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Crypto taking a beating


redstripe
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The fundamental value and point of bitcoin is to take ownership of your own worth. To remove the need for a central third party. 
 

If you still fundamentally trust a third party more than yourself, your decision to send dollars to an exchange for a picture of an account balance and an unenforceable IOU is just speculative risk-on asset investing. That’s why Wall Street has sold off this past month+ too

some day people will recognize that it is hard money though; and the only way to secure your own share of that hard money is by holding your private keys. 

 

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10 minutes ago, WeinkeToWarrick said:

No, therein lies the beauty of peer to peer network 

Governments can still make it illegal if they chose and make things difficult.  Issue is ease of circumvention.   

 

https://cryptobriefing.com/russian-banks-want-to-ban-self-custody-crypto-wallets/

 

https://www.numbrs.com/eus-vote-to-ban-cold-wallets-is-a-big-threat-to-the-use-of-self-custody-wallets/

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8 minutes ago, WeinkeToWarrick said:

Bitcoin’s value prop is world’s apart from any others.

It’s value is the value of freedom. Freedom of transaction is the precursor to all other freedoms and that is what bitcoin provides. How that gets priced in dollars fluctuates wildly due to major market manipulation by big players.

Bitcoin or any other crypto coin's value is only what people are willing to pay for it W2W.

If you think governments are going to allow us the freedom of anonymous transactions without taxation and regulation long-term I think that you're incorrect.

Providing us that freedom would require their relinquishing of control, I don't think that's going to happen.

 

 

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Just now, Jimmy Hoffa said:

Bitcoin or any other crypto coin's value is only what people are willing to pay for it W2W.

If you think governments are going to allow us the freedom of anonymous transactions without taxation and regulation long-term I think that you're incorrect.

Providing us that freedom would require their relinquishing of control, I don't think that's going to happen.

 

 

They won’t willingly relinquish it but they won’t be able to control the spread and will ultimately succumb to embracing it when fiat fails

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5 minutes ago, Jimmy Hoffa said:

Bitcoin or any other crypto coin's value is only what people are willing to pay for it W2W.

If you think governments are going to allow us the freedom of anonymous transactions without taxation and regulation long-term I think that you're incorrect.

Providing us that freedom would require their relinquishing of control, I don't think that's going to happen.

 

 

+1.     I think W2W is stuck circa 2016. 

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1 minute ago, WeinkeToWarrick said:

Prohibition sure kept everyone from drinking.

Now imagine the alcohol could be stored on something the size of a USB drive

Good luck 

Still too speculative for me.

Until a person can easily buy a pack of gum or soda at the corner store with cryptocurrency, it's acceptance is basically non-existent. 

So therefore the trading value is based on a "wouldn't it be great" scenario of global acceptance as legal tender sometime down the road.

I don't think global acceptance is going to happen, banks and governments will not give up control of our global financial systems because we want freedom.

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And Jimmy, I understand your argument. I really do. 

But do you think it’s the government’s place to tax a transaction between me and you? For a corporation to receive a cut of the amount?

Not whether you think “that’s the way it works so swallow the pill”, but fundamentally, should me and you be allowed to transact without oversight, regulation, or friction-inducing costs? 
 

If you think we should be able to, you are on the road to understanding Bitcoin. And that idea can’t be put back in the bottle.

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1 minute ago, Jimmy Hoffa said:

Still too speculative for me.

Until a person can easily buy a pack of gum or soda at the corner store with cryptocurrency, it's acceptance is basically non-existent. 

So therefore the trading value is based on a "wouldn't it be great" scenario of global acceptance as legal tender sometime down the road.

I don't think global acceptance is going to happen, banks and governments will not give up control of our global financial systems because we want freedom.

Strike is going to make this a reality sooner than you think 

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Just now, WeinkeToWarrick said:



But do you think it’s the government’s place to tax a transaction between me and you? For a corporation to receive a cut of the amount?

should me and you be allowed to transact without oversight, regulation, or friction-inducing costs? 
 

If you think we should be able to, you are on the road to understanding Bitcoin. And that idea can’t be put back in the bottle.

Hell no it's not the governments place to interfere with commerce.

But that won't stop them from trying to exert control and domination...

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Just now, WeinkeToWarrick said:

And Jimmy, I understand your argument. I really do. 

But do you think it’s the government’s place to tax a transaction between me and you? For a corporation to receive a cut of the amount?

Not whether you think “that’s the way it works so swallow the pill”, but fundamentally, should me and you be allowed to transact without oversight, regulation, or friction-inducing costs? 
 

If you think we should be able to, you are on the road to understanding Bitcoin. And that idea can’t be put back in the bottle.

What taxes are you referring to?  What corporations?   I’m confused.  Sales tax?   Every crypto transaction currently triggers a taxable event which if there are gains since acquisition, you must pay.   Those regulations are in place and that won’t go back into the bottle. That’s a reality that removes one of the biggest advantages of crypto for tax evaders prior to the new IRS regulations.   
 

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12 minutes ago, WeinkeToWarrick said:

I think you enjoy the casino of the price action and not the fundamental freedom that bitcoin does and can provide. Ward of the state.

I haven’t looked at my portfolio in months.  The pure libertarian ideal of BTC went away years ago. I initially believed in the same freedoms that you speak of now and mourn those days as I hate banks.   That changed. That’s really when I lost interest.  Obviously I enjoy action when going up, but have mourned the days when I thought it was a vehicle for large change. 

i now believe  more than ever that it’s possible BTC was test run by US Govt to implement a cashless system for purposes of taxation…it was always traceable. 
Where you going to easily cash out your crypto to USD without KYC?  
 

 

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24 minutes ago, IAG said:

I haven’t looked at my portfolio in months.  The pure libertarian ideal of BTC went away years ago. I initially believed in the same freedoms that you speak of now and mourn those days as I hate banks.   That changed. That’s really when I lost interest.  Obviously I enjoy action when going up, but have mourned the days when I thought it was a vehicle for large change. 

i now believe  more than ever that it’s possible BTC was test run by US Govt to implement a cashless system for purposes of taxation…it was always traceable. 
Where you going to easily cash out your crypto to USD without KYC?  
 

 

blockchain.com

 

convert to dollars, cash to bank 

 

located in Luxembourg 

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47 minutes ago, WeinkeToWarrick said:

I don’t plan on converting BTC to USD. 

The libertarian ideal has not gone away if you have your own wallet. 

Like I said originally, I don’t think you really get it. Why even keep any on an exchange at this point?

I’ve explained.  Until you can buy everyday items in BTC most people will want their profits in USD.  and when you do trade/buy with crypto do you understand the tax Implications?   Or are you just going to not pay taxes?  No judgment, just curious.  
 

I get it.  I got it years ago…but things have changed whether you want to accept it or not.  
 

And as if the tax refs years ago weren’t enough

https://www.theverge.com/2021/11/8/22770798/biden-infrastructure-cryptocurrency-bitcoin-crypto-tax-irs-treasury

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