I cannot believe these bastards apply capital gains tax when someone buys goods and services with bitcoin.
Do they apply loss calculations when someone holds a dollar long enough that its debased to shit?
Discussion
Biggest single barrier to adoption IMHO.
Having to report every cup of coffee you purchase to the IRS is a big no-go for most people.
Privacy on-chain fix this.
lightning fixes it, too. and ecash
I was experimenting with Lightning last week. The most sensible and painless setup without babysitting a channel is to use a PhoenixD_Server, route sats to eCash mints, and exit to another Lightning wallet.
The main Lightning stash is kept with the Phoenix Lightning channel, but Acinq doesn't know where the sats go if the first hop is an ecash mint and you consolidate later with different denominations.
... And yes, I don't trust the default privacy on lightning, that's why ecash is really good for lightning
I don't think it's even a privacy issue. A lot of middle-class Americans aren't comfortable lying on their tax forms. And there's that one question that is phrased in such a generic way that if you bought even a single cup of coffee you're technically lying if you don't report it.
It sucks, but that's the situation. To me it's very similar to drug legalization; a lot of libertarian "cool kids" puff up their chest and go "well I've got my dealer so who cares"... But widespread adoption doesn't happen until something can go at least mostly above-board.
This is the *one thing* I wanted from the supposed "bitcoin president": a de minimum exemption. Still waiting!
Agreed, freedom and slavery are states of mind. Disobedience is necessary, and privacy is a tool that can prevent imprisonment by the feds.
Sounds like a sound legal defense imo...
I mean the USA can't even follow its own laws like the Laehy law...
Why do I have to follow its tax laws when the governmentdoesnt have to follow its own laws??
🤷
"Lead by example"
"Ignorance is bliss"
Leahy law*
It was never meant to be fair or make sense. It's organized crime which is legitimized through the legislation. It's meant to keep you poor.
You're on a plantation... And nobody gets off.
they're also satanic paedophiles so cut 'em some slack! 🙄
you lost me there. the point is made fully without veering into fantasy that doesn't add anything meaningful
Bitcoin 🫡
They treat it like a share, instead of a currency.
Yep... which is bonkers. Nobody can feasibly use Apple stock to buy a cup of coffee.
which B A S A T U R D S apply CGT on spending amount ?