- Mar 20, 2014
the govt marginalizes bitcoin and other cryptocurrency casue they can control it.
MONDAY, MARCH 31, 2014CNN: New IRS rules make using Bitcoins a fiasco
The government regulations that will make it difficult to operate with Bitcoins are starting to come. But the IRS ruing is only the beginning.
CNN on what the IRS just did:
The United States' new Bitcoin tax rules just made casual, everyday use a complicated bookkeeping headache.The Internal Revenue Service's notice last week will force the average Bitcoin user to keep a strict record of every purchase made all year long -- then perform difficult calculations to account for the changing value of a bitcoin.It's meant to extract taxes from any gains in Bitcoin's value, and the rule applies to everything bought with electronic money, from coffee to cars.That's problematic for two reasons. The going rate for a bitcoin fluctuates wildly -- easily by more than $10 a day. And no one diligently records the price of a bitcoin at every purchase."That would obviously create an accounting nightmare for taxpayers and may cause taxpayers to avoid using virtual currency," said Jeffrey Hochberg, a tax attorney in New York.Of course, you can just take your chances and hope you don't become a target of the government. Ask Ross Ulbricht and Charlie Shrem how that strategy turned out. Most of what Ulbricht is alleged to have done and probably everything Shrem is alleged to have done would not be illegal in a private property society, but we don't live in a private property society. We live in a society where government spends most of its time expanding regulations that it can use as tools to crack down on anyone it wants at anytime.EconomicPolicyJournal.com: CNN: New IRS rules make using Bitcoins a fiasco
Flip side is that if they want the gains then the losses can be written off then.
That was my first thought also but I bet it doesn't work that way..
you take bitcoin on a date as trade, you record the value of the coin on that date... If that coin loses value 2 months later that is your loss...
at least that's that's how I'm understanding it from the above post...
I guess that might be different if you are actually trading bitcoins as an investment but you would actually use usd to buy bitcoins so if bitcoin lost value in a couple months you write off the loss of usd used to buy the coin..
anyways bitcoin makes much more sense to me for just anonymous transactions I wouldn't invest usd into it to buy... But then again for those that do it creates value so more power to you.
Not hardly. Metrics not showing that at all.bitcoin bubble may have burst. it looks like some people are selling their bitcoin to move over to dogecoin.
when dogecoin bubble bursts they’re going to sell and head over to another crypto?
is this the new cycle of crypto investing?
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