Bitcoin Is Property, Not A Currency. \ stacker news ~bitcoin

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496 sats \ 37 comments \ @Coinsreporter 23 Mar bitcoin_beginners

"Notice 2014-21 (by IRS) provides that convertible virtual currency is treated as property for federal tax purposes and that general tax principles applicable to property transactions apply to transactions using convertible virtual currency. The Background section of Notice 2014-21 defines virtual currency as a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value.

The IRS notice hereby declares that Virtual currencies including Bitcoin should be treated as property.

IRS (United States) isn't alone that treats Bitcoin as property for tax purposes. In fact, there are many other jurisdictions that treat it in the same way.

One of the key benifits, I think, for Bitcoin being treated as property is a legal protection. Property laws regarding ownership, transfer, and seizure have been around for centuries. If Bitcoin is considered a property, its legal status shall definitely make it more secure and trustworthy.

Well, I have pondered on this 'Bitcoin as property' narrative, I can't see any direct objection to this narrative.

But if there's somthing that I am missing out, kindly guide me with your PoV about this topic and answer the following questions.

What do you think is the best classification for Bitcoin?

Do you think that classifying Bitcoin under property would help in forming regulations for Bitcoin?

Do you consider Bitcoin as a form of currency or store of value?

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609 sats \ 10 replies \ @DarthCoin 23 Mar freebie

Who is IRS? Show me any proof or document in which the IRS have any authority over my own money. There is NONE. IRS is a fucking joke. Please stop this bullshit with IRS posted in a territory for beginners.

Read and learn more: https://www.losthorizons.com/BulletinBoard.htm

And here is an ex-IRS agent revealing the truth: https://www.bitchute.com/video/VdSJghwnPbA5/

NOBODY can have any claim over your own money (bitcoin). NOBODY. If you believe that they have, you are fool.

21 sats \ 0 replies \ @Satosora 24 Mar

Darth, very true. Eventually when the us dollar collapses, they wont have any jurisidiction. Can you imagine them scrambling to steal money from everyone when that happens?

10 sats \ 0 replies \ @DesertDave 23 Mar

I agree. Opt out.

1 sat \ 6 replies \ @CruncherDefi 24 Mar freebie

You don't get to unsubscribe from power projection games.

Obviously pieces of paper cannot make claims to your property. That would be ridiculous. But physical power projectors (that might respect those pieces of paper) can make unnegotiable power projection claims to your property (like your physical body) whether you like it or not.

Look, I like what your doing here. But I believe that this "I don't believe in goverments, I am not governed" cosplay is harmful, because it is not how we win the world as bitcoiners.

Power projection game exists whether we like it or not. And biggest players in power projection game are states whether we like it or not. So in order to win bitcoinerers must in some form assimilate/integrate/defeat those state players and become the top power projectors. And 'goverments don't exist' cosplay alone won't achieve that.

11 sats \ 0 replies \ @DeltaClimbs 23 Mar

Momentum for a tax revolt on Instagram, Facebook, Twitter, Reddit, or even Stacker.News would be shut down.

Nostr can't be shut down.

102 sats \ 3 replies \ @riberet19 23 Mar freebie

It doesn't matter what those buffoons say, Bitcoin is what I want it to be for me, I treat it like money and as my own bank and property, they don't have to say what Bitcoin is for me.

11 sats \ 0 replies \ @Bitcoinisawesome 23 Mar

Right? You use it as money thus it is money.

11 sats \ 0 replies \ @DesertDave 23 Mar

💯

11 sats \ 0 replies \ @0313029d5d 23 Mar freebie

These categories only matter from a regulatory point of view. Practically speaking, boxing bitcoin into one or the other doesn't make any sense since it's obviously both and neither.

122 sats \ 2 replies \ @kepford 23 Mar

Bitcoin is a store of value, medium of exchange, money, and property. The IRS doesn't understand it as most do not. They just make rules for the state and its subjects. They do not define reality.

0 sats \ 0 replies \ @Coinsreporter OP 24 Mar

Thanks mate for your valuable insights.

0 sats \ 0 replies \ @Satosora 24 Mar

As it becomes more valuable, rules will change so they can get a piece of the action.

43 sats \ 2 replies \ @DesertDave 23 Mar

I don't really care what they say it is. For me, it's freedom money and none of their concern what it is classified as. I think Bitcoin already is all the things depending on where you go.

21 sats \ 1 reply \ @DesertDave 23 Mar

To clarify, I understand why there is a concern and they are concerned. But.. my coins.. in my wallet are mine and they will not tell me what it is for me.

44 sats \ 0 replies \ @Coinsreporter OP 24 Mar

Thanks for your insights, mate. I believe the same.

285 sats \ 0 replies \ @k00b 23 Mar freebie

I consider it uniquely both. Hence, I think it should get tax treatment based on how it's being used rather than how it maps on to historical asset classes.

55 sats \ 1 reply \ @supratic 24 Mar

convertible virtual currency

That's totally fine. Until plebs continue to "convert" bitcoin back into fiat, I think it's perfectly fine to tax them, much deserved, as they are devaluing bitcoin.

There's no tax to convert fiat into bitcoin, and never will be. When people will start trading with bitcoin p2p this "issues" will not apply.

The whole concept of property is totally wrong, misleading and a totally nonsense. But yeah, I'll maybe talk about that in another post.

44 sats \ 0 replies \ @Coinsreporter OP 24 Mar

Thanks for your insights, mate.

21 sats \ 0 replies \ @jgbtc 24 Mar

Because of civil asset forfeiture, property rights don't mean shit in the US.

21 sats \ 0 replies \ @herschel 23 Mar freebie

It's a far better interpretation of the value of my time than money. And a better interpretation of conscious value, irl. Time is the currency of my consciousness. If it's a property or a storage vehicle, it is the one I prefer for storing my currency.

I think I would prefer it not be categorized, but I know it has to be. I think I understand the idea of it as a property, and that makes sense to me. It will always be a currency because that's how people use it. So maybe that's a cool thing.

Link to a 3 second mp3 soundbite from my podcast on the subject of time, freedom, and currency. https://commercialherschel.substack.com/api/v1/audio/upload/fe29dc58-6d94-4e57-918c-af901ad5f2aa/src

12 sats \ 0 replies \ @kytt 23 Mar

Rights are property too. So what? The difference is that rights aren't taxable as per hundreds of case laws.

Pretty sure I have a right to acquire, possess, and protect property. Checkmate, IRS!

11 sats \ 5 replies \ @Lux 24 Mar

https://www.law.cornell.edu/wex/currency Bitcoin is money, repeat until necessary

44 sats \ 4 replies \ @Coinsreporter OP 24 Mar

So, you're comparing Bitcoin to Fiat Currencies?

54 sats \ 3 replies \ @Lux 24 Mar

I know a teachers job is to train obedient slaves, but keep it in the classroom please, 'aight?

44 sats \ 2 replies \ @Coinsreporter OP 24 Mar

Okay, thanks. I didn't mean it to teach anything. Just asking.

44 sats \ 1 reply \ @Lux 24 Mar

currency is issued by an authority and is a bad sore of value bitcoin is the opposite

0 sats \ 0 replies \ @Coinsreporter OP 24 Mar

Yes, I believe the same. Thank you.

11 sats \ 0 replies \ @Satosora 24 Mar

This will be true until they change their mind. The IRS is only looking for a legal way to tax you. Thats all! If they find a better way, they will change your "property" into something else.

11 sats \ 0 replies \ @jakoyoh629 24 Mar

Bitcoin is whatever you want it to be. It belongs to everyone and yet, to no one. It is an essential good.

11 sats \ 0 replies \ @0294b46ecc 23 Mar freebie

Bitcoin is my private beach property that I barter with for goods and services using its grains of sand which I replace eventually

0 sats \ 0 replies \ @joda 23 Mar

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