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7 sats \ 2 replies \ @028559d218 7h \ parent \ on: Fama: Bitcoin is Dead (Promarket/Capitalisn't) econ
"The combination of tax reporting obligations making use of Bitcoin as a MoE effectively impractical..."
I never understood this
Yes, like when I zap your comment 7 sats - am I going to record that payment and calculate the tax due based on the cost price of the sats I zapped you?
No - I am not because it would be practically impossible.
The record keeping required to comply is absurdly onerous and not justifiable.
By arbitrarily designating Bitcoin as a commodity liable for tax on capital gains they have slyly made it impractical for any law abiding citizens to use Bitcoin as a MoE.
In general I am law abiding, and in general prepared to pay taxes due - but in the case of LN/Bitcoin consumer payments the compliance requirements are simply unreasonable and so, I refuse to comply.
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I do the same. I believe that eventually, especially with politicians like Mr Trump who are hugely anti-government, people won't care and the benefits to 'using' Bitcoin on Lightning will be so obvious, so overwhelming, and so profitable for businesses that people will use it anyway.
I believe that Lightning right now at least is not the issue. The issue is... well lack of education.
The commenters from major newspapers, even 'high-up' ones don't know anything about Bitcoin except that it's like memecoins and because of that they're not ready for anything else, especially something like Lightning. They generally believe that Bitcoin 'doesn't exist' really and how can you 'spend' that which doesn't exist...
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