Thread
This is the current situation.
- You buy something with Bitcoin:
In most countries you have to pay vat and in addition capital gains between the difference of buying and selling Bitcoin if you have made a profit.
This is an approximate 20% + 20% (of the profit) (It depends on each country).
- You sell Bitcoin:
You pay between 20% and 30% of the profit (Depending on country).
You have a lot of Bitcoin:
In some countries you will pay wealth tax.
You have a lot of unrealized gains:
In many countries they are trying to apply this, soon we will have the first country to do so.
If you have bought bitcoin with KYC you are screwed, the exchanges will end up passing all the data to the states and their respective tax offices.
If you have non-kyc bitcoin you can only use it to buy a soda, if you use it to buy a car or a house they will accuse you of money laundering, drug trafficking or whatever they want.
And you think bitcoiners have won? You can go to a country that has more lax tax regulations but tax havens are becoming increasingly difficult.
You have to try to make Bitcoin legal tender, and to do this you have to use your Bitcoin, and you have to accept Bitcoin as payment, only by creating a large black market where you do not have to pay taxes you can bend the state, otherwise your Bitcoin will only enrich the state.
During all these years the HODL strategy has been totally wrong, while we have carried out HODL the states have encircled us.
We came here for freedom.
Replies (19)
Case to say, should have used Monero.
That is what works on what you call Black Market.
And to mention John McAfee:
"If criminals donβt use your products, your products are useless."
What a world! I'm shifting more and more into a bitcoin lifestyle using Strike to pay bills as well as using other tools like Fold. Up until now, bitcoin has been a way for me to try to save for the future, but I see what you're saying. We need to use it, put it to work on a daily basis. I will still be saving as much as I can in bitcoin, but I will also try to live on a bitcoin standard in my daily life. Good write-up!
Holding and buying Bitcoin still puts pressure on the issuers of fiat.
It's still a net gain for hodlers long-term, even with the 20%-50% exit tax.
I agree that HODLing is only one leg of the strategy. Not the whole strategy.
As soon as something like a Bitcoin circular economy emerges that includes goods production, it will become very hard to tax a system that does not involve fiat on/off ramps.
Holding and buying Bitcoin still puts pressure on the issuers of fiat.
It's still a net gain for hodlers long-term, even with the 20%-50% exit tax.
I agree that HODLing is only one leg of the strategy. Not the whole strategy.
As soon as something like a Bitcoin circular economy emerges that includes goods production, it will become very hard to tax a system that does not involve fiat on/off ramps.
Holding and buying Bitcoin still puts pressure on the issuers of fiat.
It's still a net gain for hodlers long-term, even with the 20%-50% exit tax.
I agree that HODLing is only one leg of the strategy. Not the whole strategy.
As soon as something like a Bitcoin circular economy emerges that includes goods production, it will become very hard to tax a system that does not involve fiat on/off ramps.
Bitcoin is not a payments system . It is the best Asset to own and hold ... You don't go around buying coffee with #gold .. do you ?
Like a collectible then π¬ just hold it and do nothing with it?
You lack vision.
Which is why the white paper is called "Bitcoin: a peer-to-peer electronic cash system"?
So what .. it happens all the time .. devs start working to solve an inferior problem and they end up hitting a jackpot .. Google guys just wanted to make a page rank algo and they went to sell it to Yahoo ... You know the history .. same thing happened to Bitcoin .. Satoshi were targeting a simpler problem but due to their incredible insights in math , cryptography and coding ..they created GOLD ...
I hope you understand creating a GOLD replacement is a LOT HARDER problem than fiat replacement ! ..
Okay ..enlighten me !
What do you do with Art ? Or Gold , or even Real Estate ? ..you sell when you absolutely need to ..
selling my house and buying coffee are NOT same thing ?
Gold is money, Bitcoin is better money.
I don't think Satoshi wanted to solve an "inferior" problem and then somehow ended up creating gold, or some asset which is not money but happen to scarce and desirable.
First point - YES
Second point - I don't know what Satoshi wanted ..I guess you too ... But the white paper clearly says they were designing a p2p cash system .. turns out they created a replacement for Gold .. which one would you choose ?
Thanks for the digital gold zapped through wonderful nostr :-)
Yeah but this is supposed to be p2p digital cash, not a pile of, letβs see if it values more I thinkβ¦
Yes Satoshi did start with a p2p cash system in mind .. but ended up creating digital gold ..
Satosha
So what .. it happens all the time .. devs start working to solve an inferior problem and they end up hitting a jackpot .. Google guys just wanted to make a page rank algo and they went to sell it to Yahoo ... You know the history .. same thing happened to Bitcoin .. Satoshi were targeting a simpler problem but due to their incredible insights in math , cryptography and coding ..they created GOLD ...
I hope you understand creating a GOLD replacement is a LOT HARDER problem than fiat replacement ! ..
View quoted note →
Hang out with friends. they pay da bills in fiat then you zap em da corn
We will never be able to shake of the system they created. They will always find a way to bring the water to their mill. π only way is off grid and self sustain... that is the way to lose THEM!
Cyph3rp9nk
This is the current situation.
- You buy something with Bitcoin:
In most countries you have to pay vat and in addition capital gains between the difference of buying and selling Bitcoin if you have made a profit.
This is an approximate 20% + 20% (of the profit) (It depends on each country).
- You sell Bitcoin:
You pay between 20% and 30% of the profit (Depending on country).
You have a lot of Bitcoin:
In some countries you will pay wealth tax.
You have a lot of unrealized gains:
In many countries they are trying to apply this, soon we will have the first country to do so.
If you have bought bitcoin with KYC you are screwed, the exchanges will end up passing all the data to the states and their respective tax offices.
If you have non-kyc bitcoin you can only use it to buy a soda, if you use it to buy a car or a house they will accuse you of money laundering, drug trafficking or whatever they want.
And you think bitcoiners have won? You can go to a country that has more lax tax regulations but tax havens are becoming increasingly difficult.
You have to try to make Bitcoin legal tender, and to do this you have to use your Bitcoin, and you have to accept Bitcoin as payment, only by creating a large black market where you do not have to pay taxes you can bend the state, otherwise your Bitcoin will only enrich the state.
During all these years the HODL strategy has been totally wrong, while we have carried out HODL the states have encircled us.
We came here for freedom.
View quoted note →
