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Internet Currency

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It's gotten a bit trickier.

http://www.theatlantic.com/technolo...-as-a-virtual-currency-in-1-paragraph/359648/

Why Bitcoin Can No Longer Work as a Virtual Currency, in 1 Paragraph

On Tuesday, the Internal Revenue Service ruled that it would tax Bitcoin as a property, not a currency.

Some see the move as helping to bring the medium into the mainstream. Now that bitcoins can be taxed, they’re reportable, and the legal ramifications of buying and selling a coin are clear.

The IRS’s decision, though, may end one of the great dreams of Bitcoin. The U.S. government will now subject owners of individual bitcoins to capital gains taxes: What they gain on buying or selling a bitcoin, they must pay taxes on.


That’s a big deal, perhaps bigger than it seems, because—as a new blog post byGeorgetown Law professor Adam J. Levitin explains—it means Bitcoin can no longer function as a digital currency.

To tax Bitcoin as property, he says, destroys its fungibility: One Bitcoin can no longer be exchanged for another.

Cont'd ...
 
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Would be a fun rally if it didn't cost $15 in transaction fees to pay for a $2 cup of coffee.

Bitcoin's inability to scale was always a problem. Now it's laid bare. Nearly 150,000 transactions in the mempool unsettled with new transactions outpacing the rate outstanding transactions can be processed.

Litecoin, Ethereum, and Bitcoin-Cash are where the money will be made now.
 
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Dryden said:
Would be a fun rally if it didn't cost $15 in transaction fees to pay for a $2 cup of coffee.

Bitcoin's inability to scale was always a problem. Now it's laid bare. Nearly 150,000 transactions in the mempool unsettled with new transactions outpacing the rate outstanding transactions can be processed.

Litecoin, Ethereum, and Bitcoin-Cash are where the money will be made now.
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Amen. The dam is about to bust. There is zero practical use for it now. If you don't already have 100k,then it's not going to happen here. Not only are the transaction fee's massive for very small purchases but the transactions themselves,are ridiculously slow. Practical use was the goal at some point wasn't it? Wasn't that what we were told this new "digital currency" shit was about? That went out the window when everyone started making money lol.
 
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If Ethereum and the other alt coins could just crash any day now, that would be great. I'd like to be able to get a graphics card for a reasonable price. Also, if Samsung etc. would like to stop keeping RAM prices artificially high, that would be great as well. I'd just like to build my first PC without paying an arm and a leg.
 
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