Oddbean new post about login | logout Hate to be the one to shit on the Parade, but a Strategic Bitcoin Reserve *will* be built through confiscation and taxation. Here's Senator Cynthia Lummis already hard at work to make it happen: Cynthia Lummis teamed up with Elizabeth Warren to propose the regulation of Bitcoin under anti-money laundering and counter-terrorist financing laws to "combat anonymous crypto asset transactions". Cynthia Lummis also re-introduced the Responsible Financial Innovation Act "inspired by Senator Warren", which introduces higher penalties for "crypto asset crimes", regulates "mixers and tumblers", and increases KYC requirements. For the amount of time Bitcoiners have claimed to be of peculiar intelligence, you are all getting played *incredibly* hard right now. https://m.primal.net/LwoC.jpg https://m.primal.net/LwoD.png
You can separate the money from the state, but you can't separate the state from the money.
1️⃣0️⃣0️⃣✖️1️⃣0️⃣0️⃣ Agree
Good to know. What do you suggest we do? Wasn't this always anticipated? Adoption will always bring regulation. What do you want to be done?
How will it be built by confiscation?
They already have a very good idea of who owns what, and the power to get to nearly anyone.
You are suggesting they will confiscate private citizens’ bitcoin instead of purchasing it?
I'm suggesting they'll threaten prison if citizens sell it to anyone other than them
And it'll be a shit deal
how else do you build a reserve with poor working habits and a spending problem?
Can they not purchase it?
“You all”. Bitcoin isn’t a community. It’s a bunch of individuals who understand the value and utility of an open source monetary protocol and the Network voluntarily built on top of it. There are stupid people using Bitcoin. There are statist. There are political simps and prostitutes. There are all kinds. You sounds like a fool generalizing a massive global contingent of individuals who happen to prefer the best engineering solution to money humans have ever had access to. Maybe work on your ability to think with more nuance.
Okay mate
Lazy and defensive response. Do better.
It’s a bitch. What did you expect. Mute Bitches. No women allowed in Nostr.
This guy likes sausage parties
Married men in good relationships don't need affirmation from harpies.
That’s a stretch 🤨 There’s a chasm between needing validation and declaring no humans with vaginas should use an open protocol
🙏 . I didn’t know which cunts to mute today. You made the list. Hoping for more. https://image.nostr.build/54ba01eeee554201905982a73e686f480964c83a96d7f45dc145c39ffd5556ee.jpg
Simp.
Quite the intelligent refutation https://i.nostr.build/jdoNnOPPLwd4860a.jpg
Bro you have to know he’s trolling
Stopped reading at "mute bitches" and muted you immediately in accordance with your instructions
Innovators aren't community oriented people in the sense that they are too focused on innovation and not on being opinion leaders. However, early adopters are people focused on being 'cool', ahead of the curve and leaders of the community. Wether you like it or not, they will build communities. As we have crossed the chasm, increasingly we will see this play out. Bitcoin will have communities and we won't be in it but the majority will be in those walled gardens.
So? A legitimate use of taxes for once in my life.
Dude wut
I'm just saying if I'm going to have to pay taxes anyways the least the state can do is spend it on the hardest asset known to man.
Copium
What am I coping with? Reality?
You're still being taxed. It's still involuntary.
And if I don't, they'll send armed men to my house to jail me... What about reality do you not understand? I'm not disagreeing taxes are bad and involuntary.... I'm acknowledging reality.
I tend to not want to give the rulers any credit. "Oh but at least they are using it for X now", I won't give then one day of credit.
realistic pragmatism just isnt as sexy as ideological maxiism. you need to work harder to be so hot right now @OceanSlim
"ETF good!" "Trump for Bitcoin!" "NGU" https://media.tenor.com/F38kltWwvYwAAAAC/idiot-congratulations-you-played-your-self.gif nostr:nevent1qvzqqqqqqypzpk9xancv89h24rme53yhl6dh0hyhwce528eu5hrrfcsgvkg3vermqqs9q4hcy4hyh0ynlagxfpjeeh9mknye5phf9zcf6fnzn4eadqa308snkla7j
At some point, a 100% unrealized gains tax will be applied to KYC-ed Bitcoin. It’s nothing new.
How do you figure?
You gaining freedom means someone else losing control. Multiple governments have already floated the idea of unrealized gains tax. They’ll catch up that we’re not selling BTC, and will order to donate to the state more and more. Later in exchange for some new fiat credits.
That's quite a zero-sum view of wealth. Me gaining freedom only means a loss for whoever has control over me, *and* whether or not that "perceived" control is still valuable to them (they can only really control me by directly pointing a gun to my head). There was a point in time when control of others was the only truly valuable thing; the only thing that made you wealthy. Since Smith, we've seen a rapid departure from that power structure due to specialization and trade. Permissionless and borderless payments will only add fuel to that fire.
Just four years ago, modern feudalism showed what it could do. Freedom tech will enable us to fight back, but the current trend is not geared toward more influence from individual self-interest. We are very much a niche that’ll face massive adversity.
I was already wondering if Warren would get a job in the Trump administration, informally or otherwise, to keep her army going.
Would be good to ask Lummis for comment, her general views on financial privacy.
Remember when they come for your Bitcoin that you voted for this. nostr:nevent1qqs9q4hcy4hyh0ynlagxfpjeeh9mknye5phf9zcf6fnzn4eadqa308spzemhxue69uhhyetvv9ujumt0wd68ytnsw43z7q3qmznweuxrjm423au6gjtlaxmhmjthvv69ru72t335ugyxtygkv3asxpqqqqqqzxwg0ts
My feels is the #USA already has one built. No sass.
I agree. The only good bitcoin reserve is promoting policies that encourage your citizens hold as much bitcoin as possible.
yes, this is the big turd hanging overhead. Government oversight and regulation will dent crypto just like it has done with the internet.
Got a bad feeling when sitting through the fucking spectacle of Cynthia Lummis at Bitcoin Nashville. Reminds me of the story about the gingerbread man and the crocodile 😕 Hopefully @BitcoinMagazine won't allow these parasites to hijack further conferences...
'not your keys, not your coins" nostr:note12pt0sftwfw7f8l6svjr9nnwthdxfngrwj29sn5nx98tn66pmz70q0ryd02
If they ever signal they are buying and printing, then Americans/ROW lose confidence in the dollar and front run them. Frankly, probably worse outcomes from the insanity that would cause overall. While it’s upsetting to see so plainly, I don’t see how else they’d achieve this. Did we really ever think the US Gov was going to lay down its biggest weapon because we backed a few politicians? Let’s be real.
Unfortunately the answer to that question seems to be overwhelmingly yes.
Bring it on I pray this happens So bitcoin can crash And I can load the fucking boat up The money is still hard They can finesse the people all they want who gives 300 fucks The money is still hard The supply is still finite 1+1 = 2 No matter how you feel about it Please let this happen so bitcoin can fucking crash and I can load the fuck up
"All it takes is all you got." https://balajis.com/p/all-it-takes-is-all-you-got nostr:nevent1qqs9q4hcy4hyh0ynlagxfpjeeh9mknye5phf9zcf6fnzn4eadqa308spz4mhxue69uhhwmmwwvhxxctvwesjuer9wchsygxc5mk0psuka2500xjyjllfka7ujamrx3gl8jjuvd8zppjez9ny0vpsgqqqqqqs2d2mzf
"*will* be built through confiscation and taxation." I would also add built through ( good old ) money printing. Yeaa. Buying BTC withmoney printed from thin air. The american dream :) "Bitcoin has no top because FIAT has no bottom" -Some guy So, infinite feedback loop incoming ? ( asking for a friend )
I think the Reserve is the worst thing that the government could do, both for Bitcon and for the country/world.
Why would it be bad for the country as an entity?
Because one of the most important measurements of money is velocity, we want capital to be flowing, moving from place to place being used in transactions. If the USG just sets up a wallet or set of wallets and tries to fill them with as much Bitcoin as possible, it will decrease the supply available and that will likely boost the price, but that's the ONLY thing it will do. That helps people and institutions that already own Bitcoin by strengthening their balance sheets, but it also makes it harder and harder for people who have yet to join the network to buy in and participate. A Strategic Reserve is FIAT thinking. We did that with Gold because we issued paper currency or bonds that was backed by the gold at a set price, and for a physical material that required storage and was expensive to transport and utilize that made sense. But that's not the reality with Bitcoin, it costs just as much to store 0.001 BTC as it does to store 1,000 BTC. And I do NOT want the government to issue paper currency "backed" by Bitcoin because I won't be able to trust it. I want Bitcoin to be USED by the government, not just shoved into a wallet. I want it used internally to track capital, from the Taxes that are raised to the Expenses that are paid. I want every department and office of the Federal, State and Municipal governments to track balanced budgets and support real efforts to secure our infrastructure, provide a foundation for our legal systems, ensure that our financial rules are followed and hire contractors to repair and build new physical infrastructure for our utilities and transportation systems that are far more efficient than what we have now. Wealth and income inequality is something that we should be aware of, and it will get worse if we make it harder for people who live paycheck to paycheck or even credit card payment to credit card payment to get onto the new Bitcoin train. The only way to make it really fair would be to let the value of Bitcoin get to $100,000 and then LOCK the USD to Sats exchange rate at 1000 sats per dollar. But that's not going to happen. Maybe when it reaches $1M in BTC price we can revisit, but I won't hold my breath. Just increasing the fiat exchange rate by holding large amounts in a Strategic Reserve will help the people who already have Bitcoin. I'm thinking about everyone else.
For sure. So it sounds like as a store of value it’s good for the country as an entity (in fiat thinking). I was specifically asking about that. I totally agree with you on wanting bitcoin to be used as MoE. Although I think at that point it will be because very few people will be holding on to fiat in the future when they experience dollar devaluation. Even the gov will eventually have to move. Maybe I’m optimistic. Right now, us using it as a MoE helps create an environment for the infrastructure (Lightning, spark, arc, ecash etc) to evolve in time for mass adoption. Totally on the same page with you about what I want to see for everyone! Just wanted to clarify that one specific point - that they could just hold as SoV and benefit from price appreciation (possibly at the expensive of others).
The US Dollar isn't going anywhere. Even Putin in Russia came out after Trump secured his victory that Russia would not stop using the US Dollar for international trade, something that is honestly very good for the US. The less we can see divisions in the world, the better. The government is going to do what the government is going to do. It doesn't matter what I think or what objections I have. I just wanted to put them on the table. Fiat thinking is where most of our real problems come from, and I'd love it if we stopped thinking in those terms entirely. But that won't be for another few decades.
come impressione squisitamente personale, penso anch'io ad un nuovo orsine esecutivo #6102. opinione formata senza analisi e fatti. ma chi si fida dei governi merita di essere poi spremuto ed essere sottoposto ad ogni forma di #confisca. 👇 nostr:nevent1qqs9q4hcy4hyh0ynlagxfpjeeh9mknye5phf9zcf6fnzn4eadqa308spz9mhxue69uhkummnw3ezuamfdejj7q3qmznweuxrjm423au6gjtlaxmhmjthvv69ru72t335ugyxtygkv3asxpqqqqqqzl5v74a
So who’s going to fund a counter argument and show up to Bitcoin conferences to push back?
Bitcoin is first and foremost a technology, therefore a tool. Then it's up to who use this tool and for what. If there's a government in the equation it has always been a choice between two statist 'evils': fight (ban) it or co-opt (regulate) it. That said from a technological soft-determinism perspective Bitcoin is decentralization-biased/oriented instead of Fiat-paper Money tech (clearly a centralized/centralizer one) (Disclosure: I'm no AnCap, so i think some flrm of government/state is a necessary/inevitable evil. I''m just trying to be an objective analyst here)
Bitcoin is first and foremost a political and cultural movement to separate money and state. The technology is the necessary enabler. Without the culture, the technology cannot guarantee or preserve Bitcoin’s decentralization or sound money principles.
I respectfully disagree. Any technology is a product of a specific sub-culture or civilization, but after being invented it gains its own life, independent from the intentions and purpose of its inventors.
https://rumble.com/v5mj2f2-why-the-irs-cannot-simply-steal-your-stuff-if-you-know-how-challenge-them.html I recommend watching this video and others in Peymon's Playlist. Follow the law, assert your rights, stop giving tribute to the Isidious Representors of Satan [IRS].
For me personally mainstream adoption of Bitcoin is more about offering a better currency to the billions of people without that opportunity than completely destroying the current system. Bitcoin is a better currency. It will bring more transparency to everyone. Governments included. I think a lot of people underestimate how much actual change would come from half of the world using this better currency. Changing the currency will change the culture which will change everything. Step by step. #bitcoin
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Dayum, Saif really has the words to get me bullish! 🤣
Dayum, Saif really has the words to get me bullish! 🤣
