Nostr Web Client

السلام عليكم

Hi Misty

I haven’t solved for this either but it is something I've been thinking about along with how we can best develop a bitcoin economy.

Although taxes are not fun or ideal, capital gains is less than income tax so if conversion to fiat is needed it can be strategically done. I also think there are advantages in keeping some UTXOs tracked for spending and others secret for savings.

The system of paying taxes on property you already own seems silly and little different from renting? Purchasing property is a tricky issue and personally I find little benefit in doing so within the USA. International housing market looks more appealing from many angles. It is unfortunate that having a physical address is required to access so many things in the fiat world. I spent a year living in a camper, moving from place-to-place and learned how challenging this can be first hand. With the right local connections it is possible to overcome this! Very likely we will see lots of physical, bitcoin-community locations popping up around the planet over the next decade.

For many who are unbanked bitcoin has already proven to be functional and beneficial, but depending on your jurisdiction some fiat connections may be necessary still for some time. That digital-to-physical energy conversion has to happen somewhere. Many of the Nostr clients are already serving as a kind of second-layer bitcoin bank with the zapping functionality and federated mints. The “be your own bank” trend will likely increase along with adoption. It will continue to be interesting to observe how governments try to control this with banking licenses over the coming years. The stronger bitcoin-communities become the more likely they will be able to project political influence - it seems like we are actively entering this stage.

This diplomatic, late-stage network-state is what concerns me the most, as with all things political they tend to get quickly corrupted. I am reminded that, “Bitcoin simply must be for enemies, or it will never be for friends.” and I look around at the growing Nostr community and am encouraged to see friendly intentions amongst the current majority.

النَّبِيَّ صَلَّى اللهُ عَلَيْهِ وَسَلَّمَ قَالَ‏ الرَّجُلُ عَلَى دِينِ خَلِيلِهِ فَلْيَنْظُرْ أَحَدُكُمْ مَنْ يُخَالِلُ

Misty 1y ago

Well said.

It's interesting that you bring this up.

I have a lot to say about the topic of traveling. I've spent almost two hours trying to reply, and it's almost 1,000 words long. I'm having trouble shortening it and still explaining.

Basically, this: I and other travelers have started having issues with employers and banks using a physical address from South Dakota which lets you use their mail-box traveling address on your driver's license.

It's all happening subtly and behind the scenes. It's not overt unless it's happening to you individually. I suppose they do not lose a bunch of customers all at once because of it. It's only been so much more so in the last 9 months or so that I've noticed an uptick in the problems, where there wasn't problems three-four years ago when I began traveling full-time.

There's folks on Reddit talking about it. I've lived in the apartment now for a year and I'll have to modify how I work with all of that in the future if I get to do more full-time traveling.

You're right about the capital gains tax. I put it out of mind because we still have to pay federal income tax regardless. If we could only pay one or the other, I see the benefit.

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Discussion

ابو مريم 1y ago

If you're not self-employed the travel stuff is going to vary. I currently work in a hybrid role and have flexibility to work and travel anywhere in the USA but have significant international travel limitations - all based on jurisdicional tax law from where the company is based. I've got a plan I'm working that should smoothen that out for myself next year but it is certainly not a easy issue or something very accessible to most folks. If you do any sort of virtual work, legislation is terribly behind and adapting to its flexibility. As these workplace laws update things should get easier but very likely sneaky privacy stuff will get looped in as well. We'll just have to see how this all plays out.