first it's the trades

you mined coins years ago, it cost you money and time

now you put those valuable coins say into eth or something

you merely trade out into other coins

for ever it was a like for like trade rule 1031 no taxes

now the irs is waiting for money you never see

so you can no longer do trades from old cheap coins into huge amounts of new cheap coins

you think a miner that moves 1 million bucks into say eth has 200K to pay the irs for his move of btc into eth

now if the miner cashed out, okay

but the project began as an anonymous and outside the system project

as soon as you bring btc into exchanges to trade the irs wants all that tax on value even if you don't take the cash today but reinvest in similar stuff

now do you understand why every usa exchange will close

they make their money on trades not fiat exits

so now every person in the usa with coin will use foreign exchanges that don't report to the usa

so a huge segment of the bitcoin industry is now destroyed thanks to the moron in chief that wants to keep everyone a slave wage to his empire

now if you think traders should pay taxes on paper profits, well i got a glass of cool aid for you to drink

trading has made crypto the 800 billion dollar industry it is and it doesn't need usa based exchanges, they do very little of the volume anyway, now they will all just close and die off

then people will wonder why the usa is years behind the world in crypto

then maybe there can be jobs here, usa workers will be cheap and paid in worthless fiat and the new lords will all be yellow with slanty eyes