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> When an individual puts his or her foot down and says, “no,” it’s usually in vain, since conventional assets can be frozen, garnished, or confiscated. […] And

> When an individual puts his or her foot down and says, “no,” it’s usually in vain, since conventional assets can be frozen, garnished, or confiscated. […] And when [an individual who owns a significant amount of Bitcoins says], “no,” then the answer is, “no,” unless the state takes the confrontation to the next level. Yes, I'm sure the IRS has never had to extract wealth from people who don't keep it in a banking account. > If somebody gives up their Bitcoins because they were beaten by a monkey wrench, then we will know that we’ve unequivocally entered a new era. I'm… pretty sure they'd just be arrested and placed in federal prison, like any tax evader.

pyvpx 13y ago
you're equating bitcoin ownership to tax evasion? you can't pay taxes in bitcoins. the only novelty that would come out of such a situation (person allegedly dodged taxes, stored the 'ill gotten gains' as bitcoins) was that a judge and/or government declares your bitcoin wallet as an asset and requires you to forfeit it. now that would be a show to watch...
- DanBC 13y ago
  bitcoins are taxable assets, surely? bitcoin income is taxable income.
snogglethorpe 13y ago
> I'm… pretty sure they'd just be arrested and placed in federal prison, like any tax evader. After taking all of your stuff to pay the taxes (and fines) of course. And yeah, the IRS is very, very, experienced at extracting everything they can from people who hide their money. If you're employed, they'll garnish your wages. If you're not employed or are "secretly" employed, they'll show up at your house/business (and they know the usual tricks people do to avoid them) and essentially start taking stuff until they think the bill is paid. They'll take your car. They'll take your furniture. If you're a restaurant, they'll clear out your cash register, take your equipment, and take all your food. If there's the least hint you might be violent, they'll bring along armed officers. Just saying "no" to the IRS is definitely not a very good plan... [My mom used to be a rev'nooer, so I've plenty of stories about this stuff.]

pyvpx 13y ago

you're equating bitcoin ownership to tax evasion? you can't pay taxes in bitcoins. the only novelty that would come out of such a situation (person allegedly dodged taxes, stored the 'ill gotten gains' as bitcoins) was that a judge and/or government declares your bitcoin wallet as an asset and requires you to forfeit it. now that would be a show to watch...

DanBC 13y ago
bitcoins are taxable assets, surely? bitcoin income is taxable income.

snogglethorpe 13y ago

> I'm… pretty sure they'd just be arrested and placed in federal prison, like any tax evader. After taking all of your stuff to pay the taxes (and fines) of course. And yeah, the IRS is very, very, experienced at extracting everything they can from people who hide their money. If you're employed, they'll garnish your wages. If you're not employed or are "secretly" employed, they'll show up at your house/business (and they know the usual tricks people do to avoid them) and essentially start taking stuff until they think the bill is paid. They'll take your car. They'll take your furniture. If you're a restaurant, they'll clear out your cash register, take your equipment, and take all your food. If there's the least hint you might be violent, they'll bring along armed officers. Just saying "no" to the IRS is definitely not a very good plan... [My mom used to be a rev'nooer, so I've plenty of stories about this stuff.]