Fact check: true ✅

Woohoo! Bitcoin is on sale again!

While I was a little miffed that most people got stimmy checks during Covid and I didn’t, and many hundreds of billions of dollars were given to small business owners in the form of forgivable loans an I didn’t get any…I am glad I wasn’t more responsible with paying my student loans…I’ve been paying the minimum since forever…an even though I had to pay 5% interest in the Zero Interest Rate Policy (ZIRP) era, when Covid came and they stopped taking loan payments out of my checking account, i effectively got $2,500 for free every month, tax free, for 3 years …I put it all in to bitcoin. After capital gains tax and net investment income tax and state capital gains tax and even accounting for massively higher than market rate interest payments for over a decade, the roughly ₿4.5 I stacked still puts me ahead almost $200,000 at the moment. But since it’s in bitcoin, someday my ₿4.5 stimmy bitcoins will be worth over ₿3 after taxes which could be a very large sum.

Prediction: Attempts to enforce property tax on UTXOs will be the impetus for creating the first bitcoin nation. Or something else equally stupid but legally possible like forced / forked demurrage… @Peter Todd

Every time a currency has collapsed in the past there has been an alternative ready and waiting for people to adopt it. When people think the USD is going to collapse like Zimbabwe, it’s important to ask the question: and switch to what? Gold fails ever time it’s tried and Bitcoin’s price isn’t anywhere near high enough…so I posit this: USD can’t collapse until Bitcoin price is high enough that blocks could contain enough value transacted to substitute for however interbank settlement happens today. Rest easy doomers. We’ve got time.

I think I’m gonna have to write my own Bitcoin wallet software because no wallet out there lets me do what I want with time locks…bitcoin has complicated absolute and relative time locks available for both transactions themselves and as conditions on spending outputs. I want a wallet that lets me make a signed multisig transaction that becomes valid in 2 years. And another at 3 years. And another at 4 years. And I want my UTXO’s spendable by a recovery key (or lower threshold multisig) in 5 years. This way I can delete the seed used to make my set of “will someday become valid transactions” and can keep the recovery seed physically safe but of zero value to steal. This also wipes out business models where middlemen profit off of helping you safeguard your money. Maybe I’ll quit my job to write this software. Probably not now but maybe in 5 years.

If you want something to stop, you tax it. Maybe to stop inflation banks should be taxed for creating dollars?

Unpopular opinion: if not this cycle, then next cycle, Bitcoin’s expected crash will cause so much “financial turmoil” the then in power democrats will try to abolish or confiscate Bitcoin from Americans. At which time I will quit America.