i pay a lot in taxes because holding bitcoin is much more profitable than holding dollars
Discussion
Capital gains tax is one of the biggest barriers to living on a bitcoin standard in the US. Appreciate the spirit of your post, but it’s a lot easier for now to hold back enough dollars for day to day expenses than to sell bitcoin and incur the cap gains.
tax on savings is unconstitutional and should be repealed that said you are still better off holding and spending bitcoin than dollars
When you truly realize that we have capital gains tax in a country with “targeted inflation”, you can’t help but be angry
The thought of having my whole check go directly into bitcoin only for me to have to convert back into dollars to pay bills, buy food, etc makes me want to hurl.
That being said, it seems like it could be a good deterent against unnecessary spending habits if every time you go to spend money you have to get rid of bitcoin to do so. It makes you a lot more cognizant in the moment of the importance of not spending it. You think twice. If it's sitting there in dollars not only is it losing value there's a continual temptation to conveniently spend it.
Was listening to latest RHR this evening and had to laugh to myself when you brought up this cap gains thread.
Pretty incredible that anyone who doesn’t follow your live-on-a-bitcoin-standard advice full tilt is “retarted” according to you. It must be amazing to have an ego as large as yours. The arrogance is wild.
Some of us use dollars from our paycheck for the monthly bills, save what’s left over in bitcoin, and manage to avoid a complicated tax situation (especially in a bull-cycle year).
I will sell some bitcoin and pay some cap gains when I need to - but in a strategic way, not in small chunks for everyday purchases like you seem to be advocating.
