> Taxes are easier to do now with automated tooling. You can also get VISA or MC debit cards that will automatically sell your crypto from say, your Coinbase ac

> Taxes are easier to do now with automated tooling. You can also get VISA or MC debit cards that will automatically sell your crypto from say, your Coinbase account at point of purchase. That's a nightmare from a tax perspective. Every single one of those transactions is a taxable event. Imagine having a separate line on your taxes for each time you visit a fast food restaurant. > You have far less privacy in the regular banking sector. If I have your bitcoin wallet address I can see everything in it and everything you do with it. This is not true of banking. > FDIC deposits wouldn't make sense. Banks needed the FDIC system because they do fractionalized lending with limited reserves. Bitcoin cannot be lent out in this way. It's true you have to trust whatever exchange you store your coin in if you want convenience, but you can also quite easily store Bitcoin in a wallet that you control, and back it up with physical keys that you can store stamped on some titanium in a safety deposit box or wherever you like. With FDIC, I know if I deposit my money I can get it back. If the bank doesn't have it the government will cover it. If Coinbase loses my money, unless they have enough to cover it from other funds I'm hosed. There is no recourse. A wallet I control is even worse, now I'm entirely 100% responsible for the security of my wallet, and I'm not trained for that, nor do I have the resources to be truly effective.