On a good day we might say the Fed tax is fair, it hits the middle class, the same fools who repeatedly spend in losing programs.
My sober moments remind myself that the whole tax collection, and associated regulatory scheme is a huge transaction cost on the tax dollar. Our central bank is seeing its market share dwindle. Can the algorithms remove the cost? Theoretically yes, but you run onto a barrier right away, tax contracts come with purchases. That type of automatic regulation needs, once again, secure personal ID.
SPID means both parties have an independent agreement on prior information, as determined by the autonomous algorithm, unobservable by humans. Hence, the complexity reduced ex ante via proofs.
But this contract capability is a general purpose technology, not limited to money. The NSA needs it to protect data access for everyone. NSA need it to identify and control compliant autonomous vehicles. And, quite frankly, money needs it to carry lose change, at a minimum, that is an NSA issue, identify predefined safe transactions. A powerful tool for us all, if we agree ex ante then we can select a minimal, simple contract between us and the regulator, like a cash limit.
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