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Imagine going to Coachella, but for Bitcoin. There’s going to be very few talks. It’s going to be all about the culture of Bitcoin.
It’s a way to actually get more tax revenue from investments. I think, that’s where you were headed a minute ago, Jay, with how they actually practically implement these unrealized gains. I’m not here to argue the merits for or against, whether or not that policy should take place or shouldn’t, but that’s actually how they’re going to get at additional wealth that’s trapped in these ways. I think, it’s a really great way to do it, right? If you want to further the Ponzi scheme and you know that you’re going to print – you’re at the printer of last resort, and where’s all that money, where’s all that wealth being created?
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I think, that’s really the dangerous thing here. I actually don’t think that people will just revolt, because they’re not actually going to do a China bans Bitcoin style thing. It’s huge to make people to pre-pay.
I know this is a Bitcoin room, so I apologize for bringing up a shitcoin. One thing that we saw in the spreadsheet, it works by mining using hard drives, similar to filecoin, but xtrader not quite. They’re told the stories about how bad it is in the US, which is not true for most people. Most people in the US don’t have to wait six months to get very basic shit.
They just borrow against the assets that they have. This in turn causes this Cantillon on effect of additional money printing, because all of those loans that they get against their stock or their assets, it’s all newly printed money. That in turn, causes even more money to be printed and go into the economy, that causes higher prices and stuff. Even if they didn’t get rid of it, they’re saying, they’re going to go back to saying that your cost basis is now their cost basis, which I don’t think is completely unfair, to be totally honest. I’m not totally against all the things, but because you’re not – if that’s not a taxable event, unless they sell it.
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I think, that winds up putting us into a far darker hole when it comes to marginalized communities in this country, man. That’s the part that makes me very passionate. This is a function of making a lot of accountants richer. Let’s take a counter and a thought here and just like, I don’t actually see an unrealized tax bill being passed. I think, it’s political suicide and 70% to 80% of the country’s congressional districts. They may not come for the poorest people in this country, but the richer people in this country, the middle class of this country, the upper middle-class of this country, they’re looking and saying, “Screw that.
That’s going to get defaulted on one way or another. They’re either going to inflate it away, or the country will collapse, or they will default, or whatever else. There’s no prospect to that, or the debt of any other major country is ever, major Western country is ever being paid back. I think, one thing that people really haven’t considered about what we’re going through now is that it’s like this really weird, slow collapse, where we’re starting to see things get jankified, right? There’s some general jankification of society.
Then, it shows you what percentage of the dollars collected in tax revenue are. It’s significantly higher, higher income, collecting the majority of the tax dollars being collected. To say, it’s completely disingenuous and dishonest, to say that the rich aren’t paying their fair share.
- I think, it’s just an afront to Bitcoin, that they don’t understand that Bitcoin is about justice and about equality and about fairness.
- Together, a couple can leave twice that amount, 11.7 million dollars times two to their children, with as an exclusion, and without paying a state taxes on it.
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- Let me talk to you.” They had me and Caitlin Long there for two and a half hours.
It takes the efforts of everyone, the plebs, and it takes grassroots efforts from the bottom up, constituents calling their representatives. It also takes companies weighing in. It takes organizations like the one that Amanda and Joe and Becca and Jimmy and others are part of. Again, it’s always going to be the stochastic step forward, but we are moving forward, even if sometimes we lose ground in the short-term. Amanda, I do want to hear what you were going to say.
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That being said, I do think part of the messaging and the narrative that we’ve overlooked here is that people are seeing the real way to stay flat. They’re seeing a lot of situations where the middle-class, particularly the poor are trapped in these cycles, where they can leverage the Cantillon effect that a lot of other classes can. They are desperate for politicians to be relatable, to put on a dress and say, tax the rich and make them understand, or feel. It just shows some virtual signaling for why they understand their plight. We need to get other people to own and hold Bitcoin, because that does become an immensely powerful tool. People usually like to protect things that they own.
When you step out of line, they basically fund your primary opponent, fund the other candidate, take out really large dollar media campaign ads in your district, etc. I think, that strategy laid out is probably one that is going to behoove us not to pursue. I have been working very closely with at least prior to Harriet Hagerman becoming tapped by Donald Trump, the previous front runner, Java Developer Jobs & Positions Anthony Bouchard, who, when I moved here, he was about as anti-Bitcoin as you could get. In fact, the local conservatives were trying to undo, or were thinking about trying to undo all of the Bitcoin laws that were passed here in Wyoming. Right now, you have people Warren and Sherman that are going against us, and they both happen to be Democrats. If you punish them, guess what?
They use their own brain a little bit. It doesn’t allow for intergenerational wealth. It doesn’t allow fibonacci pattern forex for you to transfer your energy through time and space in the way that Bitcoin is perfected.
Anyways, it’s all a matter of stories. There is a point of no return with this stuff. Most people want to do things kosher. You go, you pay your exit tax, or whatever. There is a point in which, people will be forced to go above and beyond what’s kosher. Even though Bitcoin will be Bitcoin, we’d like to be there a little bit with greater grace and flexibility to make it put in our path, it’s some really big boulders.
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We’re the ones going to get tax for that income and the same way that large corporations don’t hardly ever have to pay tax, the same way large billionaires don’t ever have to pay tax. Because Mark Zuckerberg is worth billions of dollars, but the way he gets money is he keeps his stock in Facebook and he gets loans against that stock. That’s the way in which he could continue to get upside on his business and so on. That’s how a lot of people in the US are. They don’t actually have that many liquid assets.
Yeah, I don’t disagree with that at all. There’s some of the things that need to go to the SEC, some of the things that need to go to FASBI. Getting really marginal changes that really help the adoption of Bitcoin is also part of – I think, part of the formula. I do think, the more macro point that I think Amanda and Becca are saying, I think is still important, to be able to make this a non-partisan issue. The AARP is such a great example, or that’s why Medicare and social security cuts are the third rail of politics.
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I’m not saying they don’t have their assets in risk assets. I’m saying, that they’re continually earning and there is a difference there when you are an earner, how you view taxes. You needed a bogeyman to point out that say, this is why you middle-class Americans and lower-class people are struggling. I think it’s important to not lose sight of that context. When Jay said earlier about Mark Zuckerberg, the really wealthy in the world are not having income, because they’re borrowing against their assets, so there is no income. The only people actually making income are us.
I think, the stepped-up basis attack is definitely practical. I think, the ability to start taxing people on appreciation is going to be much more difficult, not only politically to pass, but also from an accounting standpoint to enforce. Getting help when faced with illness is a problem that’s been with humans as long as there have been humans.