Saturday, February 4, 2023

Bitcoin Q&A: Regulation and the Bank Boycott


In 2014, you told the Canadian Senate to hold off on regulating cryptocurrencies for five years. What would you say to them now and do you see any new restrictions or regulations regarding bitcoin coming in the next 6 months? How would the Cryptocurrency Tax Fairness Act (HR-3708) affect capital gains reporting? Most regulations in the next six months will probably focus on ICOs and whether they fall under securities law. Custodial services which hold money on behalf of others may also face more scrutiny on a state-by-state basis in the United States. I don’t believe in KYC/AML regulations. More and more interactions will move to decentralised exchanges; destroying the on- and off-ramps will just encourage people to stay in the cryptocurrency economy. Boycotting a technology or industry that is rapidly evolving is not a good idea.

Chapters
0:00 Do you see any restrictions/regulations coming for the US in the next months?
0:43 You told the Canadian Senate Committee on banking and finance to hold off on regulation for 5 years. What would you say to them now?

My testimony to the Canadian Senate:

The first question is from the patron-only live Q&A which took place on November 27th 2017. The second question is from the patron-only live Q&A which took place on January 27th 2018. If you want early-access to talks and a chance to participate in the monthly live Q&As with Andreas, become a patron:

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Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and respected figures in bitcoin.

Follow on Twitter: @aantonop
Website:

He is the author of two books: “Mastering Bitcoin,” published by O’Reilly Media and considered the best technical guide to bitcoin; “The Internet of Money,” a book about why bitcoin matters.

THE INTERNET OF MONEY, v1:

[NEW] THE INTERNET OF MONEY, v2:

MASTERING BITCOIN:

[NEW] MASTERING BITCOIN, 2nd Edition:

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41 comments

  • 2009-01-03 18:15 "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks"

  • I've seen arguments that gold and silver are not commonly used as currency anymore because of the tax reporting associated with these transactions. I'm not sure about this, but cryptocurrencies cans sidestep this restriction with software. It'd be relatively trivial to include this kind of accounting in cryptocurrency wallets. Also, vendors can immediately convert cryptocurrencies into a local currency with various services.

    This kind of reporting is even more rediculous if you consider the limits on barter trades between individuals. If I write a simple website for the local pizzaria in exchange for a dozen pizzas, I have to report the pizzas to the government in terms of dollars, so that they can take a couple of slices from each one (in dollars). But I never received the dollars to pay the government, so I'm stuck…

  • Regulation for custodial accounts may be necessary but I also think custodial accounts should be discouraged. Well protected or memorized seed words are basically our FDIC. Rather than trust an institution trust yourself or a relative or a good friend.

  • Very informative. Thank you. There is a lot of contradiction out there. We would love for you to take a look at our project and give us your opinion on how it could be affected by SEC fiasco.

  • Actually AA – the entire "capital gains" reporting requirement for BitCoin is a legal-myth. Why? Because BitCoin does not meet the STATUTORY definition of an asset subject to capital gains. Capital gains taxes in the US are predicated on CORPORATE gains. The key term is "CORPORATE" (as in CORPORATION). This was established in 1909 within the CORPORATE EXCISE TAX ACT which defined statutory "INCOME" as gains arising from CORPORATE activity. This is also why the term "INCOME" is NOT DEFINED anywhere within the INCOME-TAX-CODE (already having been defined in the Corporate Excise Tax Act of 1909). The most obvious and typical example would be a CORPORATE dividend paid to a stock-holder. The dividend gets paid AND the stock-holder still holds the underlying asset – the stock. In other words – the stock-holder sees a GAIN from a CORPORATE-ASSET and loses nothing. Compare this to the EXCHANGE of a crypto asset. When you exchange the asset into currency (whether Dollars or another Crypto), you are SWAPPING one currency for another. Technically, there is NO GAIN because you LOSE the asset you are swapping in the trade. Even if you purchased it at a better price – you are still LOSING the asset when you trade it. The Government wants people to ignore the fact that in trading crypto for dollars — that they no longer possess the crypto. Hello! The purchase/sale price is irrelevant. There may be a million accountants that will argue this point, but they're wrong. This is an area of taxation law that has been grossly misrepresented by the US Govt and I can currently think of about 2 trillion reasons annually why this is so. However — the FACT is, by LEGAL DEFINITION, a BitCoin exchange does NOT meet the statutory-requirement as a taxable event and this principle is also true of most cryptos (&, for that matter, most anything that you may buy for a dime and sell for a dollar). But don't take my word on this. There is a former IRS-CID agent (turned whistle-blower) who has well-documented the nature of this fraud and confronted the agency about it. He is high-profile, a CPA and has weathered legal attacks from the IRS over the last 2 decades (coming out smelling like a rose). His name is Joseph Banister and his website is: FreedomAboveFortune.com

  • Another very educational video. You're awesome Andreas.

  • Is it possible to make a DAPP which takes care of the private keys, exchanges, and wallets automatically without burdening the consumer? Basically the computer knows who you are using facial recognition, speech recognition, finger prints etc, and takes care of the rest automatically. Now THAT will be a game changer! Using the Internet in the 90's wasn't very simple either. Fortunately, it became more intuitive.

  • Do you thing the upcoming G20 in Argentina will attack Bitcoin & Cryptocurrencies ?

  • Holy smokes…. 2014… It doesn't feel like it has been that long. This space moves in dog years and I'm so excited to see what happens next.

  • So we should encourage regulators to regulate bitcoin lol or try at least

  • So ture! So accurate! Andreas is great!

  • yeah but do ppl actually declare their capital gains from cryptos? I mean at 50 or 100k for sure I would assume so, but what about us really small amount investors…talking anything from 500 to 10k dollars.
    None of my colleagues does so at the moment…

  • "I'm not holding my breath for governments to do smart things." : )

  • lol we should report all this but file via paper filing so they get a massive box of paperwork of all the tiny transactions

  • Let’s boycott these banks. They’re using our cash to lend out 10X on fake money. Go with credit unions and bitcoin

  • what is the name of the muziek at end?

  • 4:40 At the age of 13, I was fortunate to be able to watch and directly participate in the changing of the music industry. It was inconceivable to me why they were so resistant to adopting digital distribution, knowing as a "dumb" kid that a file type was never going away.

    Banks taking the music industry resistant approach are outlining both their 15 year business model and roadmap; nostalgia. My 5 year old who owns no CD's and uses a Brain wallet is going to see Banks as quite alien unless they have vision and can adapt in a way Steve Jobs was able to.

  • Man you look like you could use more sleep.

  • Rap

    I tried to wire money (my money) to a well known licensed in the U.S. exchange and Capital One refused to let me wire it out of my checking account.So, I transferred my money out of Capital One checking account and sent it to one of my other banks: closed my Capital One checking account. You can't tell me what to do with my money!

  • He hasn’t given a talk in months. No interviews. I think Andreas lost that loving feeling he had back when studied bitcoin on his second viewing. He said bitcoin is in a bubble and he was right as the correction is still ongoing and the entire world now knows about bitcoin. Bitcoin failed to scale while it had the world’s attention for months and offered no solution except some 10 developers working on second layer solutions. Only 10. Hahahahahaha. Multi-Billion dollars and freedom from banks in hands of only 10 people. The public saw the BS being put out. Bitcoin had its day in the sun too soon and it won’t recover anytime soon and Andreas knows it. He wanted the slow build up and downplayed how fast information travels when he made wild claims but he got his millions given to him. If Andreas wants to help, he should become the 11th developer working on Lightning cause so far, it’s not working on the test network and people lost bitcoins using it on main network. I respect their bravery for knowing how or never. If you ask him, he’ll agree bitcoin should be valued at $900 based on the infrastructure in place which is getting reduced in China and must move to Canada which will be a delay. Such potential as Andreas put forth but now due to his public speaking ability, the tech got rushed and proven not ready so we wait another decade for a new brand with proper tech.

  • Can you speak on INFOWARS? I also like the Senate hearing idea.

  • You've done a great job Andreas! The flood has started and it can't be stopped.

  • Bravo Anton👍
    ⭐⭐⭐⭐⭐

  • What if you for instance don't report the gains to the IRS?

  • Bitcoin Cash is definitely going to trigger regulation.. they are trying to defraud the public by claiming that BCH is the real bitcoin.. Bitcoin, the real bitcoin, backs instruments on Wall Street.. which puts the SEC in the picture this year.. definitely.

  • Your way of organizing your videos and information is phenomenal

  • Si

    Love you Andreas, you do so much for this space!!

  • Love your insights, Andreas. Thanks a lot. Best from Catalunya, the land of Barcelona.

  • IRS is a legal-fiction, unable to enforce penalty if the would-be ‘taxpayer’ is well enough informed.

  • in other words: CheckMate, GameOver, Deal-with-it.

  • livingRoomOfSatoshi can be used in Australia to transfer funds into any bank account or pay any bill or credit card

  • Australian banks for the most part are back on board. We can use poli payments to send money instantly from your bank account to an escrow on Coinspot.

  • Will it be possible one day to be completely free of today’s debt based financial system? And not pay taxes at all.

  • what if Governments create fixed value cryptocurrency which they can transact digitally with lower transaction charges.Govt even ask us to give us fiat money and they will transfer newly created crypto coins to individuals crypto address …can this be possible ? if possible is it a threat to current cryptocurrencies ??

  • crypto tax needs to paid after it is converted to currency or used to purchase goods so a goods transaction not a trading transaction is recognised as currency and taxed accordingly minus the money put into the investment banks can play a part as the man in the middle which they can also profit from by mediation and logistics everyone wins well sort of

  • Don't trust your credit card company! Mine (Chase) has randomly started charging extra fees AND 26% interest on purchases of Crypto. They gave no warning and did this despite the fact that I'm supposed to be getting 0% APR for 15 months!

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