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elfassy




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"fair": I meant it as no one is cheating the system (rather than the system itself is fair). IE if there's a tax for smokers only, it's ok that non smokers don't have to pay it. On the other hand, if some smokers don't pay that tax because they found a way around it, then that's unfair to the other smokers who are paying. For your proposal to be fair, they'd need to be a way to bill for all goods and services, which may be technically hard to do (how do you implement sidewalks tolls in a way that it can't be bypassed by walking on people's grass?)

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"progressive". The more money people have the less they spend on goods and services and the more they invest. Basically if you make 1M and spend 100K on goods and services, you'd only be taxes on 10% of your income vs someone making 50K who's going to be taxes on 100% of income. This problem is amplified with compound interest on investments (rich getting richer faster). My proposal tries to resolve this with an investment tax, but it might be better to keep the capital gain tax instead.

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"Simple": For public goods (sidewalks, military, etc) i don't think it'll be easy to track who owes what.

Agreed. My point is that if financial goods were also taxed, that would affect the rich (which have most of their wealth in these) more than the poor. The only thing that wouldn't be taxed is the accumulated interest... until it's used to buy more goods.

elfassy  ·  link  ·  parent  ·  post: Does this bitcoin app exist?

https://coinbase.com/docs/merchant_tools/payouts

"When you enable "instant exchanges", bitcoin you receive for merchant orders will no longer be sent to your Coinbase wallet. Instead they will be sent directly to Coinbase and exchanged, ensuring that you get the the exact local currency price that you set in the merchant tools.

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Let's look at an example. Suppose you create a payment button with a USD price of $10, and sell ten orders during the day. Your payout at the end of the day will be for $100 USD, regardless of how the price of bitcoin changed during the day. After deducting our 1% fee (plus $0.15 for the bank transfer) you will receive $98.85 to your bank account."

elfassy  ·  link  ·  parent  ·  post: Does this bitcoin app exist?

A lot of people are talking about bitcoin being only the transport protocol for transactions. Just like visa and mastercard use a network to complete a transaction, bitcoin could be used to transfer money. It would work something like this: Give 1$USD -> x Bitcoins -> Receive 1$USD. The whole transfer would be instantaneous (and with less fees). Ultimately both the sender and receiver could select their preferred currency for all possible combinations.