السلام عليكم
Hi Misty
I haven’t solved for this either but it is something I've been thinking about along with how we can best develop a bitcoin economy.
Although taxes are not fun or ideal, capital gains is less than income tax so if conversion to fiat is needed it can be strategically done. I also think there are advantages in keeping some UTXOs tracked for spending and others secret for savings.
The system of paying taxes on property you already own seems silly and little different from renting? Purchasing property is a tricky issue and personally I find little benefit in doing so within the USA. International housing market looks more appealing from many angles. It is unfortunate that having a physical address is required to access so many things in the fiat world. I spent a year living in a camper, moving from place-to-place and learned how challenging this can be first hand. With the right local connections it is possible to overcome this! Very likely we will see lots of physical, bitcoin-community locations popping up around the planet over the next decade.
For many who are unbanked bitcoin has already proven to be functional and beneficial, but depending on your jurisdiction some fiat connections may be necessary still for some time. That digital-to-physical energy conversion has to happen somewhere. Many of the Nostr clients are already serving as a kind of second-layer bitcoin bank with the zapping functionality and federated mints. The “be your own bank” trend will likely increase along with adoption. It will continue to be interesting to observe how governments try to control this with banking licenses over the coming years. The stronger bitcoin-communities become the more likely they will be able to project political influence - it seems like we are actively entering this stage.
This diplomatic, late-stage network-state is what concerns me the most, as with all things political they tend to get quickly corrupted. I am reminded that, “Bitcoin simply must be for enemies, or it will never be for friends.” and I look around at the growing Nostr community and am encouraged to see friendly intentions amongst the current majority.
النَّبِيَّ صَلَّى اللهُ عَلَيْهِ وَسَلَّمَ قَالَ الرَّجُلُ عَلَى دِينِ خَلِيلِهِ فَلْيَنْظُرْ أَحَدُكُمْ مَنْ يُخَالِلُ
TimIsACoach / ابو مريم
npub17v…8cc5z
2024-07-29 12:01:09
in reply to nevent1q…pu4u
Author Public Key
npub17veg2gt7ja4dnjhs23jyttvpqlde3ajevlxuumxwghnqmgqwuv4q78cc5zPublished at
2024-07-29 12:01:09Event JSON
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"content": "السلام عليكم\n\nHi Misty\n\nI haven’t solved for this either but it is something I've been thinking about along with how we can best develop a bitcoin economy. \n\nAlthough taxes are not fun or ideal, capital gains is less than income tax so if conversion to fiat is needed it can be strategically done. I also think there are advantages in keeping some UTXOs tracked for spending and others secret for savings. \n\nThe system of paying taxes on property you already own seems silly and little different from renting? Purchasing property is a tricky issue and personally I find little benefit in doing so within the USA. International housing market looks more appealing from many angles. It is unfortunate that having a physical address is required to access so many things in the fiat world. I spent a year living in a camper, moving from place-to-place and learned how challenging this can be first hand. With the right local connections it is possible to overcome this! Very likely we will see lots of physical, bitcoin-community locations popping up around the planet over the next decade. \n\nFor many who are unbanked bitcoin has already proven to be functional and beneficial, but depending on your jurisdiction some fiat connections may be necessary still for some time. That digital-to-physical energy conversion has to happen somewhere. Many of the Nostr clients are already serving as a kind of second-layer bitcoin bank with the zapping functionality and federated mints. The “be your own bank” trend will likely increase along with adoption. It will continue to be interesting to observe how governments try to control this with banking licenses over the coming years. The stronger bitcoin-communities become the more likely they will be able to project political influence - it seems like we are actively entering this stage. \n\nThis diplomatic, late-stage network-state is what concerns me the most, as with all things political they tend to get quickly corrupted. I am reminded that, “Bitcoin simply must be for enemies, or it will never be for friends.” and I look around at the growing Nostr community and am encouraged to see friendly intentions amongst the current majority. \n\nالنَّبِيَّ صَلَّى اللهُ عَلَيْهِ وَسَلَّمَ قَالَ الرَّجُلُ عَلَى دِينِ خَلِيلِهِ فَلْيَنْظُرْ أَحَدُكُمْ مَنْ يُخَالِلُ",
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