/biz/ - Business & Finance

>>290532
>only in the short term
No, it helps overall by growing the economy.

>Buttcoins
We're not talking about an unregulated currency used by neckbeards. Keep in mind that gold's value is almost entirely speculative as well (is it 11% industrial usage or has that changed since the last time I checked?)

What does /biz/ think about getting rid of cash and going all digital? What sort of policy should we have?

Poll to get an idea of current usage
http://strawpoll.me/1502083

>paper money
>worthless
>give those away for free

I'll dispose of your paper money for you OP. I won't even charge a fee to do it; I'm just that nice of a guy.

Not a trust fund baby, but I have money.

>Do you tell other people you have cash?
No. The only people who know are immediate family and my financial advisor.

>Do you actively try to hide that you have a fair amount of money?
I never actually LIE about it, but I keep relatively frugal spending habits and everyone knows it. They just naturally assume that I have a tight budget.

>how does the IRS think it will be able to enforce the taxation of Bitcoin

The same way it enforces the taxation of things like gold and silver. Go after the dealers / exchanges and require them to report sales over certain amounts and watch individual bank accounts for unexplained deposits.

Underestimate the IRS at your own peril.

>Is the IRS going to hold one big fucking BTC wallet
Err... no. The IRS only accepts payment in USD. They don't want your internet commodity.

I had a similar experience OP.

Don't listen to your Mother. Baby-boomers are irrationally obsessed with real estate. Stick to REITs if you want to humor her.

Study up on investment stategies and make a mix of cash-like (to live on and emergencies), bonds, and stocks in the form of mutual funds / index (stock heavy since you're young) since you probably don't know enough to pick individual stocks. You can find a financial advisor if you want (I dunno about Australia, but advisor fees are tax deductible in the U.S.).

So I can be financially independent while still maintaining a decent lifestyle.

Because the price of goods will never be measured in Bitcoin.

>inb4 b-b-but Bitcoin will replace fiat
No, it won't. Ever.