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I can't tell if this is good or bad. But, does it strike anyone else as odd that the IRS ignores that bitcoin _is_ actually currency? Can they even declare it t

I can't tell if this is good or bad. But, does it strike anyone else as odd that the IRS ignores that bitcoin _is_ actually currency? Can they even declare it to be property when the reality is that it is currency?

lutusp 13y ago
> Can they even declare it to be property when the reality is that it is currency? It seems you're overlooking the possibility that it may be both.
dragonwriter 13y ago
> But, does it strike anyone else as odd that the IRS ignores that bitcoin _is_ actually currency? Can they even declare it to be property when the reality is that it is currency? "Property" is a statement about a legal relationship between a person and some (tangible or intangible) thing. "Currency" is a statement about an attribute of a thing idnependent of its legal relationship to any person. Whether a thing is "currency" and whether it is someone's "property" are orthogonal concerns. It can be either, both, or neither. The fact that it is one does not prevent it from being the other.
saraid216 13y ago
What would you say the difference between property and currency is?
deleted 13y ago
[deleted]
nullz 13y ago
define 'reality'
bertil 13y ago
As I understand it, the main difference is that, if it were currency, you’d need to go though a lot of regulation to process it, keep it and change it with dollars. I doubt the IRS can influence SEC and the Financial commission into the finer points of Legal tender. What they say is: no matter that, these things are like stock, and we feel the right to tax your profits on trading them. Sounds reasonable to me. Put otherwise: it sounds like when a lawyer (or The Dude) says that you are “an asshole”. Most lawyers don’t really have the moral standing to accuse anyone of that, but what they are saying is: my qualifications are telling you what is legal and what isn’t, and this unsavory action isn’t illegal. IRS is saying: BitCoins are not just to pay for your groceries, they are a way to store and accrue value; they have no standing on how convenient they are or should be to buy groceries.
URSpider94 13y ago
Collectible antique coins are also currency -- a buffalo nickel is still legal tender, but you'd be a fool to use it in a bubble gum vending machine. Nonetheless, the IRS treats them as property, for purposes of taxation.

lutusp 13y ago

> Can they even declare it to be property when the reality is that it is currency? It seems you're overlooking the possibility that it may be both.

dragonwriter 13y ago

> But, does it strike anyone else as odd that the IRS ignores that bitcoin _is_ actually currency? Can they even declare it to be property when the reality is that it is currency? "Property" is a statement about a legal relationship between a person and some (tangible or intangible) thing. "Currency" is a statement about an attribute of a thing idnependent of its legal relationship to any person. Whether a thing is "currency" and whether it is someone's "property" are orthogonal concerns. It can be either, both, or neither. The fact that it is one does not prevent it from being the other.

saraid216 13y ago

What would you say the difference between property and currency is?

deleted 13y ago

[deleted]

nullz 13y ago

define 'reality'

bertil 13y ago

As I understand it, the main difference is that, if it were currency, you’d need to go though a lot of regulation to process it, keep it and change it with dollars. I doubt the IRS can influence SEC and the Financial commission into the finer points of Legal tender. What they say is: no matter that, these things are like stock, and we feel the right to tax your profits on trading them. Sounds reasonable to me. Put otherwise: it sounds like when a lawyer (or The Dude) says that you are “an asshole”. Most lawyers don’t really have the moral standing to accuse anyone of that, but what they are saying is: my qualifications are telling you what is legal and what isn’t, and this unsavory action isn’t illegal. IRS is saying: BitCoins are not just to pay for your groceries, they are a way to store and accrue value; they have no standing on how convenient they are or should be to buy groceries.

URSpider94 13y ago

Collectible antique coins are also currency -- a buffalo nickel is still legal tender, but you'd be a fool to use it in a bubble gum vending machine. Nonetheless, the IRS treats them as property, for purposes of taxation.