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0 sats \ 4 replies \ @Solomonsatoshi 10 Dec \ parent \ on: The Fallacy of Store of Value vs. Medium of Exchange bitcoin
Blind faith is blind faith. There is no contest of ideas with it. No reasoned debate.
Dealing with the real world is a different thing.
Lets deal with reality shall we-
The fiat debt slavery bankers cartel is the most powerful, well connected cartel and market fixing parasite on the planet.
I have described above how they are obstructing Bitcoins use as a MoE and how they can be reasonably expected to do anything in their power to prevent Bitcoin from meaningfully competing with their MoE hegemony.
Or do you disagree?
I disagree. If Bitcoin is appealing enough to hold and use on its own merits... then people will use it. To save, to transact, to send and receive.
Personally I really like proton wallet, I have used it a few times and the 'use case' of sending something like Bitcoin with it is just so obvious... it's a no-brainer imo.
The governments cant try to to obstruct that all they want... but I don't think they will be that successful. As a matter of fact, I don't think it's government obstruction that keeps people from using Bitcoin right now. It's the lack of education instead.
People who already use Proton can easily switch to Proton Wallet... buy some Bitcoin on an exchange and send it to PW. Then pay for things in it, save it, travel with it whatever they want to do.
There is no reason the 'fiat debt cartel' can stop that.
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You ignore repeatedly the comprehensive and extensive OBSTRUCTIONS to MoE Bitcoin use that I have described.
You dont accept that government obstruction prevents use now? How can any citizens use Bitcoin legally while accounting for each and every transaction for CGT assessment purposes? It is a nonsense to expect anyone to keep such detailed records of each and every transaction using Bitcoin- currently if you use Bitcoin for MoE on a regular basis you are almost certainly doing so in breach of the law!
Governments and bankers are absolutely and determinedly obstructing Bitcoin use- ask any business that accepts Bitcoin if they have told their bank and what their banks response was- most cases they do not tell their bank because to do so risks loss of fiat banking access!
These are the facts you are ignoring.
Agree that Proton mail acceptance and provision of a wallet is a good thing- based in Switzerland they have a fairly supportive jurisdiction and like El Salvador Switzerland is generally accepting of the rights of citizens above those of fiat debt bankers- note Switzerland was the last nation to retain a gold backed currency- so yes there are some areas of hope...but also many areas for concern too because unfortunately they are outliers and much more exceptions than the rule.
Bitcoin is an excellent form of money for the individual user but it is equally a very challenging concept for the operators of fiat debt based monetary systems. Bitcoin has the potential to take away their power and wealth...and they know it.
That is why they have in nearly all jurisdictions either obstructed it or outright banned it.
El Salvador has allowed Bitcoin MoE and that may well be in part because they did not operate a state fiat system and so the state lost nothing by allowing Bitcoin MoE use- that situation is not the case in most countries.
You can ignore the logic and imperatives of the fiat debt monetary system operators but that does not remove them from reality- they are very real and very motivated to prevent Bitcoin from displacing their fiat hegemony.
As long as Bitcoin is almost exclusively used only as a SoV they are safe- if Bitcoin were to even begin to emerge as a widely used MoE competitor the legacy fiat powers have positioned themselves very nicely for a ban on private custody...they are everyday increasing the amount held under institutional custody and they have to date prevented any significant use of Bitcoin for MoE.
There is no inevitable outcome- it is however a real contest for control...between Bitcoin and the fiat cartel...
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Well I mean yes you are right.
People have to just decide... to ignore the CGT laws and restrictions and spend Bitcoin, where they reasonably can, day to day. Because like you said tracking every zap, every lightning transaction would be nearly impossible (if not outright impossible) for CGT purposes.
Beyond individuals and small organizations (?) ignoring the CGT taxes on Bitcoin... the voters have to come together to a form a constituency that demands the removal of CGT taxes on at least small Bitcoin transactions. That way it has the chance of being used as a MoE...
I think at that point education is important too. Relatively speaking larger transactions, sending whole UTXOs, will be for on-chain. And Lightning will be for smaller transactions that are almost instantaneous.
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Yes so they are obstructing use and quite deliberately and comprehensively.
How many people want to be breaking tax laws just to use Bitcoin as a MoE?
And how many businesses are prepared to risk loss of banking access just to accept Bitcoin from the few customers who would pay with it? Just a few.
It is very sly and successful obstruction and we need to fight back.
We need first to acknowledge the obstruction before it can even be addressed and removed.
We need to get this obstruction removed and have the freedom to pay with sats or fiat on an equal basis- when if ever will we achieve that?
Education might help some yes, but IMO it will take a lot of civil disobedience and lobbying and demanding our rights too. Yes voters have some power and backed by education and awareness that can be a means of change.
It can be done if we acknowledge the systemic obstruction the legacy fiat powers are slyly applying- it will never happen if we just assume it will.
This is a war for the freedom to choose our MoE...and the legacy powers are extremely well positioned and determined...and yet so few Bitcoiners so far even recognise what we are up against.
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