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?
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In response to this post by BRVT)
Posted: 11/01/2017 at 12:32PM