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originally posted by: AugustusMasonicus
originally posted by: face23785
Which is probably most of the people buying it.
I would disagree. While it has been demonstrated that their are some truly ignorant people who don't understand investing and/or taxation on gains I think most people buying Bitcoin realize they will need to pay taxes on their gains.
originally posted by: AugustusMasonicus
a reply to: Riffrafter
Why shouldn't people pay taxes on their crypto-currency gains? I have to pay them on my other financial instruments and investments.
originally posted by: face23785
originally posted by: Riffrafter
Call it a win for the federal government - mostly. The Court has issued a ruling in the battle between the Internal Revenue Service (IRS) and Coinbase, a company which facilitates transactions of digital currencies like Bitcoin and Ethereum, to determine whether the IRS is entitled to customer data. Today, the Court granted in part and denied in part the federal government's petition to enforce the hotly contested summons: in other words, the IRS may legally investigate Coinbase account holders who may not have paid federal taxes on their virtual currency profits, but the scope of the summons has been dramatically narrowed.
IRS Nabs Big Win Over Coinbase In Bid For Bitcoin Customer Data
I knew this was going to happen eventually.
All governments *hate* Bitcoin and all crypto currencies.
Now the war will really begin...
This might be a good time to buy in. When hipsters think The Man is coming for their cryptocurrency, they're gonna keep buying more of it and driving the price up.
originally posted by: toysforadults
this is going to crush bitcoin and they know it
when the dirty government sticks their hands in everything they ruin
who do these dirtbags think they are
originally posted by: AugustusMasonicus
originally posted by: face23785
Which is probably most of the people buying it.
I would disagree. While it has been demonstrated that their are some truly ignorant people who don't understand investing and/or taxation on gains I think most people buying Bitcoin realize they will need to pay taxes on their gains.
originally posted by: ParasuvO
originally posted by: AugustusMasonicus
originally posted by: face23785
Which is probably most of the people buying it.
I would disagree. While it has been demonstrated that their are some truly ignorant people who don't understand investing and/or taxation on gains I think most people buying Bitcoin realize they will need to pay taxes on their gains.
And just how would "gains" be demonstrated...
Not one person i have ever spoken with has paid taxes or ever plans too.
You would be a willing fool to pay taxes on cryptos with no set rules and no legal reason to do so at all.
originally posted by: Riffrafter
As others have already pointed out, it's not about the taxes - it's about the governments ability to gain visibility into the transactions.
To be fair, I wasn't completely clear about that in my OP. But it's what I meant when I said all governments hate crypto-currencies. It's also essentially what the article is about.
originally posted by: AugustusMasonicus
a reply to: Riffrafter
Why shouldn't people pay taxes on their crypto-currency gains? I have to pay them on my other financial instruments and investments.
originally posted by: ParasuvO
And just how would "gains" be demonstrated...
Not one person i have ever spoken with has paid taxes or ever plans too.
You would be a willing fool to pay taxes on cryptos with no set rules and no legal reason to do so at all.
originally posted by: Tempter
Because they don't own the currency?
originally posted by: Tempter
originally posted by: AugustusMasonicus
a reply to: Riffrafter
Why shouldn't people pay taxes on their crypto-currency gains? I have to pay them on my other financial instruments and investments.
Because they don't own the currency?
originally posted by: TruthxIsxInxThexMist
I would say time to cash in and get out of there
originally posted by: AugustusMasonicus
originally posted by: Riffrafter
As others have already pointed out, it's not about the taxes - it's about the governments ability to gain visibility into the transactions.
To be fair, I wasn't completely clear about that in my OP. But it's what I meant when I said all governments hate crypto-currencies. It's also essentially what the article is about.
So? The SEC has visibility to every stock transaction that takes place here, it's how they attempt to minimize stock fraud.
originally posted by: AugustusMasonicus
originally posted by: Tempter
Because they don't own the currency?
It isn't about currency, it's about cap gains. The instrument isn't relevant, the profit from it is.