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

This. What your trying to do is one of the main reasons government is against Bitcoin. Pay your shit like the rest of us and be thankful your in a country like the United States.

I pay my taxes every year, bitcoin however is outside the government control. Worst case scenario I will withdraw in a tax haven account.

So if everyone uses Bitcoin, then how will all the services that are paid for with taxes be completed?

And don't get me wrong - I think the government could easily be 1/10th the size it is now, but I do believe that SOME form of government is essential for maintaining services like fire dept, police dept, roadways, utilities, national defense, etc.

adapt, adapt, adapt....

did Mp3 killed the music industry? No, just tower records...
did movie streaming kill the movies industry? No, just blockbuster...
will bitcoin kill the governments? No, just some financial institutions...

everyone evolves and adapts...

Fair point. Wink

It will indeed be interesting to see where Bitcoin takes us insofar as government attempting to enforce taxation on it.