For example GNU Taler could be used for the digital euro. Its anonymous for the buyer, backed by banks and traditional banking infrastructure and fast.
Its also somewhat unlikely to win. Lets hope the people in brussels make the right decision.
I think the one aspect that has the potential to kill the whole concept is the limit on how much one person can own. There would be little to no point in using it, since the potential advantage of no fees or bank nonsense is more than offset by the inconvenience of not being able to get my salary in it.
If there is no limit, we basically nationalized commercial banking, or at least eliminated the concept of banks providing convenience as opposed to interest as a service. I’m not sure if that’s a bad idea, given that we seem to have a major debt crisis every ten years, usually stemming from insane lending from banks. Maybe not all at once though. My uneducated opinion is that it would be great if we could impose a limit, and gradually raise it until it reaches a point where it is meaningless.
True. However, I think its unreasonable to demand a digital euro that is also private for businesses, as the only benefit from that would be enabling tax evasion and selling illegal goods. There are differences between physical anonymous payments and online anonymous payments. The problem is scale and reach. You cant just send millions of euro in cash to someone in a different country, you can with online payments. That allows for money laundering and illegal markets at a scale never seen before.
So yes, it will be different than cash, but your identity cant be traced, so id call it a worthy replacement.
Ultimately, businesses get all of their money from customers, and those customers are people who deserve privacy. Some businesses have other businesses as customers but those other businesses also get all their money from customers.
If you make all this stuff public, then you are basically allowing customers to be tracked.
And most of the money businesses spend also, ultimately, go to people - their employees or indirectly to employees of their suppliers (or to investors, who are also people).
There’s really no way around it except to provide privacy across the board and the best way to avoid tax evasion is by having clear taxation policies that can’t be avoided. Sales tax, for example, is an unavoidable tax on business. Property taxes are also unavoidable. Import/Export taxes are very difficult to avoid.
Where our governments go wrong is trying to tax “profits” which are nearly impossible to enforce. Did the company really spend a hundred million dollars buying a patent? Or was the money actually for something else and the patent was just a cover? Is that old painting in the meeting room really worth ten million or is it a fake? If it’s fake, is the buyer a victim or was it money laundering? You can’t possibly regulate that stuff and transparency into transactions will only catch out idiots. Most people running big businesses are not idiots.
Hmm, i don’t entirely understand your point. Buyers are private using Taler, and you can’t find out who bought something. You cant trace a coin to its owner. And last I checked, businesses dont pay in cash, it goes through a bank, so the privacy level doesn’t change compared to what we do today.
As long as the right concept wins - yes.
For example GNU Taler could be used for the digital euro. Its anonymous for the buyer, backed by banks and traditional banking infrastructure and fast.
Its also somewhat unlikely to win. Lets hope the people in brussels make the right decision.
I think the one aspect that has the potential to kill the whole concept is the limit on how much one person can own. There would be little to no point in using it, since the potential advantage of no fees or bank nonsense is more than offset by the inconvenience of not being able to get my salary in it.
If there is no limit, we basically nationalized commercial banking, or at least eliminated the concept of banks providing convenience as opposed to interest as a service. I’m not sure if that’s a bad idea, given that we seem to have a major debt crisis every ten years, usually stemming from insane lending from banks. Maybe not all at once though. My uneducated opinion is that it would be great if we could impose a limit, and gradually raise it until it reaches a point where it is meaningless.
GNU Taler does not act like cash at all. It has properties that leaks data from businesses for the purpose of taxation.
True. However, I think its unreasonable to demand a digital euro that is also private for businesses, as the only benefit from that would be enabling tax evasion and selling illegal goods. There are differences between physical anonymous payments and online anonymous payments. The problem is scale and reach. You cant just send millions of euro in cash to someone in a different country, you can with online payments. That allows for money laundering and illegal markets at a scale never seen before.
So yes, it will be different than cash, but your identity cant be traced, so id call it a worthy replacement.
Ultimately, businesses get all of their money from customers, and those customers are people who deserve privacy. Some businesses have other businesses as customers but those other businesses also get all their money from customers.
If you make all this stuff public, then you are basically allowing customers to be tracked.
And most of the money businesses spend also, ultimately, go to people - their employees or indirectly to employees of their suppliers (or to investors, who are also people).
There’s really no way around it except to provide privacy across the board and the best way to avoid tax evasion is by having clear taxation policies that can’t be avoided. Sales tax, for example, is an unavoidable tax on business. Property taxes are also unavoidable. Import/Export taxes are very difficult to avoid.
Where our governments go wrong is trying to tax “profits” which are nearly impossible to enforce. Did the company really spend a hundred million dollars buying a patent? Or was the money actually for something else and the patent was just a cover? Is that old painting in the meeting room really worth ten million or is it a fake? If it’s fake, is the buyer a victim or was it money laundering? You can’t possibly regulate that stuff and transparency into transactions will only catch out idiots. Most people running big businesses are not idiots.
Hmm, i don’t entirely understand your point. Buyers are private using Taler, and you can’t find out who bought something. You cant trace a coin to its owner. And last I checked, businesses dont pay in cash, it goes through a bank, so the privacy level doesn’t change compared to what we do today.