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"Bitcoin is anarchy. Miners vote with hashrate, users vote with their money, merchants vote by what currencies they accept. Consensus is an emergent property of this, not a requirement." -- /u/medieval_llama
Bitcoin Is Property Not Currency in Tax System, IRS Says: Under the ruling, purchasing a $2 cup of coffee with Bitcoins bought for $1 would trigger $1 in capital gains for the coffee drinker and $2 of income for the coffee shop.
Even by I.R.S. standards, the recent ruling on bitcoin flirts with nonsensical non-logic in a way that is truly shocking to an outsider. Govt officials have called bitcoin "digital currency" thousands of times, not once have they called it "digital property".
Really astonishing. For months, including the Senate hearing and the Treasury Department's own published documents on bitcoin always refer to it as a "virtual currency," "digital currency," or my favorite "convertible virtual currency." Don't take my word for it. Search through publicly available federal government documents that mention or address bitcoin in any way. It's always discussed as a convertible electronic currency, which it is, not as property. If the government views bitcoin as property - for taxation purposes the same as selling ice cream sandwiches out of an ice cream truck - why was this not a topic broached during the Senate hearing? Why did former Fed chairman Ben Bernanke in his letter refer to "virtual currency" several times, and "virtual property" not once. His successor, Janet Yellen, has had an equally sane approach toward bitcoin. Even by the sometimes byzantine logic of modern tax agencies, the IRS is simply wrong. If mining Bitcoins is self employment, so is jerking off to porn. If Bitcoin is primarily "property" and not currency, then why the focus on KYC/AML compliance? It's not money according to the IRS. And why the need for money transmitter licenses? And why is New York State trying to regulate Bitcoin if it's just property? Lawsky's job is over before it even begins, if this nonsensical IRS classification is not challenged and revised. Please don't tip me, I don't want the burden of having your property thrown at me unsolicited over these inter web tubes. Thank you.
Forbes: The Bitcoin Blockchain Just Might Save The Music Industry "...the implications of the Bitcoin Blockchain not only for currency, but for intellectual property are too great not to expend the time and effort needed to see its applicability"
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We should make it our priority to convince the IRS to reconsider their position. Bitcoin should be classified as a currency, not property.
I consider America's classification of Bitcoin as property rather than a currency to be the worst news yet. This will make it much more complicated to transact in Bitcoin legally, which will slow adoption, if not halt it entirely. I have been enthusiastic about Bitcoin for its potential to bring us effective microtransactions, to facilitate Distributed Autonomous Corporations, and to open up other new types of financial transaction never before possible once Bitcoin adoption reaches maturity. How can we ever expect it to get there now that every minor transaction has to be recorded and filed? We should make it our priority to convince the IRS to reconsider their position. Bitcoin should be classified as a currency, not property.
Source: http://online.wsj.com/news/articles/SB10001424052702303949704579461502538024502?mod=WSJ_LatestHeadlines&mg=reno64-wsj ... Contents: " The Internal Revenue Service said Tuesday that it will treat bitcoin and other virtual currencies like property, not currency, giving a potential boost to investors but imposing extensive record-keeping rules—and significant taxes—on its use. The announcement in general was expected to be greeted favorably by the fledgling industry, and many had anticipated exactly this result. But the announcement also served as a reminder that new technologies often can't avoid being subject to the old rules for long. In a notice, the IRS said that it generally would treat Bitcoin held by investors much like stock or other intangible property. If the virtual currency is held for investment, any gains would be treated as capital gains, meaning they could be subject to lower tax rates."
IRS Labels Bitcoin Property Not Currency By classifying bitcoins and other virtual currencies as property, and thus making them subject to capital gains tax, the IRS may have hammered in the final ... The IRS has announced it will categorize virtual money as property, not as currency. The move will impose significant taxes and regulations on the fledging Bitcoin market, but will likely be a ... They ruled Bitcoin to be “property, not currency,” which thereby makes it subject to regulation in the United States. In case you’re not familiar with Bitcoin, it is a kind of digital currency. It allows payments to be made in a completely decentralized manner, apart from conventional lending institutions. The Bitcoin network is not controlled by anyone, and that is part of the allure ... Bitcoin is property, not currency, IRS says – Notice leaves many open questions about convertible virtual currencies Global Tax Alert. Share this; 3 APR 2014 By: Joseph H. Langhirt; David Plewa; The Internal Revenue Service has joined several other jurisdictions in publishing guidance regarding the income tax consequences of certain convertible virtual currency transactions. i IRS Notice ... IRS: Bitcoin is Property, Not Currency. March 25, 2014. Today, the Internal Revenue Service ("IRS") issued Notice 2014-21 regarding some federal tax prinicples associated with transactions utlizing virtual currency, such as Bitcoin. Among other things, this means that if a person purchases a product or services with Bitcoin, they will need to recognize any gain or loss associated with the ...
Israeli regulators propose Bitcoin be taxed as a currency ...
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