Nostr Web Client

This isn't for people who held BTC. It's for plebs who want to try this BTC-only lifestyle they keep hearing about. They end up buying and selling and buying again and selling again because it sounds so great. They could've just used the fiat on bills and bought corn instead of giving it to the government and the exchange in taxes and fees. It's not the taxes that bug me. It's the complete lack of mentioning the taxes and that your corn is just getting sold.

Salty Cracker 1y ago

You may need to go back to the napkin with that math. I suppose if you're selling every bit of what you make, you could be right. However, if your expenses are lower than your income, this is an easy way to maxmize exposure to bitcoin while minimizing (eliminating) exposure to dollars.

Also, it is for hodlers, and to assume it isn't or can't be is some faulty logic. Sweeping a "DCA" from your strike balance to your hardware wallet is still allowed on strike while using billpay. I was a hodler long before billpay was introduced, and I continue to hodl, DCA, and leave my bags untouched while using billpay.

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Discussion

mrecheese 🧀 1y ago 💬 2

JFC this slate numbnuts is killing me... ANYWAY... Basically we agree on all this stuff, I just have some exposure to people who would want to do this, and yeah, they'd be buying and selling it right back out. They really need that extra couple of percent that they'd pay in taxes or fees. So I'm sensitive to that side of it.

I also know some OGs who would never move that cold corn to a KYC exchange. So those are my idea of people who "held BTC" which may be an overgeneralization on my part. I'm kind of leaving out the shorter-term hodlers, so maybe they do win in all this, like in your DCA case.

At the end of the day, I'm complaining about there not being a big wall of metaphorical text reminding plebs that this is not currency, it's an asset.

Salty Cracker 1y ago

Now I can get on board with that. They need a "nicotine warning" stating potential tax ramifications, especially if the goal is to onboard plebs who are brand new to this. And/or really iron out the details up front and not bury them, intentionally or not.

mrecheese 🧀 1y ago 💬 2

Yeah, so somewhere in there earlier I was trying to make the point to the arguebot that the folks with the platforms would be a great avenue for this. Talk about the features, pros, cons, etc. and mention the tax liability. Ultimately we want people having a good experience, not calling it a scam. And they will when they get that tax bill, even if it is technically their own fault. Seems easier to educate them up front and explain the personal responsibility of it. But I don't see that much, hence me getting all pissy about it. 😆

Salty Cracker 1y ago

Don't quote me, but I think nostr:npub1cn4t4cd78nm900qc2hhqte5aa8c9njm6qkfzw95tszufwcwtcnsq7g3vle discussed this whole topic, inluding tax ramifications, with nostr:npub1qny3tkh0acurzla8x3zy4nhrjz5zd8l9sy9jys09umwng00manysew95gx on the #MoneyMatters episode they did together mid-December. However, I do acknowledge that it's somewhat unreasonble to presume somebody would jump into all the podcasts and do deep dives on their first day in bitcoin.

mrecheese 🧀 1y ago

Yep, I think the new feature sell just kind of outpaces the broader education for noobs. Same with Nostr development. I'm the guy who talks everybody into stuff, so I end up doing a lot of onboarding. It's tough.