I was recently (virtually) introduced to Simon de la Rouviere after reading his recent article, “In the Future, Everyone Will Have Their Own Cryptocurrency.” Simon makes a bold prediction: personal cryptocurrencies will be the norm in the next 10 to 20 years.
Having your own coin isn’t so different from my current practice of selling “shares” of myself. The difference is in the technology, which should be pretty invisible to the average user. What the user cares about is the value of the person, and in order to determine that, a person needs a clear plan or thesis for how they will live.
Imagine I sold shares of myself but never allowed shareholders to vote on how I live my life. Without my thesis about the wisdom of crowd-based investing, it’s just an ask for money: people give me money and I get to do whatever I want. That’s not very interesting or valuable to any potential investors. By adding a thesis about collective decision-making and backing that belief up with technology, the experiment in selling my shares gains meaning.
Simon points out that personal coins will develop gradually: “We will start seeing (mostly tech) people slowly but surely minting their own coins…until a platform exists for anyone to easily create one, and allowing easier and quicker exchange between them.” I don’t completely disagree, but think this is nonetheless a grand understatement. Practically speaking, obtaining cryptocurrencies, let alone creating them, is nearly impossible for most of us.
Consider the most well known cryptocurrency of them all, Bitcoin. The first Google result for “how to buy bitcoins” starts by pointing out that that “the existing Buying bitcoins page is too complex” and then warns, “Bitcoin services are not highly regulated. A service can continue operating even when it is widely believed that it is insecure or dishonest.” If that doesn’t scare you off, you then run into the problem of dollars and Bitcoin being like oil and water: “You can’t directly buy Bitcoins using PayPal.” More confusing still, there is a service that “accepts credit cards via PayPal (or Skrill) but you have to buy SLL which you can then trade for Bitcoin.”
The Latest on: Cryptocurrency
via Google News
The Latest on: Cryptocurrency
- Cryptocurrency investors start receiving letters from the IRSon July 28, 2019 at 1:33 am
The Internal Revenue Service (IRS) has begun sending letters to over 10,000 U.S. cryptocurrency investors last week, asking them to report their virtual currency holdings and pay taxes properly. ... […]
- MIT Fellow Says Facebook ‘Lifted’ His Ideas for Libra Cryptocurrencyon July 27, 2019 at 3:29 pm
Avid students of the literature on monetary innovation might feel deja vu when reading Facebook’s Libra white paper. Several aspects of the social network’s much-ballyhooed global ... […]
- IRS Sending Warning Letters to More Than 10,000 Cryptocurrency Holderson July 26, 2019 at 8:39 pm
The Internal Revenue Service has begun sending letters to more than 10,000 cryptocurrency holders, warning they may have broken federal tax laws. The agency wasn’t specific about the possible ... […]
- The IRS is warning thousands of cryptocurrency holders to pay their taxeson July 26, 2019 at 8:02 pm
The Internal Revenue Service is sending letters to 10,000 digital currency holders who potentially failed to pay the necessary taxes or improperly reported taxes on their digital assets last year. In ... […]
- IRS goes after cryptocurrency owners for unpaid taxeson July 26, 2019 at 4:21 pm
The IRS is sending out 10,000 form letters to Americans who had cryptocurrency trades and may not have paid taxes. The government has said that virtual currencies are taxed like property, but has not ... […]
- The IRS is going after some cryptocurrency holders for back taxeson July 26, 2019 at 3:47 pm
The IRS is sending letters to more than 10,000 taxpayers with virtual currency transactions, telling them to pay back taxes and file amended returns. Taxes you may face on virtual currency will depend ... […]
- IRS: Don't Forget to Pay Taxes on Your Cryptocurrency Investmentson July 26, 2019 at 2:48 pm
The IRS is reminding everyone they need to pay taxes on their cryptocurrency investments. On Friday, the Internal Revenue Service said it's been sending letters to taxpayers who've made cryptocurrency ... […]
- IRS reminds 10,000 taxpayers that cryptocurrency is subject to taxeson July 26, 2019 at 2:25 pm
It's notifying taxpayers who may have failed to report their cryptocurrency earnings. By the end of August, an estimated 10,000 taxpayers will receive letters from the IRS warning them that they may ... […]
- IRS is tracking down cryptocurrency owners, warning of back taxeson July 26, 2019 at 12:41 pm
The Internal Revenue Service is warning more than 10,000 holders of cryptocurrency that they may be subject to penalties for skirting taxes on their virtual investments. The IRS has begun sending ... […]
- IRS Sends Warning Letters to 10,000 Cryptocurrency Holders About Paying Taxeson July 26, 2019 at 12:33 pm
The Internal Revenue Service said it began sending warning letters to more than 10,000 cryptocurrency holders, reminding them of the penalties associated with not paying taxes on digital currency ... […]
via Bing News