They don't, they don't care because short term cash resolves quickly below the level at which they insure tax collection. But the banks squeal loudly because this is where they were collecting those taxes, ultimately, payment fees.
Short term, proof of stake, block chained ,cash contracts are here. All essentially a derivative of stable coin, and stable coin is enabled by public contract ledger. All parties with a stake can get the next accurate version of the ledger. The ledger resolves faster than any group of miners can hedge. But like real bearer cash with a small limit, short term cash still enables a raft of applications because transaction are automated making trivial transaction fees.
What abut local taxes? They have the same efficiency, they can watch the short cash lenders for suspicious merchant activity. The bank will howl loudly and mightily, and this may trigger the start of sequence. This is a big check on who ends up paying the fed tax.
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