Treating myself by explaining to the Bitcoin Holy Warriors
that they have to pay income tax in Dollars if they sell their Bitcoin.
You're right, those are missing pieces. But there is some credit creation that happens by default when bitcoin is rising (taxes paid on avg 6 months later - that's a lot!) AND a currency w Bitcoin as a reserve w rooted identity so that debt creation is possible would change this
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I’d be quite surprised if it was able to sustain $20+ in liquid tradable debt while simultaneously appealing to the core constituency of HODLers
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Also a security like Bitcoin is definitionally an asset rather than a liability and the reserve currency system requires liquid liabilities to hold as assets on foreign balance sheets for Balance of Payments issues. It’s just a fundamental constraint on it
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You mean tether and their whole reserve fraud? And no, it wouldn’t change a thing. Admittedly I’m open to the possibility of bitcoin surviving the inevitable tether shutdown
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No, I did not mean like a fraud, don't be a tool.
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