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Comment Re: Reasons not to use cryptocurrency (Score 1) 141

Except that the transaction fees are NOT based on a percentage of the amount sent, but a fixed amount (kind of) per transaction - so in case you are sending 50$ worth of bitcoin to your family, you're going to have to pray 3 fees (buying, sending to family, converting to local currency), which at the moment would come to about 15%. And that is assuming that your local dealer doesn't take a cut for himself.

Comment Re:Reasons not to use cryptocurrency (Score 1) 141

That part is covered by interest. In an inflationary system, you can charge a certain % of interest per year, so the value of the loan (if nothing is paid back) actually increases.

In a deflationary system there is no incentive to give out a loan or to take a loan - if you take a loan it will likely grow too fast for you to repay. If you don't give out a loan your capital will grow on its own, so why bother.

Comment Re: Reasons not to use cryptocurrency (Score 1) 141

But are cryptocurrencies actually useful for that purpose? What you describe would require at least 3 transactions. The transaction costs of that if you were to use Bitcoin would already make it almost useless for transactions, and it will only get worse as more people tried to use it.

Comment Re: Because fuck you, that's why. (Score 1) 190

If Equifax is so worried about the lawyers share, why don't they just offer to settle with everyone for X$ right now? No need for lawyers at all.

Additionally, the price of representation in a class action lawsuit is probably lower (per plaintiff) than in a regular lawsuit - the amount that the lawyers receive is a high% of the settlement, but what would the amount be if every plaintiff had to have their own trial/lawyers?

Comment Re: Kill... (Score 1) 164

I don't think they'd need to.

They could just declare that coin X owes Y amount of taxes. Whenever that coin reaches a publically known wallet, the owner needs to pay those taxes. If the coin tax dues are known, that would mean that the value of a coin would drop since everyone would know that X is owed on that coin.

A few international deals would be needed (no double taxation), but the government would be able to extract the entire amount owed eventually.

Comment Re: Kill... (Score 1) 164

Hmm, why do you think that transactions can't be taxed? Since the whole transaction history is public, just count a x% fee each time the coin switches wallets (unless someone presents proof both wallets belong to the same party), then when the coin is used to purchase something demand payment of all back taxes owed on that coin.
It seems to me that it is actually much easier to tax then cash.

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