This is false. You have to pay cap gains on anything against the dollar when buying with alt currencies.
I'm aware. What I was saying is that the US Government doesn't care about whether or not you're using USD for your transactions, so long as you pay the appropriate taxes in USD.
This intentionally kills the use of anything other than the dollar for transactions.
So what other policy would you prefer the federal government to have? It's pretty much the only good solution.
The record keeping for this sort of nonsense presents a massive and impractical to fight burden.
It's honestly hilarious that a few IRS regulations are all it took to fundamentally break cryptocurrency. Yeah sure, if you jump through dozens of loops and practice air-tight opsec, you can get away from paying taxes. But at that point it's basically a small group of people exchanging digital beanie babies and pretending they're valuable.
I'm aware. What I was saying is that the US Government doesn't care about whether or not you're using USD for your transactions, so long as you pay the appropriate taxes in USD.
This intentionally kills the use of anything other than the dollar for transactions.
So what other policy would you prefer the federal government to have? It's pretty much the only good solution.
The record keeping for this sort of nonsense presents a massive and impractical to fight burden.
It's honestly hilarious that a few IRS regulations are all it took to fundamentally break cryptocurrency. Yeah sure, if you jump through dozens of loops and practice air-tight opsec, you can get away from paying taxes. But at that point it's basically a small group of people exchanging digital beanie babies and pretending they're valuable.