BITCOIN as an alternative to regular currency
- wearthefoxhat
- Posts: 3205
- Joined: Sun Feb 18, 2018 9:55 am
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....
https://decrypt.co/103089/elon-musk-tes ... in-lawsuit
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)
- johnsheppard
- Posts: 283
- Joined: Mon Feb 04, 2019 6:00 am
- Location: Cairns Australia
1. Won't any cryptocurrency do that? Any of 1000 of them?alexmr2 wrote: ↑Tue Jun 21, 2022 10:56 pmBut 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)
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...
1 to do anything remotely useful with bitcoin you need to convert it back to Fiat currency. Welcome back to the monitored banking system.alexmr2 wrote: ↑Tue Jun 21, 2022 10:56 pmBut 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)
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.
- wearthefoxhat
- Posts: 3205
- 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.
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.
- wearthefoxhat
- Posts: 3205
- Joined: Sun Feb 18, 2018 9:55 am
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.wearthefoxhat wrote: ↑Wed Jun 22, 2022 1:01 pmAs 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.
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
- ShaunWhite
- Posts: 9731
- Joined: Sat Sep 03, 2016 3:42 am
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.