MasterOfCoin

#bitcoin

[The White House @WhiteHouse]

I pledge allegiance to the flag of the United States of America, and to the republic for which it stands, one nation under God, indivisible, with liberty and justice for all.

[Chamath Palihapitiya @chamath]

It’s not 1% a year for 5 years.

It’s a one time 5% tax on all assets and it will kill entrepreneurship in California.

Here is an example:

John Doe starts a company. He takes a nominal salary - say $150k for this example - and the rest in equity in the company. Let’s say he owns 20%. He raises VC capital in 2026 from someone that invests $100M into the company and values the company at $6B. This means his 20% is “worth” $1.2B.

I put it in quotes because he can’t actually sell. He has a paper value that putatively says he’s a billionaire. But he actually lives on $150k because that is what his income is. Just because someone decides to make a bet on the business does not mean some bank account in your name magically gets created with $1.2B in it.

Under the proposed tax, however, John Doe would now owe $60M in cash to California in 2027.

How will he pay it?

Is there some buyer you know of, that the rest of the market doesn’t, that will do a deal at the max value when there is a distressed seller like John Doe who needs money he doesn’t have to pay taxes on value he also doesn’t have!

Now imagine that after the tax is assessed, in early 2027, the company takes a write down to $200M. Now his share is $40M. But he still owes $60M. Again, there are no buyers for his shares per se.

He still only makes $150k/yr.

What is this person supposed to do? He now has a “worth” of $40M but owes California $60M.

Should he declare bankruptcy now because he tried to start a business but was retarded enough to do it in California?

So did you really get the billionaires??

No. Because the mega billionaires have already left or are tax structured to minimize the tax or will fight it.

You will, however, drag a bunch of young, energetic folks who want to make things and hire people into bankruptcy court.

Awesome work, Ro. You should be proud.

[MasterOfCoin @_MasterOfCoin]

@patrickbetdavid Shanahan

[MasterOfCoin @_MasterOfCoin]

@elonmusk “Garbage in garbage out”

[Trey Sellers ∞/21M @ts_hodl]

I watched Gensler's full MIT course on bitcoin, and this is not the same man. So strange.

[MasterOfCoin @_MasterOfCoin]

@lexfridman @realDonaldTrump @JoeBiden You should make it a 3 way debate/discussion with @RobertKennedyJr too

[MrBeast @MrBeast]

I’m gonna give 10 random people that repost this and follow me $25,000 for fun (the $250,000 my X video made)

I’ll pick the winners in 72 hours

[MasterOfCoin @_MasterOfCoin]

@IvanOnTech Let’s go go go go go!!!!!

[MasterOfCoin @_MasterOfCoin]

@engineers_feed 40

[MasterOfCoin @_MasterOfCoin]

@yugacohler Djed?

[Paul Grewal @iampaulgrewal]

@secgov has made a number of misinformed assertions about staking over the past few days, and asked a number of misguided questions. Let's set the record straight point by point--there's a lot of FUD to cover. https://t.co/2CBT8mdKke

[MasterOfCoin @_MasterOfCoin]

@coinfessions So what do u do?

[MasterOfCoin @_MasterOfCoin]

@Bitboy_Crypto What is this garbage?

[MasterOfCoin @_MasterOfCoin]

@esaagar Is this tweet a the bottom signal?

[MasterOfCoin @_MasterOfCoin]

@EnronChairman @GerberKawasaki And nobody let it, that was the market

[MasterOfCoin @_MasterOfCoin]

@EnronChairman @GerberKawasaki Because nobody wanted to take delivery of the front month crude contract during the Rona collapse

[MasterOfCoin @_MasterOfCoin]

@0xFranzKafka What’s the median?

[MasterOfCoin @_MasterOfCoin]

@pseudotheos #CCIP

[MasterOfCoin @_MasterOfCoin]

@MoonOverlord CCIP fixes this... #Chainlink

[MasterOfCoin @_MasterOfCoin]

@crypto_bitlord7 Bru, apply some leverage