[ExI] bitcoin again

[spike at rainier66.com]

From: extropy-chat <extropy-chat-bounces at lists.extropy.org> On Behalf Of Adrian Tymes via extropy-chat



 

>…Crypto might not be like stocks in all respects, but if it's bought as an investment, it can be legally treated much the same - and will be, by law enforcement that wants to justify their arrests… Adrian

 

 

 

Thanks for that Adrian, for it illustrates the precise nature of the difference between cryptocurrency and stocks.

 

It is long-established precedent that the government gets its take on stock transactions with cap gain taxes.  While I agree that both are assets, and both have inherent value and are legitimately property, and one may be requires to pay taxes on cryptocurrency cap gains, it isn’t entirely clear the government is getting its cut from cryptocurrency transactions.  If they aren’t getting their slice of the pie, they won’t lift a finger if someone devours your pie.  I predict they will not take on the liability if they are not getting a cut of the action.

 

I stand by my prediction: both the criminal court and the IRS will hold up Bankman Fried as an example: the criminal court will offer him as an example of what you can get away with if you are stealing only mere cryptocurrency, and the IRS will make an example of him on what happens if one fails to report transactions on one’s tax return and pay up.

 

spike

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