We all love bitcoin's ability to transfer value in real time across borders.
But the regulatory environment in many geographical regions in uncertain.
Do we need to pay capital gains? Do we need to pay a sales taxs etc. etc.
At this point bitcoin is small enough for this to not be a huge issue, but
one day that may change (maybe we hope!).
So my idea is to voluntarily pre empt legislation by giving donations to
govt (aka taxation) for bitcoin service providers.
However, there is something of a problem with voluntary donations. Most
people are not satisfied with the way they are spent. In the UK a recent
survey said that only 18% of people thought that tax money was wisely
spent. This is bad for govt., bad for people, and bad for the trusted
relationship.
Can we fix it? Maybe we smart contract and voluntary donations it's
possible!
So let's say I run a business and I make 1 million euros. I wish to donate
10% of my profits to society. But let's say I dont want that money to go
to wars of aggression, but rather, to the fire de[department.
So we set up a smart contract that is only "cashable" if the money goes to
the right place (verified by an oracle).
At this point everyone wins. The business person is happy to make a
contribution. The govt. is happy that it gets more revenue. The fire
dept. is happy that it has revenue to do its work. And everything has gone
to the right place in a kind of democratic way.
Over time if it takes off, this could provide revenue for many essential
services that are needed by people, in a way that allows more democratic
freedom of choice.
So my question is whether it may be possible to use smart contracts to
achieve a better democracy that is good for people, good for govt, and good
for innovation? My hope is that the answer is ...
"Yes We Can"
:)
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