10 sats \ 22 replies \ @Undergotten 2 Jan \ parent \ on: Loan shark: Super Testnet's non custodial, bitcoin only borrow and loan tool bitcoin
And who determines that? You are still trusting a central authority, and that's the main thing Bitcoin is trying to avoid.
And who determines that?
I think this is pretty much the same thing as asking "how do you know if someone is overcharging you?"
My answer is "think about it a little, you can do this"
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No, that's not the same thing at all. Taxes are not voluntary. They're mandatory. You have no choice. You are placing your trust in a central authority.
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Taxes are not voluntary. They're mandatory.
Nonetheless, you can still assess whether you got your money's worth from government services. Suppose you got about $1000 worth from reasonable government services and they tax you about $1000 at the end of the year. That is just, that is fair, there is no good reason to complain about reasonable compensation for perfectly valid services rendered by your government.
But if they try to overtax you for more than you got from them, it's unjust, and you are under no moral obligation to give them any money beyond the compensation due for what you did receive from them. You might go to prison or worse if you refuse to pay them the full amount they demand, but some people are okay with that.
Here we circle back to usury. I don't care what the financial engineers call it usury is the monetary charge for using money. Use. This principal only exists where money is clearly manufactured by one party and paid or lent to another. Where the usury comes in is that the money is:
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Taxed - In order to use my money where I am not producing anything (because if I was I would not need to confiscate your money) I need to take a portion of your labor. Furthermore I am going to violently threaten your customer (boss) to make sure he confiscates your wages and his before you both are paid and give those funds to me. If you don't have enough money I will lend you some.
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Inflation - This invisible tax is part of the scheme where I see the free market working and I introduce by inflating the money supply with new currency that I declared as money by fiat in order to confiscate the labor and goods of the free market without actually making anything useful.
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Usury - My friends who I give money to have a bounty of this cash and they will lend you this money so that you can build a business and pay us back as a percentage of your earnings. Once you have paid this back we will continue to confiscate your earnings by taxes and inflation of the money supply.
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