B1tR0y on Nostr: I think it's time to rehash some of the reasons that IMO spending #Bitcoin doesn't ...
I think it's time to rehash some of the reasons that IMO spending #Bitcoin doesn't make sense to me at this particular moment in history:
1) The Tax Code:
In US at least it's absolutely bananas when attempting to figure out the cost basis of #bitcoin whether it's short or long-term capital gains, and then the purchase price of the product. Anyone who actually attempts to use this as their daily currency would be overburdened here IMO.
2) The Infrastructure isn't ready:
While there has been great progress with lightning Network and other second layer solutions, most of the easy to onboard second levels are centralized and have yet to develop the Slick interfaces necessary for Mass adoption.
3) Why separate yourself from the hardest asset in human history (#bitcoin ) when enough people are still willing to sell you real world goods when you use your slave Beads (fiat currency)?
IMO this window is closing & at any time it could shut forever. Don't risk your #BTC stack.
4) The $ price of #Bitcoin is still highly suppressed by #tradfi.
IMO this suppression will unravel as more people DCA and hold #sats in wallets that they create themselves which will in turn drive the $ price and also in tandem further development of 2nd level scaling for #btc
In summary, IMO as more dollar cost averaging plebshold their #btc in self custody it will not only drive the Fiat price of bitcoin, but also the second and third layer scaling Solutions in a more easy to adopt method that will allow for the true separation of state from currency
Published at
2023-07-13 22:57:57Event JSON
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"content": "I think it's time to rehash some of the reasons that IMO spending #Bitcoin doesn't make sense to me at this particular moment in history:\n\n\n1) The Tax Code:\n\nIn US at least it's absolutely bananas when attempting to figure out the cost basis of #bitcoin whether it's short or long-term capital gains, and then the purchase price of the product. Anyone who actually attempts to use this as their daily currency would be overburdened here IMO.\n\n2) The Infrastructure isn't ready:\n\nWhile there has been great progress with lightning Network and other second layer solutions, most of the easy to onboard second levels are centralized and have yet to develop the Slick interfaces necessary for Mass adoption.\n\n3) Why separate yourself from the hardest asset in human history (#bitcoin ) when enough people are still willing to sell you real world goods when you use your slave Beads (fiat currency)?\n\nIMO this window is closing \u0026 at any time it could shut forever. Don't risk your #BTC stack.\n\n4) The $ price of #Bitcoin is still highly suppressed by #tradfi.\n\nIMO this suppression will unravel as more people DCA and hold #sats in wallets that they create themselves which will in turn drive the $ price and also in tandem further development of 2nd level scaling for #btc \n\nIn summary, IMO as more dollar cost averaging plebshold their #btc in self custody it will not only drive the Fiat price of bitcoin, but also the second and third layer scaling Solutions in a more easy to adopt method that will allow for the true separation of state from currency \n\n\nhttps://nostr.build/i/d1642e92e8de8eadb5aa28af54d2fe606fc06c658ad3e0f8a6d80ad6a14fa837.jpg",
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