rumors of china ban + IRS taxing in usa.
I thought that the IRS taxing was positive for BTC. At least they are recognizing and regulating Bitcoin and are indirectly saying that the possession and trade of BTC is not illegal.
Say we're talking the immediate situation after Prohibition, where a harsh mish-mash of local, state, and federal rules were still all over the books, and you're selling Bushmill's. We'll say there are two organizations governing alcohol sales, both of which can file criminal charges and revoke your liquor license: the CBA and the ABC. The ABC says Bushmill's is governed under the "general liquor" rules and you can only sell Bushmill's in government-operated liquor stores during daylight and not on Sundays. The CBA says Bushmill's is governed under the "imported whiskey" rules and you can only sell Bushmill's in government-and-privately-operated liquor stores between 6pm-10pm, and only on Friday, Saturday, and Sunday. No matter what you do, you're doing it wrong. Meanwhile, your attorney says Bushmill's should be governed under the "domestic-distribution import law of 1933" if you pay and file for a "Class 7-FC liquor import license" and be able to be sold night and day, every day except the weekend and not before 10am on Monday. Your friendly competitor down the street tells you he stopped stocking Bushmill's altogether after the IRS told him to wait for guidance on the new tax rates for imported liquor sales and went back to only selling domestics. After enjoying his import stock he's since moved to his private office, you realize his approach is definitely the most reasonable, though clearly non-ideal, and move your own stock of Bushmill's to your office to enjoy a happy - and slightly less profitable - two-year blur until a frontiersman liquor distributor appeals his prosecution by the CBA to the Supreme Court, the "imported whiskey" guidance is deemed invalid, and everyone accepts the "general liquor" rules.
