Well done, the problem we usually see in that section are newbies going to complain that they have been scammed, when it is a site that had been exposed as a scammer some time ago, and they only realize it now, when it is too late.

Keep investigating the forum with that curiosity and you'll be fine.

Russia seems to be lurching on this issue as China has been doing for the last 10 years as well, no? Surely they have seen a mine in taxes that they do not want to let go, despite the possibility that Bitcoin gives privacy from the Government and Central Banks, but if they have studied the subject, they know that the vast majority of people buy and sell in centralized exchanges. Many even hold their coins there, so it will be very easy to tax them.

Yes, I think the OP has got a point. I think more at the beginning of bitcoin history there were more idealistic people than we are now. Today we see the path to mass adoption at the hands of regulations and institutional adoption. Surely this is far from the original idea of Satoshi and others like the cyberpunks.

The good thing about Bitcoin is that we have it available just as societies are moving towards the demise of cash, with the loss of privacy that goes with it. It is a tool we can use for privacy and to combat the fiat money scam.

Apart from this, it is difficult to know that certain bitcoins have been used for illicit activities, and when that is known with certainty, years will have passed. And the bitcoins will probably have gone through many subsequent transactions.

As of today, as far as I remember, certain exchanges have blacklisted coins from mixers and casinos, but that does not mean that they come from illicit activities.


As of today, what you say is false, and I doubt very much that it will become true in the future.

Everyone, before starting to invest in cryptocurrencies, should have notions of investment in general, and personal finance, such as the following.

1) Have an emergency fund for unforeseen events.
2) Do not invest money that you need in the short or medium term, depending on the term of your investment.
3) Never borrow to invest in highly volatile assets, and even less based on what you have heard from some Youtubers.

Etc.

Read about personal finance and investing before investing in anything else.

I believe that in many countries they are not prepared for situations like these and when they arise, they would decide on the fly.

If they somehow believed the kid's story, they would make him pay taxes first on capital gains by his father, as if his father had cashed out on the day of his death, and then inheritance tax, death tax, as you call it.

This is all very hypothetical, of course, the best the kid could do is try to move to some country where he would be welcomed with open arms if he goes with a huge amount of Bitcoin.

To me what makes me wonder about this, is if you can pay with your Bitcoin without registering with Swyftx or doing KYC.

Also, and this is one thing I wonder if small crypto payments become more widespread, is how they are going to be taxed.

If they don't put a limit below which you don't have to pay any tax, for example $100 or less, it's going to be a mess to file a tax return. Let's think that crypto payments generally around the world are taxed as capital gains, and with how volatile the market is, I think the only way to file an accurate tax return would be with some program that compiles them all, but this is putting your crypto data in the hands of an external company.

Lol, that's impressive. What impresses me most of all is to reach that number of reports in that time with almost 100% accuracy (the web says 100% but it would be like 99.5%, impressive still).


I am curious also about this.

When your boss called you to say that he had increased your salary, did he do it to tell you to come back or was it as a form of mockery?

Look, assuming what you say is true, I think this willl be result-oriented, meaning that if you are still earning that money or more a year from now, you will think it was worth it, and if you do badly and have to look for a job, you will think you were wrong. Although if you can make a living for yourself, it will always be better than working for someone else.

What I believe is that the rate hike will only affect the short term. In the long term it will not matter the monetary policy or any other FUD, Bitcoin will continue to rise.


I think this is what is really important. Despite the ups and downs of the short term, there is more and more adoption, even institutional, you can pay more and more places with Bitcoin, the hashrate keeps growing, and so on. These facts and the intrinsic characteristics of Bitcoin that make it the best for storing and transferring value will mean that, regardless of the short term ups and downs, as I said before, in the long term the value will not stop rising and rising.

I have said many times in this forum that tough measures such as lockdowns should have been imposed on risk persons only. What happens is that if it is already unpopular to take such measures for the entire population, putting restrictions on mobility only to certain groups could be felt by them as discriminatory. So I partly understand it.

You have expressed yourself like crap here.

I will explain in another way what I have understood, to see if it is clearer.

Fiat has a tendency to depreciate, and Bitcoin has a tendency to appreciate a lot. So, if you use fiat to buy Bitcoin in the future you will be much better off than if you do not.

$40K in fiat today will become $20K in the future.

Conversely a Bitcoin that costs you $40K today will be worth $80 and more in the future.

I don't see Bitcoin becoming a unit of account unless it is a long time from now.

I play poker practically every day, and I wouldn't call it a bluff. It's more of a flight forward. The rulers and central bankers are faced with an economy that needs massive fiat printing like a junkie needs heroin. Since monetary policy is bringing bad consequences such as inflation, they have no choice but to raise rates. But if they raise rates, the economy, economic growth will suffer, because it is as if the junkie starts to get the jones.

Therefore, I believe that they are going to push and raise the minimum, and at the slightest sign of a financial crash or serious problem, they are going to go back to printing as if there were no tomorrow.

This is a problem that started in 1971, which has been getting bigger and bigger.

There is no stopping this, if we were in 2012 I could still believe it, but if countries start to ban Bitcoin mining, there will always be other countries willing to mine. Take El Salvador, for example, and others to come. There is a lot of money at stake, a lot of institutions involved and it has been regulated in most countries in the world.

Surely we will hear news of more countries banning Bitcoin mining and FUDs like that, but Bitcoin will continue to be strong, and getting stronger in the long run.

I am inclined to think that the fiat will not disappear no matter how much its use decreases, as discussed above. Even when gold was used as currency, it coexisted with less valuable coins of other metals. Typically this will be a process where we see more and more use of Bitcoin for payments and less and less use of fiat.

So, going to what the OP was asking, is that it is so relative. As of today we compare Bitcoin to other currencies, mainly the dollar. If in the transition I was talking about earlier it became Bitcoin unit of account, it would be the other way around, we would look at how many satoshis a dollar would be worth at that point. And in absolute terms, in the unlikely event that all other currencies disappeared and only the Bitcoin remained, 1 BTC would be one BTC but the value would be measured based on the things we could buy with it.

What you just wrote is known as confirmation bias. The videos talk about the increase in prices, which is relatively recent, and that makes people have less disposable income, but from there to saying that people have run out of liquidity, there is quite a long way to go.

What is happening now is that people are holding back consumption and a spiral is forming. Higher prices, people are consuming less, banks are lending less, anticipating the rise in rates and taking into account the fall in the value of assets, etc. If you think people don't have money now, I don't know what you will say in 6 months.

I happened to be listening to an interview with him on Youtube two days ago. Pretty smart guy.

The question as you put it is very broad and may give rise to different interpretations.

If we are talking about storing value, Bitcoin is much better than fiat, as fiat constantly depreciates (it is basically a scam, and is something Salinas insisted on in the interview I saw), while Bitcoin is almost perfect for storing and transferring value.

If we are talking about replacing fiat for day-to-day payments, there are a number of question marks that remain to be seen. If it were to replace all the global transactions that are done with fiat today, all at once, it couldn't because of a scalability issue. It is assumed that little by little improvements will be implemented and with secon layers or other solutions it will be possible to cover more and more payments.

We don't have a crystal ball with which to see the future but the most likely scenario is that there will be currencies with which to escape state control.

Arms trafficking, drug trafficking, prostitution (where it is illegal) will not cease to exist. The normal scenario is that Bitcoin or other cryptocurrencies such as Monero will continue to be used, and in the unlikely event that the states manage to get rid of them, there will always be an alternative for illicit activities (and for those who want privacy) such as using banknotes from countries where physical fiat money is still used, gold coins and other metals, etc.

When I read the OP, I thought something like this but I wasn't sure, as I don't live in Africa, but I would say Agbe has expressed what he thinks, which may apply to some country or countries in Africa, but generalizing without any basis.

The Nigerian community is large in Bitcointalk and we can't generalize as the fellow has commented above:


Egypt, Morocco, Nigeria and South Africa have different situations, to name a few.

Is it possible that the Nigerian community is the largest African community on Bitcointalk?

What I believe is that Bitcoin has been a fairly free market since its inception and whoever has wanted to has been able to buy. All this wealth distribution stuff ends up trying to justify a politician to come along and redistribute, which in its extreme versions we already know how it ends, with hunger, misery and millions of dead people. And in the case of Bitcoin it is no different. The good thing is that Bitcoin is much more difficult to confiscate by a politician and redistribute.