gloom

Everyone in crypto needs to take a hard look at the bad shit behind the latest boom. A case of “with friends like these who needs enemies.”

Crypto getting in bed with Trump fundamentally begs the question of why we’ve been trying to build this stuff in the first place. Even if you don’t care about the political project, the backlash political project in a few years will care about you.

Stablecoins are in one sense a deal with the devil. I’m very ambivalent about them. If they didn’t simplify taxes I likely wouldn’t use them. Long term, every crypto transaction being a capital gains taxable event is unsustainable. Kinda like linking health insurance to employment in the US, an incredibly dumb model that got locked in due to expedient path dependent hacks in the 1930s.

I suspect octroi is a better model for crypto taxes.

Everyone in crypto needs to take a hard look at the bad shit behind the latest boom. A case of “with friends like these who needs enemies.”

Crypto getting in bed with Trump fundamentally begs the question of why we’ve been trying to build this stuff in the first place. Even if you don’t care about the political project, the backlash political project in a few years will care about you.

Stablecoins are in one sense a deal with the devil. I’m very ambivalent about them. If they didn’t simplify taxes I likely wouldn’t use them. Long term, every crypto transaction being a capital gains taxable event is unsustainable. Kinda like linking health insurance to employment in the US, an incredibly dumb model that got locked in due to expedient path dependent hacks in the 1930s.

I suspect octroi is a better model for crypto taxes.

https://open.substack.com/pub/programmablemutter/p/the-new-crypto-is-criming-and-state

Delver at contraptions.venkateshrao.com, running summerofprotocols.com, host of /gloom ☀️

what do you think are some foundational changes to set things in a better direction?

Stop supporting political candidates based on whether or not they support crypto