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It's properties are more in line with a store of value, especially the deflationary aspect, but the line between a store of value and a currency is blurry. Gold
by blotter_paper 7y ago
It's properties are more in line with a store of value, especially the deflationary aspect, but the line between a store of value and a currency is blurry. Gold also has more properties of a store of value than a currency, and it's used more as a store of value globally, yet some parts of North Africa and the Middle East are using the gold dinar as a currency. It can be both.
- marcus_holmes 7y agonot in a modern tax regime, not really. If it's a store of value, like say bonds, then it's property. You have to report gold transactions, too, after all.
- blotter_paper 7y agoIf you wanted to know how it's taxed, you could've asked that directly. I didn't see anything in your question about how it was taxed. Short answer specific to the US (IANAL): capital gains on every transaction, counting transactions between different cryptocurrencies as if you'd sold your original currency for USD and then bought the other cryptocurrency using USD. These are just arbitrary laws though, they have nothing to do with the actual properties of a given cryptocurrency.
- marcus_holmes 7y agothe comment I was replying to was specifically about tax (https://news.ycombinator.com/item?id=21443141 https://news.ycombinator.com/item?id=21443141)