The first rule of Bitcoiners should be to never pay taxes on your Bitcoins, which implies that you should never sell them for fiat currency again, or if you do, it should be on P2P markets.
To spend your Bitcoins, spend them at places that accept Bitcoin payments. That is the ideal situation and what you should strive for.
If we manage to live solely on Bitcoin, then we have won; otherwise, we are losing.
Replies (30)
Or capital gains should be abolished or live where it already has been or at least is limited to short term holders.
True, but don’t go to jail. In Germany Bitcoin gains are tax free after 1 Year
Wait a few years and they will tax you like crazy
Avoid KYC
True.
That’s the plan, meanwhile stack and spend sats. Will be our generation the first who can achieve this goal?
You still have to pay tax on them if you spend them on something other than fiat. The taxman dgaf what you buy with it, just wants his greedy sticky fingered cut
checks out.
although I prefer to use Monero whenever possible so I don't have the utxo management headache.
I haven’t but I’m thinking of using monero as a simple way to unkyc my coins.
There is no such thing as tax free to US citizen plebs
Lol [redacted]
depends on whether you think there will be a 6102 or not
Once you move your freshly self-custodied #bitcoin away from its first home outside of the exchange to the next wallet address, it is no longer KYC bitcoin. Sure it tracks back to you, but that new wallet address could belong to anyone. There is no way to prove that you control those sats anymore. The same is true if you trade bitcoin for Monero. The bitcoin will always trace back to you forever. The difference is that you don’t have any control over how your Monero trading buddy spends your previously KYC’d bitcoin. Why not just spend it yourself? Personally I think the KYC question is a type of FUD that will resolve itself over time. As people begin spending their bitcoin on goods & services.
Tell that to Roman Sterlingov. He traded P2P with someone who bought Bitcoin Fog domain name. Sent that BTC to KYC exchange and got locked up for the chain analysis tying the BTC that touched KYC to Bitcoin Fog domain purchasing. That was the only evidence.
Absolute retarded take. How many people need to be locked up, questioned or even robbed because of KYC
You think the state reasons with people
You think criminals give a shit about your hops when they cutting off your fingers?
Moving coins is definitely not enough. Coinjoins and lightning swaps can go a long way of course. There is always still the concern though that you did visibly buy bitcoin, and if it was a large enough amount to be interesting, well, nobody's gonna believe you just spent it all on zaps and shit at the farmer's market on a Square terminal.
Non-kyc methods of purchase should always be something we are driving forward -- Vexl, Bisq, Hodl Hodl, Robosats, and you know, actually transacting goods and services for bitcoin. Exchanges are a honeypot.
That’s some crazy shit! If he had just spent those coins instead of dumping them for Fiat, he would still be free.
Yeah that's the trap—spending vs cashing out creates totally different legal exposure. Do you think most people even realize that distinction before they get in trouble?
why should it make a difference if he got USD for the coins or a bicycle?
do you think they care?
The person selling the bicycle isn’t going to ask for ID. The Fiat exchange is going to require it and reports all transactions directly to the Government.
True, the Fiat system is sick and twisted! We need to opt out of Fiat and never ever go back. The circular economy of #bitcoin is all you need.
in a highly surveiled society that runs on Bitcoin, its all KYCed.
your hypothetical future where we all use Bitcoin and chain surveillance is futile is extremely implausible.
they are going to map the entire utxo set and the amount of anonymous usage will be a tiny subset.
and if they care enough, they'll just go around and ask the KYCed counterparties youve exchanged with.
So are you saying Bitcoin is the CBDC?
Bitcoin isn't going to be adopted widely enough to be the CBDC
Ok boomer
Since things can’t be deleted it would be very easy for you to screenshot exactly where they said those words and just repost it.
KYC isn't about what happens to the coins afterwards. It's about a list showing you bought X amount of coins on Y date being tied to your real identity that governments and criminals will know (this info will leak eventually it always does - just search all crypto exchange data breaches for this year alone). You can't "unKYC" by coinjoining or swapping to Monero. Does nothing to erase that list.
Goodluck convincing the state and criminals that "there is no way to prove that I control those sats anymore". Doesn't matter if it's true or not. They aren't going to believe you. You're guilty until proven innocent. You're now a target.
GitHub
physical-bitcoin-attacks/README.md at master · jlopp/physical-bitcoin-attacks
A list of known attacks against Bitcoin / crypto asset owning entities that occurred in meatspace. - jlopp/physical-bitcoin-attacks
I have to admit that FCMP++ has been a real game-changer for me.
me alegro
Meanwhile hawk tuah girl and countless other publicly known shitcoiners can rug pull people by the thousands but no target on them.
