120 sats \ 28 replies \ @supertestnet OP 30 Dec 2023 \ parent \ on: Loan shark: Super Testnet's non custodial, bitcoin only borrow and loan tool bitcoin
Because I am happy to pay taxes for services rendered
I am also happy to reduce my tax burden so that I do not overpay for services rendered
I'm not happy paying taxes and it is shit because inflation is an invisible tax.
That being said, I think what you are doing is very good because people who are happy paying taxes, or are not happy but do it out of fear of the monopoly of violence, need a way to beat inflation. Especially if you run a public facing business and do not want to sell bitcoin that is on the books. If you are an anarchist (looks in the mirror) you don't care but if you have a public facing business then the monopoly of violence can ruin your business because they have been given permission to do so.
So...
I like your tool. It is free market in a surveillance state. This would encourage business to hodl Bitcoin and have an out if one needed to get funding. It is better to not be in this position, but saving is all about access if you need it and getting fucked by the IRS is not what a business wants and it is what can happen if you have to pay capitol gains tax on matured UTXOs.
Yes the IRS is bullshit, but that doesn't mean the IRS does not exist. Taxes are evil and wrong. It is theft. On the other hand a clever business person is very visible, squeaky clean and he can use a tool like this and show others how to do the same. This eliminates the necessity for financial engineers who love fiat. They can do usury with Bitcoin. Eventually the deflation of Bitcoin will eliminate the need for lending and also on a Bitcoin standard eliminate fiat crime which is government.
Hard money fixes a lot of machinations. Unplug the USD and plug in Bitcoin. Anyone who has even a small amount of Bitcoin will be able to leverage to businesses who need liquidity.
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inflation is an invisible tax
It seems rather visible to me
I think what you are doing is very good
Thank you :)
Taxes are evil and wrong. It is theft.
I think it is theft when taxes are too high. When taxes are reasonable, paying them is a duty, a debt, something owed to the government and binding in conscience. As such, it is not theft for the government to collect taxes when the amount taxed is reasonable.
They can do usury with Bitcoin
I hope they do not, usury is bad
Some people will probably do it anyway though
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I think it is theft when taxes are too high.
And who determines that? You are still trusting a central authority, and that's the main thing Bitcoin is trying to avoid.
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And who determines that?
I think this is pretty much the same thing as asking "how do you know if someone is overcharging you?"
My answer is "think about it a little, you can do this"
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No, that's not the same thing at all. Taxes are not voluntary. They're mandatory. You have no choice. You are placing your trust in a central authority.
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Taxes are not voluntary. They're mandatory.
Nonetheless, you can still assess whether you got your money's worth from government services. Suppose you got about $1000 worth from reasonable government services and they tax you about $1000 at the end of the year. That is just, that is fair, there is no good reason to complain about reasonable compensation for perfectly valid services rendered by your government.
But if they try to overtax you for more than you got from them, it's unjust, and you are under no moral obligation to give them any money beyond the compensation due for what you did receive from them. You might go to prison or worse if you refuse to pay them the full amount they demand, but some people are okay with that.
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Nonetheless, you can still assess whether you got your money's worth from government services
Taxation is theft. That's my assessment.
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But if they try to overtax you for more than you got from them, it's unjust, and you are under no moral obligation to give them any money beyond the compensation due for what you did receive from them. You might go to prison or worse if you refuse to pay them the full amount they demand, but some people are okay with that.
So, you admit there is a monopoly of violence and that's ok because they give you things.
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I do not admit there is a monopoly on violence. Anyone can be violent.
Taxes are okay when they pay for reasonable government services
Here we circle back to usury. I don't care what the financial engineers call it usury is the monetary charge for using money. Use. This principal only exists where money is clearly manufactured by one party and paid or lent to another. Where the usury comes in is that the money is:
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Taxed - In order to use my money where I am not producing anything (because if I was I would not need to confiscate your money) I need to take a portion of your labor. Furthermore I am going to violently threaten your customer (boss) to make sure he confiscates your wages and his before you both are paid and give those funds to me. If you don't have enough money I will lend you some.
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Inflation - This invisible tax is part of the scheme where I see the free market working and I introduce by inflating the money supply with new currency that I declared as money by fiat in order to confiscate the labor and goods of the free market without actually making anything useful.
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Usury - My friends who I give money to have a bounty of this cash and they will lend you this money so that you can build a business and pay us back as a percentage of your earnings. Once you have paid this back we will continue to confiscate your earnings by taxes and inflation of the money supply.
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If they are adding money into the economy and charging taxes then it is double taxation. Income tax is also an abomination because that money is confiscated before the worker gets his wage. Then he is taxed again on other items.
But I don't want that debate to color your tool. Fact is that there are taxes and arbitrage is helpful.
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If they are adding money into the economy and charging taxes then it is double taxation
I agree, but I don't think that's bad by itself. To me it doesn't matter if taxes are collected via inflation, a wage tax, or both, what matters to me are these two things:
(1) The taxpayer was robbed if the government charged him more than his share of the government's total costs (including reasonable salaries for government employees).
(2) And he was also robbed if the government intentionally spent higher-than-reasonable amounts of money so as to hike up the taxpayer's share and make him pay a higher-than-reasonable amount too.
If a government would just avoid both of those pitfalls then I wouldn't mind if they used inflation and a wage tax to collect value from taxpayers. To me, either method is fine as long as the government's expenses are reasonable and they collect the same share from each taxpayer to cover those expenses.
Fact is that there are taxes and arbitrage is helpful
Agreed
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So let me better understand, you are happy to pay taxes but you're looking to find ways to arbitrage and pay less and less?
It does NOT make sense at all mate, just get out of that shity system you're playing in and start living a better life! ... you still having time!
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