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0 pointsverdverm5y ago0 comments

Were you a Bitcoin user? Yes, then you won't be a buyer this time around. I will not be putting money in, but I will happily make the bags of others lighter. Of another hype bubble materializes, I will be extracting more of the free money Bitcoin Network printed.

In the states, using crypto is a taxable event. Until that is changed, they can only be stores of value, not currency, as I have no interest in recording every transaction with the IRS. I don't see a differentiation within cryptos coming from USG, so the crypto ecosystem can only be one or the other?

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nostrademons5y ago

I think a store of value is exactly what MicroStrategy (and other large institutional buyers of crypto) are looking for right now.

If it gets to the point where people will be calling on their Bitcoin reserves, the IRS will no longer be a going concern, at least one that anyone will be paying attention to. It's insurance against the collapse of governments, and so any government regulation other than ones affecting its storage & ownership aren't relevant.

f00zz5y ago

Note that places where the local currency is actually collapsing aren't seeing much cryptocurrency adoption. In Argentina people just buy USD. In Zimbabwe people were using equities in the local stock market as hedge against inflation [1].

[1] https://www.bloomberg.com/news/articles/2020-07-06/for-zimba...

d0gbread5y ago

Compared to what.

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