News for hackers. Stuff that matters.

A comment on IRS issues additional guidance on tax treatment for cryptocurrency. Parent comment

Re:IRS issues additional guidance on tax treatment for crypt... by biggestdecision on Wednesday October 09, 2019 @06:11PM (#21208723)
I worry that this amounts to a requirement from the IRS to engage with many shady cryptocurrency forks. Entering your BTC wallet details into ShadyCoin's wallet app probably isn't a good idea, even if 1 ShadyCoin is apparently worth a bajillion dollars.
[ Parent | on HN ]
Re:IRS issues additional guidance on tax treatment for crypt... by evrydayhustling on Wednesday October 09, 2019 @11:44PM (#21210680)
Yes, it even created a new type of shadyfork strategy: you can punish any crypto asset holders by creating a hard fork, then booking trades that establish a high market value for the new asset.

In fact, the way this rule is written, it's not even clear that you have to copy the whole block chain. You could issue a new currency to any address and cause them a taxable event.

I suspect this rule wouldn't hold up in court.

[ Parent | on HN ]