Guess which news source isn’t run by totalitarian fascists?
From the UK Guardian:
Previously dismissed as a nerdy curiosity, the untaxable Bitcoin may soon be due for a crackdown.
Indeed, Ruth points out the greatest fear of looters across the globe. A currency which makes it impossible to use coercion to collect taxes. Taxes could certainly still be collected on Bitcoin transactions, in the same way taxes can be collected on cash dollar transactions – through voluntary reporting. Of course, the difference is you can’t send cash across a wire. Since most people are paid through checks or direct deposit, if a wired system of payment was created that was untaxable, it would cause much weeping and gnashing of teeth for those who see your pocket book as their personal property.
Let us contrast this with the Mercatus Center from George Mason University:
Bitcoins: Nothing Inherently Bad with the Currency
“We don’t ban hard to trace paper cash because we understand that there’s nothing inherently bad about it; it’s what people do with it that’s can be problematic,” said Brito. “Bitcoin should be treated the same way.”
This ‘Mercatus Center’ is obviously an evil institution that is hell bent on destroying the purity of our precious bodily fluids!
A few in the criminal class have already woken up to the potential threat Bitcoin poses to their power structure and are using the phony war on drugs to try and ban the public from transacting in a currency that they can’t steal:
“It’s an online form of money laundering used to disguise the source of money, and to disguise who’s both selling and buying the drug,” said Schumer.
Let us take a moment to reflect on what money laundering really is.
Schumer is not actually mad that money is being used anonymously to buy drugs online. Schumer is mad because people are hiding the flow of money from him personally, which means his cronies with weapons don’t know who they should loot.
The State is nothing more than a system of legalized looting. It is a mafia organization that has imposed itself upon the public and has given itself the air of legitimacy by allowing the public to vote in its phony elections. Of course, in order to get on the ballot one must have millions of dollars in money to blow on a campaign, which means only the elite will ever get elected to positions of real power.
The banking and political class are perfectly happy with our current situation that puts them in control of violent men who are armed to the teeth and willing to visit harm upon those who don’t pay their protection money. Any currency system that makes those violent men impotent is certainly going to cause a wailing hostile reaction.
It will be fun to watch Schumer and his violent cronies flail about in temper tantrums as Bitcoin slowly deconstructs their fascist utopia. Schumer can’t stop Bitcoin because guns can not stop Bitcoin. Bitcoin is impervious to violence. The only thing Schumer can do is run around with weapons and threaten US banking establishments that allow transactions with Bitcoin currency exchanges.
Of course, there’s nothing he can do about people moving their money overseas to a country that has no such laws. Nor is their anything he can do about people mailing cash to Bitcoin exchanges in order to fill their account in a totally anonymous fashion.
Cry more Schumer, it makes me happy to see you sweat.
The collapse of the US dollar is not very far off. There will come a time in the near future where foreign nations begin to refuse dollars as payment of debts. As the dollar falls to the dustbin of centrally planned currency history, we will see the public begin utilizing Bitcoins in payment of debts regardless of how many laws say it is illegal to do so.