121–130 of 194 posts
Guess you ole boys picked the hill you want to die on...with a fat orange cheetoh leading you to the gates of hell.
Good luck!
I recommend all cryptoholders of a few years consider their long game regarding which coins will be declared, and which will remain in the shadows.
Cryptocurrencies allow for freedom beyond the practical control of agencies such as the IRS, IF you are willing to put in the time and effort. Think very carefully before voluntarily clipping your own wings.
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I on the other hand, mind being taxed.
Not saying I disagree with you, but I'd like to understand your reasoning...
I pay against my will because the government holds a monopoly on violence. They will lock me up for not paying.
A society built on top of the threat of violence is not one I endorse.
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...and what exactly will they do about it? The question is about decentralized exchanges. Countries may choose not to "tolerate" whatever they wish, but the internet is under no compulsion to tolerate shortsighted countries.
Regulate that ISPs block the protocols.
I don't mind being taxed at all. What I find stressful is calculating - not just the 'what was the USD price at the time of the exchange' that has to be manually entered and looked up into the exported CSV spreadsheet... BUT tying that to the movement of coin from Coinbase to the exchange. It's a pain. I regret using Bittrex, as there's almost no tooling for this available.
My wife inherited a small amount of telecom stock from her grandmonther who worked for AT&T back in the early days. No records had been kept as to when the stocks were bought (they were part of her salary I think). Of course they were all acquired before the Bell breakup. So what she inherited was a big mess of baby bells and about once a year or so one of them will be bought out and they'll do a stock merger and automatically sell any fractional shares left after the merger so we have to pay the Capital Gains on that sale. I am still not sure how someone without a Lexus Nexus account is supposed to calculate the net profit on those shares.
Thus far most of them have been small and we've been calling the entire thing profit (purchase price of $0) but I know one of these days we're going to have to do it for real.
While it was deemed to be treated as property, IRS never gave guidance on ability to treat it as like kind transaction. Accountants have been asking for this clarification for years. SEC treating ICO as a security. IRS needs to come out with more guidance, but doing taxes is going to be a pain with crypto to crypto. Not looking for trouble with IRS, especially when gains were plentiful for so many this year. Pay your…
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So the IRS is going to put the same amount of resources into each of the new mini - Capones as they did Capone?
That is literally the IRS's job. IRS funding at the margin directly increases or decreases tax revenues, because they have more or less resources to spend pursuing tax evasion.
http://www.cnn.com/2014/07/18/politics/irs-scandal-fast-fact...