Topic: Bitcoin is Officially a Commodity in the U.S. (Read 1993 times)

Thanks! So not black and white, as the supreme administrative court proposed that the swedish court should reply vat exempt, it didn't rule that it is vat exempt. It doesn't prevent any EU state to locally overrule that proposal but it does provide some guidance when local tax agencies start procrastinating to avoid making a decision, so that's great.

Yeah this just pisses me off. It's whatever's more conveinient for the government to prosecute whoever is using it.

I'd say they are priceless the amount of my youth those two ate up .

We keep all our Neopoints in Switzerland anyways, so we should be safe... WoW gold is deep in a safe in Stormwind City.

Prob not worth ~$1.8M though .

Are they worth ~$1.8M?

Are my Neopoints and WoW gold a Commodity as well now?

Your post got me to a thinkin'. What better way to compress Bitcoin than to have the various states/nations regulate it differently so to keep the ideal in a state of flux? The cost to any powers that be would be minimal to implementing such a plan oppose to conducting some sort of conventional global blitzkrieg to thwart Bitcoin. Instead of them playin' Whac-A-Mole, they simply allow us full use of the mallet to play as they shift regulations if or when need be. Genius!

BitPay: Play Money 

soon enough US is going to be emptied out of any sort of bitcoin businesses and all the other countries are going to be pioneers in this future Commodity!

i had to file as a alt currency biz usa on mining....my bank (evil btc was in 2013) made an error on the over 10k wire xfer to knc said it was 99k and I was a criminal to SEC.
In the states you sign a nice you are not a money launderer form if over 10k. I had proof they were full of it..but got paranoia and had my CPA file me according to
2013 IRS guidelines

http://www.irs.gov/pub/irs-drop/n-14-21.pdf

of course as I figured ...I showed they were in error and they tried to hang me out with SEC guy that I was not a legit biz and hiding $$ ..slap'd the CPA completed
tax forms paid down..so yeah w/o that their next step would have been to sic IRS after me ...

anyway it all has evened out as a coincidence with the equip depreciation and all ..so lucky never have had to pay any taxes on mining as per IRS rules yet
got 25% off equipment (next year i'm out home mining is dead)

so my rambling point is ....if you can just don't show your hand till this is all clarified in some manner ...then say in 2017 if you want to reveil your BTC $$$$ you can
say you had a good year or something and do it then under clear rules

if you have to do it ...like me for some reason.....get a CPA and do it right was a couple hundred bucks for a home biz

but of the above FOR NOW assume the IRS is the way to go ....they have the most clout imho or just sit on your btc wallet and by all means if you are a whale
act like a minnow till this is all clarified and THEN maybe pay taxes due or whatever as you dribble it out or whatever

but yeah freaked me out..I got lucky and again coincidentally what I mined more or less came out to what I paid in taxes and got back in equip depreciation
(actually I"m 25% off on equipment ahead so far) 2018 I may have to hedge some and pay some modest taxes in the 100's of dollars maybe to round out the biz
but don't count on luck

stay a minnow till all this is hashed out ...as of 2015 banks don't give a frack anymore  but they did not like me much in 2013

All those different interpretations on what in fact bitcoin is, will result in bitcoin services changing their base of operations to a more bitcoin friendly country.
How can you build a bitcoin related company when the government doesn't even know how to approach it..

It is the beaty of bitcoin, which has many use case. It can be commodity, stock or many depending on who and how to use it.

You can have a look at here European Court of Justice Official Proposes Bitcoin VAT Exemption (https://99bitcoins.com/weekly-round-up-bitcoin-exempt-vat-europe-core-version-0110-released-more/)

Commodity? Well, why not.
For me Bitcoin is a hedge against the possibility of inflation in the future

Commodity to my understanding means buying and using it on something else for another chain of process or production. In the case of bitcoin I don't think that fits in.

Bitcoin like any technology is an, innovate or die, kind of deal If some govs don’t want bitcoin, then bitcoin will move elsewhere.

Not at all surprising. The US government has tried so hard to regulate Bitcoin. Now, there's a ridiculous law that will allow users to get in trouble for trading it. How in the world do you tax something like Bitcoin when it's P2P? Not sure...

And when everything is full blown decentralized in the future they will criminalize it but nobody will care.

Nah, it would be the same as UK and automobile.
this essentially destroyed car industry in UK and opened up an opportunity in US.
bitcoin will strive elsewhere, unfortunately, if BitAct/License nonsense continues unabated.

add...in US-FINCEN (part of Treasury Dept): Money
in Germany: unit of the account

Yes that's true, however I think if it's regulated the big investors will invest much bigger money than the people who are in it because it's unregulated, that would make the price go much higher, and therefore even the rest of the people will stay in as least in form of investment