I think he's a very smart guy.

I've exchanged emails with him a few times.

I don't think he has a grasp on Bitcoin though.

For example, say I have 1 Jellybean. I say to Bob: "Bob, this Jellybean is worth the price of your house. I would like to buy it."
Bob says "Okay, I think it sounds like a fair trade."

Then the house is mine. It's a fair, legal, trade.

It's the same thing with Bitcoin.

Karl is just thinking too hard. A good guy, but thinking too hard.

If I convert a Bitcoin to USD and made profit, then yes....I will need to report for tax purposes.

Simple as that.