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11 sats \ 6 replies \ @Manikese 31 Dec 2024 \ on: How is 'Bitcoin the Money' supposed to function in this environment? bitcoin
Bitcoin is only valuable if it can be exchanged for goods and services. I try to get people to accept bitcoin when I buy goods or services. Hopefully it will take off more as more people start acquiring it.
Every time I spend it (even the 1 sat to comment or 100 sats gasp to post...) it's a taxable event.
Sometimes we just want our money to work and are too tired to get out a spreadsheet and record the time, date, and current exchange rate.
Just to get a coffee. Or to zap a post.
And it can put people, especially if they're high-profile, in incredible legal liability especially if the government doesn't like them or 'what they say'. We should acknowledge this situation imo.
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I am not with you.
There is a difference between being brave... and being dumb.
Having said that, we need a serious and honest discussion about the current situation because it is unworkable.
Lawmakers and policymakers need to understand that Bitcoin is money, not an 'investment' like a stock or bond and that conversation desperately needs to take place.
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I guess your only option is to vote harder. GL
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See we are having a conversation.
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We could all write to our representatives and senators and tell them that the law needs to change. We should not be paying capital taxes when we spend money, and Bitcoin is money.
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