of course not.
I just deal with the friction of exchanging directly p2p and don't pay taxes.
Discussion
thats the thing...I have a family that requires school, a house, utilities...I can't just trade bitcoin with some other bitcoiner for diesel fuel and a generator and live in a shack in panama while vibe coding and blogging. I'm glad people do, but thats not how I want to live.
it's not a budgeting problem? everybody has fiat expenses.
I just hold cash rather than deal with the friction of moving back and forth.
Oh you hold cash. I eliminated the friction of holding cash by "mortgaging my bitcoin"
unless you earn in BTC, this makes zero sense.
if you need to maintain a cash balamce of $20k you are losing $2k/yr to inflation, and missing 50%/yr in bitcoin...so the opportunity cost of having a cash balance is $12k/yr or more depending on your expenses
iow
you want to speculate on fiat-denominated purchasing power appreciation to the maximum extent possible and are fine with getting permission from the government to do that.
and Bitcoin is down vs USD over the last year so....
I prefer keeping sovereign control over my stack and having a lower fiat-denominated "net worth"
there is no speculation: any fiat you have is depreciating
having a govt slave token balance decreases your net worth over time, in bitcoin
I don't sell bitcoin to get the worthless money: I borrow the worthless money and keep the bitcoin
That is the whole point, to keep the bitcoin
It's just a tool. I want more bitcoin rather than less, so I use the evil system. I'm not feeding the system any more than the person who keeps a slave token balance for fiat bills.
on the face of it, that's fine.
except you don't factor in that the kyced coins are cucked, permissioned and cease to function as freedom money.
normalizing using Bitcoin usage in this manner makes it just another government slave token. you're not "using the evil system," you're mortgaging your coins for more fiat purchasing power.
and I'm sorry but, you're absolutely feeding the system more than someone who simply keeps their head down and their stack private.
therefore its better (and also takes less administrative overhead) to simply have a fully sovereign private stack and use kyced fiat to render unto Caesar that which is Caesars.
i guess a difference of opinion...some kyc bitcoin i can borrow against works better for me than a bunch of slave tokens hyperinflating to oblivion
Fedi seems like great tool to circumvent this
you mean lend your Bitcoin to the mint for Bitcoin-backed tokens?
As a permission-less private way to transact with a local community. Isn’t this the goal of both bitcoin and monero?
I mean
"permission less?"
fedi tokens are a shitcoin.
but if you trust the community bank, it's probably fine right?
I think the whole point is yes you do trust the community bank. Shouldn’t you trust your local community? I know it’s common to be paranoid here about everything but in reality trust is fundamental. If you don’t have enough people you trust locally then you can always create a mint from anonymous parties and put a small amount of spending money in that is now completely private. Seems like a good use case no?
I'm just not sure what problem it solves exactly. It does FEEL like there's a use case here, far in the future when people have solved online reputation maybe.
But its not particularly useful if the user has to vet the mint themselves is it?
I agree that trust is the fundamental question here. Fedi *requires trust but doesn't do anything to solve the problem.
How can I confirm the mint is actually being run by separate entities and not one guy who spun up several different keys?
That’s a valid concern and if you didn’t know the guardians personally then it is a risk. I see it more as a solution for local circular economies that scales easier and with less friction than trying to fully orange pill your neighbors since we can all agree not everyone is gonna choose self custody but still should have access and ability to use freedom tech.
the other advantage of borrowing is it increases the amount of BTC you own...if you sell off your stack to pay expenses...its gone
lets say you have a major expense...you need a new propeller and its $24,000.
option A: you sell .25 BTC, and now you have less
option B: borrow $100k, buy the prop, AND buy .75 BTC
got the thing you needed, have more btc, and can pay off the loan with a new one, ( using less btc when its due.)..rinse and repeat