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RE: Vlog #108: Steemit earning 2016-2017 calculated by a witness + Account security.
It's strange that you pay taxes on steem without converting it to fiat. I mean is it technically income or an asset ?
My accountants or still busy with it. I consider it more an asset than an income.
But that asset can have massive value fluctuation. At what point do you evaluate it? I think your accountants don't like you a whole lot :))
It depends on where you live. It would be foolish to just assume "they tax can't me because I don't want them to."
In America for example, the IRS has already laid out basic regulation on how to handle cryptocurrency income - and you do need to pay taxes, or you are committing tax fraud... Not saying I agree with the system, but that is how it stands today.
I meant it is difficult to tax something that can be worth 100.000 today and maybe 50.000 tomorrow. Also what's the point of privacy then, if you have to declare that you have x amount of a certain coin. I just question the practicality of it