.. but the moment you sell those 100 bitcoins for $800 you have to report that. Having bitcoins is like having 100 jpgs or 100 bookmarks, you don't report jpgs on your taxes even though they may have value, but if you sell them then you report that, same thing.
I respectfully disagree. There is no requirement. We have been greatly deceived. Unfortunately I don't have much in the way of proof. I've personally operated outside the FR system and not paid income tax in years. I conclude that the IRS agrees with me since I have no legal issues.