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This seems like a theoretical argument. From a practical point of view, isn't there just enough anonymity that people won't report it?
by mathattack 13y ago
This seems like a theoretical argument. From a practical point of view, isn't there just enough anonymity that people won't report it?
- cortesoft 13y agoMaybe for transactions between individuals. However, a business couldn't last very long by 'just not reporting it'. This means that very few businesses will accept a bitcoin as payment, and its usefulness will be limited.
- jnbiche 13y agoYes, but few Bitcoin businesses are holding coins for more than a few seconds, or days at most. So the taxation issues will be minimal (and probably Bitpay and similar services will calculate any minimal taxes due automatically).
- cortesoft 13y agoConverting bit coins to dollars means that there will be fees.. which makes bitcoins no better for a merchant than credit cards.
- deleted 13y ago[deleted]
- malka 13y agoOr, business that are eager to accept bitcoin will simply move to another country, paying effectively 0 USD to the IRS.
- shittyanalogy 13y agoTrack some high profile cases. Bring them to court for tax evasion. Convict. Huge fines/jail time. Less people are willing to risk it.
- jtbigwoo 13y agoThe IRS isn't that concerned about the guy in the next cubicle who owns 2.8 BTC. (Though they'll certainly go after him if they find out he's cheating the government.) This is aimed squarely at: -big investors (like Goldman Sachs, for example) -businesses that are trying to do business in bitcoin and might be inclined to push the limits with their accounting -criminal enterprises trying to hide transactions. Remember they got Capone for tax evasion.