Jump to content

Recommended Posts

  • Replies 14
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

Popular Posts

Blog URL:  https://coil.com/p/Hodor/Financial-Evolution/-OAfQwjl4 Digital assets and blockchain technology represent the most recent evolution in personal finance! Read about 'defi' and othe

My big prediction?  We'll see new layers (smart contracts) that don't currently exist. For example: Taxes.  Eventually, businesses will be paying their workers in crypto, Libra, or a CBDC of som

Great comment & I agree: These are the conversations that should be occurring as part of the discussions around the Token Taxonomy Act.  I hope the bill hasn't been swept away by politics. 

Great write up, Hodor. I spend a lot of time thinking about the points you made regarding how digital assets are transformational because they cannot be seized or taken from you, unlike nearly all other personal property today (bankruptcy, student loans, car repossessions, etc.)

I wonder how all of these major concepts, laws, and loans are going to change moving forward with the introduction of this new kind of privacy, instant settlement, self-custody, and debt repayment (or lack thereof). I'd love to hear your thoughts on this.

Link to post
Share on other sites
8 hours ago, XRPboi said:

I wonder how all of these major concepts, laws, and loans are going to change moving forward with the introduction of this new kind of privacy, instant settlement, self-custody, and debt repayment (or lack thereof). I'd love to hear your thoughts on this.

My big prediction?  We'll see new layers (smart contracts) that don't currently exist.

For example: Taxes.  Eventually, businesses will be paying their workers in crypto, Libra, or a CBDC of some kind.  Perhaps if a worker is from a foreign country, you'll stream them out fiat from their nation. 

But ... the tax authorities won't allow 'straight to crypto wallet' payments due to the secret key problem - i.e., they're not going to want that value to go to a place where they can't yet reach it.  So, I think there will be an 'in-between' smart contract of some kind where the amount must be 'released' by the taxing authorities prior to being sent.  But once that amount is 'post-tax' it's all yours forever?

My question is how things like child support / alimoney / debt collection will work.  Even with Bitcoin right now, you can put a person in jail, but you can't access their value.  It's part of the technology itself - the value is secure by definition.  In the 'old days,' you could just put a lien on their bank account(s). 

I guess the physical analogy would be 'what if you were able to lock away your wealth in a physical vault that was impenetrable by anybody and only you knew where it was?'

Link to post
Share on other sites
8 minutes ago, Hodor said:

My big prediction?  We'll see new layers (smart contracts) that don't currently exist.

For example: Taxes.  Eventually, businesses will be paying their workers in crypto, Libra, or a CBDC of some kind.  Perhaps if a worker is from a foreign country, you'll stream them out fiat from their nation. 

But ... the tax authorities won't allow 'straight to crypto wallet' payments due to the secret key problem - i.e., they're not going to want that value to go to a place where they can't yet reach it.  So, I think there will be an 'in-between' smart contract of some kind where the amount must be 'released' by the taxing authorities prior to being sent.  But once that amount is 'post-tax' it's all yours forever?

My question is how things like child support / alimoney / debt collection will work.  Even with Bitcoin right now, you can put a person in jail, but you can't access their value.  It's part of the technology itself - the value is secure by definition.  In the 'old days,' you could just put a lien on their bank account(s). 

I guess the physical analogy would be 'what if you were able to lock away your wealth in a physical vault that was impenetrable by anybody and only you knew where it was?'

Very interesting.  I am slightly worried about the circumstances of a world where people can securely hide knowledge of their wealth from society.  It could be used by the very rich against society

Link to post
Share on other sites
14 minutes ago, Julian_Williams said:

Very interesting.  I am slightly worried about the circumstances of a world where people can securely hide knowledge of their wealth from society.  It could be used by the very rich against society

Great comment & I agree: These are the conversations that should be occurring as part of the discussions around the Token Taxonomy Act. 

I hope the bill hasn't been swept away by politics. 

Link to post
Share on other sites
1 minute ago, Hodor said:

Great comment & I agree: These are the conversations that should be occurring as part of the discussions around the Token Taxonomy Act. 

I hope the bill hasn't been swept away by politics. 

I have been away in Naples for a week and not read your article yet.  Very busy sorting out my drawings this weekend.

Link to post
Share on other sites

Thanks @Hodor

It is continually frustrating and horribly embarrassing that the UK, Switzerland, Abu Dhabi, Thailand and Singapore can all craft their own digital asset regulation and the US, who has an amazing company leading in the space, simply cannot get it’s act together.

I am glad Ripple continues to repeatedly educate US “leadership” but realize the most effective way of communicating to many of these idiots (or, as you politely refer to them as, “decision-makers”) is through the embarrassment and ultimate social costs of the US being left behind.

I share in your hope that this is recognized by one or more decision-makers in the US Congress and its agencies and that they take swift action in crafting a US digital asset framework mirroring the other countries. My fear is that it’s going to require a significant level of turmoil in the US (or globally) first in order for them to act. Why it needs to come this first however, I absolutely can’t explain.

Link to post
Share on other sites

I believe that the rest of the world is waiting on regulation from the U.S.  Once this occurs it will signify the green light or the entire ecosystem.  

There will be no such thing as the United States being left behind. And, no, I do not live in the United States. 

It seems  obvious that this is what we are waiting on .At this point the U.S. is both the military and financial superpower. What makes anyone think that they will be left behind? 

 

Edited by Kerry
Previous post incomplete.
Link to post
Share on other sites
5 hours ago, Kerry said:

I believe that the rest of the world is waiting on regulation from the U.S. 

er... no that's like the opposite of what's happening

many countries including the UK for example are steaming on ahead with regulations 

Link to post
Share on other sites
7 hours ago, Hodor said:

My big prediction?  We'll see new layers (smart contracts) that don't currently exist.

For example: Taxes.  Eventually, businesses will be paying their workers in crypto, Libra, or a CBDC of some kind.  Perhaps if a worker is from a foreign country, you'll stream them out fiat from their nation. 

But ... the tax authorities won't allow 'straight to crypto wallet' payments due to the secret key problem - i.e., they're not going to want that value to go to a place where they can't yet reach it.  So, I think there will be an 'in-between' smart contract of some kind where the amount must be 'released' by the taxing authorities prior to being sent.  But once that amount is 'post-tax' it's all yours forever?

My question is how things like child support / alimoney / debt collection will work.  Even with Bitcoin right now, you can put a person in jail, but you can't access their value.  It's part of the technology itself - the value is secure by definition.  In the 'old days,' you could just put a lien on their bank account(s). 

I guess the physical analogy would be 'what if you were able to lock away your wealth in a physical vault that was impenetrable by anybody and only you knew where it was?'

I agree, it is hard to imagine a future without smart contracts automating a lot of these complexities. I see those becoming mainstream way before salaries are being paid in any kind of crypto/Libra. I wonder how much of a role Codius will play in this, or if a more popular smart contract service like Chainlink will hold a majority of the market share across different industries.

It is easy to imagine that (most) crypto exchanges will (if they aren't already) share transaction data and wallet (cold storage) information associated with each account they've KYC'd. Perhaps they'll use this information to 'mark' or even 'blacklist' those known addresses of individuals who owe money, making it nearly impossible for them to spend any money from that wallet (or those associated with it). Maybe something like this will be the new bank account liens? From my perspective, you'd think banks would be racing toward implementing user friendly crypto custody solutions in order to retain their large client bases, maintain access and control over their (otherwise unacessible) assets, and capitalize off of the investment products and other services they'll be able to offer to a demographic that is likely to have a large influx in capital over the coming years (deflationary assets).

I have also seen a big shift with people (and companies) wanting to move away from the traditional credit scores (FICO, Experian/Equifax). Many companies and Fintechs are using alternative information, including public social media information, to determine individuals' creditworthiness instead. Even Apple doesn't handle the debts of its new Apple Pay credit card; instead, it simple sells them to 3rd party collection agencies. But how much do collection agencies and liens matter for people who self-custody large amounts of deflationary assets?

I wonder if anyone else is pondering these things..

Link to post
Share on other sites

What really bothers me the most about that d*uchebag  Brad Sherman is not that he's a Luddite.... five minutes of research will show you he's a talking sock puppet for a large successful California bank controlled by Chinese-American interests.

Check it out. Follow the financial disclosure trail.

Edited by dr_ed
Link to post
Share on other sites
On 9/28/2019 at 12:33 PM, XRPboi said:

Perhaps they'll use this information to 'mark' or even 'blacklist' those known addresses of individuals who owe money, making it nearly impossible for them to spend any money from that wallet (or those associated with it).

Another fascinating idea.  :JC_thinking:

And it has a precedent, as well; the blacklisting of addresses of scammers.  However ... that method has only met with limited success, and is usually done more as a 'delay tactic' when an exchange is contacted by investigators - or the victim. 

However, I think criminals will get around this by trading crypto for other value at a discount, or some other technique.  Criminals don't normally rely on banking on a day-to-day level unless the topic is laundering money. 

Link to post
Share on other sites
16 hours ago, Hodor said:

Another fascinating idea.  :JC_thinking:

And it has a precedent, as well; the blacklisting of addresses of scammers.  However ... that method has only met with limited success, and is usually done more as a 'delay tactic' when an exchange is contacted by investigators - or the victim. 

However, I think criminals will get around this by trading crypto for other value at a discount, or some other technique.  Criminals don't normally rely on banking on a day-to-day level unless the topic is laundering money. 

Maybe, or maybe they are already working on it.

 

https://www.americanbanker.com/opinion/virtual-currencys-new-frontier-cryptocollateral

Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now


×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.