They're selling all sorts of coins for relatively cheap prices. Seems suspicious to me. Does anybody have any experience with them?

If I buy a crate of tomatoes today and the price drops and I sell them for a loss tomorrow, can I write off the loss if I only buy and sell tomatoes as a hobby, not my primary business?

If I sell them at a profit, do I have to report the income?

I am not in the business of buying and selling bitcoin, do I have to report gains and losses to the IRS every time I spend them for goods and services?

Now here's the kicker...if the IRS says I must report the realized gain every time I spend them, then can I write off the loss that Hasfast will never send me my miner?

Need a knowledgable US CPA.

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I've seen a lot of talk on these boards bashing capitalism. I want to remind people that capitalism is the only moral system of government and it has never been tried completely.

When the US was formed, capitalism flourished briefly.  Then, as usual, people in power started placing restrictions on citizens and began the immoral taxation to pay for any number of programs.  A central bank was even formed in the early 1800s that lasted for several years.  Despite the slow encroachment of oppressive government, the US lead the world in innovation and wealth accumulation during the 1800s and most of the 1900s.  This was all due to capitalism and limited government.

As a liberterian, a TRUE liberterian,  I see the immortality of taxes.  I recognize the evil of using government force to take the product of a citizen's effort and use it for….anything.  ANYTHING.   The only moral purpose of government is the protection of individual rights, thereby increasing freedom.  Forcibly taking wealth from somebody and giving to somebody else is wrong/immoral/evil.

Bitcoin thankfully takes the power of money creation out of the hands of governments which is why there are so many libertarians on this forum.

I could talk about morality and philosophy all day long but this probably isn't the right forum.  I just wanted to point out that true unrestricted capitalism is the moral engine that drives wealth creation in this world.

I've heard that bitcoin can only handle about 7 transactions per second. Is this true? Seems to me that would be a limiting factor in worldwide adoption of bitcoin. Has this been addressed by developers?

What if bitcoin were adopted by every nation, every person. The only currency. Can this be done?

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

According to the link above, if we pay for pretty much anything with Bitcoin, we are obligated to report the trade of "property" to the IRS and issue a 1099 MISC to the receiver of the Bitcoin.

Further, all miners are required to report mined Bitcoin as income.

Does anybody see this being efficiently enforced?

Is this going to be yet another law that the administration is going to "selectively enforce" depending on whether or you not you donated to the correct campaign?

Tyranny is nearby.

As a recent victim of Bitcoin fraud, I realized too late that sending Bitcoin to an address is the equivalent of sending cash in the mail to someone you don't know.  You need total trust on the part of the recipient that they'll deliver what they promise.

It seems to me that there needs to be a completely unbiased website that evaluates the trustworthiness of every Bitcoin merchandiser and publishes the results. Sort of like a Better Business Bureau.

For a face to face exchange, Bitcoin remains ideal though.

Any thoughts?