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How do you define "digital currency"? Under US legal tender laws BTC isn't money. You can incur capital gains when you exchange BTC for something over the basis
by crb002 9y ago
How do you define "digital currency"? Under US legal tender laws BTC isn't money. You can incur capital gains when you exchange BTC for something over the basis you acquired it for, but you essentially gave smoothing of value away for something ephemeral.
- mooman219 9y agoI'm waiting for the law to get so vague, they accidentally cover in-app/in-game currencies with legislation that requires it to be regulated.
- rothbardrand 9y agoI suspect money laundering is already there.... they don't care, its all selective prosecution anyway. The purpose of the laws is not to stop crimes, but to make so many things a crime that if you resist tyranny they can discredit you and jail you.
- failrate 9y agoAny game that has goods that can be exchanged by players is a potential for illegal money transfers even without the ability to get money back out of the game. For example, there's a shadow market for both CounterStrike weapon skins and Team Fortress 2 items. Here's how it works: I have a big supply of items. They have an assigned value. You give me money and the name of the receiving party. I send some items to a broker across the planet. They receive the goods, take their big, and give the rest in cash to the receiving party. We have now just made a wire transfer inside of TF2.