7 sats \ 0 replies \ @21stackage 5 May 2023 \ on: Using Bitcoin has legal consequences bitcoin
Really good food for thought.
This is a matter of education, which is difficult to broach in short order. Normal people don't know that
- the IRS is outnumbered and outgunned so they only really come after people who "owe" large amounts
- fiat paper trails are created through off-ramping bitcoin, so taxable events are more of an issue when someone sells their bitcoin
- taxes don't pay for anything but interest on Treasury bills (except maybe municipal tax? correct me if I'm wrong) and taxes are a means of retiring dollars, like a token burn. Do we need to burn bitcoin? lol
- paying taxes for using a currency they don't accept as payment is just ???
- taxing bitcoin makes zero sense when they can MINE it and collect fees instead
It isn't surprising to me that a lot of bitcoiners have thrown the book out altogether when it comes to spending sats. Also, bitcoin is a new paradigm in that it regulates itself via consensus rules, and that takes a long time to wrap one's head around like what I listed above. This is what happens when our financial system is obfuscated from the general public.
I'm not concerned about mass adoption, though. The masses will come when they have no other choice, but bear in mind that I am deep in the rabbit hole and I am solidly convinced that all fiat currencies will go to zero