"a scenario whereby every transaction involving a CBDC could be automatically taxed at the source. Immediately. Involuntarily. It’s a scary thought" Rick, I expect the same will happen with Bitcoin. If that seems unlikely think about this. Bitcoin mining is already centralized. Just four Western nations already control the majority (54%) of the hash rate. (US= 35.5%, Canada = 9.5%, Germany and Ireland each 4.5%) Western nations will coordinate regulation of the miners. Will require that miners only confirm transactions from regulated exchanges. Every large mining company and institution will comply with govt regulations. The majority of the mining hash rate will only confirm transactions from govt. approved exchanges. Exchanges will be required to ID, Tax and freeze accounts as directed by govt. Those who don't like it will fork to a much smaller black market version of Bitcoin. Regulated bitcoin will loose its unconfiscatability but maintain its scarcity modified by stringent taxations. Transactions on the unregulated Bitcoin fork will be outlawed and subject to siezure. "Its a scary thought." https://medium.com/coinmonks/the-bitcoin-network-is-so-big-there-is-not-enough-hash-power-in-the-world-to-successfully-attack-c69af62c629b
"a scenario whereby every transaction involving a CBDC could be automatically taxed at the source. Immediately. Involuntarily. It’s a scary thought" Rick, I expect the same will happen with Bitcoin. If that seems unlikely think about this. Bitcoin mining is already centralized. Just four Western nations already control the majority (54%) of the hash rate. (US= 35.5%, Canada = 9.5%, Germany and Ireland each 4.5%) Western nations will coordinate regulation of the miners. Will require that miners only confirm transactions from regulated exchanges. Every large mining company and institution will comply with govt regulations. The majority of the mining hash rate will only confirm transactions from govt. approved exchanges. Exchanges will be required to ID, Tax and freeze accounts as directed by govt. Those who don't like it will fork to a much smaller black market version of Bitcoin. Regulated bitcoin will loose its unconfiscatability but maintain its scarcity modified by stringent taxations. Transactions on the unregulated Bitcoin fork will be outlawed and subject to siezure. "Its a scary thought." https://medium.com/coinmonks/the-bitcoin-network-is-so-big-there-is-not-enough-hash-power-in-the-world-to-successfully-attack-c69af62c629b