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If taxes work in a way where it's singling out a behavior that doesn't generate negative externalities, and punishing it to discourage that behavior, then I sug

If taxes work in a way where it's singling out a behavior that doesn't generate negative externalities, and punishing it to discourage that behavior, then I suggest we change how they work so they no longer do that. But in fact, they don't work that way. Smoking and alcohol consumption is qualitatively different than mining crypto. Due to how much medical expenses are socialized, they generate negative externalities due to the damage they do to health. So-called sin taxes are also discouraging a behavior that we can objectively state is harmful to the person who engages in it. There is no objective basis on which to claim crypto mining is more harmful than any other non-essential behavior. Using taxes to punish it is an inappropriate use of government power based on the prevailing standards in the Free World.

shadowgovt 3y ago
> There is no objective basis on which to claim crypto mining is more harmful than any other non-essential behavior. It generates demand for finite electrical resources that have a net negative externality on the climate. https://www.whitehouse.gov/ostp/news-updates/2022/09/08/fact-sheet-climate-and-energy-implications-of-crypto-assets-in-the-united-states/ https://www.whitehouse.gov/ostp/news-updates/2022/09/08/fact.... The argument "But people would be using the electricity for something else if not for crypto" is unsupported; given the uniquely mobile and speculative nature of proof-of-work crypto, it is creating an environment to tap gas wells that would otherwise stay shuttered and increase the rate of the climate slide. While it is perhaps no more harmful than any other non-essential behavior, it's the non-essential behavior that's driving demand to burn fossil fuels. You put taxes where human behavior is, not where it isn't.
- ETH_start 3y ago
  >>It generates demand for finite electrical resources that have a net negative externality on the climate. The expansion of any industry does that. Singling out crypto suggests something else motivating the measure. >>The argument "But people would be using the electricity for something else if not for crypto" is unsupported; given the uniquely mobile and speculative nature of proof-of-work crypto, That argument is not necessary. The point is any non-essential activity that uses electricity has this environmental impact, and said impact could be reduced by taxing CO2 emissions from non-essential activity.

shadowgovt 3y ago

> There is no objective basis on which to claim crypto mining is more harmful than any other non-essential behavior. It generates demand for finite electrical resources that have a net negative externality on the climate. https://www.whitehouse.gov/ostp/news-updates/2022/09/08/fact-sheet-climate-and-energy-implications-of-crypto-assets-in-the-united-states/ https://www.whitehouse.gov/ostp/news-updates/2022/09/08/fact.... The argument "But people would be using the electricity for something else if not for crypto" is unsupported; given the uniquely mobile and speculative nature of proof-of-work crypto, it is creating an environment to tap gas wells that would otherwise stay shuttered and increase the rate of the climate slide. While it is perhaps no more harmful than any other non-essential behavior, it's the non-essential behavior that's driving demand to burn fossil fuels. You put taxes where human behavior is, not where it isn't.

ETH_start 3y ago
>>It generates demand for finite electrical resources that have a net negative externality on the climate. The expansion of any industry does that. Singling out crypto suggests something else motivating the measure. >>The argument "But people would be using the electricity for something else if not for crypto" is unsupported; given the uniquely mobile and speculative nature of proof-of-work crypto, That argument is not necessary. The point is any non-essential activity that uses electricity has this environmental impact, and said impact could be reduced by taxing CO2 emissions from non-essential activity.