@davidpakman Cryptocurrency makes it so people are going to be avoiding taxes in record numbers. Socialism is dead in the water in any economy where crypto exists. Communism is also completely worthless as a concept anymore as well.
Crypto is that much of a game changer. The debate is over. It doesnt matter how much you are for or against socialism. Its simply not possible to track and enforce taxation in this kind of environment.
If the purpose of crypto for most people is to avoid taxes then crypto will undoubtedly fail. I see crypto as a fundamental change in an economic system that is rampant with corruption- part of what makes crypto so great is that it's been applied to create direct democracy, where every stakeholder has a legitimate means of voting and controlling the fundamentals of the crypto. You can't find that in any publicly held company, or really any other investment. And yes, there are a lot of ways crypto is a massive game changer, but tax evasion isn't one of them.
Our current tax code (taxing crypto as property) is clearly outdated and will lead to a lot of tax evasion. But to say crypto's purpose is to avoid taxes is nowhere near the case. Crypto, in most ways, is MORE traceable than the USD.
And yes, socialism and communism are proven as failed concepts. Putting the entire economy in the public sector massively stifles growth. But putting certain parts (education, health care) would save people a lot of money, because there isn't a for profit interest getting in the middle of your necessities.
Its not the purpose. Its just something that comes with the technology. Nobody can control it.
And this causes huge amounts of complexity with trying to figure out how much is owed.
This fact is gonna get some money people ( tax evaders) screwed..