Quote from: MashRinx on March 27, 2014, 12:55:21 AM

Quote from: zzojar on March 26, 2014, 11:44:41 PM

Quote from: MinorError on March 25, 2014, 09:07:17 PM

For those that haven't seen the recent IRS announcement:

http://www.bloomberg.com/news/2014-03-25/bitcoin-is-property-not-currency-in-tax-system-irs-says.html

This is really shitty news for those of us in the U.S. And for Bitcoin in general.

Maybe, but good news for litecoin and dogecoin. Since treating btc like property rather than currency (like the IRS is pushing ... and of course the international bankers are behind this), then it will only promote the increased use of litecoin to act as the "currency".

The guidance never uses the word bitcoin, specifically. It says "virtual currencies" and, if I remember correctly, E-Currencies. I don't see any reason to think Litecoin, Dogecoin or any other alternate crypto currency would be considered any different.

It would actually decrease the value of the alt-coins as the reporting requirements are much higher now but there are still no uses for them.