> Florida governor vows to outlaw CBDC if the US authorizes one
Is that even possible? States can't create their own currencies so if the Federal government decided to completely eliminate cash Florida citizens would have very limited access to their dollars.
I hope he does outlaw CBDC, because it's a complete nothing burger your dollars are already digital. The fed is just making up dream projects for problems that they can't fix.
You just added banks as intermediaries. And lots of banks in the USA will not allow ACH for non-business accounts. I just went through that hell in 2021
I don't know of a single cryptocurrency or blockchain that doesn't also have intermediaries. Your transactions are still being verified by nodes on the network, and those nodes need to get paid with gas prices from your transaction outwise they just don't exist. Let's say the fed made their own node network assuming they aren't incompetent to not have some type of vulnerability in their protocol (they're not), and they make the usage free for citizens, they still have to pay for hardware, energy, administration, development, etc. If that transaction isn't levied by gas prices, it's just going to be a tax somewhere else. At which point it's still acting like a bank or clearing house in regards to fees and overhead.
you really have to think of these crypto nodes you're calling intermediaries as routers moving packets, because that's what they are. They're not institutions.
I don't see them as routers, I see them as verification for who is lying. And that's similar job to an ACH.
But regardless if all routers are owned by that institution, in the case of the fed, it might as well be that institution.
Keep in mind I'm not advocating against crypto, I'm advocating against whatever the fed wants to build, which I think is just going to be an ACH network which integrates into the already existing one.
Anything that allows the government to potentially deny your ability to give cash equivalent to another person over digital rails should not be implemented.
The government should have never been given control over currency, only the ability to choose which one they accept taxes in.
The founders knew it, economists for hundreds of years have known it. Terrible no good bad idea that always ends poorly.
I think we share the sentiment on that. I believe a lot of our current predicament is due to extrapolation of anti money laundering laws, being agumented with anti terrorism legislation.
There's really no reason I shouldn't be able to send a million dollars to someone instantaneously, but the IRS will get really suspisious if I ever did, I think the limit is 10-12k before you need to fill out a form.
I'm thinking of form 114a FBAR it's if you move it off shore and it's over 10k.
Say you leave the country you still have to report your taxes, even money you make in another nation. I think we are the only country that does that, it makes me sick.
@feld You know thinking about this? I know of gigantic transfers including 2.7 million. Didn’t even fucking file taxes. My now deceased boss had not filed since 84 no joke. Took me 8 years to sort the basis. At the end?
No tax. That’s right, from 2001 to 2015 I’ve paid zero tax as adult and the irs validated that. Nor did anyone else pay taxes.
So like? Uhh. lol
Not that I’m saying that’s good by any means, once I found the tax problem I got on it. I had no idea, when you get promoted and get access to tax data. That’s what happened. The circumstances that lead to no tax? Double taxation laws very complicated.
I’ll say this if you’re gonna fuck up? Be damn sure you make your money in a country with higher tax rate than USA. Then they can’t backdate that and fine you. There was no tax due.
It was a shitshow. But yeah 1984 to 2011 taxes incorrectly filed. IRS didn’t notice. They are well good at their jobs.
Add comment