5 ms·

Bitcoin Is Poised To Change Society More Than The Internet Did

15 points by zoowar 14y ago

epynonymous 14y ago
this is the best bitcoin article i've read, very concise description. while reading this, i came to the conclusion that even governments and central banks have no way to currently control bitcoin, it's very easy for them to get their fingers in via legislation, e.g. having to disclose bitcoins in annual tax filings.
deleted 14y ago
[deleted]
purplelobster 14y ago
So how would governments operate if it can't manage the supply of money or bring revenue though taxation? If you can't tax money, then I guess you have to go back to taxing goods or people's time, i.e. give us half your harvest.
- dscrd 14y ago
  Bloody good question. Sad truth might be that bitcoins will move the balance of taxation even more to those who have less power to fight them, i.e. the poor and the technically incompetent. As hacker news readers, this might be good for us in the short run, but what about rest of the people?
- maxharris 14y ago
  The government could sell contract insurance (priced at some low percentage of the contract's total value), which would be required in order to initiate legal action in civil courts. The surplus from this would be more than enough to pay for the other essential government functions: criminal courts, the police, the military, the legislatures, an executive, and offices pertaining to maintaining property records, including copyrights, patents, deed registrations, etc.
Choronzon 14y ago
Article is currently online so excuse me If I reach speculatory conclusions. Unless I misunderstand the seeding process Bitcoin is effectively a deflationary currency, with it getting rarer and harder to mine over time. It may be great for speculation and ok for immediate transaction but not so great for loans.How would you get rid of bitcoin debit assuming the currency was stable? Anyway how did setting up new currencies work out for old Muammar Gaddafi?

5 ms·

Bitcoin Is Poised To Change Society More Than The Internet Did

15 points by zoowar 14y ago

epynonymous 14y ago
this is the best bitcoin article i've read, very concise description. while reading this, i came to the conclusion that even governments and central banks have no way to currently control bitcoin, it's very easy for them to get their fingers in via legislation, e.g. having to disclose bitcoins in annual tax filings.
deleted 14y ago
[deleted]
purplelobster 14y ago
So how would governments operate if it can't manage the supply of money or bring revenue though taxation? If you can't tax money, then I guess you have to go back to taxing goods or people's time, i.e. give us half your harvest.
- dscrd 14y ago
  Bloody good question. Sad truth might be that bitcoins will move the balance of taxation even more to those who have less power to fight them, i.e. the poor and the technically incompetent. As hacker news readers, this might be good for us in the short run, but what about rest of the people?
- maxharris 14y ago
  The government could sell contract insurance (priced at some low percentage of the contract's total value), which would be required in order to initiate legal action in civil courts. The surplus from this would be more than enough to pay for the other essential government functions: criminal courts, the police, the military, the legislatures, an executive, and offices pertaining to maintaining property records, including copyrights, patents, deed registrations, etc.
Choronzon 14y ago
Article is currently online so excuse me If I reach speculatory conclusions. Unless I misunderstand the seeding process Bitcoin is effectively a deflationary currency, with it getting rarer and harder to mine over time. It may be great for speculation and ok for immediate transaction but not so great for loans.How would you get rid of bitcoin debit assuming the currency was stable? Anyway how did setting up new currencies work out for old Muammar Gaddafi?