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re: Kaminsky: Bitcoin is here to stay
Posted on 5/4/13 at 8:36 am to joshnorris14
Posted on 5/4/13 at 8:36 am to joshnorris14
Independent of and before you posted your link I acknowledged that transaction fees would be the only financial incentive. How could I possibly have reached that conclusion? Basic economics dictate that it is the only reasonable outcome. Lets discuss those transaction fees for a moment.
How are Bitcoin transaction fees different than a tax on property? The tax is paid to the Bitcoin miner rather than a government, but the tax is due every time a particular Bitcoin changes ownership. As a Bitcoin owner you have to pay for the privilege of using your property. That hardly seems satisfactory to libertarian ideals.
How are Bitcoin transaction fees different than a tax on property? The tax is paid to the Bitcoin miner rather than a government, but the tax is due every time a particular Bitcoin changes ownership. As a Bitcoin owner you have to pay for the privilege of using your property. That hardly seems satisfactory to libertarian ideals.
1
Posted on 5/4/13 at 10:13 am to Poodlebrain
Like I said, you should educate yourself on how transaction fees in bitcoin work.
1. You are taxed on your property for simply owning it and paying someone who provides you with nothing that coincides with your ownership of said property. You pay transaction fees because bitcoin miners are providing you with a service.
No, you don't. You don't have to pay the transaction fee. Also, you could become a bitcoin miner yourself rather easily.
You think this violates the non-aggression principle or property rights. Ask yourself "Is it voluntary?" and if the answer is yes it doesn't violate libertarian principles.
quote:
How are Bitcoin transaction fees different than a tax on property?
1. You are taxed on your property for simply owning it and paying someone who provides you with nothing that coincides with your ownership of said property. You pay transaction fees because bitcoin miners are providing you with a service.
quote:
As a Bitcoin owner you have to pay for the privilege of using your property.
No, you don't. You don't have to pay the transaction fee. Also, you could become a bitcoin miner yourself rather easily.
quote:
That hardly seems satisfactory to libertarian ideals.
You think this violates the non-aggression principle or property rights. Ask yourself "Is it voluntary?" and if the answer is yes it doesn't violate libertarian principles.
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