[2014-06-02] Bitcoin's Futile Quest to Be a Currency

[erono]

http://online.wsj.com/articles/lawrence-parks-bitcoins-futile-quest-to-be-a-currency-1401661605

If you pay your taxes with a $50 Gold Eagle, you get credit for $50. No mystery there. However, if you spend a $50 Gold Eagle (or a $1 Silver Eagle), you trigger a taxable event on the difference between what you paid for the Gold Eagle and the market value of the gold in the coin when you spend it. Two recent cases challenging the IRS on this matter went up to the Supreme Court, but the court declined to hear the cases.

[Paladin69]

The Supreme Court is in on the US Dollar fractional reserve lending ponzi scheme and questions shall not be brought up.

[marcus_of_augustus]

The Supreme Court is in on the US Dollar fractional reserve lending ponzi scheme and questions shall not be brought up.

Agreed. Going from the historical examples we are not that far along from the point in the tyranny cycle when judges, bankers and politicians all, are swinging from lamp posts by their necks.

I think Mr. Parks has got it somewhat backwards. The IRS regulations issued for Bitcoins precludes the IRS from being considered a legitimate authority but rather a rogue agency of the State intent on destroying economic freedom.

[freedomno1]

Paywalls are annoying
That said from the bit I read and the comment above makes sense
Currently its treated like Property
You own it and get charged on the transfer
Another approach could be to treat it like a TFSA
Taxed on income spent to get it then Tax Free on withdrawal and conversion

[bryant.coleman]

Paywalls are annoying

lol... even more annoying if the thread is a duplicate.

https://bitcointalk.org/index.php?topic=635421

In the press section there should be a warning about the pay-wall. The title can be like this:

[2014-06-02] {PAYWALL} WSJ: Bitcoin's Futile Quest to Be a Currency

[DooMAD]

Oh look, yet another article where some narrow minded american forgets that life exists beyond their borders.  And this one expects me to pay for the privilege of reading their ignorant ramblings.  How delightfully naive of them.