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Author Topic: Rising to the challenge of the Capital Gains decision.  (Read 535 times)
cbeast
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March 29, 2014, 02:33:30 PM
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The problem with the IRS is that they still don't understand Bitcoin. They are using a double standard compared to gold.

Is there a more organic way to set the price of bitcoin? What would happen if we just put a bitcoin price tool in the general client? If we voluntarily report a fiat value of bitcoin for purchases or trades to another decentralized network, that network can analyze the data and report a statistically reliable price. The network can verify via a second hash generated with the same key as the bitcoin, but will also have pricing data in various currencies. Bots will mess with the pricing, but not enough that can't be dealt with by the algorithm or as are any other network attacks. Any thoughts?

This would kill two birds with one stone. It would give Bitcoin a psychological fiat feel and a way to track Bitcoin price for apps that calculate capital gains. The price could be pulled off an API from a centralized service like BitcoinAverage. The IRS guidance never said how the price needs to be calculated. I would think a monthly or yearly average should suffice.

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March 29, 2014, 02:51:25 PM
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The IRS will not tube these, they only cares about he can earn revenue from BTC.
Bots will mess with the pricing,
 but not enough that can't be dealt with by the algorithm or as are any other network attacks.

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