601–610 of 699 posts
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Surely you have some citations.
Happily. "Base demand for dollars is created due to taxation" [1] Which of course completely contradicts: "The (mostly paid for by tax) army has nothing to do with the value of a dollar." [also 1] [1] comment by 'arcticbull' on 'Hacker News'
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Technically you don't go to prison. You go to prison for lying about what you owe or cheating. But if you don't pay you generally settle with the IRS and get put on a payment plan or something similar. I know people who have been through this process.
There's also plenty of people who (legally) dont pay taxes.
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But my point is any time you export some physical good, you have a transaction going under the nose of the authorities. That's where they can stop you and ask some questions on the transaction that paid for those goods.
Yeah so part of it is in CNY and part of it is in btc. Can gov really say "wow you payed too little for that!"
I was thinking of two separate transactions with two separate parties: (BTC -> CNY, hidden as gift or loan) then (CNY -> goods, perfectly legal and normal).
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No, it won't. It's a negative-sum system that redistributes wealth from new entrants to old entrants and miners. It's a pyramid. And what exact path do you see a 'dollar collapse'?
Sorry, I'm not going to be dragged into a debate about if/when the collapse will happen. But if it does, your claim bitcoin is a pyramid will look silly, since it will be one of several assets that will be rushed into as a safe haven from inflationary forces. If you want to take the position such a collapse would cause a flight from crypto assets, be my guest.
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It doesn't even meet the basic definition of a ponzi scheme. This is pure FUD. You might not like it, but that doesn't make it something it is not. There are plenty of other things that I would consider a waste of electricity but I am not going to make doing them punishable by hard labor.
It's a negative sum wealth redistribution scheme the takes money from new entrants and gives it to miners and to old entrants. The miner portion is what makes it negative-sum. It doesn't meet the traditional definition, no, which is why I referred to it as a "distributed Ponzi scheme" - it's closer to an MLM in classical parlance. [edit] Here's the SEC definition: > A Ponzi scheme is an investment fraud that pays exi…
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Happily. "Base demand for dollars is created due to taxation" [1] Which of course completely contradicts: "The (mostly paid for by tax) army has nothing to do with the value of a dollar." [also 1] [1] comment by 'arcticbull' on 'Hacker News'
The army doesn’t enforce taxes, that would be a violation of posse comitatus.
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Imagine living in a civilized country that can't bring itself to ban a massive distributed Ponzi scheme with huge environmental consequences. Bitcoin alone uses about 1/10th as much energy as the entire world's concrete production. Even if it were to transition entirely to renewable energy it also generates as much e-waste as an entire first-world country. These things actually have huge meaningful state security ris…
Because banning technology works so well.
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Based on your phrasing of the SEC definition, the real estate market also feels like it fits the bill :-/ Edit: parent comment was edited, originally said: > It actually matches the SEC definition of a Ponzi scheme haha, which happens to be a little bit less restrictive than a traditional definition. > It's a negative sum wealth redistribution scheme the takes money from new entrants and gives it to miners and to old…
Can't you rent real estate assets, making it positive sum?
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No, it won't. It's a negative-sum system that redistributes wealth from new entrants to old entrants and miners. It's a pyramid. And what exact path do you see a 'dollar collapse'?
Sorry, I'm not going to be dragged into a debate about if/when the collapse will happen. But if it does, your claim bitcoin is a pyramid will look silly, since it will be one of several assets that will be rushed into as a safe haven from inflationary forces. If you want to take the position such a collapse would cause a flight from crypto assets, be my guest.
Earlier quoted context omitted.
Surely you have some citations.
Happily. "Base demand for dollars is created due to taxation" [1] Which of course completely contradicts: "The (mostly paid for by tax) army has nothing to do with the value of a dollar." [also 1] [1] comment by 'arcticbull' on 'Hacker News'