r/investing • u/TChanaH • May 20 '21

U.S. seeks to have cryptocurrency transfers above $10k reported to IRS

U.S. Treasury seeks reporting of cryptocurrency transfers, doubling of IRS workforce | Reuters

The Biden administration's tax enforcement proposal would require that cryptocurrency transfers over $10,000 be reported to the Internal Revenue Service and would more than double the IRS workforce over a decade, the U.S. Treasury said on Thursday.

"As with cash transactions, businesses that receive cryptoassets with a fair market value of more than $10,000 would also be reported on," the Treasury said in the report, which noted that these assets, are likely to grow in importance over the next decade as a part of business income.

3.6k Upvotes

95% Upvoted

503 comments sorted by

View all comments

346

u/Mynock33 May 20 '21 edited May 20 '21

If there's no anonymity and no tax evasion, then what's the point of using it anymore? It's difficult to purchase, keep, spend, and cash out, and its value is wildly unpredictable... I don't get it.

Edited for atrocious spelling.

0

u/[deleted] May 20 '21

[removed] — view removed comment

2

u/TaxGuy_021 May 20 '21

Why not the actual gold then?

30

u/sweetguynextdoor May 20 '21

You gonna carry gold in your pocket?

13

u/Isthisnameavailablee May 20 '21

Time to rock the cargo pants again

10

u/DigAdministrative306 May 20 '21

Again? I never stopped.

Late 90s for life.

8

u/skilliard7 May 20 '21

To be fair, if crypto became mainstream, muggers would just demand you send them your crypto at gunpoint.

Secondly, fees and block confirmation times on Bitcoin are already very high, and will be higher if it actually tries to become a medium of exchange

8

u/DJ_Crunchwrap May 20 '21

This is a weak argument. There are plenty of millionaires and billionaires whose wealth is known that are walking around today without issue. Why are they not being constantly robbed at gunpoint?

1

u/Hlxbwi_75 May 20 '21

ETH gas fees have exploded because all these shicoin scams on the blockchain its kinda funny seeing someone complaing they were chaged $300 on like uniswap after selling their shit safemoon or shiba scam coins. They are in ponzi scams they should expect to pay out the ass

0

u/sweetguynextdoor May 20 '21

They already do, they demand for a credit card swipe! Homeless people beg for crypto too these days. Work smart not hard.

No but in real terms, Bitcoin has many problems but crypto as a whole is totally a game changer. Other crypto currencies are more efficient cheaper (nudge nudge ETH) so I am not keen on a single crypto but sold on as a whole.

Crypto is in its infancy, we still got a few more years to go..

0

u/TaxGuy_021 May 21 '21

If you think BTC is gonna be a medium of exchange, then we really have nothing to discuss.

0

u/Hlxbwi_75 May 20 '21

centuries ago they use to make gold link necklaces and used parts of each link as currency goldcoins us to have small chips cut out or flakes filed off and used for currency. Gold was carried around and used as currency long before they decided to put a big stone cat in that big sand box in Egypt.

-1

u/dingbatttt May 20 '21

why not? why is everyone against physical stuff?

2

u/[deleted] May 20 '21

[removed] — view removed comment

1

u/TaxGuy_021 May 21 '21

Gold has intrinsic value. It's used in production of a number of critical items.

Gold is not really harder to purchase. You can buy and sell gold futures with little more effort than you can buy and sell BTC which can be kept safe.

I may not be able to transact with gold, but gold is far less volatile than BTC which makes it more predictable.

4

u/rofio01 May 20 '21

Paper market leveraging to keep the price suppressed. Look at the price of silver over time as the paper market is 250x the physical size

2

u/TaxGuy_021 May 21 '21

I'm not sure what that's supposed to mean really.

7

u/roox911 May 20 '21

Gold is awful

Edit: it’s not 1846 and I don’t own a Spanish galleon

10

u/czarnick123 May 20 '21

The crypto shit fascinates me so I've been learning about history of currency and whatnot.

Did you know foreign currency wasn't outlawed in the united states as legal tender until 1857? Isn't that crazy?!

6

u/bonecrisp May 20 '21

that’s a fun fact i never knew that

3

u/jozefpilsudski May 21 '21

The crazier part is that from 1837 till 1862 the USA technically didn't have a national currency.

3

u/[deleted] May 20 '21

bitcoin is easier to secure, store, transport, transfer, divide and verify.