Any cryptocurrency users here?

[fuctfuct]

REDACTED

[MrPopo]

Yes, tax evasion is fun.

[fuctfuct]

Snarky

REDACTED

[RCBH928]

@fuctfuct
is that you in the video?

Don't forget that printing is not the same as issuing. Paper currency is regularly destroyed and reprinted to keep the notes fresh (not to mention when bill revisions happen). The act of doing so does not change the amount of money in circulation, so it doesn't affect the inflation/deflation of the currency.

good point, but if they are just reprinting why even mention it in the media? Just "paper" maintenance.

Yes, tax evasion is fun.

There is no taxes on imaginary assets, or is there? I would feel sorry for all those people playing GTA's and SimCity.

[marurun]

Yes, tax evasion is fun.

There is no taxes on imaginary assets, or is there? I would feel sorry for all those people playing GTA's and SimCity.

Arguably all currency is imaginary assets. And currency speculation is taxable investment activity. If Bitcoin wants to be legit in any way, shape, or form it will end up being taxable.

[fuctfuct]

It's been deemed property in the us. No taxes on just holding it, yet. Taxes on capital gains. If you sell some for massive profits. But most people will just borrow against it if the price goes way up. Not sell it.

[MrPopo]

Yes, tax evasion is fun.

There is no taxes on imaginary assets, or is there? I would feel sorry for all those people playing GTA's and SimCity.

Arguably all currency is imaginary assets. And currency speculation is taxable investment activity. If Bitcoin wants to be legit in any way, shape, or form it will end up being taxable.

Heck, ignoring all of that, if you receive money and it isn't a gift it's taxable. So if you convert Bitcoin into dollars then you're gaining income. Right now the IRS considers it in the same category as stock investment, so you pay capital gains based on the holding period and your gains over the cost basis. If they recharacterized it as not being a capital investment then you would instead count it as ordinary income (which would be taxed higher).

[RCBH928]

The dollar is not imaginary, its physical in my hands. So is gold, car, house, and boat. Bitcoin is an imaginary number. Here, have some Racketboy coins (100$RC). I will accept $1 for that.

But most people will just borrow against it if the price goes way up. Not sell it.

how does this work? If you borrow you just have to pay it back. So borrow without Bitcoins in the first place.

[marurun]

The dollar is not imaginary, its physical in my hands.

So when I buy something on-line with my credit card and then pay that credit care bill on-line with electronically-transferred funds that I received electronically when I got paid, I have something to physically hold in my hand?

[fuctfuct]

how does this work? If you borrow you just have to pay it back. So borrow without Bitcoins in the first place.