IRS job is to collect taxes on income, regardless if it is right or wrong, they just collect taxes on any profit you make.
Your government is the one that set the tax law, the people who you vote for and give them all these big salaries and free health insurance for life are the one who decide the tax percentage.

Now believe it or not, people are making tons of money from BitCoin, probably I am the only one who doesn't.
So "regardless it is right or not" you have to report your BitCoin profit to IRS.

However, remember this, if not for the IRS asking people to report profit from BitCoin, then BitCoin wouldn't worth a shit, as the government can simply ban BitCoin and then your BitCoins become just numbers on your screen.
Example: online poker, how many of you remember how the FBI shut down pokerstars.com and fulltilt.com and many other online poker websites? I still remember the day when opened the poker website and saw the "FBI warning sign"!!!!

So, again, whether it is right or wrong, the law requires you to report it.
I honestly don't understand many of you, you want the whole world to realize BitCoin as currency, yet you know very well that the government tax your current currency "the dollar", what makes BitCoin different?