Yes, obviously. But according to GAAP, durable property (e.g. PP&E) is depreciated/amortized over its useful life, as prescribed by U.S. tax code. @saylor's description  of #bitcoin as “digital property in cyberspace” is a reference to real property and an eager regulator is going to interpret it, accordingly. 

Better to use words (and analogies) carefully. Commodities are not taxed or depreciated during holding periods — though they sometimes do erode.  Additional bookkeeping (and thus taxation) only happens when they are bought, sold, leveraged, or exchanged. That’s what we want for Bitcoin. 

 well that was a lot of information all at once.  

 I’ve been thinking a lot about it. 

I know @saylor thinks about this sort of thing, and hope he will adjust his language. 

 In my view, the IRS *should* have treated it like a digital currency. That would have been fairer for miners. 

But since but the CFTC (and now the SEC) both say it’s a commodity. The IRS should do the same so there’s agreement and consistency. 

And the IRS should remove the double taxation that miners pay: currently once at the time Sats are mined, and then again when exchanged for fiat. That’s crazy. You don’t tax a gold miner for every scoop of earth they excavate, and then again when they sell the refined metal at market prices. 

  https://image.nostr.build/bcdf8e347254c28b0d0223ce4d88026b17d289341d24a05d5e68b3f1508715b3.jpg