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https://warpcast.com/~/channel/politics
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thoughtcrimeboss
@thoughtcrimeboss
Warpcast, the most popular client for the Farcaster social media network that's built on Ethereum rails, just instituted a policy in which if you live in the United States and earn more than $600 in Warpcast's USDC rewards program (rewards are based on how much engagement your posts are getting), you now have to dox yourself and file a 1099 IRS form. You can at least opt out of the rewards if you don't want to dox yourself. Will mobile Nostr clients have to do something similar one day IF they want to be in the app store? This new Warpcast policy is likely related to the IRS's new $600 rule (takes effect in 2026) which requires digital payment apps such as Venmo, Paypal, and Cashapp to generate 1099k forms for any customer that does more than 600 dollars in cumulative transactions. This rule shifts the burden of proof from the IRS to the taxpayer, as even if you don't actually owe any taxes you now have to prove it for every single transaction. This is draconian, invasive, mass financial survelliance.
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thoughtcrimeboss
@thoughtcrimeboss
I am not a tax expert but I am assuming that you can now imagine such lovely situations as this: -You make some money at your 9-5 -You pay income tax on that -Then you use your remaining earnings to buy a computer for 1500 bucks -You get taxed again via sales tax and tariffs -Eventually you decide to upgrade and sell your now used computer at a loss for $800, receiving the payment via Paypal. -Congratulations! you just triggered the automatic tax reporting requirement for having more than $600 in total transactions! -It's now up to you to find your receipt and prove you lost money when you resold your computer or you will be taxed a third time!
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thoughtcrimeboss
@thoughtcrimeboss
It's dumb shit like this that demonstrates how important it is for us to use $BTC and $XMR to create resilient alternative systems and circular economies outside of state control. Also people should consider doing more bartering to help deny the State tax revenue, if I get paid in eggs can you tax me on it? The $600 threshold is so ridiculously low, it just shows how greedy and desperate the state has become to suck every dollar out of every taxpayer. The threshold before this new law was $5,000. It's not like they're going to spend the extra revenue on anything good. They're just going to spend it on killing people, mass imprisonment, mass surveillance, and funding more extortion and tax slavery.
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