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Not surprised. The accounting nightmare that results from this means I'm basically done with cryptocurrencies. As a user trying to buy stuff with it I have no i

Not surprised. The accounting nightmare that results from this means I'm basically done with cryptocurrencies. As a user trying to buy stuff with it I have no interest in dealing with keeping track of every transaction for the purposes of tax reporting, and neither is anyone else except for hardcore supporters.

gst 13y ago
> and neither is anyone else who is living in the United States.
- LoganCale 13y ago
  Or any other country adopting similar rules.
  - danieltillett 13y ago
    They all will soon enough :(
gnaritas 13y ago
> The accounting nightmare that results from this means I'm basically done with cryptocurrencies. This was the expected outcome, if you didn't see this from the beginning, maybe you shouldn't be investing to begin with. I mean seriously, what did you think, that the IRS would allow untaxed gains to be kept?
- LoganCale 13y ago
  I want to use it as a currency to buy things, not an investment. If all you're doing is investing, this is easier to keep track of. If you want to regularly be buying goods and services with cryptocurrencies, it becomes much more difficult for the average person to keep track of. Don't be an ass.
  - gnaritas 13y ago
    I'm not being an ass, I'm saying this is exactly the tax treatment that was expected, to bail now means you didn't see this coming. Did you honestly think the IRS was going to declare Bitcoin a legal tender currency on par with the USD in regards to special tax treatment? Who didn't know Bitcoin was going to be subject to capital gains tax? Everyone who groks taxes knew, and not just knew, but expected it. The IRS clarification was not in any way surprising. Something isn't a currency just because you want it to be, things don't avoid tax laws just because people wish they did. No one could have seriously thought the government would treat crypto-currencies like real currencies. The same people who all think cryto is going to displace fiat are all up in arms about crypto not being treated like fiat; it's a joke.

gst 13y ago

> and neither is anyone else who is living in the United States.

LoganCale 13y ago
Or any other country adopting similar rules.
- danieltillett 13y ago
  They all will soon enough :(

gnaritas 13y ago

> The accounting nightmare that results from this means I'm basically done with cryptocurrencies. This was the expected outcome, if you didn't see this from the beginning, maybe you shouldn't be investing to begin with. I mean seriously, what did you think, that the IRS would allow untaxed gains to be kept?

LoganCale 13y ago
I want to use it as a currency to buy things, not an investment. If all you're doing is investing, this is easier to keep track of. If you want to regularly be buying goods and services with cryptocurrencies, it becomes much more difficult for the average person to keep track of. Don't be an ass.
- gnaritas 13y ago
  I'm not being an ass, I'm saying this is exactly the tax treatment that was expected, to bail now means you didn't see this coming. Did you honestly think the IRS was going to declare Bitcoin a legal tender currency on par with the USD in regards to special tax treatment? Who didn't know Bitcoin was going to be subject to capital gains tax? Everyone who groks taxes knew, and not just knew, but expected it. The IRS clarification was not in any way surprising. Something isn't a currency just because you want it to be, things don't avoid tax laws just because people wish they did. No one could have seriously thought the government would treat crypto-currencies like real currencies. The same people who all think cryto is going to displace fiat are all up in arms about crypto not being treated like fiat; it's a joke.