I was talking with my co-worker last Friday about Bitcoins

He said right now they are primarily backed by nefarious organizations and seem to be a common currency on the Black Market. He thought the Yakuza seemed to be a big player since a large percentage of websites that accept Bitcoins are based in Japan. FWIW he is looking into investing in Bitcoin as soon as he can come up with a program to mine them. However, he did agree with there are a couple concerns about investing in them.

1. If DOJ can prove that Bitcoins are backed by the Yakuza and/or any other criminal organizations, then could he lose his entire investment?
2. Are there any extra tax issues associated with the investment? Basically could the IRS see investing in Bitcoins as an attempt to evade any tax responsibilities since Bitcoins aren't tracked.
3. Because Bitcoins are primarily used on the Black Market or "fronts" for nefarious organizations, then is there any additional risk (particularly employment) to someone who just wants to invest in Bitcoins?

In response to this post by BRVT

Posted: 11/01/2017 at 12:32PM

Any loungers own bitcoin? is Bitcoin worth the investment? -- BRVT 11/01/2017 11:44AM

Yes and more than likely Yes. -- Hokie1744 11/01/2017 2:54PM

I have been kicking myself as my coworker tried to sell me on it last year -- BRVT 11/01/2017 3:23PM

I've been waiting for it to dip since $3000 but I don't know anymore. -- Hokie1744 11/01/2017 4:21PM

The block chain technology they are built on is more important than the -- RiverCityHokie 11/01/2017 2:15PM

Buying weed seeds? ** -- Guy LeDouche 11/01/2017 2:09PM

Hookers and blow ** -- BRVT 11/01/2017 2:12PM

Bulab either bought or mined them several years ago -- Manbearpig 11/01/2017 2:01PM

YES! .... Until they're NOT ** -- DonHo-kieHi 11/01/2017 12:48PM

I was talking with my co-worker last Friday about Bitcoins -- VTHokie2000 11/01/2017 12:32PM

Your coworker is an idiot ** -- vtbones 11/01/2017 12:50PM

So do you guys share a cubicle? ** -- 48zip 11/01/2017 1:32PM

Why do you say that? ** -- VTHokie2000 11/01/2017 12:56PM

Nothing you say he said is true, or even a sensible thought. -- vtbones 11/01/2017 3:37PM

In regards to 2 statements you made that I didn't talk about earlier -- VTHokie2000 11/01/2017 6:51PM

I'm not sure you understand how blockchain works. -- vtbones 11/01/2017 9:46PM

Probably not and I don't really care since I will never invest in it ** -- VTHokie2000 11/01/2017 11:24PM

His point was that the paper currency used today is backed -- VTHokie2000 11/01/2017 4:48PM

Nothing in that Daily Campus article is right. -- vtbones 11/01/2017 5:14PM

I noticed you seem to omit the statement about online entities -- VTHokie2000 11/01/2017 5:49PM

vtbones said so, that's why ** -- Technocrat 11/01/2017 3:04PM

It's a risky investment, so I'd only invest money you can stand to lose. -- Hokie360 11/01/2017 12:30PM

No and no. Next question. ** -- CPRVHokie 11/01/2017 12:21PM

Probably in the same way that Google or Apple are -- Beerman 11/01/2017 12:04PM

Paging bulab! ☺ ** -- Major Kong 11/01/2017 12:03PM

Sticking with Galactic Credits --------> ** -- JoesterVT 11/01/2017 12:02PM

"I bet 400 quatloos on the newcomer" ** -- Brown Water 11/01/2017 11:50AM

I don't know about that -- Monk of McBride 11/01/2017 12:58PM

I was talking with my co-worker last Friday about Bitcoins

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