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On Bitcoins Tulips And IRS Tax Compliance


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Unimpressive article from Forbes.  Basically the lesson is "Bitcoin is treated as property by the IRS" (like we didn't know that already)  Another disappointing part of the article is that the author tries to sound "ivory-tower" and attempts to dismiss the current market pricing of crypto as a passing fad:


And what does that have to do with tulip bulbs?  Required reading for anyone ever involved with finance and markets should be Extraordinary Popular Delusions and the Madness of Crowds by Charles Mackay where you can learn about the tulipmania that gripped Holland in the seventeenth century.  If you want a different two words you might try "new economy" which in retrospect we call the "tech bubble".


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