sgeisler
Joined 8 years ago
Joined 8 years ago
Maybe you won't have to work/pay for food if accounting for it becomes more work than producing it (if sufficiently automated and not resource-constrained). But if you want to live in a hip neighborhood (by definition there is limited availability), have your own flying car, go on vacation on the moon once a year where real people service you etc. you'll have to work for that. Because the ingenuity and work necessary to make this all happen will still be enormous.
Maybe you think you'd be happy with your today's lifestyle, which might be attainable for ~free. But I think the reality for most is that they'd grow jealous of their friends posting selfies from the moon and resent "the evil rich" again.
The small amount of work necessary to _survive_ today would sound marvelous to someone from even 100 years ago (clothes, food, shelter outside major cities). Mowing one lawn for 1-2h every day would probably be enough for that. But surviving isn't the point of being human, it's about stretching the limits of what is possible and that will always take as much work as we are willing to put into it.
The amazing thing about all this is that everyone can become a BTC "bank". You need a bit of capital but orders of magnitude less than a normal bank would require, maybe 2k$ to get started of which you might spend 400$ on hardware and fees to open some channels. The trustless nature of lightning lets you and your users then join the global payment network without asking for permission from anyone and you can engage in commerce internationally.
I think, while we are still early, that this is an awesome experiment. It will highlight the UX problems so we can fix them. Hopefully at some point all this will make sense to the average westerner too, so we can finally have a money not controlled by anyone (states, incumbent banks) again. But that might take a long time.
[1] https://github.com/GaloyMoney/galoy#status-of-the-project
Why would e.g. an integrated software/hardware business pay significant taxes in the US if their value chain isn't strictly bound to it?
Sure, if developers live and work there you can tax their income to a certain degree before they leave and work remotely. Hardware is built abroad anyway (and probably taxed there), you can only levy import taxes at your own detriment. But if the business is successful most of the added value comes from the integration of these aspects and that can happen wherever because it's an idea not bound to a place to be executed. If something doesn't require physical presence taxing it becomes very hard and morally dubious (on what grounds would you tax it all if e.g. only 10% of your profits need physical infrastructure that is funded through these taxes?).
Globalization means that a society's most successful people aren't stuck with it any longer. They can go where they aren't seen as subjects to milk to keep the less productive happy. I don't owe my country of origin anything, they need to be competitive to keep me as I can take my business everywhere. In that sense directly investing in your population's higher education might be misguided to some degree because it creates more people capable enough to leave with the acquired knowledge, increasing the tax burden, making the country less competitive.
Wanting a global minimum tax is like one mafia asking the others to increase their protection charges so their clients don't leave. Such collusion is frowned upon for good reasons in free markets as it leads to worse outcomes due to reduced competition.
I'm hopeful that this idea will not work due to the profitability of breaking the deal and the big number of countries that exist. The US also shouldn't overestimate its importance which seems high but ever-declining.
When countries descend into chaos or go full on authoritarian the best option is often to leave, but there might already be capital controls. So what can you take with you? Stocks: good luck if held by a broker in the country. Physical gold or cash: good luck at the border/customs. Foreign accounts: hard to come by for most people even in the first world due to regulations. Any serious amount of money is very hard to move between jurisdictions, especially in times of crisis, through traditional means.
If you believe your host country doesn't own you and you should be able to relocate to wherever you are treated best, Bitcoin can be a good tool if you were unprepared so far (e.g. because you didn't think a crisis could hit _your_ country). This might not be a use case for you today, especially if you are happy with your country and it is stable. But don't discount that the situation of others might differ.
Definitely an interesting use case for BTC to route around such censorship.
If automation really takes off and entire factories can be run by a handful of people it might make sense to move them to whatever low-tax country with a port. Pay the 5 employees running it extra to fly in there for a few months a year each (like oil workers) and if it's in a lawless region add some automatic turrets that shoot at anything unauthorized entering the perimeter. Makes sense as long as extra pay+extra shipping+ammo costs is less than the hypothetical robot taxes.