency's strong protections on anonymity make it impossible for any state to know who is buying what, who is paying whom, who earns what, and who has what in savings. That poses a direct challenge to the power of states to levy taxes. The problem is that Bitcoin makes tax evasion easier. States could enforce reporting of Bitcoin income for individuals and businesses, as they try to do for cash, which is also hard to track. But encryption and the peer-to-peer network structure make Bitcoin even harder to follow than physical cash, and digital cash is much better than the physical kind for storage and transactions, so the scale of the challenge could end up being much bigger. Police:It would be almost impossible for states to detect certain crimes. One of...

Full article: http://www.bloomberg.com/news/2013-04-05/bitcoin-really-i...

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