BITCOIN as an alternative to regular currency

Post Reply
User avatar
Naffman
Posts: 5626
Joined: Sun Aug 11, 2013 5:46 am

Musk pumping Dogecoin again, over and over again I’m surprised how far he’s gotten considering how dumb he sounds
User avatar
Euler
Posts: 24701
Joined: Wed Nov 10, 2010 1:39 pm
Location: Bet Angel HQ

The fact that people continue to speculate on Dogecoin, which was launched as a parody of the excess of Crypto. Just shows you how far off the mark people are. It really is an interesting reflection on human behavior.
User avatar
wearthefoxhat
Posts: 3206
Joined: Sun Feb 18, 2018 9:55 am

Euler wrote:
Sun Jun 19, 2022 12:48 pm
The fact that people continue to speculate on Dogecoin, which was launched as a parody of the excess of Crypto. Just shows you how far off the mark people are. It really is an interesting reflection on human behavior.
Elon was accepting Dogecoin in payment for Tesla and Tesla merch a while back, price went up, then dropped off. He then said Space X will accept dogecoin.

https://fortune.com/2022/05/28/spacex-j ... musk-says/


Now he's being sued for $258 billion for hyping up the coin.... :roll:

https://decrypt.co/103089/elon-musk-tes ... in-lawsuit
User avatar
Naffman
Posts: 5626
Joined: Sun Aug 11, 2013 5:46 am

51075C44-5870-47CF-B92C-535A542B5672.jpeg
You do not have the required permissions to view the files attached to this post.
User avatar
alexmr2
Posts: 766
Joined: Wed Sep 26, 2018 12:32 am

Naffman wrote:
Mon Jun 20, 2022 6:30 pm
51075C44-5870-47CF-B92C-535A542B5672.jpeg
But what about

1. Having access to it anywhere in the world and not needing to declare it through customs
2. Finite supply unlike the fed's money printers
3. Not needing to carry or store physical cash
4. Privacy and decentralised away from banks
5. Tax avoidance - e.g. selling a high value item without Uncle Sam taking a cut (in a way it's a trade from one asset to another)
User avatar
johnsheppard
Posts: 283
Joined: Mon Feb 04, 2019 6:00 am
Location: Cairns Australia

alexmr2 wrote:
Tue Jun 21, 2022 10:56 pm
Naffman wrote:
Mon Jun 20, 2022 6:30 pm
51075C44-5870-47CF-B92C-535A542B5672.jpeg
But what about

1. Having access to it anywhere in the world and not needing to declare it through customs
2. Finite supply unlike the fed's money printers
3. Not needing to carry or store physical cash
4. Privacy and decentralised away from banks
5. Tax avoidance - e.g. selling a high value item without Uncle Sam taking a cut (in a way it's a trade from one asset to another)
1. Won't any cryptocurrency do that? Any of 1000 of them?
2. Won't any cryptocurrency do that? Any of 1000 of them? Like why hold bitcoin, when there's 1000 others that do the same thing?
3. Nothing unique
4. Maybe...but if you're a paranoid schizophrenic SOMEBODY sees your transaction...
5. If that's a real use case, the gov will have something to say about that...and so they probably should...IMO...
User avatar
gazuty
Posts: 2547
Joined: Sun Jun 26, 2011 11:03 am
Location: Green land :)

alexmr2 wrote:
Tue Jun 21, 2022 10:56 pm
But what about

1. Having access to it anywhere in the world and not needing to declare it through customs
2. Finite supply unlike the fed's money printers
3. Not needing to carry or store physical cash
4. Privacy and decentralised away from banks
5. Tax avoidance - e.g. selling a high value item without Uncle Sam taking a cut (in a way it's a trade from one asset to another)
1 to do anything remotely useful with bitcoin you need to convert it back to Fiat currency. Welcome back to the monitored banking system.

2 how’s the “store of value” theory working out?

3 I haven’t touched physical notes for years

4 I’m a libertarian, but I recognise a well regulated banking system provides society enormous benefits. Crypto doesn’t solve any of the problems you are worried about because to live in the real physical world you need fiat currency for 99% of your daily activities (don’t come back with an argument that 0.000001% of people and business accept crypto now). Crypto doesn’t solve the problems spruikers claimed.

5. I want to live in a society where I don’t trip over beggars in the street and don’t need to build my own private prison (ie live in a gated community with armed guards and think I have freedom) to live without fear of realistic physical harm - so I pay my taxes. And yes I can grumble about the way the government spends my money - but it’s better than no taxes at all.
User avatar
alexmr2
Posts: 766
Joined: Wed Sep 26, 2018 12:32 am

dlro5zwanz691.png
You do not have the required permissions to view the files attached to this post.
User avatar
jimibt
Posts: 3641
Joined: Mon Nov 30, 2015 6:42 pm
Location: Narnia

alexmr2 wrote:
Wed Jun 22, 2022 10:28 am
dlro5zwanz691.png
lol... where are all the paperhands now!! (retired i'd say :D)
User avatar
Kai
Posts: 6092
Joined: Tue Jan 20, 2015 12:21 pm

The only strategy that works here

Image
weemac
Posts: 1216
Joined: Mon Sep 16, 2013 8:16 pm

When the price dips to $4, the price at which I initially rejected the idea of buying some on the basis that it was no different to Monopoly money, I'll probably....errmm... reject the idea again.
User avatar
wearthefoxhat
Posts: 3206
Joined: Sun Feb 18, 2018 9:55 am

As long as a buyer of crypto adheres to following the capital gains tax regs, then all should be good. (assuming profit is made). In the past it seems there were many loopholes that tax could be avoided. ie: Cash in return for a transfer from one wallet to another. (fiat required to ensure value realised).

The silk road debacle showed that the authorities, when they feel motivated, will/can step in and shake things up. Good luck getting caught up in the middle of all that. Even the HMRC in the UK have caught up and could easily make someones life a nightmare if your records aren't up to-date and proven.

Judging by the recent stablecoin shenanigans, there are more losses than gains at the lower end of the foodchain.
User avatar
wearthefoxhat
Posts: 3206
Joined: Sun Feb 18, 2018 9:55 am

Kai wrote:
Wed Jun 22, 2022 12:05 pm
The only strategy that works here

Image

If their hair needs sorting...

hair gel.png
You do not have the required permissions to view the files attached to this post.
User avatar
alexmr2
Posts: 766
Joined: Wed Sep 26, 2018 12:32 am

wearthefoxhat wrote:
Wed Jun 22, 2022 1:01 pm
As long as a buyer of crypto adheres to following the capital gains tax regs, then all should be good. (assuming profit is made). In the past it seems there were many loopholes that tax could be avoided. ie: Cash in return for a transfer from one wallet to another. (fiat required to ensure value realised).

The silk road debacle showed that the authorities, when they feel motivated, will/can step in and shake things up. Good luck getting caught up in the middle of all that. Even the HMRC in the UK have caught up and could easily make someones life a nightmare if your records aren't up to-date and proven.

Judging by the recent stablecoin shenanigans, there are more losses than gains at the lower end of the foodchain.
Tax avoidance (not evasion) isn't that what the rich do anyway? In terms of morals I've never understood why average people are so proud to pay tax (legalised extortion) when those at the top have ways around it and the money will be most likely wasted/laundered through corrupt contracts anyway. A well known politician just blew £11,000,000,000 of public money with no consequences, yet Johnny Bitcoin making a couple of grand on speculation and risk is the one under investigation.

In theory someone selling a high value item e.g. a piece of art could trade it for a cryptocurrency in-person to avoid CGT, and then use the cryptocurrency to buy a car. This is reality in places like El Salvador where restaurants accept BTC.

Today 99% of people still aren't using crypto YET, that will probably never reach 100% but it looks like cash will be phased out and replaced by a digital currency before 2030. This could lead to more people being drawn away from digital surveillance and towards decentralised cryptocurrencies.

More specifically privacy coins which are impossible to trace. Boom, the money just disappeared off the grid into a black hole which can only ever be unlocked by the holder's seed phrase. Imagine how useful it could be to criminal gangs. All they need to do is hide a micro SD card instead of piles of cash
User avatar
ShaunWhite
Posts: 9731
Joined: Sat Sep 03, 2016 3:42 am

alexmr2 wrote:
Wed Jun 22, 2022 10:32 pm
In terms of morals I've never understood why average people are so proud to pay tax (legalised extortion) when those at the top have ways around it.
Morals aren't about whether you personally gain or lose, or what other people do, they're about doing the right thing despite the consequences. People are proud to be taxpayers because they're contributing to society rather than being parasites, that's not a difficult concept to understand.
Post Reply

Return to “Cryptocurrency”