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This is a net good for bitcoin and all crypto currencies isn't it? I mean the IRS is treating it the same way that they treat other securities, isn't that what

This is a net good for bitcoin and all crypto currencies isn't it? I mean the IRS is treating it the same way that they treat other securities, isn't that what the majority of the bitcoin community wants? Just some clarification as to exactly what bitcoins tax situation is and now we are getting it. I mean at this point if you traded bitcoin and didn't pay taxes on your capital gains, that is 100% on you, you can't claim ignorance at this point. This, more than CME and CBOE futures, though those are important, and more than a sane way to store them without having to worry about lost keys or being hacked, is what institutional investors really want before they get into bitcoin. In the long run this is a very positive event for bitcoin adoption by the masses, and more importantly for speculators, large inflows of institutional money.

deleted 9y ago
[deleted]
52-6F-62 9y ago
I think you're right. It at least means its being taken seriously. And I think it bodes well for civilization in general if it's not just some underground hideaway of value, but actually contributing. Beyond just paying for roads, taxes and some of the loopholes present are a general effort to keep exchanges of value moving. At least that's the intention... so that things like this don't happen: https://fred.stlouisfed.org/series/M2V https://fred.stlouisfed.org/series/M2V
mavdi 9y ago
Yup, this is actually great news for Crypto in general. It means it will become more mainstream.
lloyd-christmas 9y ago
> This is a net good for bitcoin and all crypto currencies isn't it? No. A quote from the article: "asking for detailed transaction information on so many people, simply for using digital currency, is a violation of [customers'] privacy, and is not the best way for us to accomplish our mutual objective.” The point of the article isn't about regulation or enforcement; it's about the methodology of enforcement. If A business magically has more money than they should given their transactions in a year, issuing a subpoena on their information is completely legitimate if they are under an active investigation. Similarly, if a specific person is under investigation, and they are suspected to be evading taxes, an investigation into them is grounds to get their info from coinbase. It's not grounds to get my info from coinbase. People also try and evade taxes in the stock market, that doesn't mean the IRS is entitled to investigate me just because I also happen to use schwab and made a trade on nasdaq. At the end of the day, this ISN'T good for crypto currencies because it demonstrates that enforcement obeys different rules than other assets.
- orthecreedence 9y ago
  > it demonstrates that enforcement obeys different rules than other assets Like stock exchanges and banks? Right, because they certainly don't report your gains/losses to the IRS voluntarily. /s Seems bitcoin IS being treated exactly like other assets. Parent said this is a good thing. I agree (and I am a crypto trader). Maybe it's because my disdain for taxes-are-theft libertarians is much stronger than my reluctance to pay what I owe for my gains. Also, it's one thing to not want to pay taxes if you're working a plow in a field all day. However if you're sitting at a computer pushing a few buttons and earning money from it, then yeah, no excuses to not pay.

deleted 9y ago

[deleted]

52-6F-62 9y ago

I think you're right. It at least means its being taken seriously. And I think it bodes well for civilization in general if it's not just some underground hideaway of value, but actually contributing. Beyond just paying for roads, taxes and some of the loopholes present are a general effort to keep exchanges of value moving. At least that's the intention... so that things like this don't happen: https://fred.stlouisfed.org/series/M2V https://fred.stlouisfed.org/series/M2V

mavdi 9y ago

Yup, this is actually great news for Crypto in general. It means it will become more mainstream.

lloyd-christmas 9y ago

> This is a net good for bitcoin and all crypto currencies isn't it? No. A quote from the article: "asking for detailed transaction information on so many people, simply for using digital currency, is a violation of [customers'] privacy, and is not the best way for us to accomplish our mutual objective.” The point of the article isn't about regulation or enforcement; it's about the methodology of enforcement. If A business magically has more money than they should given their transactions in a year, issuing a subpoena on their information is completely legitimate if they are under an active investigation. Similarly, if a specific person is under investigation, and they are suspected to be evading taxes, an investigation into them is grounds to get their info from coinbase. It's not grounds to get my info from coinbase. People also try and evade taxes in the stock market, that doesn't mean the IRS is entitled to investigate me just because I also happen to use schwab and made a trade on nasdaq. At the end of the day, this ISN'T good for crypto currencies because it demonstrates that enforcement obeys different rules than other assets.

orthecreedence 9y ago
> it demonstrates that enforcement obeys different rules than other assets Like stock exchanges and banks? Right, because they certainly don't report your gains/losses to the IRS voluntarily. /s Seems bitcoin IS being treated exactly like other assets. Parent said this is a good thing. I agree (and I am a crypto trader). Maybe it's because my disdain for taxes-are-theft libertarians is much stronger than my reluctance to pay what I owe for my gains. Also, it's one thing to not want to pay taxes if you're working a plow in a field all day. However if you're sitting at a computer pushing a few buttons and earning money from it, then yeah, no excuses to not pay.