Not sure I am convinced of the premise that crypto will become this widely used currency.
I also don’t think crypto as its currently constructed provides any new issues for governments to track peoples wealth. Dark money is already widely prevalent and even when governments know about it they struggle to stop it due to all sorts of factors, one big one being a lot of banks are complicit in money laundering.
Crypto is so tainted by scammers I think it will be hard for it to gain general acceptance (by this I mean the level of acceptance fiat has) anytime soon.
For the most of us (who don’t have cases running in the apex courts) the Jurisdiction that applies is the local one which is not the Police Office but your Company’s or School Office.
If Police have to pickup a student from the University, they have to ask permission from the Pricipal. Same with the employer’s. So in this age, the ultimate authorities are double fold, the education system and the Company structures.
I am not a lawyer but I don’t think that a university or a company can deny access to law enforcement.
The power of the corporations is two fold, the Distribution/Network & the cashflow. The moment when the bitcoin start to become money (sooner that you think, xoxo lightning), the Companies will start operating in Bitcoin and the government’s authority will be shaken as government schemes will start to change when the Tax money stop flowing in.
Emergency services like the fire department, the paramedics, water, electricity will all be privatised
I don’t think that Bitcoin is incompatible with taxation, because tax enforcements isn’t relying on the monetary system itself but on enforcing strict accounting which then enables taxation.
I also don’t think that essential things like emergency services should ever be privatized.
I actually agree but joinstr can fix that.
In my opinion either internet will fail (humanity will be fucked/world tsunami) or bitcoin (not “crypto") will become money.
They can buy time.
Its not a question of should.
That enforcement needs tracking, they can’t track lightning.
Yes!
The moment when the bitcoin start to become money (sooner that you think, xoxo lightning), the Companies will start operating in Bitcoin
I just do not understand how BItcoin or any cryptocurrency will become the new default money. Don’t they rely on fiat or something? If you have the knowledge, please educate me.
For any company to want to use a cryptocurrency, that cryptocurrency has to be converted to fiat, yes? If its pricing is volatile with respect to fiat, then wouldn’t it be avoided by merchants?
the government’s authority will be shaken as government schemes will start to change when the Tax money stop flowing in.
Assuming that cryptocurrency becomes widely accepted by merchants as a valid form of payment, wouldnt that stuff still need to be taxed? Aren’t merchants required to report the crypto they receive?
Because of this, I’m also dubious that emergency services will be privatized, at least from these mechanisms. I think privatization would occur from wanting efficiency in a specific market, not because they can no longer fund it.
“The tax system is based on voluntary compliance, and the taxpayers complete and return the forms with payment of any tax owed.”