Abolish income tax.
Abolish the IRS.
Taxation is theft.
Those are the biggest conclusions I come to re: the IRS's new accounting method.
Of course, the other conclusion is: don't sell bitcoin.
Based on my best understanding of what this new rule means, it only applies if you sell bitcoin. But if you try to live on a bitcoin standard, there's a risk that you'll incur taxes based on the earliest bitcoin you ever purchased.
So apart from the 3 conclusions above, I also conclude
1) I need a USD emergency fund that won't get taxed when I dip into it.
2) I need my daily spending accounts in USD
Neither of those can be Bitcoin. If they're Bitcoin, then the cost of everything I buy increases by the capital gains tax rate I have to pay.
This is way to complex. Which leads me back to these three conclusions:
Abolish income tax.
Abolish the IRS.
Taxation is theft.
