Scorched earth crypto legislation through enforcement is likely the worse US regulatory policy error ever made. As cash becomes CBDC, we'll make any value transferable as a currency, to be denominated in fiat of user's choice, meaning fiat no longer needed
https://twitter.com/ReggieMiddleton/status/1371894702283362313
Fiat's primary draw is two-fold:
1) It cures the liquidity, fungibility and portable ailments that plagued direct physical barter, and
2) Countries only allow their national fiat to be used to pay their mandatory taxes.
#P2PEconomy addresses 1), leaving only 2 as a use for cash
1) It cures the liquidity, fungibility and portable ailments that plagued direct physical barter, and
2) Countries only allow their national fiat to be used to pay their mandatory taxes.
#P2PEconomy addresses 1), leaving only 2 as a use for cash
Those skilled in arts of wealth maintenance, investment mgmt realize that fiat is the most expensive asset to hold. It's:
1) Taxed the highest
2) debased the most (inflation)
3) has the lowest returns
Why hold fiat cash when you can spend assets/commodities directly via VeDeFi?
1) Taxed the highest
2) debased the most (inflation)
3) has the lowest returns
Why hold fiat cash when you can spend assets/commodities directly via VeDeFi?
Once populace gets wind of the ability to use almost any asset that can be tokenized or expressed as a data feed as a form of cash, the desire and need to hold and/or use fiat cash will shrink at an unprecedented pace.
Theoretically, cash on hand should never exceed tax liability
Theoretically, cash on hand should never exceed tax liability
Why hold $USD $EUR $GBP or $JPY - all with a sub-99bp yield, taxed at the highest rates available in their respective countries, all debased at the fastest clip in each sovereign's history, when you can hold/spend tokenized risk assets that increase in price as fiat's debased???
Why should any foreign (to US) actors seek $USD (in traditional form, CBDC or otherwise) for transactions & Fx stability reserves for its global #ReserveCurrency status when they can now just as easily circumvent both sanctions & USD by trading #oil for #gold via the #P2PEconomy
Amazingly, the man that invented the #P2PEconomy and patented it was banned from the industry in the US & was forced to take his patent, IP, intellectual capital, team & the ingenuity used to create all of this offshore to benefit said foreign actors. Sound like good policy?
The #IntellectualCapital required to proof against #RunOnTheBank that'll likely be $USD once world turns to #CBDC compatible #P2P direct transactions, led by #China CBDC & #DLT efforts WAS rampant in the entrepreneurial space of #crypto in the US, now nearly ALL headed offshore
• • •
Missing some Tweet in this thread? You can try to
force a refresh
