Tuesday, January 23, 2018
Digital currencies could eventually force taxation only of consumption
Richard Holden and Anap Malani write, “Why the I.R.S. fears bitcoin”, link.
The basic issue is that the block chain, while public, allows the transaction actors to remain anonymous. So there is no way to track the bitcoin economy.
If digital currency really becomes the norm, governments would have to switch to all consumption taxes, which would be bad for lower income people.
Any alien civilization would have mastered the blockchain concept (and thought of it first). That leaves us with the speed of light to get around in a galactic financial system.
But consider the video above.