Quote from: Lynzoi on June 06, 2011, 11:02:22 PM

Are you going to pay taxes on your Bitcoin profits?

Suppose you make a million dollars. Suppose you have already made a million dollars. Are you going to hand half of that cash over to the government? Of course, this is assuming you convert your coins into federally recognized cash. If your only intention is to amass a huge supply of Bitcoins, the question does not apply to you.

You're supposed to pay income taxes. It seems rather easy to get away with not doing it, though... at least in this case.

If I will be required to pay taxes, I think I can't really do anything against it but to follow it. As a member of the society, I must follow the law responsibly. It is not alright to earn money without taking part of my responsibilities and obligations. If the government will implement the taxation of bitcoin , I will just follow it.