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Smurfing? If I take you’re meaning correctly, that is not what is happening here. You cannot make multiple small transactions to make up one larger transaction.
by rufusroflpunch 4y ago
Smurfing? If I take you’re meaning correctly, that is not what is happening here. You cannot make multiple small transactions to make up one larger transaction. It specifically disallows it in the bill.
This really is about encouraging it’s use as a currency.
- jsmith45 4y agoAgreed. I'm not a fan of most cryptocurrency related nonsense, but right now, if I hypothetically wanted to buy something from a vendor that only offers purchases via crypto the following applies: I buy the crypto from an exchange or similar. Then I go to the vendor and buy the product. Then at tax time I need to look up what the price of the cyrpto was at the time I bought something with it, and pair it with the purchase in my records, so that I can claim capital gains or losses. With how volatile crypto is, these numbers will not reliably be "de minimis", and thus must be calculated for tax purposes. Not needing to do proper book keeping for such purchases makes sense to me. Especially because the overwhelming majority of people trying to use crypto for purchases will fail to report these small gains and loses anyway.