Lmao, Tether invested almost a billion dollars into a platform majority of people never even heard of! Imagine if they had just spent that money buying #bitcoin and joined #nostr instead, and funding devs and building something that actually matters!

How funny would it be if I just said "K"

To be honest, a lot of what you said is kind of gobbledygook. The bitcoin/ monero comparison is just kind of opinion stuff that we just simply disagree. Monero has all the 5 attributes of money I have stated before, no contention there.

As for assets, mediums of exchange, and a money being TOO valuable, I dunno it's a lot to kind of break down and there are again definitional issues.

Assets are goods, objects, or just property in general. Saying you are focused on medium of exchange not assets is kind of misunderstanding what the difference between a monetary assets and currencies are. The medium of exchange is a currency that is redeemable for the reserve asset. Focusing on a medium of exchange without establishing the reserve asset is exactly what fiat currency is. Gold not being redeemable for dollars is what makes dollars not a medium of exchange. It is the misapprehension that dollars are backed by an asset that keeps everyone in this delusion.

Also the problem isn't the rate of currency expansion, it is the mere ability to increase it arbitrarily.

As for bitcoin being too valuable, the fact that it is divisible kind of makes that a non issue. It's not as if you have to use bitcoin in whole numbers. So, I'm not really sure what that issue is. I mean "losing a bitcoin" is kind of a "well, don't do that" type situation. If you lost your car somewhere that isn't an argument against using a car.

As to your assertion that cryptocrurrency's (a moniker I despise BTW) goal is to solve a value problem, I don't see that as the issue exactly. Value is subjective so it's a very difficult thing to "solve" I think bitcoin, lightning specifically solves the debasement problem. (The arbitrary expansion of currency supply). The prominent currency of bitcoin, (not bitcoin itself) lightning, is smart contract tied in a 2/2 multisig contract. It is programmatically assured to be redeemable for bitcoin on chain. This is the solution to the fiat problem. Bitcoin is the solution to the technological problem of having the reserve asset be gold. Gold is heavy, not infinitely divisible, and can be hard(expensive) to verify with certain metallurgical tricks.

As far as the custodial nature of Lightning, it's just not true. People are lazy but it is not a barrier to entry to not have a custodian. You literally just run a computer. It's not insurmountable.

Boy, these discussions are a slog. I swear Mises and Rothbard wrote a lot of this stuff down already. (Minus the bitcoin that is) They might have mentioned Monero though.

All of the noise is just a natural part of a slow and messy transition from a world of deception, fear and scarcity - to a world of truth, hope, and abundance, with every person understanding the transition at their own pace.

#Bitcoin

The chaos only tells you how early you are

Okay, we've got 10 days left per the IRS

to qualify for their "SAFE HARBOR" from Bitcoin taxes.

There's a lot of confusion on exactly what we should do, with even CPAs and Bitcoin tax experts contradicting each other and making assumptions.

(it's not their fault. the guidance is clearly confusing and lacking full detail, which they admit)

But here's my best attempt at what I think is helpful based on watching 3 separate videos, reading the IRS "Revenue Procedure," and then trying to interpret the spirit of the law (links below this post so you can DYOR).

This can make a huge difference in your gains calculation and prevent extra work in the future.

The spirit of this law is because crypto tax software has allowed us to choose a global accounting method that treats ALL wallets and accounts as one big bucket.

The IRS hates this. It allows us to sort of game the gains, and it isn't consistent with how the exchanges or brokers report.

The IRS wants it to be more like TradFi exchanges (Fidelity, Vanguard) where whatever you buy/sell on each platform gets its own separate statement. And that's what you report on.

The IRS wants our records to match those of exchanges. Not our own curated one that we can currently game with most software by changing the method from universal to method or FIFO to HIFO.

So admittedly, the IRS is saying, look, we get it. It's been confusing and we haven't been entirely clear. So you can elect to enter a "safe harbor" forgiving your past sins by agreeing to make a few fixes.

1. For the year 2025 and moving forward, the IRS wants all exchanges and taxpayers to use a FIFO, first-in-first-out accounting system. No more LIFO or HIFO. Buy-Bye!

2. And all exchanges need to report using FIFO on a brand new form, a 1099- DA (digital assets). In the past you may have gotten a 1099-B or 1099-MISC. It wasn't clear and brokers were guessing which forms to use. And many didn't even send any.

3. Each self-custody wallet needs to have it's own "statement" similar to the 1099-DA. Not literally, but meaning each is it's own account.

So wether you with software or your CPA does it, you need to have separate ledgers for every wallet so you can properly account for the basis when those coins move from wallet to wallet.

4. The call to action would be to move all your Bitcoin off of exchanges (should do anyway) and into self-custody, and hopefully consolidate into as few wallets as possible (ideally one).

This will help solve the FIFO requirement if you really want to sell your highest priced Bitcoin (less gains) rather than your lowest priced one (higher gains).

Starting January 1st, whatever account/wallet you have with Bitcoin, if you need to spend/sell, accounting for the first-in-first-out may literally be your highest in because the new wallet consolidated all of the coins at the same time.

This wipes the slate clean at the exchanges.

We all understand UTXO consolidation. I find this similar, but sort of an unused-confusing-past-basis consolidation that gives us all a mulligan to have clean records moving forward.

Now, I'm not personally fully following this. Almost all my Bitcoin is in deep cold collaborative storage that has too much friction for me to move without paperwork, video verification, booking flights to find keys, etc. (that's the point). Because THAT Bitcoin will never move!

But for all the places like Strike, CashApp, Robinhood, BlueWallet, Aqua, etc., etc., I am consolidating everything into one NEW wallet.

After 1/1/2025 you can move and do whatever you want. But now you have a starting point to account for everything.

There are links below on how to download pre-printed forms, sign them and just keep them. Email it to yourself or maybe notarize it, if you want, so that if you ever are audited, you prove that you read the Rev Procedure and agree to the safe harbor.

By the way, if all of this is confusing and your records are super clear and clean, you can ignore this. Kudos to you having kept life simple with Bitcoin only and bought on only one exchange.

Because I love to try out and support new companies and products, I have bought Bitcoin all over the place. And yeah, tracking the basis as those sats move from this place to that place gets tedious.

I've been here since 2017 and my reporting has been wonky with exchanges going out of business, some reporting incorrectly, using different methods, and many sending the IRS incorrect info.

Even today, if you send Bitcoin to Coinbase and then back to your own wallet, Coinbase doesn't know your cost basis since you didn't buy it there. So they report $0. hello! I didn't buy Bitcoin for $0! This produces a huge gain on an official report that they send to the IRS!

This is why the Safe Harbor is a reset.

DYOR. Here are some links👇

Could be new date system.

The history is devided as before bitcoin and after bitcoin

Bitcoin is a revolutionary technology, shifting humanity from financial slavery to true freedom.

Se isso te preocupa é porque tu colocou dinheiro que não deveria.

A única forma de matar o bitcoin é tornar seu uso e tecnologia obsoleto. Isso é o que esses parasitas e golpistas estão tentando fazer.

Pode cair 100%, estou com o bitcoin até o fim.

Stranded capital is stranded for a reason. My Roth is doing amazing with MSTR and Bitcoin…my 401k is limited and I can’t get exposure and it’s killing me.