These days, all Bitcoiners are extolling the virtues of stablecoins, but with the caveat that “I don’t like them”.
Curious.
What’s even more curious is that I don’t know what benefits they offer, because in some ways they’re worse than selling Bitcoin for fiat currency; in most countries, if you sell Bitcoin to buy a stablecoin and then sell the stablecoin to buy something, the tax authorities treat that as two separate transactions.
Let’s see:
- Stablecoins are confiscable, just like fiat.
- They are traceable, just like fiat.
- Their use triggers more taxable events than fiat, meaning they generate more tax; perhaps that’s why they’re being promoted too.
Please, at what point did this community suffer a collective brain haemorrhage?
Curious.
What’s even more curious is that I don’t know what benefits they offer, because in some ways they’re worse than selling Bitcoin for fiat currency; in most countries, if you sell Bitcoin to buy a stablecoin and then sell the stablecoin to buy something, the tax authorities treat that as two separate transactions.
Let’s see:
- Stablecoins are confiscable, just like fiat.
- They are traceable, just like fiat.
- Their use triggers more taxable events than fiat, meaning they generate more tax; perhaps that’s why they’re being promoted too.
Please, at what point did this community suffer a collective brain haemorrhage?
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