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RE: It's official, cryptocurrency has at least 3 million users! But tax complications threaten to rub out all legitimate use cases

in #cryptocurrency8 years ago (edited)

Well, the notice was from 2014 - but the contact information is no doubt correct and as a public agency they might be responsive to a large influx of comments. Especially if the comments are primarily people trying to figure how best to pay them money.

The obvious choice for newly mined currency - or newly mined currency divied out to steemit users for instance, is to decide the tax basis at the moment the currency is converted into actual dollars. Or potentially at rhe moment is is converted into bitcoin - which Japan for instance treats as currency.

I think what I'll do eventually is write a stock letter and post it to try to get some cpmmunity edits going on it. Once we have a letter we all roughly agree on - or at least that many of the bigger users agree on, we can make another post trying to have everyone send it out.

I might write a similar letter and do a similar process asking for steemit management to remove the fiat currency references. I agree it paints a not entirely accurate picture and supports the notion that users with large steem banks are just sitting on millions of dollars they could get at like an atm or somethibg - as opposed to through a minimum of two currency exchanges on constantly fluctuating markets, themselves still in infancy.

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I support this and will sign a petition if you set it up. We should not deliberately design the UI to provoke the IRS into thinking Steem is more than it is. I already mentioned to developers that the main flaw in Steem is lack of privacy of the wallet but I was more concerned about hackers at the time.

Ill try to have a draft by next week or sooner