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posted by Fnord666 on Sunday November 12 2017, @02:47PM   Printer-friendly
from the good-enough-for-Al-Capone dept.

Submitted via IRC for TheMightyBuzzard

The 10,000 bitcoins that seven years ago famously paid for the delivery of two Papa John's pizzas would be worth more than $74 million today.

The exploding value of the cryptocurrency since its first real-world transaction in 2010 is one reason the U.S. Internal Revenue Service is pushing to see records on thousands of users of Coinbase Inc., one of the biggest U.S. online exchanges. The company's digital currency platform allows gains to be converted into old-fashioned dollars in transactions that the IRS alleges are going unreported.

Coinbase and industry trade groups are fighting back in court, claiming the government's concerns about tax fraud are unfounded and that its sweeping demand for information is a threat to privacy.

Source: https://www.bloomberg.com/news/articles/2017-11-09/coinbase-escalates-showdown-on-u-s-tax-probe-as-bitcoin-surges


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  • (Score: 4, Insightful) by khallow on Sunday November 12 2017, @05:39PM (1 child)

    by khallow (3766) Subscriber Badge on Sunday November 12 2017, @05:39PM (#595944) Journal
    My view is that there's only one situation in which to own an investment that you don't understand, and that is to invest token amounts in order to aid learning in what you are investing. Here, if you are correct, he doesn't even know how much he could sell it for. Yet you're recommending that he hold onto it and time the popping of this bubble. I think that's a terrible idea, sorry.
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  • (Score: 1) by khallow on Sunday November 12 2017, @06:29PM

    by khallow (3766) Subscriber Badge on Sunday November 12 2017, @06:29PM (#595962) Journal

    Yet you're suggesting that he hold onto it and time the popping of this bubble.

    I think that is more accurate than what I wrote before.