# of bans = 5203
- Mar 2, 2006
- San Diego, CA
LOL crypto bros.
"But its a currency" except you cannot buy anything with it. It never will be a currency given the vol and positive expected value.
"But its a hedge against fiat currency." To own it you need to convert fiat currency into it. To monetize it you need to convert it back into fiat currency.
"But its anonymous." Except the only way you can transact is via an exchange which tracks all transactions. The IRS deems crypto property which means that you have to pay cap gains taxes on it.
Not defending crypto or anything but keep in mind too all these things are based on what they are capable of doing today. If it continues its trajectory it most certainly can be used to buy things, without needing to convert to fiat on either end. No idea with the IRS part but they get their grubby hands on everything so not sure that's a con against crypto or a fact of life until someone with balls (bigger than Trump) eliminates them as a governmental agency (like id do).