Quote:
Originally Posted by mayabong
I'm not pushing bitcoin as an investment and have never told anyone to buy ever. Bitcoin is used by alot of speculators but that is not its only use.
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As a US citizen I use dollars. Dollars go up and down value wise in their purchasing power but still remain just a dollar to me, a US citizen.
Now look at a stock, the value goes up and down by the second. I have a profit or loss when I decide to use that stock to acquire something else. I pay tax or accrue a loss when that stock is used.
I also have to spend that stock on a first in first out accounting value method. Meaning the first stock share I buy has to be the first one cashed out.
Anyone using bitcoins like it was a dollar is not meeting IRS paperwork requirements and is truly fucked if audited.
Now with the above paperwork requirements in mind who the hell wants to use bitcoins as everyday money?
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