That is about spot on, the transfer of cash being taxable is highly profitable and not true anywhere else.    So its basically nonsense to do so and down to confusion mostly now I think.   Even with equity shares in a company the government only very lightly taxes the idea of buying and overall only a tax for a profit in a years worth of transactions with a great allowance, to be any more harsh then that for crypto is a bit silly.   Most crypto is purely just send a secure transaction one place to another, there is no ownership or equity to tax only the idea of holding value.
   Some of the famous candidates for USA president this year have the idea of taxing capital not profit just the idea of having a certain value is taxable and in the EU I think Cyprus confiscated amounts of cash from people over a certain level.   Lots of people are fine with this as its aimed at rich people but the end game is all people become liable to lose what they own.    WHen inflation gets out of control it is basically a tax on capital, thats why all these things and crypto is associated.