Thanks for the interview, nostr:nprofile1qqsxe3pztauhp3ttna9p0p9gthdmm6t4n83ktw5vse9ymyg9js4hygsprpmhxue69uhhqun9d45h2mfwwpexjmtpdshxuet59w7r6u.
I'm not a fan of Howard Lutnick specifically saying that Bitcoin is not a currency and that it's a commodity, but I guess in the end that's fine for now. Bitcoin has to be a store of value for many, before it becomes a medium of exchange for most. Until then, us Bitcoin Maxis will keep zapping.
It becomes what you need, before it changes you.
Iâm with Lutnick. Bitcoin is money, not a currency. Commodity money, just like gold.
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I disagree with Lutnickâs take on bitcoin as a commodity instead of a currency, as well. Unfortunately, in this interview, I was only allotted a certain amount of time, and I had other questions I wanted to ask. I didnât have the time to get into it with him on this topic.
I also wanted to bring up the dangers of too much of a hashrate coming to the U.S., which I knew might be a dicey topic, so I had to choose my battle in this one.
Thank you for calling it out, though. Weâll need people to continue doing so until the likes of Sec. Lutnick change their mind.
Why though ? .. what is so great about calling something currency that most bitcoiners can't seem to get over ?
If it just becomes âdigital goldâ and nothing else ever, it fails to meet its massive potential as a global medium of exchange.
And thinking extremely long term, miners fail or go under or are extremely rare if no one is transacting. That's not good for sustainability and network security.
Agreed, but might be pretty healthy mining ecosystem in a store of value âdigital goldâ future, given that medium of exchange would scale out on lightning and beyond⌠đ¤
I honestly think that if the most popular use is "digital gold" in contries with relatively strong currencies (US, Canada, Western Europe, etc.), the rewards will continue to keep miners afloat just based on Fiat price growth.
Playing devil's advocate... Does transacting on lightning really help keep miners sovent, though? I understand opening and closing channels, but in a world where bitcoin is a commonly used currency, custodial lightning wallets will almost certainly be the most commonly used method. Transacting on chain would probably be "reserved" (using the term loosely) for relatively large, important transactions.
Maybe I'm totally off base. I don't know. I use Bitcoin (big and little "B") however suits me best in the moment just like anyone else would. Some earn and spend it, some buy and spend it, others save with it. What they choose is none of my business. That's the beauty.
Yes, stated more clearly
Network is the asset .. base layer creates value .. second layer spreads value .. and there will be ten more layers ..
Think of it as a home .. then water supply ..then electricity and sewage .. and then roads ..
Layers and layers of networks HODL value ..
Currency is NOT a network ! Never
It's been 5000 years - give or take - we didn't stop trading gold .. are you talking k nger horizon ? Good news .. gold is still the hottest cake in bakery ..it is not going anywhere for next 5 k .. miners are safe .. in fact they become rich if it is gold ..
Cuz if it becomes currency then next thing you would want to do is to peg it to daily price milk .. and eggs :-) .. well eggs is not a good example... anyways
I use it as money, as do many around the world. For this reason, and because it was designed to be peer to peer cash, we should call it money.
That term #money is source of all confusion :-)
Every network of value is peer to peer .. goldsmiths trade in gold .. that doesn't make it currency .. neither does Apple stock even though people get paid in stocks all the time .. esops ..
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Confusingly, arguably bitcoin is a âcommodity moneyâ if we extend Misesâ definition for a pure monetary asset. Itâs not credit or fiat.
Bitcoin as a Currency
Tax Treatment: If Bitcoin were treated as a currency, gains or losses from its exchange would be taxed at ordinary income rates, similar to foreign currency transactions. This means that no matter how long you hold Bitcoin, you would pay your marginal income tax rate on any gains, which can be as high as 37% on federal taxes. This treatment is less favorable for long-term investors.
Bitcoin as a Commodity
Tax Treatment: The IRS treats Bitcoin and other cryptocurrencies as property for federal tax purposes. This means that any gains or losses from the sale or exchange of Bitcoin are subject to capital gains tax, similar to stocks or other investments. The tax rate depends on the holding period:
Short-Term Capital Gains: If you hold Bitcoin for less than a year, gains are taxed at your ordinary income tax rate.
Long-Term Capital Gains: If you hold Bitcoin for more than a year, gains are taxed at a lower rate, which can be 0%, 15%, or 20% depending on your income bracket.
Not in the UK
Luck you.
But to be honest, I would not trade my freedoms for your tax advantage.
In the UK, there is no real distinction between short and long CGT. Itâs taxed at either 18% for basic-rate taxpayers or 24% for higher-rate taxpayers. Beyond 30 days it makes no difference how long youâve held. If itâs treated as currency, then there is not realisation cost and CGT would not apply. Thatâs the difference between âcurrencyâ and âassetâ.
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But #bitcoin is a commodity .. it is not a currency at all ! .. when (and if) it becomes a currency , everyone will see that đ ..
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- Fast, reliable, and professional service.
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That and as journalists we have to avoid injecting our opinions in our work.
Lutnick is utterly full of shit, it blows my mind bitcoiners will simp for these grifters.
More people in the first world need to watch videos of African kids in Mosselbay at nostr:nprofile1qqsptpha27kgrdnpw7cqs7ascrayvheshxy4jjwgjd5rdmz7dngnzvspg3mhxw309ashvaf4wcmxjdmnxauh5dmddp3xzat9wdmhga34deaxjen8wf58z6tfvvm8vutkdp3hydm4vdkkgumxxfaxs6rnd9jzummwd9hkutcpp4mhxue69uhkyunz9e5k7tcppemhxue69uhkummn9ekx7mp0y95gm0 buying food with Lightning.
Just because Bitcoin works for you as a store of value to protect your wealth, doesn't mean that that is it's only function. There are plenty of circular Bitcoin economies around the world.
I do consider that at this stage some might need to downplay Bitcoin's ability to replace fiat.
I think the game theory behind Bitcoin as a MoE is that eventually since everyone wants to accumulate Bitcoin everyone will want to get paid in Bitcoin.
WELL SAID SIR
ENJOY THE NOISE
