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If someone got millionaire on Bitcoins, spending it would not be easy; the IRS might want to know how you are living beyond what your paycheck allows...
by bonzini 9y ago
If someone got millionaire on Bitcoins, spending it would not be easy; the IRS might want to know how you are living beyond what your paycheck allows...
- oelmekki 9y agoOr they may declare their gains to IRS. Bitcoin is not just a tax evasion thing :) (and it's actually quite dumb to use it for tax evasion, given how the ledger is public and will always be there)
- bonzini 9y agoThat's not that easy. It assumes you have tracked your cost basis, for example.
- nerfhammer 9y agoAFAIK it's not illegal to make money off of bitcoin speculation. It's just like selling any other form of property.
- solotronics 9y agothere are lots of people operating entirely on cryptos around the world right now.
- fivestar 9y agoThat doesn't mean it isn't a scam. Bernie Madoff's customers were all quite happy for many years.
- someSven 9y agoIn Germany it's tax free if you where holding them for more than one year. A person can also move to another country where they don't care so much.