- Dec 16, 2015
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I found this post highly insighful and plausible:
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This is actually a point I'd been meaning to make. So I'm someone who has previously argued that the damage from the 1-MB limit probably isn't that great yet, because fees still really aren't that high in the context of the use cases for Bitcoin that actually matter most today. Right now, Bitcoin's most important use case, BY FAR, is as a speculative asset. Use as a transactional currency for censored markets is, in my view, a distant runner-up. (And use as a transactional currency for general purposes is basically insignificant if we're honestly evaluating where Bitcoin's current utility actually lies.)Some new users who are not high-fee tolerant, perhaps just learning about Bitcoin or doing their first 0-conf transaction, such as buying a beer at a BTC accepting bar, will be unimpressed with the cost of their transaction, and not bother again. I read an anecdote about how someone described Bitcoin to a friend, set him up a wallet and sent $5 of BTC. It never confirmed in a reasonable time, so his friend went away unimpressed. This could be happening a hundred times a day and we don't hear about it.
How long before this comes to civilized countries?Tax authorities will upload on their website pre-filled data like real estate, declared income, income from rents, loans, vehicles etc – practically the pre-filled data will refer to data given by taxpayers in their income declaration.
And under the new scheme, Greeks are mandated to have registered everything they own, with taxpayers having to add moveable and immovable possessions such as paintings, antiques, jewelry, even historical weapon, etc but also the cash they have in their wallets or under the mattress.
“Taxpayers must declare all the cash they have in their hands, even one euro!” an official from the Finance Ministry told newspaper To Vima on conditions of anonymity.
The Greek finance ministry apparently does not know yet what value the taxpayers will have to declare if they possess a necklace and a ring, a painting made by the cousin and a sculpture made by the sister in the ceramics course. The Ministry has also no idea, who will estimate the value and how.
Within a month, the taxpayer will have to submit a modification statement, if there are any changes in his possessions status.