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IMO Bitcoin is a commodity, not a currency. (Please do not downvote me for the opinion). Regulators and at least some judges have called it a commodity. e.g. ht

IMO Bitcoin is a commodity, not a currency. (Please do not downvote me for the opinion). Regulators and at least some judges have called it a commodity. e.g. https://www.cnbc.com/2018/03/07/cryptocurrencies-like-bitcoin-are-commodities-us-judge-rules.html https://www.cnbc.com/2018/03/07/cryptocurrencies-like-bitcoi... The charge shouldn't be related to currency trading, but something related to failure to pay taxes on buying and selling commodities. [edit: As usual, comments on bitcoin expressing a non-evangelist point of view get downvoted.]

corey_moncure 8y ago
Tax it like property, enforce other laws like it's currency... they get to have their cake and eat it too. It's all for your protection, of course, don't you know.
- closeparen 8y ago
  What do you mean “tax it like property”? Property taxes are only for real estate. Income earned in USD is subject to income tax; capital gains earned speculating on the forex market are subject to capital gains taxes. Both money transmitter and securities broker businesses require licensing. You can’t sell AAPL to someone in a park for a duffel bag full of cash. They could have gotten her under either theory (currency or investment).
  - corey_moncure 8y ago
    https://www.irs.gov/newsroom/irs-virtual-currency-guidance https://www.irs.gov/newsroom/irs-virtual-currency-guidance "IRS Virtual Currency Guidance: Virtual Currency Is Treated as Property for U.S. Federal Tax Purposes; General Rules for Property Transactions Apply"
deleted 8y ago
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