...
anyways,
fiat(money) is not fungible
getting fiat from a relative on random occasion in small amount= gift= no tax
getting fiat from a relative after death in large amount= inheritance= inheritance tax
getting fiat from a employer = income tax
getting fiat from customer for a product = sales tax
getting fiat from an investment = capital gains tax
keeping alot of fiat after bills = wealth tax
keeping fiat in a family/corporate trust = capital gains tax
use fiat to buy property/shares = stamp duty
businesses that keep fiat after costs = corporation tax
have a low income or a basic personal account = low ATM withdrawal amount
have a high income or a business account = service charges and subscription fees
using debit/credit card fiat = 'service charges' (sometimes customer pays sometimes merchant pays)
(the list goes on)
...
https://money.cnn.com/2013/02/28/news/economy/illegal-income-tax/index.htmlOld but still relevant to this.
Makes you wonder how much work by the government is really going into tracing crypo for 'getting criminals' vs 'getting out (tax) cut from transactions'
Sales tax, income tax, and so on. Yes, not paying taxes is a crime, but that's not the point I'm making here.
Franky's understanding of fungibility is totally broken. Whether and which taxes I have to pay as a customer and / or a business, is an
accounting topic; I don't look at the difference between paper notes to determine which tax I have to pay. Neither does their history have an influence over what taxes I have to pay.
I can't fathom how anyone can honestly believe that the fact you have to pay taxes on certain fiat transfers means it's not fungible.
I'm not fully done watching
Adam Back's talk about fungibility, but he's explained it quite well in the beginning in case anyone needs a reminder.