Comment: Let's assume that you follow the law

(See in situ)

Let's assume that you follow the law

...then the IRS ruling of Bitcoin as property is a nightmare for any individual or business to transact in Bitcoins. Every transaction is a barter exchange, and you have to keep records of all gains and losses (in dollars) on all transactions and report them to the IRS. The score keeping unit is still dollars on every exchange, so there is no advantage to Bitcoins. In fact, it is a severe disadvantage in terms accounting costs. The only way to eliminate the accounting nightmare would be to peg the value of Bitcoins to the dollar, which is impossible.

The above is assuming that you follow the law, of course.

We all want progress, but if you're on the wrong road, progress means doing an about-turn and walking back to the right road; in that case, the man who turns back soonest is the most progressive.

-C. S. Lewis