Free Republic
Browse · Search
Bloggers & Personal
Topics · Post Article

To: Errant

They don’t need to make it illegal... just treat it as a commodity and tax the hell out of it as a barter exchange. Also, force people to keep accurate records of all transactions, which defeats the anonymous transaction feature.


3 posted on 03/26/2014 6:07:54 AM PDT by Pearls Before Swine
[ Post Reply | Private Reply | To 1 | View Replies ]


To: Pearls Before Swine
Also, force people to keep accurate records of all transactions, which defeats the anonymous transaction feature.

The record "keeping" isn't an issue, since it's all electronic. Moving it over to a tax app, might be a lot work tho. Anonymity never was a strong feature, even from its creation.

This will be burdensome for the little miner guys working out of their homes, unless this first guidance is greatly amended. They are also the ones that process the transactions.

I see someone building an app that will take all of the transaction data, pull in the historical price records (that's brings up another question: the price of record for determining value), and offer the ability to export all a your tax filing software!

7 posted on 03/26/2014 6:18:55 AM PDT by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
[ Post Reply | Private Reply | To 3 | View Replies ]

To: Pearls Before Swine
WOW!...sounds like you believe in throwing pearls before the swine!

"tax the hell out of it "

"force people to keep accurate records of all transactions"

Do you work for the IRS?   If not; I'm sure they would love to hire you!

 

12 posted on 03/26/2014 6:40:28 AM PDT by PoloSec ( Believe the Gospel: how that Christ died for our sins, was buried and rose again)
[ Post Reply | Private Reply | To 3 | View Replies ]

Free Republic
Browse · Search
Bloggers & Personal
Topics · Post Article


FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson