742 sats \ 8 replies \ @elvismercury 25 Oct 2023 \ on: What will catch Bitcoiners by surprise? bitcoin
Super aggressive tax policy put into place in the US wrt crypto-related capital gains (50% or more); along with accompanying laws for exchanges to implement more draconian KYC and transaction reporting. Also, an attempt at requiring disclosure of all crypto-related holdings of non-trivial size, but I don't think that this will pass.
I honestly don't know whether bitcoiners will find these things surprising or not. They shouldn't, but I'm afraid that they will.
Similar to this but slightly different.
We must tax all bitcoin holdings to help pay off the national debt. It is an "emergency" because we are in a debt spiral and these lazy bitcoiners made all this wealth by just sitting in their mom's basement. They are a smaller enough minority that the public can get behind it.
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Besides it not even being possible to prove that someone knows the keys to an UTXO...
It's incompatible with constitutions in many western countries to tax what you own without a transaction. It would already be happening to stock holdings if it was legally possible and it isn't.
I could see high taxes on inflows into and outflows out of Bitcoin tho. More realistic imo.
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Dude, they worked around the constitution to allow the literal ownership of other human beings when that was convenient for the bag-holders. And taxes on unrealized capital gains were a public discussion by "serious" politicians not too long ago.
You will find a lot of unthinkable things suddenly turn thinkable -- and constitutional -- when it stops being a toy problem.
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It's incompatible with constitutions in many western countries to tax what you own without a transaction.
Where does property tax fit in? One pays yearly tax every year on property they have held for years.
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I think they may find the severity of these efforts surprising. The American Empire is predicated on dollar hegemony, so they will go to great lengths to snuff out any threat to that.
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100%. I hear a lot of tough talk about what the government wouldn't dare to do. I'm like, motherfuckers, they interned the Japanese. They spent ten trillion invading Iraq to protect the hegemony and the petrodollar. You think they're gonna be put off by your basement full of hunting rifles? You think your Rothbard tramp stamp puts fear into their hearts?
They don't have to unearth the Seed Signer QR codes from every maxi. That's not the aspiration. They have to cool out the 99% of normal people who are starting to understand why non-govt money is a good idea. That is a simpler matter, even if it's fruitless on a longer timescale. But the ultimate futility of the act has never stopped a wounded bear from mauling some poor bastard to death.
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US Government trying to force people to hodl and make the dollar die faster, you say? ;)
EVERYTHING IS GOOD FOR BITCOIN
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yes. there will be push to move taxes from income to assets, eg wealth and inheritance taxes
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