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RE: Does Steemit Have A Copyright Problem?
A good question. And related:
- does the Fair Use exemptions of the Digital Millenium Copyright Act apply to situations where a profit is being made?
- are Steem tokens that can be exchanged for other cryptocurrency which can eventually be exchanged for fiat classified as money? Or is it an extension of the concept of "Views" or "Likes", just measured in tokens?
- is accumulating tokens as a result of sharing content in an educational content the same thing as earning money profit in the eyes of a) the law and b) the IRS
All good questions, no matter which side we come down on the topic of copyright.
Really good questions and I'm happy to see you have an account working again on Steemit. I have the same questions about the way we're compensated here. Because cryptocurrency isn't officially "legal tender" then are we actually making "money" here? If so, when does it become money? So far I'm not selling any LTC for US$, so I'd have to say in that case it can't possibly be called "money" or "income" and would be exempt from taxes entirely. It's when the LTC is turned into $ or used to purchase a product priced in $ that things get tricky for me.
I mentioned the LTC because that's what I turn my SBD into as soon as I get it. Speaking of which, the Charlie Lee news today was pretty shocking.
So many details that instead of working out, will merely disappear over time.