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Sourcewire⚡️ 2y ago

While I don't support Binance or CZ, the recent news along with Kraken and ETF news got me feeling a kind of way. What is Bitcoins future?

- only highly regulated KYC'ed exchanges exist. All alternatives are squashed. Peer-to-peer trading outlawed

- ETF's play huge role in market

- public miners forced to censor OFAC sanctioned countries.

- all fiat gains incur major tax, because "you got lucky"

- self custody outlawed

- all transactions are taxable events, Bitcoins medium of exchange potential never takes off

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matata 2y ago

thank you, this is a great summary

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Sourcewire⚡️ 2y ago

It's a pessimistic outlook of what bitcoins future could be given current events. I don't think this is bitcoins future, but it's important to think about so that it can be avoided

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matata 2y ago

oh most def yes

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matata 2y ago

kyc aml taxes are absolutely disgusting

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liminal 🦠 2y ago

The IRS only wants one thing and its fucking disgusting

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matata 2y ago

and all other 3 letter agencies

they want your AUTONOMY

fking stalker creeps

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William ₿ Travis 2y ago

Bitcoin as a medium of exchange will take off where it is needed.

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bitcoiner7 nym 2y ago

Yes, unfortunately a plausible scenario.

But even if this happens, I guess, think and hope, Bitcoin will still "work" as a digital gold, a store of value, and it will be possible to sell it in the future.

Worst case, on a regulated exchange and with a high tax, if they make everything else illegal, but still possible.

Right?

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Sourcewire⚡️ 2y ago

The black market will always exist. So long as we retain privacy in the digital age. Circular economies can exist. Peer-to-peer markets can exist

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Duncan Cary Palmer 2y ago

Simple solution:

Ditch your fiat job, and work for bitcoin; if you earn no dollars, you have no filing requirement, so stop filing. Transact in bitcoin to the extent possible, but even if you have to purchase some $FFD ($Filthy Fiat Dollars) once in a while, there are no "capital gains" because you didn't buy your bitcoin.

Besides, only government workers and officers of government corporations are liable for the income tax. Look up the definition of "employee" in Title 26.😃