Friday, December 2, 2022

Japan Officially Removes Taxes from Purchase and Sale of Bitcoin

by Kenneth Schortgen, The Daily Economist:
On July 1, a new law went into effect which removes all taxation from the buying and selling of Bitcoin in the nation of Japan. And with their already having recognized the cryptocurrency as a viable medium of exchange within their monetary system, the world’s third largest economy has moved another step closer to recognizing Bitcoin as a legitimate currency.

Japan’s tax reform bill which officially eliminated consumption tax on the sale of Bitcoin came into effect on July 1. Bitcoin trading activities are expected to rise in Japan following the activation of the bill.

Bitcoin Segwit Activation-The Gold Cartels Worst Nightmare

by Andy Hoffman, Miles Franklin:
Not that its experience is any different from the countless “empires” that destroyed themselves from within; but let’s face it, America is rapidly morphing into a Banana Republic.

And not just in terms of its monetary policy – as the leader, in the “race to the bottom,” of the terminal phase of history’s largest; most destructive; and for the first time, global; fiat Ponzi scheme. Unfortunately, the symptoms of the disease are widespread, affecting the political, economic, and social landscape – all by-products of the complacency, self-indulgence, and arrogance created by the false sense of superiority the “reserve currency” issuer temporarily enjoys, in ephemerally living far above its means. Unfortunately, aside from the inexorable secular headwinds pounding against America’s rapidly waning dominance – like the global population explosion, unfavorable demographic trends, and synchronous worldwide information dissemination – America’s exposure to the gargantuan, historic cyclical downturn its own policies caused, is as broad, and systematically dangerous, as any nation’s. And not just absolutely; but more importantly, relative to the sky-high, “sixth sigma” standard of living its fleeting stint as reserve currency issuer has enabled.

IRS Scales Back Tax Investigations Into Bitcoin Owners… for Now

1

by Kenneth Schortgen, The Daily Economist:
One of the most confusing things about the rise of cryptocurrencies is that most countries at the present time are implementing different rules and regulations regarding their ownership, taxation, and even definition. For example, the country of Japan has gone full bore into cryptocurrencies, even passing laws that legitimize Bitcoin as a medium of exchange while also removing any tax obligations on its purchase or use. Yet over in the U.S., a court ruling calling Bitcoin a security is the current standard, and means that transactions in the cryptocurrency are to be designated as property, and subject to capital gains taxes.

Bitcoin, Bubbles, Gold, and Silver

by Darryl Robert Schoon, Gold Seek:

In January 2009, when bitcoin was released, its value was “basically nothing” ~wikipedia.  Eight years later in January 2017, bitcoin was at $986 and in December reached $19,783, an astounding one-year rise of 1,900 %, outperforming the 1,500 % historic increase in the Dow from 1982 – 2000. In 2018, bitcoin lost 66 % of its value.

Bitcoin’s spectacular rise and fall was the largest speculative bubble in history; an ignominious distinction for cryptocurrencies, a new form of money many hoped would replace fiat currencies, historically subject to government overissuence, hyperinflation and economic and political collapse,

Kevin Lawton – Cryptos Are Speculation Not Currency

from Greg Hunter:

Kevin Lawton, recently wrote a Kindle short titled “Beyond the Bitcoin Trap: A Crypto Currency for Human 2.0” predicts, “This year is going to be the year of volatility in Bitcoin price. I expect liquidations, but it’s like a tug of war. There are reasons for people to tug the price up . . . then on the regulatory side, for example, prices could go down.

How Iran Can Use Bitcoin to Avoid US Sanctions

by Mish Shedlock, The Maven:

Effective Nov. 4, Trump demands all trade with Iran to cease. Iran can potentially use Bitcoin as a workaround.