Re: Things getting interesting once we past $100

How do I avoid uncle sam to stick its hand in my cookie jar and takes the tax share?
What if I don't report it?

Face to face trades.

Of course, not paying your share into a system that you benefit from makes you a freeloader (or at the very least a leech).

I'll gladly pay the transaction fees/withdrawal fees of trading my bitcoins into USD and then transfering USD to my bank account.
I'm paying my share to the system I benefitted from, BTC that is. I didn't benefit from USD.

So you don't use roads? You don't take advantage of the electrical grid? You aren't protected by the US army? You won't receive social security?

/devilsadvocate

Yes, I do... that's why I have a regular job that tax me %28 of my income so, the money that I invest in buying mining equipment or btc has already been taxed...

Now this line of reasoning might actually have some legs. I find myself very sympathetic to it.

But the gain of that investment wouldn't have been taxed yet. And you can (rightfully) deduct the expense of your investment to avoid being taxed twice on it.