I wonder if at some point Coinbase will have to start filing 1099s (or forex equivalent) any time someone pays for an item with Bitcoin.
Treating Bitcoin as an asset that has a basis and carries capital gains is a good way to make buying things with Bitcoin unpalatable. It would be like having to send your credit card statements to the IRS. (As if they don't already have those)
Credit card processors must report proceeds paid to merchant accounts, but with Bitcoin I could see someone like Coinbase eventually having to report both sides.
Treating Bitcoin as an asset that has a basis and carries capital gains is a good way to make buying things with Bitcoin unpalatable. It would be like having to send your credit card statements to the IRS. (As if they don't already have those)
Credit card processors must report proceeds paid to merchant accounts, but with Bitcoin I could see someone like Coinbase eventually having to report both sides.