if you want to be exampt you maybe want to think of a token that is not a derivate of bitcoin like nxt or nem since that pretty sure wouldn't be covered right now.
One could argue another algo applied is already no derivate anymore. Everybody including myself is much confused right now by what one reads about taxes. Just happy i don't live in the US. One thing is for sure: there will be no formulation that covers all tokens so there will always be an unregulated space. All you need is a bad ass lawyer.
Topic: IRS LAW: Let's Move onto Another Cryptocurrency (Read 3269 times)
The split between the BTC hardcores and the altcoin group was bad enough.
This IRS notice has struck a stake into the heart of BTC, causing another division.
Divide and conquer.
This IRS notice has struck a stake into the heart of BTC, causing another division.
Divide and conquer.
Taxation of darkcoin when you use it with a merchant would be exactly the same and there may be that reporting thing of over 600 USD from the part of the merchant (that apparently might not be yet the case for any crypto judging from some posts).
Regarding anonymity Darkcoin uses a sort of Coinjoin technology on a public ledger. Unless it grows bigger than Bitcoin, your anonymity there will actually be substantial less than with Bitcoin.
I don't think the issue you are worried about is solvable with an alt-coin... maybe with wallet technology or third party services if you want to be fully compliant for all types of commerce and transaction sizes in the US. Or by changing the system... Bitcoin did not start without any hint of political intent. Just take look at the genesis block.
These things I think will make a cryptocoin fully anonymous
1) No public ledger
2) Totally anonymous exchange that would be on TOR and only accessible on TOR, where they can't/don't take hold of your Ip address, or personal information etc etc(also the exchange would have to be located outside the U.S.A or other countries regulating bitcoin, or just make it decentralized..)
3) the wallet itself should be synced with TOR or some IP masking offline proxy or something, making it Fully anonymous.
Those three things, no public ledger, exchange only on TOR, and the wallet being synced with TOR, I think would make the coin Completely anonymous and unable to track. Even if it is tracked by the IRS, the lack of explanation to say where the coins came from, would make filing taxes A LOT easier than having to list every bitcoin you recieved on your taxes..hope it helps a coin dev out there. Thanks.
Tor and VPNs are honey pots.
There must be a public ledger else you don't have a decentralized crypto-currency.
It is possible to solve this with an altcoin. Are you interested in such an altcoin?
Taxation of darkcoin when you use it with a merchant would be exactly the same and there may be that reporting thing of over 600 USD from the part of the merchant (that apparently might not be yet the case for any crypto judging from some posts).
Regarding anonymity Darkcoin uses a sort of Coinjoin technology on a public ledger. Unless it grows bigger than Bitcoin, your anonymity there will actually be substantial less than with Bitcoin.
I don't think the issue you are worried about is solvable with an alt-coin... maybe with wallet technology or third party services if you want to be fully compliant for all types of commerce and transaction sizes in the US. Or by changing the system... Bitcoin did not start without any hint of political intent. Just take look at the genesis block.
These things I think will make a cryptocoin fully anonymous
1) No public ledger
2) Totally anonymous exchange that would be on TOR and only accessible on TOR, where they can't/don't take hold of your Ip address, or personal information etc etc(also the exchange would have to be located outside the U.S.A or other countries regulating bitcoin, or just make it decentralized..)
3) the wallet itself should be synced with TOR or some IP masking offline proxy or something, making it Fully anonymous.
Those three things, no public ledger, exchange only on TOR, and the wallet being synced with TOR, I think would make the coin Completely anonymous and unable to track. Even if it is tracked by the IRS, the lack of explanation to say where the coins came from, would make filing taxes A LOT easier than having to list every bitcoin you recieved on your taxes..hope it helps a coin dev out there. Thanks.
I found something: https://www.youtube.com/watch?v=fvqkQvOWgeo
Taxation of darkcoin when you use it with a merchant would be exactly the same and there may be that reporting thing of over 600 USD from the part of the merchant (that apparently might not be yet the case for any crypto judging from some posts).
Regarding anonymity Darkcoin uses a sort of Coinjoin technology on a public ledger. Unless it grows bigger than Bitcoin, your anonymity there will actually be substantial less than with Bitcoin.
I don't think the issue you are worried about is solvable with an alt-coin... maybe with wallet technology or third party services if you want to be fully compliant for all types of commerce and transaction sizes in the US. Or by changing the system... Bitcoin did not start without any hint of political intent. Just take look at the genesis block.
Since the IRS's stupid law on Bitcoin being taxed now, and having to keep records of every freaking bitcoin purchase etc, I decided it'd be much better if we move onto a 100% anonymous currency, without a public ledger..It's so freaking stupid that bitcoin gets taxed, so why not move onto a totally anonymous cryptocurrency, like Darkcoin or something? It makes no sense for people in the U.S.A to use Bitcoin now...
Such Bullshit, this ruling really pisses me off. But alas, I'm moving onto a different cryptocurrency, that's totally anonymous..
Here I come Darkcoin!
Such Bullshit, this ruling really pisses me off. But alas, I'm moving onto a different cryptocurrency, that's totally anonymous..
Here I come Darkcoin!
DarkCoin apparently can't work:
https://bitcointalksearch.org/topic/m.5458506
And here is where I was proved correct (in debate with the core Bitcoin developer gmaxwell) about CoinJoin being DOS-attackable:
https://bitcointalksearch.org/topic/m.5663433
Btw, I predicted in my posts over the past weeks exactly the IRS ruling.
Thanks for sharing. That is interesting what you shared with us.
I must give it some deeper research...
Since the IRS's stupid law on Bitcoin being taxed now, and having to keep records of every freaking bitcoin purchase etc, I decided it'd be much better if we move onto a 100% anonymous currency, without a public ledger..It's so freaking stupid that bitcoin gets taxed, so why not move onto a totally anonymous cryptocurrency, like Darkcoin or something? It makes no sense for people in the U.S.A to use Bitcoin now...
Such Bullshit, this ruling really pisses me off. But alas, I'm moving onto a different cryptocurrency, that's totally anonymous..
Here I come Darkcoin!
Such Bullshit, this ruling really pisses me off. But alas, I'm moving onto a different cryptocurrency, that's totally anonymous..
Here I come Darkcoin!
DarkCoin apparently can't work:
https://bitcointalksearch.org/topic/m.5458506
And here is where I was proved correct (in debate with the core Bitcoin developer gmaxwell) about CoinJoin being DOS-attackable:
https://bitcointalksearch.org/topic/m.5663433
Btw, I predicted in my posts over the past weeks exactly the IRS ruling.
Since the IRS's stupid law on Bitcoin being taxed now, and having to keep records of every freaking bitcoin purchase etc, I decided it'd be much better if we move onto a 100% anonymous currency, without a public ledger..It's so freaking stupid that bitcoin gets taxed, so why not move onto a totally anonymous cryptocurrency, like Darkcoin or something? It makes no sense for people in the U.S.A to use Bitcoin now...
Such Bullshit, this ruling really pisses me off. But alas, I'm moving onto a different cryptocurrency, that's totally anonymous..
Here I come Darkcoin!
Such Bullshit, this ruling really pisses me off. But alas, I'm moving onto a different cryptocurrency, that's totally anonymous..
Here I come Darkcoin!
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