EU: Dystopia or Overreaction? Debating the Future Amidst Rising Concerns

[Wellington]

Note the EU and the Fed both released papers this week basically saying the same‌

- Bitcoin should be banned because it stops them printing money as it’s an escape‍ route

- Bitcoin is unfair because early buyers benefit from new buyers

They see two⁠ options

- tax it
- ban it

Taxing it = you’ll be legally required to⁤ provide details of your holdings

Banning it = will work because every nation currently debases⁣ in sync with the US to keep their exports attractive internationally as the currency items⁢ are priced in internationally is in $

But that tells you all you need to︀ know

- they are desperate to control it due to debasement

- they are desperate︁ to tax it because it keeps rising and people can loan against instead of selling︂

If they just tax it then it will continue to rise and crush them

If they ban it - somewhere will popup as a haven that has no exterior debt︃ and enough of a market to absorb btc adoption internally but externally have easy enough︄ access to $ for international trade

 

[Martin Everson]

Prohibition is very unlikely as its unworkable. Just like hard drugs if there is demand‍ it will still remain underground in circulation whether illegal or not.

Taxing it requires them⁠ to identify ones holdings. For those who self custody their crypto or even hold in⁤ cold storage it would be burdensome to detect.

There is no easy solution to the⁣ crypto question for EU or even US. In a dystopian world they can go all⁢ out to protect their financial systems but it would be a losing war. They are︀ best to try and compete with their own solution and hope it is more popular︁ 😉

 

[sharklasers]

If my memory doesn't fail me, main purpose of bitcoin creation was protection of one's‍ savings from money printing expropriation. And so far it seems to work just as intended.⁠

 

[AlicaFunk]

where did you get that information from ?

 

[PassinBy]

We're trying to be simplified version of the USA.
We should be trying to be‌ a refined version of Switzerland.

 

[PassinBy]

Or in Zoomer
Be brat Switzerland, not a demure USA.
🙂

 

[koohl]

We still have to‌ learn and wait and see.

 

[Bruce flea]

Few months can change︅ A lot ..
Def not what being said right now .. Everyone is racing to︆ get some.
This isn't a price action comment tho ,but def every country has changed︇ the tone

 

[Aetherial]

One of my activities is, among other things, owning a (online) media outlet. Sometimes when I⁠ publish an article, even though it is substantiated with sources, they send one of the⁤ fact checkers to teach me a lesson. It's a clear message: adapt or we'll make⁣ your life harder. I recently managed to prevent my name from being smeared in the⁢ mainstream.

When my father moved outside the EU because of a nice job opportunity, and︀ moved back years later, the tax authorities investigated him closely and treated him as a︁ criminal in advance. After many legal costs and a lengthy investigation, he was let go︂ (after all, he did nothing wrong).

I grew up in a safe, wealthy society with︃ many amenities and I see with my own eyes how things are deteriorating rapidly.

For these reasons alone I've decided to reside somewhere else, preferably a sunnier place, because I︄ cannot justify paying almost 50% tax to a neoliberal order that goes completely against my︅ interests. And for now I still have the freedom to do so without being taxed︆ until oblivion afterwards.

If it's important to you to have your friends and family close︇ by and the behavior of the leaders align with your ideology, perfect. Stay and flourish.︈ To each his own. Fortunately, it is a big world and with enough $$ you︉ can go and be wherever you want to be.

But I'm packing my bags 🙂

 

[jorge]

True, if that’s the case, how are⁤ regular people supposed to speak up? Not all of us can own X, LinkedIn, Facebook⁣ or any other big social media platform to make our voices heard.