Hmm, that wasn't something I considered before. Although capital gains taxes make for slimmer profit margins, I think you're absolutely correct in those regards, especially if one day cryptocurrencies (even if only Bitcoin for the time being) are treated to the same standards as are typical fiat currencies (except decentralized, of course).
Maybe that sort of trading is more common in Germany (even though I believe they still have some form of short-term taxes), however I do wonder which country will be first to consider Bitcoin (or any crypto) an actual currency.
I have a hard time imagining any advanced nation doing so. States have a lot of their power tied up in the “purse”.