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teminalibug

Cyptocurrency to lose it's meaning!

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11 minutes ago, BrolySSJ said:

I think that you are definitely right and it is very sad to see that crypto is losing its meaning. I think the biggest feature of crypto that is under threat is its anonymity and decentralization. If there are taxes implemented the KYC verification becomes a must and this will in turn result in users not being anonymous anymore. Furthermore this may give companies the power to manipulate the market and its price, which takes way from crypto and defeats the purpose.

Yes mate your right crypto is anonymous and decentralized but present time so many exchange want to do kyc compulsory and some big platform also need to do kyc, so in this situation crypto not encrypted for long term, and this platform definitely manipulate the crypto prices.

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Just now, deepown said:

You are right centralization of exchanges and coins will come and we have no choice if we have to be accepted by the governments to use crypto at all, so what do you make of this, did nakamoto fail?

But decentralized coins would still be around and we can use them wherever we want even if it is not on exchanges.

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I hope that even though a lot of regulations are happening I cannot imagine that cryptocurrency can really be controllable by some governments or huge organizations.

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I must say that's true, there are increasingly more regulations that are entering crypto and most of those regulation are totally against cryptocurrencies purpose which is total decentralization and anonymity, but we as users should try to change that with refusing to complete kyc for any exchange or wallet or any crypto based website, if they see less users are coming to their platform because of their new rules they will have to change their rules eventually. 


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this is true that tax on Crypto currency is start by some countries and this is good and legit Also ( I think ) .

KYC is good and by kyc provide that we are legit person , KYC help to maintain spamming .


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On 11/11/2019 at 12:23 PM, teminalibug said:

The impose of taxes on crypto by Argentina

In one way this is good for crypto because now this country accept crypto currencies officially. 

 

On 11/11/2019 at 12:23 PM, teminalibug said:

KYC imposed by localbitcoin and many others (made faucethub.io to close it's services)

I also agree with you. KYC is not necessary for using crypto currencies. But there is one reason that governments are not accepting crypto currencies is illegal use of it. By applying KYC verification there will be minimum illegal use. And this process will help the governments to accept crypto currencies. 


 

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In my personal opinion, and by looking at what is happening in the cryptocurrency market, I see that imposing taxes is an unsuccessful idea for two reasons. The first is that the currencies that we obtain will not suffice to pay taxes and secondly the difficulty of collecting taxes. As for the idea of the Libra currency it will take several years and I expect this currency to be a central authority


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Yes, I have also read menus like this, but I don't think it's going to be end. I will say that. It's a new marking in the cryptocurrency world only in future every country will accept cryptocurrency. They will understand the need of it.

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I just wonder how KYC close the faucehub wallet because it was among the popular and trusted wallets for crypto. KYC its not a bad thing because its just a security for site owners, there are some sites who modified KYC security and make many people to hate it.


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The idea of a decentralized foreign money may additionally prove a failure inside the face of nearby fluctuations, and the want for a critical point of manipulate appears at the extent of every u . s . a ., as opposed to investing our cash in decentralized networks.

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Digital currencies have been created in order to maintain the privacy of people, but some sites require verification of the KYC, although some people do not have any problem in using these sites and sharing their important information that they use digital currencies


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On 12/8/2019 at 1:30 AM, LuisMex149x said:

The rules that are emerging with respect to cryptocurrencies vary by country, I am angry that Argentina wants this kind of thing in an attempt to centralize cryptocurrencies that are not.

Aactually no country can centralize cryptocurrency and impose tax on making transaction and they can make cryptocurrency to lose it meaning. 

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If this are being imposed on cryptocurrency I think it will it's soul purpose and will really break the reason why Satoshi created a decentralized currency that is not tax or control by anyone or government. 

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Coming back to this topic, crypto currencies have proven itself to be stronger than fiat currencies and the biggest evidence to this is that crypto currencies faced the CoronaVirus and didn't end.

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On 11/15/2019 at 4:55 AM, Neneng B said:

It so sad that the main characteristics of crypto currencies is easily manipulated and changed. That is the essence of crypto I hope they respect that.

Yes, I agree with you that it is sad, but the main people in Crypto will not allow this to happen because hiding their identity is very necessary.


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I don't think we will lose the essential meaning of cryptocurrencies.. There are still many governments against this cryptocurrencies project.. That's because they want to create their own official currencies and not depending on any cryptocurrency like bitcoin! 

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Why ? I don't think that will happen , I think that Cryptocuurency project will success and it will pass all the problems we know that many countries are against this project but at the end Crypto will stoill standing

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You think it's something they're trying to eliminate the scams that hurt Bitcoin so much personally I think it's very good for everyone because if they can create a system where they let you know who's behind every transaction, Bitcoin will have more momentum in much more countries 

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On 5/29/2020 at 6:33 PM, Wilmer Garcia said:

You think it's something they're trying to eliminate the scams that hurt Bitcoin so much personally I think it's very good for everyone because if they can create a system where they let you know who's behind every transaction, Bitcoin will have more momentum in much more countries 

There is a system as such, but there are also some ways to counter it. Major government institutions in the US do know what is going on and many times they bust the worst of the criminals on the darkweb. There are crimes that are unforgiveable and there is action taken against them.

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I think its for a good and smooth run of the Cryptocurrencies we can't say that these regulations denies the real meaning of the Cryptocurrency because imposing taxation depends upon the countries and its fair for the countries point of view also as kyc is the good way to protect the coins and will definitely benefit to users.

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It seems tht way , its like crypto is being invaded by the secret traditional ways of transacting business but its important we all think this is a down side and it can change any time so it works perfectly to really define what is right for the crypto system ,is it working, if so yes we can be able to value the use of crypto and believe this is just a slow slope that can be flatenned

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Yes these all changes has altered the main purpose and characteristic of cryptocurrencies, the decentralized nature. The anonymity feature will be gone from all these new regulations and cryptocurrencies become more like digital currencies. 

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This is bad news for crypto users especially in Argentina, that one of the most important advantages of cryptocurrencies is to maintain privacy and decentralization, and I think that Argentina imposing tax on cryptocurrencies is wrong in my opinion.


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Cryptocurrency will become a virtual currency and more popular in the world Even if you lose money in crypto it is very easy to recover Don't be discouraged when it comes to working on crypto. Crypto always comes and goes so we have to wait patiently.

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I am sure crypto currencies will not loose its value because of all these. It is getting stronger and stronger because of crypto getting adopted daily and also the increment in bitcoin investors which resulted in growing of market cap and this makes crypto more stronger.

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