I think the govt needs to pull back cap gains at some undertermined amt for it to actually accelerate
Discussion
the tax on savings is unconstitutional and should be repealed
that said, if people are not spending better money because they have to pay tax on gains that is lame as fuck
In the US at least you're technically required to calculate capital gains on *everything* you purchase with Bitcoin. $4 cup of coffee, $20 book, $50 meal... IRS expects you to break out the spreadsheet and calculate FIFO/LIFO basis on every single purchase.
Can you imagine doing that for a *full years* worth of purchases? This, to me, is problem #1 for mass adoption.
i hope you realize how lame you sound
It’s this high-level discussion of cutting-edge technologies shaping the future of humanity that makes Nostr the best place ever
I think it is an interesting point that nostr:npub147fp2j606qpfysp38phhzvempt7ewsdqwm6uww9uycp6tdvavu0s5paq44 has raised and I don’t think they just meant more taxes, more admin maybe that hasn’t been shared on a broader basis of how to handle. It can be quite confusing to the everyday user of how to use bitcoin as a method of payment. But you’re totally right Odell, and I think there lies the truth, isn’t it incredible stupid that people might not be using the tech, due to a lack of understanding.
Just standing in the CBD the other day - waiting for the lights to cross, and I hear two people enthusiastically talking about bitcoin and buying low and selling high and paying their credit cards at the end of month. They weren’t talking about how cool it was to grab a coffee with their lightning wallet☕️
That sounds like those sales taxes I heard about in history class. Something about paying taxes on tea or some shit like that.
Agreed. It took me a while to come to this realization. I just think it’s going to take extra time to get others who are less down the rabbit hole to do this