Replying to Avatar shyguy

paying taxes on your bitcoin holdings, transactions or' 'gains' means:

- your beloved hard cap doesn't mean anything because the government can extract as much as she wants from your "gains" up to 100% or go full 6102

- since you are declaring your transactions you can spend your bitcoin only on government approved things and also won't be able to evade capital controls

sounds familiar? it is, because it is exactly how paypal and any other government approved fin-tech or your bank account works.

so what this all boils down to is that in the end bitcoin is just evading taxes and capital controls. if you say otherwise then I'm sorry to tell you that you are just larping and bitcoin is doing nothing for you and the government is still in full control of your bitcoin. in this case you will have to continue seeking solutions in politics (which is the system we already had before bitcoin)
Avatar
Patriot 6d ago

Two things here:

1. Bitcoin is peer to peer and does not require banking intermediary or a government to transact digitally.

2. If you convert to fiat, you are obligated to the government that controls the fiat.

Finally, not your keys, not your coins. If you are going to have custody solution for your bitcoin, you are beholden to the policies of the holding company and the jurisdiction of that company.

Bitcoin is a fledgling currency and technology. We won't see meaningful change until the majority of transactions happen in #btc and we are counting sats only. We are long way from there and many roadblocks can halt progress and even eliminate bitcoin. I know this not popular among the euphoric maxis.

Reply to this note

Please Login to reply.

Discussion

No replies yet.