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To: Norseman

There is bitcoin income from mining activity.
It can be posted multiple times a day

There is no ‘real’ exchange or market so the conversion to dollars isn’t rocket science.

It is an accounting nightmare. No place to find charts that show day to day market values.

If anything it will be the accounting nightmare that the i.r.s. imposes that is the death of bitcoin.


30 posted on 01/23/2014 10:49:10 AM PST by George from New England (escaped CT in 2006, now living north of Tampa)
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To: George from New England
If anything it will be the accounting nightmare that the i.r.s. imposes that is the death of bitcoin.

No more so than say a tree farmer (forester) would have. She plants her plot, keeps up with and claims yearly expenses, and may only realize income from the operation after a good number of years; perhaps a dozen or more at the first thinning. She doesn't have to keep track of the daily price of timber. She is only taxed on the price less costs at the time of sale, same for a miner of BTC or any other producer of a certain "commodity".

At least until ruled differently...

34 posted on 01/23/2014 11:44:36 AM PST by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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