Will crypto help individuals evade taxes? - blockchain shows this is crucial for growth
We've had a series of conversations that spark up often on taxes since the utility of cryptocurrency saw great increase, this is mostly because the government sees the system or technology to have helped individuals avoid taxes but history and nature of blockchain proves that this may be a good thing!
Taxes should be voluntarily or a trade for work done!
The current tax system around the world is greatly flawed and has created a great imbalance that allows the wealthy to easily navigate the system and avoid taxes while the lower class gets drained by it. This system is bullshit on so many levels and simply leaves the majority of the world in slavery but what more could be as beautiful in the sight of men?
Taxes should be voluntary, they should be donations to government work not forced lavies, why should the public pay for a system that does nothing for them? Taxes should be an exchange for value not the use of authority to rob the ecosystem. Blockchain technology is positioned to change how this works in a number of ways.
Yes, blockchain and crypto has helped individuals evade taxes, but it is a right to choose when to spend and give, it's rather sad how we've let ourselves get to where a bunch of old people sit around in offices to write laws that put us in misery, constantly tweaking the features to feed their bullshits year in and year out, but it may not be for long if blockchain gets widely utilized and here's how!
Blockchain governance and protocol configurations
A look at how blockchains are governed enables us to understand better how the world can operate when powered by blockchain technology. Using Hive as a case study, on Hive, we have witnesses elected by the users of the network, these witnesses work together to protect the chain by producing blocks and by building applications, in exchange, they earn a portion of the network's native asset from inflation.
What do we derive from this?
It's not something many people pay attention to but a governing body should never have to enjoy luxury in a season where the nation it's responsible for suffers in one way or the other. With blockchain, we see that where a system is flawed or not much work is being done, the entire ecosystem suffers it, the witness see less earnings and likewise the users, this is how Hive works and it goes to show how better a system is when it is built on decentralized infrastructures governed by distributed consensus.
These witnesses can vote in diverse rules to govern the chain of which the users may agree to or disagree to and it would actually affect what gets implemented and retained in the system. This is because all witnesses are backed by a stake, that of the users and when withdrawn, they lose the power to influence chain decisions.
Distributed consensus for governance will be a game changer going forward, mining may emerge as a primary source of government payments, DAO funds may emerge as means of funding projects such as build infrastructures in the world - something that despite all the money in the system, most governments don't even do this. And taxes can be widely influenced by users, ensuring that individuals get to more flexibly build businesses and live life.
Crypto can better the governance system, no governing body should be living in luxury when the nation of responsibility is being left to starve. Payments to governments should be in exchange of valuable impact made on the ecosystem, and going forward, blockchain can help make this a reality.
Thank you and please leave a comment, your thoughts matter to me
Posted Using LeoFinance Beta