Can cryptocurrency be used to generate government revenue?
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  Can cryptocurrency be used to generate government revenue?
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Author Topic: Can cryptocurrency be used to generate government revenue?  (Read 399 times)
The world will shine with light in our nightmare
Just Passion Through
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« on: November 26, 2021, 05:22:26 PM »

I came across the idea upon reading about Miami Mayor Francis Suarez and his idea to mine a city-specific blockchain token to abolish taxes, or to allow people to pay their taxes using Bitcoin.

https://www.washingtonpost.com/technology/2021/09/30/crypto-miamicoin/

I recently said in another thread that cryptocurrency, to the extent that I understand it, sounded like a scam to me from the beginning, but there are success stories which suggest there's something to it.
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Beet
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« Reply #1 on: November 26, 2021, 07:55:54 PM »

It has certainly benefited the government in the form of capital gains taxes.
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Omega21
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« Reply #2 on: November 30, 2021, 04:57:43 PM »
« Edited: November 30, 2021, 05:20:29 PM by Omega21 »

I came across the idea upon reading about Miami Mayor Francis Suarez and his idea to mine a city-specific blockchain token to abolish taxes, or to allow people to pay their taxes using Bitcoin.

https://www.washingtonpost.com/technology/2021/09/30/crypto-miamicoin/

I recently said in another thread that cryptocurrency, to the extent that I understand it, sounded like a scam to me from the beginning, but there are success stories which suggest there's something to it.

Copying this from another one of my posts.

BTC is most useful for people in places with bad monetary policies (losing/gaining 10% in a day beats eating rats because Comrade X devalued your currency by 99.9999999999% overnight) and dictatorships, where BTC or other crypto provide some peace of mind regarding censorship/oppression since they are unseizable with the right setup.

This is supported by Crypto adoption figures worldwide, with less developed countries being on top:




Why is Turkey #1?




So, it depends on if you think giving people in 2nd/3rd tier countries an option to not lose up to 99.99% (Venezuela, Turkey, Lebanon) of their wealth and give them access to banking (the 3rd world is chronically underbanked, meanwhile crypto just needs a 6yr old $20 smartphone and shoddy internet) is good or not.

As for ETH (2nd biggest crypto), it has massive use cases, as it's not just "digital gold", but a platform for smart contracts, allowing for Decentralized finance, lending, or any other kind of peer to peer system you can imagine. Also, a good thing about it is that it's switching to Proof of Stake in 2022, meaning no mining (Proof of Work) and no CO2.

NFTs as in the picture form are just rich people speculating on digital art, but that's just the NFTs you read about in the media. There are actual, user empowering cases of NFTs.

Imagine a game like Clash of Clans. People give thousands of $ to the game publishers to "buy" skins, boosts etc. However, they never actually own these items. They cannot sell them, they cannot transfer them, and they cannot cash out, even if they stop playing.

What's now happening is games are being developed where instead of just shelling out $$$ to the publisher for some items, these items are crafted by players and traded peer to peer as NFTs. This means when buying something you are paying a player for their work creating the item (farming the item, crafting, whatever). Once you buy it, it is yours. You can use it, transfer it, gift it, sell it, lend it, and ultimately, also cash out your investment since the underlying market is based on crypto that you can convert to fiat.

This is an actual use case for NFTs.



As for your question, yes, most definitely.

Dubai is going all-in on Blockchain development. Switzerland is very bullish on it as well. Hell, you can even pay your taxes in some Cantons there.

Crypto is like the internet in '99, new, not well understood, and still developing. Those countries who embrace it in the right way will reap the rewards over the next decades.
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« Reply #3 on: December 02, 2021, 08:12:04 PM »


https://en.wikipedia.org/wiki/Dot-com_bubble
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Omega21
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« Reply #4 on: December 03, 2021, 07:12:52 AM »


Yes, and Crypto has burst (-80%) many times already and went on to form new all time highs afterwards, so I don't really see your point.



It's concerning that leftist are the ones most sceptical about giving the 3rd world easy access to transacting and protecting their wealth from ravaging inflation, external manipulation and authoritarians.
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