21 sats \ 2 replies \ @028559d218 OP 5 Oct \ parent \ on: Rambling thoughts of a Maximalist - All 'crypto' goes to zero bitcoin
The taxing of Bitcoin to pay for everyday goods and services (for example through captial gains taxes) is wrong, unethical, and illogical. It needs to stop.
I think my point is that people, myself included, want to spend Bitcoin on day-to-day goods and services. Groceries, cups of coffee, gas in the car whatever. Not because I have much Bitcoin (I don't) but because I believe that Bitcoin is better money and I want to put my money where my beliefs are... convert my fiat to Bitcoin and generally use it like money, like how it was intended. Peer to peer cash.
I believe that the creation and adoption of Bitcoin, as decentralized internet money, in competition to government money or 'Fiat' is one of the greatest events of the 21st century. It is a revolutionary idea that actually competes with governments, competes with the government debt and inflation and it cannot be adopted soon enough to provide a 'check' on government influence, risk, and credit.
With regards to Monero... I have respect for the monero community. However they want crypto to be 'private' and 'untraceable'... but it's BS. The vast majority of people don't care about privacy or how or where they are traced. The vast majority of people have phones that track their every location... and most people don't know that every website they use, without a VPN, probably leaks their IP address and location. It is outrageous and they... don't care.
People will not go out of their way to be 'private' and 'undiscovered'... but they understand inflation and what 'the printer' does to their savings over the long term.
As far as restrictions on self-hosted markets and software... well the EU can pound sand. Bitcoin wallets are open-source and they are everywhere. The more 'restricted' they become at this point the more people will self-custody and the harder to stop Bitcoin.
The real downfall of governments, both in the US and EU is the totally out-of-control fiscal irresponsibility. You can't cheat math forever... and I believe that one day it will be really out-of-hand and undeniable. Then, eventually, people will flock to Bitcoin as a safe-haven and the tools will be strong enough to provide it to the masses.
I agree with you that it is wrong, unethical, and illogical. I'm just describing the facts of the current situation and likely worsening future.
I also like to use crypto for everyday payments. But it's more for ideological reasons like yourself. Spending Bitcoin on white markets for everyday transactions is such a tiny segment of people. Only the real believers will do that. It makes no sense for normal people to do it for multiple reasons (digital fiat is cheaper, faster, convenient, follows the rules of white markets, and widely accepted)
Bitcoin can only compete with government money if you are making the transactions they don't want you to (black market AKA free markets). If you are making transactions only under their rules on their markets they control, of course they are going to play unfairly and make it onerous to use there...they also use legal ambiguity to make businesses fearful
Addressing your Monero comment: That's true they don't care about privacy. But vast majority of people don't care about sovereignty, being free and responsibility that comes with it either. So I'm not concerned with them. Bitcoin and Monero will only ever appeal to a small group of freedom loving individuals (custodians and permissioned use doesnt count i.e. exchanges. I'm talking about really using it). And that's fine. It's a power we didn't have before.
Most don't understand the root of inflation either. It's obvious to us because we are immersed in this stuff and in a bubble. Ask the average Joe on the street and he either doesn't know or doesn't care about that stuff.
Agree that the EU can pound sand. I'm just saying when they get their way, the only escape is non-compliance via black markets (The true free markets). We see this all thru history when government clamps down.
Either way governments are not going down without a fight. Fiat dominance is an existential crisis for them and they'll do every dirty and violent thing they can to maintain it.
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"Either way governments are not going down without a fight. Fiat dominance is an existential crisis for them and they'll do every dirty and violent thing they can to maintain it."
Unfortunately I agree with you. I feel like a crazy person... but I think it's clear at this point that government does not want to lose control of their ultimate power - the money supply. A free, independent, international money separate from state power and manipulation (for example the money printer and interest rates) is a really BIG idea. It's a HUGE idea and in my opinion it's desperately needed.
I respect some of what I read about Monero... but here is my issue with it. I was looking at the 'marketplaces' and 'places to spend' Monero - not black market but gray market mostly... and there are still way way fewer places overall than with Bitcoin.
Monero from what I can tell has maybe 1/20th the total number of places to actually spend it - whether it's gift cards, VPNs, software, food, other peer-to-peer items... the Monero market appears really really small compared to Bitcoin's. I don't really care about the black-market stuff I do not use drugs. I'm interested in lawful commerce, just regular goods and services and Bitcoin has way more of that, although it's still uncommon day-to-day. Basically if you want people to trade with and buy and sell - Bitcoin is by far the biggest crypto market nothing else comes close.
In that sense Monero is just so small. If relatively few people know what Bitcoin is much less how to transact in it... way way fewer know anything about Monero. This is part of the discussion going on with Proton Wallet right now - XMR may be more private (maybe) but the network effects pale in comparison with Bitcoin's and most people will never have the skillset or curiosity to even acquire Monero since it was delisted.
I agree that governments are not 'playing fair'... I believe that Bitcoin transcends governments - Bitcoin is not 'underneath' the fiat system. It is its own separate system maybe above Fiat in some ways it really is the 'ultimate' money.
Something I slightly disagree with... is the idea that custodians don't matter. Businesses and institutions cannot legally custody their own coins - at least for right now. To custody them they really need institutions... no it's not self-custody obviously. But it gets them into the game and this is not a black-and-white issue. Some people and organizations need others that are regulated and audited to hold their coins for them so that they can benefit from Bitcoin financially. And impact the Bitcoin market as well.
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