In my view, the IRS *should* have treated it like a digital currency. That would have been fairer for miners.

But since but the CFTC (and now the SEC) both say it’s a commodity. The IRS should do the same so there’s agreement and consistency.

And the IRS should remove the double taxation that miners pay: currently once at the time Sats are mined, and then again when exchanged for fiat. That’s crazy. You don’t tax a gold miner for every scoop of earth they excavate, and then again when they sell the refined metal at market prices.

I’ve been thinking a lot about it.

I know nostr:npub15dqlghlewk84wz3pkqqvzl2w2w36f97g89ljds8x6c094nlu02vqjllm5m thinks about this sort of thing, and hope he will adjust his language.

Yes, obviously. But according to GAAP, durable property (e.g. PP&E) is depreciated/amortized over its useful life, as prescribed by U.S. tax code. nostr:npub15dqlghlewk84wz3pkqqvzl2w2w36f97g89ljds8x6c094nlu02vqjllm5m's description of #bitcoin as “digital property in cyberspace” is a reference to real property and an eager regulator is going to interpret it, accordingly.

Better to use words (and analogies) carefully. Commodities are not taxed or depreciated during holding periods — though they sometimes do erode. Additional bookkeeping (and thus taxation) only happens when they are bought, sold, leveraged, or exchanged. That’s what we want for Bitcoin.

Nice job. Yes, I was going to ask you whether you had RTL installed.

🧡

Peter, please ask nostr:npub15dqlghlewk84wz3pkqqvzl2w2w36f97g89ljds8x6c094nlu02vqjllm5m why he continues to repeat that Bitcoin is “digital property.”

This is problematic because, as he surely knows, property is taxed annually.

Bitcoin is a digital COMMODITY.

I appreciate how fair they tried to be with Terrence’s perspective.

“Beautiful nonsense” is exactly what it sounded like to me.

Nailed it.

Umbrel is nice, but updates can crash the whole damn thing.

Never had a problem with nostr:npub126ntw5mnermmj0znhjhgdk8lh2af72sm8qfzq48umdlnhaj9kuns3le9ll #start9

Hey, #Bitcoiner.

You think you’re self-sovereign, independent, and in control?

How long can you sit in silence, without reaching for your phone, without making plans, without thinking, with being dragged by a worry or memory, or a fantasy?

Do you know what your next thought will be? Do you know when it will come?

It may be uncomfortable to realize but, what control do you really have? Is your mood dependent on circumstance?

To be truly self-sovereign, learn to #meditate.

#Meditation #Bitcoin

YES

Most people spend their lives lost in thought. An endless stream of thinking: judgments, fears, dislikes, desires, approvals, memories, worries, stories.

With #meditation, you train yourself to see when this is happening, perhaps even *as* this is happening.

You realize you are lost in thought, and you watch it unravel.

Where does the thought go?

From where did it come?

Is there anyone *doing* thinking, or is it just happening?

Consciousness is the silent, open space in which thoughts come and go. It’s there before, during, and after the thought.

Ego is simply a creation of the mind.

Shredded

All aboard!

Few. But Nipsey Hustle knew.

Now, evidently TI does too.

You are not the chooser of your thoughts.

You do not create them.

They come and go on their own.

They are not “you.”

Rather, they are part of a process you are able to observe, sometimes, if you are paying attention.

Pay attention.

#meditation

Do not underestimate the power of the nym.

Keep it safe, Uncle. ✊

nostr:note1vdah0faehx3wwlkc4ad4wudt68pfqu6p3n2nzhqerqqlu9l84l6qn4cen5

nostr:note1tvhu2ddnh0tzzda7qpajt6p9eyqy6fq0ycs46vugqe92fgvl5krszmunuc