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This fine-as-tax trend is worrying. I propose crypto burn instead. It hurts the wrongdoer while not creating bad incentive for regulators. Win-Win.
by whynyc 7y ago
This fine-as-tax trend is worrying. I propose crypto burn instead. It hurts the wrongdoer while not creating bad incentive for regulators. Win-Win.
- cowpig 7y agoWhat does "crypto burn" mean?
- whynyc 7y agoTransfering money to unspendable address. For example, $11M in 1CounterpartyXXXXXXXXXXXXXXXUWLpVr are unspendable. https://www.blockchain.com/btc/address/1CounterpartyXXXXXXXXXXXXXXXUWLpVr https://www.blockchain.com/btc/address/1CounterpartyXXXXXXXX...
- deleted 7y ago[deleted]
- Expez 7y agoIt's when you send cryptocurrency to an address nobody has the keys to, or that is the cryptographic equivalent of a black hole (provably inaccessible). The problem GP is addressing is that the regulators aren't really incentivized to make the bad behavior stop because they are collecting revenue by letting it continue.
- okket 7y agoNo, please not. Crypto burn only makes crypto coins owner richer. That is the opposite of what taxes, even as fines, are for.
- andjd 7y agoAgree that crypto-burn is a bad idea. But I am curious what that 3-5 billion government windfall will go towards.