Re: Crypto and taxes
To: cypherpunks@toad.com Perry says: P >Perhaps not. Its very common in many large business conducted here in P >New York in certain seemingly legitimate industries for much of the P >business to be conducted off the books -- people who will take cash P >for work are sought after. I will not name the industry in question, P >but it is one of the few major ones left in the city and it isn't P >finance. The size of NYC's underground economy can be proven by the fact that almost any mortgage lender will give you a "No Income Verification" loan for a residential property. They don't care where you get the dough from as long as you have a good record of making payments (they still do a credit check). DCF --- WinQwk 2.0b#1165
Today (1/17) the Boston Globe had an article about the barter economy, featuring the concept of "Labor dollars" which are popular in a number of localities. The concept is that each "dollar" is worth 1 hr of someone's labor, with all dollars/hours being theoretically equal (if you want to rate your labor as worth more that's between you and whoever wants to pay you in labor dollars). They point out that this form of currency is popular in lower-income areas, and especially with lower-income workers who do not have large cashflows, but who do have tradeable skills (e.g. you do my tax forms, I'll fix that leak in your bathroom). Of course, this kind of thing has gone on for years between pairs of people who had immediate needs; what is interesting is the investiture of labor debt into visible tokens which can be traded, stored, etc. This is, of course, one of the reasons why currency arose in the first place... --Alan Wexelblat, Reality Hacker, Author, and Cyberspace Bard Media Lab - Advanced Human Interface Group wex@media.mit.edu Voice: 617-258-9168 Page: 617-945-1842 an53607@anon.penet.fi All the world's a stage and most of us are desperately unrehearsed.
participants (2)
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Alan (Miburi-san) Wexelblat -
Duncan Frissell