Thanks for the comprehensive report. While paying taxes is never fun, if an asset is taxed, that inevitably lends some legitimacy to it. And if governments collect substantial revenue from the taxation of an asset class, they are less likely to ban those assets.
Recently it was announced that Coinbase was going to have to surrender account information on about 13,000 customers who conducted at least one bitcoin transaction worth at least $20,000 between 2012 and 2015. It was still possible to buy bitcoin in 2013 for less than $100. I'm sure Americans who bought large amounts of bitcoin and other cryptos using bitcoin during those years on Coinbase are sweating bullets if they didn't pay their income taxes. Paying back taxes, interest and penalties is not going to be pleasant.
That's a really good point; thanks for making it. Ties in well with the secret reason why the U.S. did away with Prohibition: the federal government (and state governments) wanted the tax revenue that came with legal liquor. This knowledge is what's behind the 4/20ers slogan, "Legalize, regulate and tax."
Again, a good point. Hiding ain't the same thing as exempt.
Interestingly, the hard-core HODLers won't be dinged because tax isn't assessed until you sell. But they have been put on notice.