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5 sats \ 0 replies \ @Solomonsatoshi 16h \ parent \ on: Hong Kong - Bitcoin Friendly? Personal View bitcoin
Western 'liberal democracies' like to thimnk they are liberal and free but when it comes to monetary power their governments are owned by the banks, probably more so than in more 'authoritarian' governments where the banks are sometimes more subservient to the political class than in the west.
Anyone who thinks Bitcoin use as a MoE is allowed in the west is ignoring that fact that lawful Bitcoin MoE use in the west is effectively impractical and this obstruction is rendered because Bitcoin is designated a taxable commodity, so anyone using it as a MoE must record every transaction and calulate tax due upon every transaction - WHO THE FUCK is going to do that? Answer more or less NOBODY!
Does anyone here on SN record every zap and pay the tax due? I suggest nobody does.
Ordinary citizens are not going to adopt Bitcoin as a MoE because they do not wish to break the law and there is almost nowhere to spend it even if they wanted to.
Bitcoin has been effectively obstructed from MoE use, except for the small minority of us who believe in it enough to break the law every single time we use it as a MoE.