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actually you used to be able to use poker chips like cash as this article describes and explains why it is no longer allowed. If you try to bring in chips rece

actually you used to be able to use poker chips like cash as this article describes and explains why it is no longer allowed. If you try to bring in chips received from other people the casino can choose to not pay you out as the article describes. https://lasvegassun.com/news/2007/mar/09/chips-no-longer-good-cash/ https://lasvegassun.com/news/2007/mar/09/chips-no-longer-goo... <<The harsh lesson he learned is that this isn't old Vegas, where casino chips were the coin of the realm, used to settle debts between friends, buy groceries and pay for haircuts. That culture started to change 20 years ago when Nevada defined tokens as the property of individual casinos and prohibited their use "for any monetary purpose" outside the casino. They were simply intended as stand-ins for cash, loaned to players for the sole purpose of gambling. The regulation was adopted to bring state law in line with federal rules prohibiting the creation of new currencies and with existing casino accounting procedures. The rule also has favorable tax implications for casinos, which aren't taxed on unreturned chips.>> I thought for sure the fed gov would kill bitcoin by banning its use as a "currency" which is why I didnt get in at 25 cents.

anonporridge 5y ago
They kind of did. It's defined as property, so every time you spend it, you trigger a taxable event and need to calculate capital gains or losses, which of course can get absurdly complicated if you use it for everyday purchases. That's why most people are using it as a kind of savings account, where they rarely liquidate larger amounts into the local fiat when they need it. Of course, now that's not necessary in El Salvador since it's now a legal tender alongside USD. That's the first country where it's use as a currency can really be tested en masse. Still too early to tell how that's going to work out.

anonporridge 5y ago

They kind of did. It's defined as property, so every time you spend it, you trigger a taxable event and need to calculate capital gains or losses, which of course can get absurdly complicated if you use it for everyday purchases. That's why most people are using it as a kind of savings account, where they rarely liquidate larger amounts into the local fiat when they need it. Of course, now that's not necessary in El Salvador since it's now a legal tender alongside USD. That's the first country where it's use as a currency can really be tested en masse. Still too early to tell how that's going to work out.