The Lightning Network: Turning Bitcoin into Money

Re:The Lightning Network: Turning Bitcoin into Money by ska on Wednesday July 13, 2022 @05:23PM (#32088928)

I didn't mean it wasn't income (it is, and they owe income tax) I meant that wasn't the issue that was being pointed out. With microtransactions the sales tax accounting etc. overhead is fixed, but the amounts are tiny...

I may have misread GP.

re: " if you buy 0.1 BTC at 7K and 0.1 BTC at 45K, then spend $1000 worth at 20K, what capital gains do you owe? Does it depend on which wallet you reached into?"

These are not new problems, stock works the same way. You may feel like you shouldn't have to have an idea, but that's not how any of this works in practice.

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Re:The Lightning Network: Turning Bitcoin into Money by samatman on Wednesday July 13, 2022 @07:51PM (#32090205)

I disagree, but since I've made myself clear elsewhere, "El Salvador".

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Re:The Lightning Network: Turning Bitcoin into Money by ska on Friday July 15, 2022 @06:27PM (#32113437)

I understand that argument, but don't think it holds much water in US at least, I suspect all the relevant institutions including courts and congress could care less what El Salvador tries. If it had been a peer country, different story I suppose.

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