I truly believe if we can build a good enough experience for people to live their life on sats we can start a Boston Tea party type movement in the face of what looks to be the biggest monetary debasement era of fiat ahead of us
we're going to be building some tools at Strike around these ideas. curious what the community thinks and what people would need to ditch fiat entirely
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No Cap Gain on daily purchases. Got a bill going through my state legislator currently that would do just that! Even emailed my representative. So I guess we need to support the Satoshi Action Fund and get this moving in all 50 states.
why cant you live on a credit card and just pay off everything once a month from your sats, so only 12 cap gains events all year
also using credit cards are great because you get to spend fiat without needing to own it
it's like a retail fiat short trade for the every day person
I understand it might not be a wise monetary decision, but I don't care. I came to bitcoin to see the banks die, I will work as hard as possible and spend every Satoshi I have to see this happen. The time to fight the banks is now: death to fiat, death to the Fed.
the hilarious thing is I think it is a wise monetary decision. that's the funny thing
I day dream about a GameStop type of movement where everyone is like fuck this system lets all live on sats and bankrupt the banks until they stop debasing us. however, even if nobody follows me, I still win because bitcoin is hard money whether people want to admit it or not. my life still gets 50%-100% cheaper every year
LFG! 
Money is worthless if you don't have a functioning society to spend it in. Fiat incentives governments to pursue a broken windows economy (everytime they break something they get to print $ to "fix" it). A sound money will incentive governments to operate on tax receipts, they will want things to be efficient and productive or they will not get paid tax. Sound money will realign governments from being predators on its citizens to hopefully facilitators of our success. Bitcoin is our hope, the other way will lead to war, debt slavery, and death.
I agree holding the maximum amount of Bitcoin for the longest possible amount of time has to be a good strategy long term. Volatility be damned!
If I could pay monthly credit card dues directly from strike, I would be much closer fuck-da-man
Why would you voluntarily pay more money to the government when you can just buy bitcoin with the remaining fiat you don’t spend each month. You end up with more bitcoin this way because you don’t have to make the “13th sale” to pay the tax when it comes due. I get that it’s supposed to be a revolutionary type thing but doing it under current law requires paying more money to the government that’s guilty of printing fiat.
There can be a range of solutions for different use cases. If you want the ability to use your Bitcoin savings to pay for shit which is priced in fiat, this type of managed “monthly reconciliation” service can greatly reduce your cap gains events
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what about things that wont let you pay with a cc? I have a gym membership and only can pay with my routing and account number. What do you do there?
right now it's hacky, but if Strike built Bill Pay I think we'd have everything covered
I bought a bunch of random stuff (eth, doge, btc) a couple of years ago and just found it on BitPay, attempted to pay a CC with it, and it cleared today. Thought that was cool. I would be interested in learning more about Strike and how to do this on there!
How do you do this with the capital gains tax if you have to sell sats every time you need to pay the credit card bill
I love this dude, and you're and inspiration.
I'd love to see solutions for POS, so small and medium-sized businesses can start accepting Bitcoin without the friction of running a lightning channel. I feel like if I could just go to my favorite cafe, restaurant, store, etc and pay with sats on a Strike POS that would be amazing.
using > selling
spending on credit and then paying the balance by selling sats adds some friction, tax implications, and KYC hurdles that can later be used against the population.
yes, something that will allow me to pay my bills using sats would be fantastic, then I can truly go on a bitcoin standard
The next stage for mass bitcoin adoption is underwriting debt with bitcoin AND asset collateral to lower the liquidation risk that comes standard with bitcoin collateralized loans.
Buying farm land or another cash generating business with conventional debt augmented by bitcoin collateralized loans will lead bitcoiners to the next level of prosperity.
love the idea. what if you maintain enough usd to pay off the credit card each month, to avoid selling sats when they’re down? think of it as a buffer.
₿oston Tea Party
I think this type of aggressive transitional event is 100% necessary to create the bitcoin future that we all envision here.
I think everyone would agree that removing the taxation hurdles around bitcoin would spark a very real circular economy. It would be fully recognized as money. But the only way we get there is by sparking it ourselves, regardless of the hurdles in the way.
fuck em
Salary
Damn Straight. been living on sats since March 2020 and im not going back. USD is morally inferior. #NoMoreCuckbucks
Lots of Canadians are deeply frustrated with existing payment/banking systems and would benefit greatly from embracing bitcoin but even basic KYC freaks them out. KYC for BTC tends to be extraordinary and makes people feel like they're being conned. There must be a better way.
The value of fiat is it's fungibility. You can get it anywhere and spend it anywhere. A little inflation is also good for the economy. Deflation and and an asset backed currency would only slow the economy down as of right now, and that means less production and less people with less stuff (inculding people who'd starve to death because of it). Contemporary economic wisdom says you hold onto some fiat for emergencies and safe savings, then put additional value elsewhere (land, stocks, bonds, crypto, metals, and a wide variety of other asset options).
Could it all come crashing down? Maybe. Will we see a temporary crash? Most likely. But has the modern economic principles made us all better off? Yes. But the idea of completely writing off fiat just seems like an absurd pipe dream. Maybe this is an unpopular opinion here, but it's my opinion that as long as the game lasts and people are better off for it no point in writing it off.
And if fiat does truly collapse, so does modern society. Crypto people and the gold bugs don't get rich, everybody loses and we're all stuck with whatever we invested into weapons. I really, really, really hope that don't happen in my lifetime or my kids lifetime if I ever have any.
If I had a way to transfer from Strike to Fold and then use PayPal bill pay from there I'd probably be all set!
No capital gains. Without that there is almost no chance people start living on sats...and honestly as long as there is a shity currency to pay bills with we should use it.
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I believe we need a digital Declaration of Global Independence. Like a shrinkrap agreement for any participants on the bitcoin network. Tea Party means no taxes. I believe this to be the great reset. Humanity moving off of the us dollar, starving the gov of $$ to make wars. Taxation is pure theft, especially when the printer go brrr on demand.
If I can purchase groceries & gas with bitcoin, and also there weren’t capital gains associated with spending bitcoin, then I’d considering ditching fiat.
We need more Bitcoin Jungle - like economies that leverage the use of Bitcoin/lightning ⚡ as payments, and the receiver doesn't even know they got paid in Bitcoin... On/off ramps are vital
Yo, people need data. Show people how monetary debasement impacts their purchasing power by intergrating with the API from Kroger-Albertsons. Give the user an experience with data, that shows how using fiat dollars is more expensive over time, and spending sats, is cheaper for them. Easier said then done. A person can no longer save in fiat at this rate of debasement. They need to see the data showing total value in USD terms. Moving out of 401k into bitcoin, the store of value use case is first, then medium of exchange. Start with the optics for an end user saving in btc, first.
Would be down.
The cap gains would suck, but I would end up with more sats in the long run which is the real game.
For my business, I need a way to pay various bills either via ACH or mailed check that will cover a bill denoted in USD but settle out of my BTC stash. Then I could reduce dependency on my business bank account while still paying suppliers that only take USD.
I can't use ACH because I need to give my employer a paper check like a Boomer.
