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Without a blockchain, couldn't this be done simply by empowering the IRS to do it (e.g. by requiring banks to give oracle access to bank accounts or requiring a
by notafraudster 5y ago
Without a blockchain, couldn't this be done simply by empowering the IRS to do it (e.g. by requiring banks to give oracle access to bank accounts or requiring all employers to list complete transaction outflows?)
Like, you solved an incomplete information problem by saying suppose the state had complete information. If you're willing to do that, we wouldn't have a problem blockchain or no blockchain.
- didibus 5y agoWell, it depends, I think people are privacy conscious, maybe you don't want people to know what you spend money on or how you make it. A cryptocurrency could technically keep things anonymous, while still taking the appropriate tax money from the wallet and transactions. But yes, this is similar to Uber and Google Search, and any other software technology, it doesn't allow doing things we couldn't before, it just enables doing them in possibly new ways, that might be more convenient, efficient, trustworthy, cheaper, etc. How exactly, well this is what people are trying to crack. Similar to how everyone wish they had put the iPhone together first, companies and people are trying to figure out what is the right combination of features and use case for a blockchain based offering to go big and drastically change the way something is done today. Now, are we better off for using cars? Are we better off for using telephones? Are we better off for using the internet? You can argue most technologies just changed things from how they used to be done to just being done differently and that it didn't really make anyone one of us more fulfilled and happy in our life. So you could say the same for blockchain, but I don't think that matters to a startup, you just want to disrupt and capture a new or existing market.