Tertiushand on Nostr: I feel like there are two separate scenarios here. If the State is corrupt, Bitcoin ...
I feel like there are two separate scenarios here. If the State is corrupt, Bitcoin would certainly be a tool for fighting its corruption. However, if the State is legit, then it doesn't change much.
In the US, not much of that applies. The State isn't printing money. The money printers (or mints) are private entities that actually sell the money they print to the Federal government (you can tour the one in Colorado for free for more information). That is why in the US, money is mostly just printed to replace what's been damaged. Buying money from mints is expensive.
Here they just tax us to pay for government spending. Bitcoin would actually make it easier to tax people than it was 30 years ago before everyone was using credit cards and everyone was using cash. They taxed people before credit cards and banks were the norm and they will continue to tax people after credit cards and banks are the norm.
As long as they can trace bitcoin the same way they always traced cash, they still be able to tax people and find tax evasion and fraud. Al Capone couldn't escape it using cash. I wouldn't bank on being able to use Bitcoin to escape it.
I imagine though, in corrupt governments where they do actually just print money when they need it, Bitcoin would make a big difference.
Cash is still the biggest form of payment used for criminal activity, but what's funny is, one of the biggest tools for human trafficking payments is actually Venmo.
Bitcoin will not the death of the State, but it might force more governments to be less corrupt.
In the US, not much of that applies. The State isn't printing money. The money printers (or mints) are private entities that actually sell the money they print to the Federal government (you can tour the one in Colorado for free for more information). That is why in the US, money is mostly just printed to replace what's been damaged. Buying money from mints is expensive.
Here they just tax us to pay for government spending. Bitcoin would actually make it easier to tax people than it was 30 years ago before everyone was using credit cards and everyone was using cash. They taxed people before credit cards and banks were the norm and they will continue to tax people after credit cards and banks are the norm.
As long as they can trace bitcoin the same way they always traced cash, they still be able to tax people and find tax evasion and fraud. Al Capone couldn't escape it using cash. I wouldn't bank on being able to use Bitcoin to escape it.
I imagine though, in corrupt governments where they do actually just print money when they need it, Bitcoin would make a big difference.
Cash is still the biggest form of payment used for criminal activity, but what's funny is, one of the biggest tools for human trafficking payments is actually Venmo.
Bitcoin will not the death of the State, but it might force more governments to be less corrupt.