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87 sats \ 0 replies \ @justin_shocknet 25 Aug \ on: Bitcoin circular economies - does it basically mean not paying taxes? econ
A relatively small percentage of people actually pay income taxes on net
Sales/VAT tax is more common but also not ubiquitous, many states have neither.
Intermediation (and data collection, spreads, censorship, exclusivity) is far more standard and what enables the above.
What percentage of commerce goes through Visa's network?
Cash has its own wrench attack and self custody risk, but is also debased... That's the real tax.
Exchange from cash to coin has spreads, and unnecessary in an ideal world.
The world needs a Bitcoin circular economy, but Bitcoin doesn't need it... That's where people get confused.