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I'm saying if one will only ever use it in a "law-abiding", "rule-following" way then I can't see why you would want to use Bitcoin. Maybe temporarily as a glorified NGU stock that you only hold? While you still can that is, before it is taxed to hell and the regulators become more entrenched.

But digital fiat is much better for staying within the lines as far as transactions go.

Satosha 1y ago

I tend to disagree - there is HUGE scope of improvement as far as an Ethical , Legal and sound asset are concerned - for example today most usable assets are highly inflated because rich want to hoard buildings and stocks - if that money is moved to Bitcoin , home ownership will increase many fold - and poor will be able to participate in market economics (stock market) ..

#Bitcoin does offer an easy path to migrate to favorable jurisdictions in case one apprehends a dispute - You can't easily move a building (or even stocks) but you can technically move anywhere with your cold wallet - in a legal fashion - before the water gets over the head. That said, I would probably never do that cuz I can't even leave my dentist - let alone my home and friends :-) .. I would rather have my 21 sats confiscated than pack my baggage for good :-)

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Saberhagen The Nameless 1y ago

Ok, what will you do when they push another executive order 6102 saying no citizens can self-custody their Bitcoin: "Please deposit all your Bitcoin at one of our regulated approved custodians and you will be given a Bitcoin IOU." Now what? Your only alternative is to break the law if you don't want to. Now you are in the black market territory. There is already precedent for this with gold.

Ok, what if they just make a law saying you can't leave the country with your Bitcoin? Again, you now must break the law. There is no getting around it. You can ultimately be lawful or permissionless, but not both.

Jurisdictional arbitrage sounds great in theory, but 99% of people cannot just pack up and migrate like that especially nowadays. And they'll just place a burdensome exit tax so no one does. Didn't you see what happened to Roger Ver recently?