Nostr Web Client

Yes, this can't come soon enough...

I think two things held it back : lightning network, which now Nostr is showing "existence proof" for working for micropayments.

Another factor might have been tax regulations; AFAIK it's still the case that technically, legally, and time you send crypto for anything you're supposed to report it on taxes. The receiving end (publication) would then have the same burden if they want to cash out into fiat. Who wants to have to report 1000's of $0.05 transactions each year?

Soooo I'm hoping the current Admin can at least address the 2nd point? Maybe that's a bit more important than the SBR?

Peter Todd 10mo ago

The tax problem is easy to solve for the sender: get some AML/KYC Bitcoin and just don't report it.

For the receiver, it'd be regular income, so just sum it up and report it.

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Discussion

Globe99 10mo ago

On the sender side, sure, I guess... But to me this sort of mirrors the debate between marijuana legalization vs decriminalization. Some people say "hey let's just decriminalize it, because *I'm* willing to take the risk scoring it..." But this is never going to hit mass adoption until average people have no "reasonable doubt" that the government isn't going to audit them for everyday spending with BTC.

On the receiver side, if they receive Sats, and they sell for Fiat, isn't that still a taxable event? Every single time? (IANAL and I get that you aren't either, but that's my understanding...)

Peter Todd 10mo ago

Of course it's taxable. It's income.

Globe99 10mo ago

Right, but if I'm a coffee shop owner, I don't have to calculate FIFO/LIFO for the cost basis for every transaction with fiat.

Technically I do if it's crypto. Customer pays for coffee using Bitcoin on a Tuesday, price is $82k. Now I want to convert that to fiat on a Saturday, price is now $85k. I'm now legally required to account for capital gains on that $3.00 transaction.