Friday, December 05, 2008

A tax on virtual currencies: And other ways of sharing the wealth

The Chinese government is planning to introduce a tax on virtual currencies.

This (via Dan) is apparently leading to confusion and consternation in virtual gaming circles.

I'm a little surprised there's so much surprise. All currencies are virtual. They get based on a bedrock of value. Once it was gold. But which nation remains on the gold standard now?

I'm not an economist. But it seems to me that valuation built on the creativity imagination and productivity of a population is as good a basis as any. (image courtesy)

And isn't that what a virtual currency values, too?

We really shouldn't be surprised when treasuries want a piece of the profits that this creates for ALL those taking part and benefiting.

If you create value, while there remain inequalities, expect some of that value to be redistributed.

Now. Has my stock risen or fallen with that last post? ;-)

There's no tax on thinking. Yet. But if I get paid for my thinking, there is.

That's why it seems reasonable to me that any treasury wants it's share of virtual currencies too.

But that's just my snap judgement. What do you think is right or wrong about how value created in this way, or in the networked world in general, gets redistributed?

How could the new fiscal rules be drawn?

The rate of change is so rapid it's difficult for one person to keep up to speed. Let's pool our thoughts, share our reactions and, who knows, even reach some shared conclusions worth arriving at?