re: Bitcoin Casinos Release 2012 Earnings

quote:

---

If a company accepts straight up bitcoins and doesn't convert them to USD immediately, how do they account for that at tax time? If the bitcoin was worth $15 USD at the time of them receiving it, but it's worth $25 when they file their taxes, how does that work? I truly don't know

---

Also what I wanted to know but I feel like the tax system would have to change in order to use bitcoins. Obviously by the time we use such a universal currency there would be other developments along the way to support such. (Not saying bitcoins end up being a universal currency or that we even develop a universal currency in my lifetime.)

quote:

---

I think what you will see with bitcoins is similar to what you see IRL with banking. People will end up trusting third parties with securing and backing up their bitcoin data

---

All that data floating around makes it a high potential to be hacked, don't you think? Instead of a bank robber robbing a bank, you have a Bitcoin robber. I just think it'll be that much easier for someone with the right credentials to hack the system, and correct me if I am wrong, this already happened right?