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View Diary: Bitcoin Bubble Bound to Burst (52 comments)

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  •  That's a lot of tax liability out there that (1+ / 0-)
    Recommended by:
    Odysseus

    probably isn't being reported.  It's just a matter of time before the IRS catches wind and starts requiring some sort of reporting by merchants, intermediaries, brokers, etc.

    •  It's an anonymous currency (1+ / 0-)
      Recommended by:
      johnny wurster

      It's not clear how they would do that as a practical matter.

      If debt were a moral issue then, lacking morals, corporations could never be in debt.

      by AoT on Thu Mar 28, 2013 at 01:50:12 PM PDT

      [ Parent ]

      •  Are the purchases themselves anonymous? (0+ / 0-)

        Let's say you use it to purchase a good or service online; wouldn't the seller / provider have a record of who the purchaser is?  

        Nonetheless, certainly in many circumstances that'd be tough.  

        •  In some cases I would guess that they (0+ / 0-)

          are known, but given that it's often used for drugs and other things in the informal economy I'd bet that the reporting rates would be incredibly low.

          If debt were a moral issue then, lacking morals, corporations could never be in debt.

          by AoT on Thu Mar 28, 2013 at 02:00:22 PM PDT

          [ Parent ]

        •  Nope. In the case of a physical asset, they'll (1+ / 0-)
          Recommended by:
          AoT

          have shipping info, but that's about it. Lotta SR vendors claim to destroy shipping info x # of days after transaction, or @ confirmation of delivery- don't know if they actually do.

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