That feels a bit unfair as a headline since it’s only a part of why the post is fun to read.
Now, why do I think this has some heft to it?
I’m a person who knows a lot about how computers and software work, is generally curious, and reads fast. I’ve been wrong about lots of things over the years.
I either fit this description, am certainly going to fit this description eventually, or will do whatever it takes to fit it, so we start out being pretty spiritually aligned. Plus, in addition to the credentials he points out here, the writer was a Distinguished Engineer at a place where that is No Small Potatoes, so I’m real inclined to give his words some weight.
Anyway, I recommend reading this even if you don’t care a fig about cryptocurrency; it isn’t long and the anecdotes are worth it.
“You know what real money is? Money you can use to pay your taxes.”
The danger/utility of cryptocurrencies is that they are creating financial system where taxes can be completely avoided.
Apple, Facebook and Tesla shares have already been tokenized on the ethereum blockchain. I am sure more will follow. It is only a matter of time before tokenized stocks can be traded on a decentralized exchange that runs on something like the ethereum network. This means you could have an entire investment portfolio on a decentralized platform that is completely secret/anonymous (as long as your initial payment in was anonymous).
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The same argument could be made about any highly-profit illegal enterprise. Buying a yatch with dirty funds in the country were you pay taxes would be a mistake. Illegal funds should be laundered if you want to use them like this, which can certainly be done if you have a lot of money!
This doesn’t apply to people who commit tax fraud and do not buy a yatch every year. It is relatively easy for them to get by unnoticed.
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True, I feel like the main difference is that the bar to entry is lower.