Not helping the 1%

[AVROMCR]

So anonymity and freedom from government control is key for social and political activists. But it threatens also to help the 1% to better hide their billions from tax authorities. How can we guard against this and ensure that cryptocurrency gives the majority more power and financial strength?

[tvbcof]

So anonymity and freedom from government control is key for social and political activists. But it threatens also to help the 1% to better hide their billions from tax authorities. How can we guard against this and ensure that cryptocurrency gives the majority more power and financial strength?

HODL

[Ashimwe]

So anonymity and freedom from government control is key for social and political activists. But it threatens also to help the 1% to better hide their billions from tax authorities. How can we guard against this and ensure that cryptocurrency gives the majority more power and financial strength?

HODL

lol

[Mometaskers]

Not much I can think of. Even with regulations from the government, the 1% would still find a way to hide their money away (which is what we are also doing anyway, right?). If enough people use crypto and the tax revenue dries up, maybe the government would then go after these hidden accounts. Much easier to go after a few big fish who have large money hidden in crypto rather than go after plenty of small fry.

[aesma]

If you don't want government then you don't want taxes either, so that doesn't matter.

[Mad7Scientist]

You can't fix the problem of the rich not paying taxes until such taxes are abolished for everyone. Then it can be fair.

[Sneginka111]

So anonymity and freedom from government control is key for social and political activists. But it threatens also to help the 1% to better hide their billions from tax authorities. How can we guard against this and ensure that cryptocurrency gives the majority more power and financial strength?

HODL

lol

lol x2, lol'd hard.

[tvbcof]

So anonymity and freedom from government control is key for social and political activists. But it threatens also to help the 1% to better hide their billions from tax authorities. How can we guard against this and ensure that cryptocurrency gives the majority more power and financial strength?

HODL

lol

lol x2, lol'd hard.

I didn't really mean it as a joke, though I did hope that it would give some people a chuckle.

Seriously, unlike debt-based money like the USD, Bitcoin cannot be manipulated by those who already have it.  e.g., stolen through inflation, the judicial system, etc.  Unlike the otherwise bitcoin-similar old-school money gold, Bitcoin was not already safely tucked away in a Swiss vault prior to your (dear reader's) birth.

A long time ago on this board the question was posed about how to destroy Bitcoin.  One of my ideas was to hoover it all up back then using ultimately useless dollars which the wealthy, who Bitcoin could eventually threaten, have in abundance and are thus who are always in search of a burn pit for anyway.  I'm sure that this happened to a degree, but I'm equally sure that there remain enough un-corraled BTC to make it a distateful reserve currency relative to most other options.  For several reasons.

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edit:

Don't worry to much about 'the 1%'.  This is more-or-less anyone who owns a home and doesn't have a mortgage, or soon will.  At least in the U.S.  I personally have been more interested in the 0.0001% since before Bitcoin, and in fact this is a driving force behind my interest in Bitcoin in the first place.  This even before I personally was firmly in the 1% catagory (so it's not a completely self-serving bit of advice.)

I would say that the 1% are mostly happless cannon-fodder.  They are more of a target for victimization than the '99%' because they actually have something of value to steal.  A vast majority of the 1%  will be more naturally allied with the 99% when the shit hits the fan, although the real players (the 0.0001%) will certainly try and may well succeed working the board play such that the the 99% take out the 0.99% on the way toward the end-game and before the 99% and the 0.99% can team up.