Authoritarianism is just going back to the roots of most societies, except with advanced technology this time
good thread from balaji. i have no doubt defi onlyfans is coming, i’m just skeptical it will be widely adopted in an america broadly resistant to buying groceries with bitcoin, and banks will still be a problem. hope i’m wrong. ascendant authoritarianism is the new global norm.https://twitter.com/balajis/status/1428637497785946116 …
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Culture aside, the legal obligation in the US to treat every crypto coin transaction as a reportable tax event (capital gain or loss) makes broad implementation very difficult, unless an entire exchange system is prepared to go black market and take on risk of criminal penalties.
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Every dollar transaction is also a taxable event. (Income tax, sales tax etc)
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with you on everything here except the 'ascendant' part. Was the 1980's really that great? I mean like every song then was about life under some opressor.https://www.youtube.com/watch?v=qs35t2xFqdU …
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I think the hurdles actually won’t be too annoying (without saying any position on the actual situation) CONSUMER SIDE Transfer USD -> Spank / stable coin Use that coin on platform to purchase content / tip creator CREATOR SIDE accept stable/spank Send to Coinbase to cash out
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In theory not hard but now all the regulatory risk moved to the on/off-ramps. And then do you want your KYC'd address to be attached to transactions with Spank?
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Infrastructure still needs some baking but I think it’s gonna happen within 12 months. Stable coins (USDC, USDT, Dai) are easier to understand than Bitcoin and the fiat off ramps are too prevalent for people to easily ban. Money and a lack of better options is a great motivator
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Will be funny if this would drive the real crypto adoption - from regular people to business.
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Sex Workers, NSFW Content Creators & Camgirls really need to embrace the concept of Decentralization. Platforms like OnlyFans, Tumblr & many others monetized our work, only to then throw us off the very platforms we helped build. (a short thread
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Seems inevitable one would be attempted, and *IF* if takes off, an entire generation will be quickly onboarded to Bitcoin. Could have even greater repercussions than El Salvador moving to Bitcoin.
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