What’s new? Cryptocurrency and ICO forums review
Cryptocurrencies and legislation
Germany
Bitcointalk discusses the German government’s decision to acknowledge cryptocurrencies as legal payment means and exempt virtual money transactions from tax.
The mood of forum participants is generally positive, as the blockchain community is not spoiled by good news lately:
“Germany is one of the leaders in Europe and world when it comes to economics. This new is very encouraging and we could see others follow these steps. I'm very happy to hear this. In some way it is inevitable.”
It looks like in this thread German government has received more praise than through all its history.
Some users assume that any operations with cryptocurrencies will be subject to tax exemption, but there are also sobering opinions:
“Why do you think that Germany will not take taxes from bitcoin users? It won't be. In Germany very meticulously to pay taxes. There, withholding taxes is a very big crime. No benefits for users of the cryptocurrency will not happen. The Germans do not want to stimulate the development of the popularity of cryptocurrency. They want to have tax on what they can't stop.”
But pessimists’ voices are hardly heard in the optimistic chorus. Still, the community is willing to take this news positively.
“Germany is a country that invests in cryptomoneys, I am not surprised that crypto moneys have become legal in Germany. I am very hopeful of crypto moneys from Western european countries, eastern and southern european countries should follow this innovation as soon as possible.”
Poland
Seems that the future is around the corner and the wonderful digital world is already here? Don’t get your hopes too high. News from Poland set a different tone:
“The Polish government and its Ministry of Finance, has just destroyed the cryptocurrencies in Poland.”
This is the name of another topic at Bitcointalk. Users discuss the Polish government’s initiative to regulate digital currency market, under which all cryptocurrencies are deemed to be the property and any operations with it are the subject of taxation. Not only those through which the profit was gained but any of them. Not only operations on the purchase of a set amount of coins, but every transaction: and if coins purchase took a dozen of interim transactions - taxes must be paid for all of them.
Some users think that all governments in the world will eventually come to this. Which means that cryptocommunity should resist any attempts to legalize digital currencies.
“I think all governments are planning to do this. In order to fully study the mechanism of using cryptocurrencies and then tax all users as much as possible. That is why we cannot allow the legalization of cryptocurrency. An urgent need to develop a road map for the establishment of the terms of use of crypto-currencies without exchange for Fiat.”
Other commenters are sure that the government is mistaken and will regret it:
“I think that Polish authorities are making a huge mistake and they will regret it.”
Polish cryptoenthusiasts still hope for their government’s fair solution. From MF’s message, it seems that there is still a possibility that some clarifications and corrections will be made later.
India
Indian cryptomarket participants are rattled by recent news from this country’s Central Bank, which recommended commercial banks to refrain from using digital currencies and block accounts of users, making operations with cryptocurrencies.
There were panicky comments from discussion participants that decided that digital money is prohibited in India from now on.
“Then in that case what will the people who have cryptocurrencies do ? There are people in India with cryptos worth millions !!! Is it just a waste?”
But then they figured out that Central Bank initiative does not impede cryptocurrency turnover, but applies restrictions that will slightly complicate operations with digital money for citizens:
“As far as I know, the RBI hasn't banned crypto-currency as of yet. But they have been making crypto-currency trading more and more difficult. The latest news is that they have banned banks from dealing in crypto.”
Venezuela
“Cryptocurrencies market is unstable and very volatile, beware of investing your last money in it” - the newcomers are warned. But people from Venezuela are ready to oppose this statement - they increasingly use digital currencies as means that allow saving the earned money. According to the article which Reddit topic refers to, inflation in Venezuela is 8900% per year.
As one of the commenters writes, he works in the largest oil company in this country and his salary is about $3 a month.
Bitcoin investment helps to protect savings, feed families and secure finances, that are better to be kept in a reliable and stable cryptocurrency. There is a huge black market for operations with virtual money in Venezuela.
Mining
Popular topic: a producer of video cards warns that its production is not intended for cryptocurrencies mining. Those, who’ll trespass this warning, risk to lose the warranty.
Users stipulate that “unintended” use can hardly be proved: “Lol how would they even know if the card was used for mining or not. What a joke.”
And come to the conclusion that this warning is made only to scare people: “Basically they cant. Its more of a scare tactic when people see the sticker.”
Authorities of an American city named Plattsburgh have prohibited cryptocurrency mining. This news is commented on Reddit. The users are mostly wondering: why the city managers should care about the ways in which people use electricity?
“What's next? forbid AC Units? Electric Cars? Garden Lights? Electric Heaters? I don't really see the point why it matters what the electricity is used for.“
But there are frequent replies from those who think that this restriction is reasonable, because city infrastructure was not designed for increased energy consumption, and miners do not contribute to the society.
“The town doesn't have the infrastructure to deal with high draws (Junction boxes, transmission lines, substations). Miners don't add much value to a town (not as if they'd employ more than 2 people if any), there's no added local cash flow (all cryptocurrency), too much expense and risk to invest in upgrades to the local network.”
Russia
Users of Russian section on Bitcointalk discuss the development and implementation of cryptocurrency law.
Reserved optimists:
“Cryptocurrency law is in any way a good idea. Cryptocurrency develops too fast, our authorities cannot stay aside. What is more important, is that it should bring more benefit than harm because there are two sides of the same coin: it can be helpful for people, as well as sponsor you-know-what. I personally hope to see soon a further development of this question.”
Pessimists:
“So little time left till the end of the period, set by the president. And these lawmakers still don’t have anything worthy. Feels like they’ll make up something ridiculous.”
People have different expectations, but everybody hopes for fair, up-to-date law.
Although, a recent Telegram messenger blocking tips the scales in pessimists favor.
“After the situation with Telegram, I don’t have any confidence in our officials.”
Russian speaking miners discuss such problems as hash calculation algorithms getting more complicated, low cryptocurrencies rates, high prices and lack of video cards, growing energy expenses, ether’s hard fork. In the current market state, many of them already forgot about high profits, some even speak of losses.
But the spirits are generally up: only a few of them start to sell the equipment, the majority continues to work, hoping that rates will rise and the situation on the market will become better.
The international community actively discusses and strongly reacts to the latest news on blockchain technologies. Many topics were not included in this review and in the next articles we will talk about the following: market participants speak about a ban on ICO and cryptocurrency advertising; the latest legislative initiatives of the USA, Japan and China; market perspectives and future of cryptocurrencies.