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RE: Why Micro Transactions will help Accelerate Cryptocurrency Mass Adoption and ultimately Freedom
The more micro transactions, the greater the tracking nightmare. When authority is finished writing code to aggregate these into summations of accounts, that's when full encryption, Schnorr sigs and other disintermediation techniques will need to be implemented.
They've got a habit of being a couple steps behind as evidenced by several senators questions of Zuckerberg. They are clueless and primed for the fall.
I'm still a bit confused about the point of breaking up a transaction into multiple micro-transactions. How big of an advantage can that really be? If privacy is the goal shouldn't we put more interest into privacy coins?
The idea is not to hide your tracks, but create so many of them that they cannot deal with them anymore. Its great because you can always say that everything is out there in public :)
It comes down to the fact that one cannot do manual calculations of taxes on library of congress level output. They get drowned in the details. Not nearly enough manpower to handle it.
Heh. When I was doing my taxes, I talked to my CPA about crypto and my possibly confusing situation with a gazillion micro transactions related to Steemit. She said the IRS is laying people off in droves and has only a vague idea of how to track crypto. I reported my taxes as best as I could, be she was not concerned about minor discrepencies.
Same here. My accountant said they have no idea how to handle their "crypto" problem and said "new legislation will be coming soon".
Woooooo! Lay them ALL OFF :)
She said layoff but she probably meant they’re slow at replacing those who leave. Same net effect though.
I read your comment on SteemTipper, this makes a lot more sense now. Almost seems like a shade of peaceful protest... very interesting. Compound their incompetence and greed with a flood of information that they have to sift through to enforce their antiquated and unfair laws. I like it.