106 sats \ 2 replies \ @DeezSats 13 Oct 2022 \ on: PayPal Appears To Be Offering $15 To Stop People from Cancelling Accounts bitcoin
Venmo (PayPal) was like the digital cash equivalent for lots of street vendors and small businesses. The IRS' brilliant move to require venmo to divulge your income to them starting this year is going to dry up that space like a prune.
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1 sat \ 1 reply \ @orthzar 13 Oct 2022
That rule will undoubtedly increase usage of cryptocurrencies. But I think the rule could be applied to cryptocurrencies that are controlled by a company (e.g. Ethereum). The IRS could force such companies to add KYC forms to their software. Moreover, the IRS could demand that custodial wallets add KYC forms to their software. So, broader application of that IRS rule could ruin a lot of altcoins and reduce the usage of custodial wallets.
Bullish.
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100 sats \ 0 replies \ @DeezSats 14 Oct 2022
Yeah, Strike and Cash app are in the same boat as Venmo. Vendors and small businesses that want to let their customers pay digitally and want to operate like cash, have to leave the surveillance dollar system behind. Would be nice to see that cause an uptake in self hosted and no-govcoin hosted wallets. Not sure if this is the catalyst but it's definitely a milestone.
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