Bitcoin. Anyone on here hold some?

[Freq Flier 2013]

I read the articles when they came out a few days ago but what did do wrong if he really was the inventor of bit coin? Was it illegal?

 

[Pushka]

I read the articles when they came out a few days ago but what did do wrong if he really was the inventor of bit coin? Was it illegal?

Maybe tax evasion? Not declaring income, CGT etc. So not related to bitcoin the product but company stuff.

 

[moa999]

But sounds like he has had ATO issues for a number of years

And renting that house, so the wealth isn't in property

 

[turnip666]

The Govt spends a $ Billion on "Innovation" then days later arrests the most innovative guy in the country.

Their worst nightmare is someone taking an Uber to their Airbnb stay and paying in bitcoin.

Not enough opportunity for graft.

 

[Freq Flier 2013]

The Govt spends a $ Billion on "Innovation" then days later arrests the most innovative guy in the country.

Their worst nightmare is someone taking an Uber to their Airbnb stay and paying in bitcoin.

Not enough opportunity for graft.

This is good

 

[Pushka]

Still gotta pay your taxes. There's no point the Govt funding innovation with OUR money if there is no return for Australia on successful projects.

 

[turnip666]

There's no point in the Govt funding innovation.

If there is money to be made someone will fund it. I'd rather them risk their own money, and I'll risk mine, rather than outsource it to the Public Service.

Taxes can then come from profits. Uber, Airbnb and Bitcoin are succeeding IN SPITE of governments everywhere.

Sensible tax systems encourage innovation and profit, not redistribution.

See Vet Fee help for another GOVT sponsored innovation.

 

[Pushka]

Well there's lots of things the Govt funds that I don't agree with and which will never make a return. Innovation is not one of them.

How does a 'sensible' tax system fund innovation? And you assume businesses are in profit in order to fund innovation. That is never the case in startups.

 

[turnip666]

By encouraging investment in activities that add value to the economy.

Think Pink Batts, BER, Vet fee help and do the exact opposite.

It usually means leaving the as much as possible in people's pockets that allows them to invest and save. The more self reliant people are,the less need to "support" them or their business.

It is not 50% marginal rates with GST, duties and special levies.

It does not favour one type of investment over another...eg. domestic housing, "green energy" , submarines or Clive Palmer's nickel refinery and in the US, favoured agricultural products or districts.

Sometimes doing the most means doing less.

 

[Pushka]

I guess I am asking what a 'sensible' tax regime looks like.

 

[soundawake]

The general consensus in the bitcoin community is that the Aussie guy name in the article is NOT the creator of Bitcoin, for a number of reasons.

The technology behind Bitcoin is truly revolutionary and transformative, and I suspect it will greatly change the banking industry in the years to come.

 

[whatmeworry]

Allegedly the guy has half a billion in bitcoin. Bitcoin has been deemed a "good" not a currency, so GST is applicable. Also the guy has allegedly the one the largest personal super computers on the planet.
Bit of a side note, the ATO has been checking certain individuals for things like where school fees payments are coming from (overseas bank accounts) in addition to how homes were paid for, for x number of years. So if your finances are not in order, the ATO might be coming for you.

 

[JohnK]

The technology behind Bitcoin is truly revolutionary and transformative, and I suspect it will greatly change the banking industry in the years to come.

Highly volatile currency?

 

[soundawake]

Highly volatile currency?

I was more referring to blockchain technology.