Bitcoins/Litecoins/Virtual Currencies
- Thread starter Tripamang
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Guest, it's time once again for the massively important and exciting FoH Asshat Tournament!
Go here and give us your nominations!Who's been the biggest Asshat in the last year? Give us your worst ones!
Arden
Blackwing Lair Raider
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This would be... kind of insane. But amazing. Going to need some details about what is considered "based in the USA."
Flobee
Vyemm Raider
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Mist
REEEEeyore
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That'll come in super handy when I cash out my SOL losses.
Anyway, it's hilarious because this is just so they don't have to pay taxes on their own memecoin hauls.
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Tmac
Adventurer
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Tmac
Adventurer
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Kind of insane?
Crypto would explode as it would then be the best tax shelter in the world. I wouldn’t have to use my SEP > ROTH conversion anymore. I could just buy BTC straight up.
Arden
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Yeah, I mean. Hard to wrap your head around it. Fiat would essentially be dead... Why would anyone transact in Fiat when you could just use crypto and avoid taxes 100%?
Hope you guys have big SOL bags.
Tmac
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Arden
Blackwing Lair Raider
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Because BTC is an amazing store of value, but SOL is the best option if you are talking about actual on-chain transactions. And if this happens, it will be all about crypto transactions.
GPT always explains it best:
ChatGPT said:
Solana (SOL) is considered a great cryptocurrency for transactions due to the following key features:
1. High Speed
Solana is designed to handle up to 65,000 transactions per second (TPS) in ideal conditions, far exceeding many other blockchains like Bitcoin (~7 TPS) or Ethereum (~30 TPS after Ethereum 2.0 improvements). Its block time is extremely short, around 400 milliseconds, enabling near-instant confirmations.
2. Low Transaction Costs
Solana offers extremely low fees, typically around $0.00025 per transaction. This affordability makes it ideal for micropayments and high-frequency trading.
3. Scalability
Unlike many blockchains, Solana achieves high throughput without relying on layer-2 solutions. Its architecture, based on Proof of History (PoH) combined with Proof of Stake (PoS), allows it to scale efficiently while maintaining decentralization.
4. Energy Efficiency
Solana is significantly more energy-efficient than blockchains like Bitcoin, as it uses a PoS consensus mechanism with PoH to optimize transaction processing. This makes it environmentally friendly while sustaining high performance.
5. User Experience
Fast transactions with minimal fees provide a seamless experience for users, whether they're sending payments, interacting with decentralized applications (dApps), or trading assets on decentralized exchanges (DEXs).
6. Robust Ecosystem
Solana supports a wide range of decentralized applications (dApps), including DeFi, NFTs, and gaming. Its ecosystem's diversity makes it a versatile choice for various use cases, which boosts adoption for transactions.
7. Global Adoption
Solana's ability to handle cross-border transactions quickly and affordably makes it appealing for global users and businesses seeking to avoid traditional banking fees and delays.
8. Developer-Friendly
Solana has tools and SDKs that make it easy for developers to build on the platform. Its growth in applications increases the utility and use cases for SOL as a transactional currency.
Summary:
Solana's speed, low cost, scalability, and energy efficiency make it a top choice for crypto transactions, especially in environments requiring high throughput, such as retail payments, DeFi platforms, and blockchain gaming. Its growing ecosystem further solidifies its reputation as a reliable network for everyday use.
Solana (SOL) is considered a great cryptocurrency for transactions due to the following key features:
1. High Speed
Solana is designed to handle up to 65,000 transactions per second (TPS) in ideal conditions, far exceeding many other blockchains like Bitcoin (~7 TPS) or Ethereum (~30 TPS after Ethereum 2.0 improvements). Its block time is extremely short, around 400 milliseconds, enabling near-instant confirmations.
2. Low Transaction Costs
Solana offers extremely low fees, typically around $0.00025 per transaction. This affordability makes it ideal for micropayments and high-frequency trading.
3. Scalability
Unlike many blockchains, Solana achieves high throughput without relying on layer-2 solutions. Its architecture, based on Proof of History (PoH) combined with Proof of Stake (PoS), allows it to scale efficiently while maintaining decentralization.
4. Energy Efficiency
Solana is significantly more energy-efficient than blockchains like Bitcoin, as it uses a PoS consensus mechanism with PoH to optimize transaction processing. This makes it environmentally friendly while sustaining high performance.
5. User Experience
Fast transactions with minimal fees provide a seamless experience for users, whether they're sending payments, interacting with decentralized applications (dApps), or trading assets on decentralized exchanges (DEXs).
6. Robust Ecosystem
Solana supports a wide range of decentralized applications (dApps), including DeFi, NFTs, and gaming. Its ecosystem's diversity makes it a versatile choice for various use cases, which boosts adoption for transactions.
7. Global Adoption
Solana's ability to handle cross-border transactions quickly and affordably makes it appealing for global users and businesses seeking to avoid traditional banking fees and delays.
8. Developer-Friendly
Solana has tools and SDKs that make it easy for developers to build on the platform. Its growth in applications increases the utility and use cases for SOL as a transactional currency.
Summary:
Solana's speed, low cost, scalability, and energy efficiency make it a top choice for crypto transactions, especially in environments requiring high throughput, such as retail payments, DeFi platforms, and blockchain gaming. Its growing ecosystem further solidifies its reputation as a reliable network for everyday use.
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Tmac
Adventurer
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The article refers to capital gains. Why would I care about on chain transactions?
Arden
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Currently, every time someone uses crypto for purchases, the transaction triggers a capital gains tax event if the value of the crypto has changed since it was acquired. This creates a logistical and financial burden for users who must track gains and losses for tax reporting. By eliminating taxes, crypto becomes as simple to use as cash or credit cards, removing a significant barrier to everyday transactional use.
This would be a huge step in the process of leaving fiat transactions behind and operating entirely within the crypto ecosystem.
Edit: Obviously, this is all theoretical. I'm not an expert in this area of the law, but I'm pretty sure this isn't one of those things Trump can just wave his wand and make happen. Congress would need to be on board, and it's far from certain they would be.
Arden
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Chukzombi
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You're very kind, Mist. I must warn you though. I am a massive asshole.