OK, BTC is down now a bit, but the announcement is still very significant and sets a real precedent for cryptocurrencies to be dealt with as legitimate money from a government (cough cough) perspective. The only real question remaining is this a more of a good thing or a bad thing.
It's great in that BTC now is gaining stronger and stronger acceptance along with other cryptocurrencies globally. The crap thing is that you know they are going to come after cryptocurrencies more and more from a regulation and market manipulation perspective. This would include the exchanges that are holding this money on the behalf of their clients.
The absolute worst thing that could come from this sort of direction is that the exchanges start getting far more regulated as all the money grubbing crooked cronies that see the value proposition of the cryptos start wondering how they can steal as much of the value as possible. They will do this through first forcing exchanges they don't like out of the marketplace through legal means and then pushing their own regulated entities. Probably also then bringing in the behemoth banks on the deal that launder all the CIA drug running money and manipulate all the markets on their behalf. Unfortunately, I am sure they have already inserted themselves in any case. E.g. does anybody really believe that Poloniex with their massive yet crappy and highly secretive service is really run by a Tristan D'Agosta (that's a Italian royal family name by the way), a part time music composer.. really??
Furthermore, all you guys that are excited about BTC and ETH ETFs coming so that these cryptos get a big boost upwards in price , get your heads out of your asses. This is exactly how they are going to manipulate the BTC and ETH markets. Sure, just as with the Australian announcement above, it will bring a lot of "money" and broader reputational improvement for the crypto space, but it also means that the world's biggest financial manipulators will buy and sell paper versions of the cryptos in the same manner that they currently manipulate and almost fully control the precious metals space. This opens the door to doing whatever they want to screw with the cryptocurrencies markets over time. How can this be a good thing other than some quick boost profits?
Well back to my point, good thing or bad thing? I'm not so sure which it is right now. There is clearly a concerted move towards legitimizing the cryptocurrencies, but hey, they've legitimized themselves already in any case. This feels to me like a little kid that has built a popular lemonade stand in the neighborhood and is doing well. One day, the psychopathic pedos that drive the government / corporate ice cream truck through his neighborhood come by and make him an offer to make his business much bigger. All the kid can think about is "Wow!, think of all the stuff I could get", but meanwhile all the pedos can think about is "Wow!, this sure is going to be an ass f**cking."
The government / corporate ice cream truck is already circling the neighborhood and will certainly be stopping by the lemonade stand more and more, the real question is, will they start to get control of it, heavily regulate it, and seriously manipulate it and what will that do to the crypto space in the long run.
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That's great news Thanks for the heads up. I DO BELIEVE ITS TIME TO ADD TO MY POSITION THANKS AGAIN
What do you suppose that means"Bitcoin traders and investors will not be taxed for purchasing and selling Bitcoin through regulated exchanges and trading platforms"?
Sounds like control to me? Sort of like how the Social Security Number was "Not to be used for ID" Hmmm...
I think the keywords here are "regulated exchanges and trading platforms". If you're not on one of these government approved platforms, then are you shut out of the market? What will the Australian government then require of these exchanges once they are in. Sure, important to know that the exchanges won't screw you and steal your money, but what else comes along with the government requirements they will impose for this.
Similar to Canada (where I live), Australia has a GST tax (Goods and services), that was meant to be applied to the end consumer at the time of purchase of a product. That they are currently charging GST on the "purchase" of bitcoin as though it were a product, as well as on anything that bitcoin is used to buy, means they were double taxing. Picture bitcoin as a foreign currency... when you convert USD to CAD for a trip to Canada, you do not pay tax on the value of the conversion, only when you spend the CAD in Canada to buy a product. With the new Australian rules, bitcoin will now be treated as any other currency.
That's extremely important that this has been changed, but were they actually controlling this in Australia anyway? Was it even possible?
Just a small constructive criticism of your post. Since you linked to a 'Still Report' video, I would recommend adding a short mention of that channel within the text of your article, so that the Steembots don't flag it for review. They are very picky about posting outside content, without the citation, as it makes Steemit users 'appear' to be making money off an others efforts.
Thanks very much for that. There seem to be a lot of unwritten rules in Steemit that screw with how much value you get with upvotes. Happy to take any other tips that you think are useful. Do you have any good article sources that you would recommend?