0 sats \ 5 replies \ @028559d218 8h \ parent \ on: Kashkari Says Bitcoin is Still Useless bitcoin
Well... it's outrageous.
I don't know how this changes - maybe someone like Donald Trump wittingly or unwittingly decides to remove the cap gains taxes on Bitcoin... or hopefully once Bitcoin gets big enough people will simply want to spend it and transact in it.
I can understand not removing all capital gains taxes immediately, it would be a big shock to the system. But certainly on small purchases, for example under 50$ or maybe 200$. It would do so much for businesses, innovation, and adoption in this space. Imagine going to fill up your car with gas and paying in Bitcoin Lightning. It would be possible to go 90% off fiat for real.
My hope, and still belief, is that long term Bitcoin will become big enough and popular enough and normal enough that the voters will literally want Bitcoin as a MoE. Once everybody 'gets it' it just makes so much sense to have that as an option. Voters will literally vote for it, the same way that voters wanted an end to slavery (19th century) or women voting (in the 20th century). One day it just 'clicks'.
'Imagine going to fill up your car with gas and paying in Bitcoin Lightning. It would be possible to go 90% off fiat for real.'
Exactly but the bankers who own our governments do not want this!
Maybe Trump might inadvertently allow removal of CGT on Bitcoin but I doubt it- he got rich using banks fiat finance and he owes them a lot still.
IMO it is only possible if we fight for it- demand it- ignore the stupid laws and just use Bitcoin for what it was expressly created for - P2P cash payments.
Fuck the government that is owned by parasitic rentseeking fiat bankers who just want to keep us slaves- we will not be free of them until we fight and free ourselves from them.
It can be done- El Salvador has done it, Argentina appears to have, other pockets of true democracy and freedom of markets have done it ~ eg Lugano.
We can do it too I hope...because until then we do not have a free market in money and we do not have free market capitalism - we have crony capitalism controlled by un-elected private bankers.
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I believe that in the long term, the market will have no choice but to shift to a 'bitcoin standard'.
Bitcoin is not perfect, but it is the biggest, most liquid, most available, most secure, most decentralized, PoW asset. As governments go further into debt and take on debt obligations they cannot possibly repay... the gradual shift to Bitcoin just seems so obvious.
To quote MS, we need that 'killer app' than can onboard and educate the next generation of Bitcoiners. I am hopeful that Proton Wallet will do this... the company has a great 10-year track record and they wouldn't be incorporating it (Proton Wallet) unless they really felt that it would be successful and have organic demand.
I have like 8 (?) Proton Wallet invites left and I still don't have any takers. I guess it's possible that they've invited enough people that there are plenty of invites. However I'm still looking for people interested I haven't found any other stackers lol
I think they need to integrate coin control... then we'll really be off to the races.
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I hope you are right.
And yes the Swiss are long experienced in the protection of private wealth being the last(?) nation to drop gold backing currency and obviously having been a safe haven for wealth SoV throughout European history and Protonmail and some Swiss jurisdictions are on the right track...of freedom of choice and markets.
The Swiss also have a very localised and direct form of democracy which enables common sense to prevail where in most democracies corporate capture controls governments.
But Bitcoin might not replace fiat as the dominant currency- Bitcoin is better for individuals but not so convenient for the nation state and the private bankers who have attached themselves to our democracies.
Bitcoin might be relegated to a subservient position, being very hard to use for MoE ie never widely adopted as money and a niche SoV.
There has been a succession of reserve currencies and the USD era looks like it may be closing but whether Bitcoin or The Chinese CBDC Yuan (DCEP) succeeds remains for us to see.
USD vs DCEP vs BTC
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In my opinion we are around 1995/1996 in terms of Bitcoin adoption relative to the Internet.
The Etfs (yes I know they are not self-custody but they are for institutions) are the equivalent to Windows 1995. And lightning is the rough... equivalent to the transition between Dial-Up modems and Cable Modems and Fiber of the late 1990s.
In the mid 1990s the internet was just starting to become for the public... and most people rarely if ever used it. I am optimistic and hopeful that Bitcoin follows a similar trajectory over the next 10-15 years.
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Government money, generally speaking, especially the Chinese kind can never compete with Bitcoin. Full stop. That's like saying the public sector (that has had a 50+ year monopoly) can compete with the private sector that is just now finding its footing. No way.
Bitcoin is already on its way to becoming a very serious store of value. Yes it's volatile or seen as 'speculative' (which is BS) but I'm not sure I would call it a 'niche' SoV?
MSTR (for all the haters out there HA) is the best performing Sap500 stock of the last 4 years and there are some serious institutions talking about Bitcoin custody and long-term value appreciation.
Now that does not mean MoE yet... but it would make sense that large institutions and ultimately banks would 'want it' before more businesses would accept it.
Personally I believe we'll see Btc as a widespread or semi-widespread MoE in my lifetime and it will probably use Lightning.
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