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Bitcoin circular economies - does it basically mean not paying taxes?
1325 sats \ 11 comments \ @Signal312 23h econ
I like to hear about bitcoin circular economies popping up. But one thing I'm wondering about is ... is it mostly understood that people won't be paying taxes on anything that they're sending and receiving bitcoin for?
BTW - I'm not saying that people SHOULD be paying taxes in these situations. I'm just thinking that if these spread, there may be crackdowns.
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70 sats \ 2 replies \ @optimism 23h
I'm working with someone right now to bootstrap a sats-only business, where we start with a 50/50 in taxed fiat liabilities, but moving to full "barter" where taxes aren't due if you don't spend the sats for a predefined period.
It's a bit of an experiment but it could work.
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100 sats \ 1 reply \ @siggy47 22h
That sounds like a great idea. Keep us posted (without revealing too many details)
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72 sats \ 0 replies \ @optimism 19h
I won't be commenting too much on the actual business - it's anyway local so there's no marketing purpose for me talking about it. No point in doxxing.
I was however thinking to make a post with lessons learned when there is something noteworthy we've solved. We've only started discussing this last month and started working on implementing the plan last week.
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87 sats \ 0 replies \ @justin_shocknet 22h
A relatively small percentage of people actually pay income taxes on net
Sales/VAT tax is more common but also not ubiquitous, many states have neither.
Intermediation (and data collection, spreads, censorship, exclusivity) is far more standard and what enables the above.
What percentage of commerce goes through Visa's network?
Cash has its own wrench attack and self custody risk, but is also debased... That's the real tax.
Exchange from cash to coin has spreads, and unnecessary in an ideal world.
The world needs a Bitcoin circular economy, but Bitcoin doesn't need it... That's where people get confused.
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34 sats \ 0 replies \ @konstantin21 21h
It's on each person/business to understand their true tax liability and pay (if required by law). No one is going to advise you to break the law and strangers on the internet can't/shouldn't help determine your own status as a taxpayer.
it's more about the right to privacy and control of ones own funds.
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34 sats \ 0 replies \ @Undisciplined 23h
I don’t think it’s primarily about not paying taxes, but that seems to be assumed.
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0 sats \ 0 replies \ @eduardopro 12h
Check this use case out -- ---> https://www.blink.sv/blog/prospera-adopted-bitcoin-as-a-unit-of-account-hn
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0 sats \ 0 replies \ @RUNSTR 13h
Taxing nostr zaps is hilarious. When the state starts flailing i'd imagine anything would be a potential target.
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0 sats \ 0 replies \ @nichro 14h
Not necessarily. You can just consent to it, for once.
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0 sats \ 0 replies \ @hasherstacker 19h
Quite funny if the taxes is to be paid in sats also.
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0 sats \ 0 replies \ @anon 20h
Use spaces protocol 100% bitcoin, no need for fiat.
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