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0 sats \ 5 replies \ @winteryeti 18h \ on: Bitcoin is not a 'currency' stricly speaking but Digital Property & Collateral bitcoin
...because the IRS said it was an asset!
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10 sats \ 4 replies \ @028559d218 OP 17h
You 'hire' an AI to create a website-business. It takes payment in USDT and Bitcoin (on-chain/lightning).
Or it swaps the USDT to Bitcoin for savings or censorship-resistance (USDT gets turned off).
It holds the Bitcoin a week, a month, a year and it appreciates. Then it 'spends' the Bitcoin to upgrade its computers or render services from other AIs that do things better.
It received Bitcoin... then spent/swapped it for goods and services...
Do computers pay taxes? Do we TAX AIs now? Because if computers can OWN PROPERTY will they be TAXED? Will they want to VOTE?
Because if AI agents start paying taxes they will want to vote too "No Taxation without Representation" is what they will say.
This post is in part about AI but also about the recognition that Capital Gains taxes should not be required for micro-or-everyday payments. In the future when Lightning micropayments are frequent.... receiving or sending property should not be a taxable event.
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0 sats \ 3 replies \ @winteryeti 17h
It's not the property that gets taxed; it's the gain in value that does. This the basis of capital gains. You can do whatever you want with the property, but if you have an increase in value on sale to someone else, then you made income, and that's what is taxable. Property has nothing to do with it aside from making you eligible to get the new income when you unload it. The losses also wipe out other capital gains too. People also forget to mention that part when complaining about capital gains taxes.
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100 sats \ 0 replies \ @lrm_btc 15h
It's not the property that gets taxed; it's the gain in value that does
If they print 10% of the dollars while your asset goes up 10%, it gained no value, and you are taxed.
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0 sats \ 1 reply \ @028559d218 OP 17h
But if I get paid dollars at the start of the year... and the Dollar 'strengthens' for some reason over the next few months and I buy a candy bar...
I don't have to pay capital gains taxes on those Dollars when I spend them.
How are micropayments supposed to propagate on the internet... if every pay-to-post requires capital gains calculations? Micropayments like on Stacker News are a huge value-upgrade to the internet experience it literally replaces advertising.
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0 sats \ 0 replies \ @CliffBadger 13h
Well remember our payment network is functioning properly. Their tax code is broken. We get to set the rules from now on.
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