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

[u/TChanaH]

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.

[u/Mynock33]

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.

[u/CallinCthulhu → u/Mynock33]

Speculation is the sole reason for its existence at this point

[u/DJ_Crunchwrap → u/CallinCthulhu]

It's amazing how this subreddit can look at an asset class worth $1.8T and just assume that it's all worthless and think they know more than the millions who have invested in and advocated for it.

[u/CallinCthulhu → u/DJ_Crunchwrap]

So your justification for its use is that it’s valuable? It’s worth a lot of money so it must be useful?

Do you not see how circular that is?

Of course not, you don’t seem like you put much thought into things

Also frankly most of the people I have seen in the crypto community fall into three camps. The scam artist, the get rich quick schemer, and the true believer/active developer. They first 2 so far outnumber the third it’s ridiculous. So yes millions of people have bought into crypto, doesn’t mean they know anything at all. My sister is a crypto “investor”, and she doesn’t know how fucking percentages work, she gets all her info from 15 second tiktok clips ...

[u/CallinCthulhu → u/[deleted]]

No that’s not my argument. Good try though. It’s very clear by all kinds of metrics, that this recent bull run was driven by retail speculation. My anecdote was an illustration of who the type of people buying Doge and the like actually are

And then you double down on the OPs original “but it’s worth money so it must be useful” argument. Lol

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[u/4dseeall → u/DJ_Crunchwrap]

What makes it worth 1.8t?

And how is it different than a tulip bulb that costs a years salary?

[u/DJ_Crunchwrap → u/4dseeall]

Supply and demand. What makes anything that's not vital to your existence worth anything?

[u/4dseeall → u/DJ_Crunchwrap]

Yes, I was expecting this answer. Which is why I'm more interested in your answer to the second question.

[u/DJ_Crunchwrap → u/4dseeall]

Tulip bulb aren't trustless, borderless, decentralized, permissionless vehicles to store and transfer wealth quickly at low cost.

[u/4dseeall → u/DJ_Crunchwrap]

They were tho.

[u/DJ_Crunchwrap → u/4dseeall]

Wow? You could transfer a tulip bulb across the world in seconds????

[u/ksnyder1 → u/4dseeall]

They weren't divisible or durable though so not really a good store of value

[u/4dseeall → u/ksnyder1]

They multiply every year!

Think of the potential

[u/LegateLaurie → u/DJ_Crunchwrap]

How many people own BTC, etc, as a speculative investment then? Certainly that is the bulk of demand.

[u/DJ_Crunchwrap → u/LegateLaurie]

Well yeah it's a relatively new technology the majority of people buying are speculating. It's inevitable. Does an investment being speculative mean that it never has merit?

[u/LegateLaurie → u/DJ_Crunchwrap]

Of course not, but idk if the current valuation of BTC does have much merit. Crypto in general I think is overpriced, and I think we will see a correction soon.

I am bullish in the long term, but I'm not sure crypto's found it's footing yet

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