Hoping that hardware wallets start adding a Steem option for when users eventually power down. It's safe as long as it's powered up and you're using the site at least every other day.
Apparently everyone who uses Steemit in the USA will be in forced tax non-compliance due to the fact that every click is a taxable event and filing a sch C for profits and losses will be akin to reading the entire contents of the Library of Congress in the span of 3.5 months.
Wallets are another thing that is going to be pivotal. How easy are they to use and how secure are they?
The tax in the US is interesting since the IRS already declared cryptocurrency to be a security. Therefore, it is held for at least a year, it is taxed as a long term gain instead of ordinary income.
My tax accountant said that if it doesn't move, it isn't taxed. It's only taxed when you cash out or buy something with crypto. But Steemit could be considered income on every click because you're earning Steem. That means you have to figure out what each click is worth in USD and subject to income tax.
Obviously the tax rules will have to be changed here because compliance is impossible. In a few years time when streaming money arrives, governments will be in a world of hurt...
That is true with any security which the IRS ruled crypto is...you only owe when you cash out.
That is going to be a tough one for the IRS to state since they failed to define cryptocurrency money in their 2014 (it might have been 2013) ruling on Bitcoin. They blatantly avoided the topic of currency (most likely on purpose since it only would have spurred greater debate) instead opting to tax as a security. Financial instruments given as compensation, like options, tend to be taxed when exercised (under a year earned income, over capital gains).
I am not sure what you mean by streaming money but the governments are going to be in a world of hurt because of blockchain anyway.
Here's Andreas Antonopoulos on "Streaming Money":
Any idea how hold this video is @zoidsoft?
About a year ago.