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  "timestamp": "2020-03-17T17:22:15",
  "op": [
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    {
      "parent_author": "smithgift",
      "parent_permlink": "q7c7uq",
      "author": "lukestokes",
      "permlink": "re-smithgift-q7cll2",
      "title": "",
      "body": "You touched on some things I've been thinking about before.\n\n* <a href=\"https://steempeak.com/economics/@lukestokes/1w7yhhmb\">What Is Financial Value?</a>\n* <a href=\"https://steempeak.com/softfork222/@lukestokes/what-is-property-is-it-defined-by-consensus\">What is property? Is it defined by consensus?</a>\n* <a href=\"https://steempeak.com/hive-196037/@disenthrall/e5f67w3sznk\">The Truth About the Steemit Tron Takeover with Steem Witness Luke Stokes</a> <-- I think you'll enjoy this, though it's a two hour interview. The second half deals entirely with the nature of property and why you may be right that property on a blockchain may not actually exist since ideas are not rivalrous.\n\nAs to <a href=\"https://en.wikipedia.org/wiki/Universal_destination_of_goods\">Universal Destination of Goods</a>, that rubs me the wrong way a bit... it opens the door for religious or dogmatic statist control of everything \"for the greater good\" (for whoever gets to control that definition). Historically... I'm not a fan of that approach.",
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{
  "trx_id": "44d9b0004fad2e6c9bcbd9c3e69d5f00b670d4cd",
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  "timestamp": "2020-03-17T12:25:39",
  "op": [
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    {
      "parent_author": "lukestokes",
      "parent_permlink": "the-value-is-always-with-the-community",
      "author": "smithgift",
      "permlink": "q7c7uq",
      "title": "",
      "body": "I'm not any kind of anarchist or voluntarist, so I have a different perspective.\n\nIt seems to me that \"private property\" is an inaccurate description of whatever crypto-assets are supposed to be.\n\nSuppose you own a forest surrounding a mountain, and I own the mountain itself. I could reasonably ask (or require) you to allow me an easement to that mountain, especially if there's no other way for me to get to my property. Perhaps, if I wished to start a loud, polluting mining operation, demanding a large road for trucks and heavy equipment to go through the forest, we would have to negotiate. But there is someone real--something you or I cannot dispute--on which the whole situation is based. There is a mountain, which I own. There is possibly ore in the mountain. You own the forest around it.\n\nBut suppose you own a forest around a large but entirely dead clearing. I say that, no, the clearing is not empty, there is a giant mountain in it (only visible to the worthy) that has many castles, dragons, waterfalls, etc. Since this is such an amazing mountain, I require you to verbally acknowledge its existence to maintain its property values, offer easements to those going to the mystical yet invisible waterfalls, and contribute to castle maintenance and the Space Witch Defense Fund--for Space Witches, you see, are the natural enemy of the dragon, and without dragons we would all be star-hexed.\n\nIn both of these scenarios there is someone that might be called private property. One of them, I hope, you will also find absurd.\n\nCrypto is closer to the second scenario than the first--all our digital assets are merely numbers spread throughout the world. To say that such assets are \"private property\" and miners, or witnesses, or whatevers, must protect them by spending computational resources and other capital is like saying the treasures of the invisible mountain must be protected from the space witches, ergo someone must pay the dragon-riders. In fact, if code is speech, which sounds like a cool slogan, then any crypto-asset would result in compelled speech under this scheme.\n\nThe alternative--which I suspect you would agree with-is that, no, miners and witnesses and whatevers and all the other forms of dragon-rider are not compelled to do jack squat; they simply participate in this whole scheme voluntarily. Either for remuneration, or perhaps they really hate space witches. But if that's the case, then what exactly are blockchain assets? They do not merely only have value if other people say they do, but even exist in the first place only because other people say they do, and would all cease to exist the moment those other people quit.\n\nSince when does the natural right to private property depend on other's running a certain version of software on their computer as opposed to another? I myself do not believe in an absolute right to private property--the Universal Destination of Goods is a superior principle, to which private property must bow in service. But that makes this situation all the more ridiculous, because if all the computational power in the world must be dragged off for some massive task, then of course we would have to stop mining and witnessing and whatevering to accommodate this greater need.\n\nSt. Thomas Aquinas speaks of the distinction between natural and artificial wealth. Natural wealth is anything that is of intrinsic use: horses, houses, and heads of cabbage. Artificial wealth is only that which has value sheerly because we say it has value. Cryptocurrencies, like all currencies, fall more into the category of artificial wealth. After all, you can't eat a bitcoin, fuel your car with ether, or paper the wall with steem.\n\nWhich comes back to the original point: crypto-assets have value in that people say they do. Are we required to say so? After all, Binance would be a far greater tyrant than any cabal of sybils, in allowing some assets to be valued higher and others lower, then allowing those numbers to change. If I dent your car and it costs you $300 to fix, then I am to blame. If I dump a whale-lot of crypto, and cause everyone's wallets to drop an average of $300, am I responsible in the slightest?\n\nAnd yet--if I _steal_ $300 from all y'all, I definitely am.\n\nThe only answer to this paradox, I believe, is that there some more subtle category than \"private property\" which applies to crypto-assets.",
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      "parent_author": "cryptotax",
      "parent_permlink": "q3pt1s",
      "author": "smithgift",
      "permlink": "q70b88",
      "title": "",
      "body": "Apologies for what is a _really_ late reply (I was off steem for a while) but I have one giant tax question. Namely, how are DAOs themselves (including MakerDAO) taxed?\n\nLet's take MakerDAO for an example.\n\nIt seems reasonable (and probably very attractive to the IRS) to treat it as some kind of general partnership, owned by MKR holders. After all, it sure looks like it's a bunch of investors deciding how to manage a shared account for profit. Crypto-wise, MakerDAO pays \"dividends\" (in the philosophical sense of the word) by buying back outstanding MKR with its profits. \n\nBut that's the key word: profits. If MakerDAO is a general partnership, then would not those profits would pass through to MKR holders, regardless of how they are distributed? In the early days of MakerDAO, no one would care, because the amounts were so small, but currently MKR is profiting 10,000 DAI a day, based on daiauctions.com. Conveniently, that's approximately $3.65 million a year. And not one Form 1065 or Schedule K-1 is to be seen anywhere.\n\nAdding to this trouble is that instead of \"collecting\" DAI, it magically appears in the MakerDAO system, based on the current interest rates. So is that every block that new DAI is minted? Every second? Every day? Every time someone pokes the contracts to update the amount of outstanding DAI?\n\nAnd where is it? Is it just floating in the ether? (groan) Or wherever the Maker Foundation is registered? Is it anywhere that an Ethereum node runs? Is each individual CDP/Vault taxed based on where the owner is based? (How would one even find out?)\n\nI'm reasonably sure, by some reading of IRS publications, that MakerDAO would be required to file US tax forms if it had significant US income or US investors. It almost certainly has both. And who is supposed to file them? The Maker Foundation would be an easy target for the IRS.\n\nWhich brings me to the more philosophical point that I can't see any way that MakerDAO gets away with paying no tax. If one could structure an entity as a \"DAO\" that pays neither corporate income taxes nor does its income pass through to its investors, _everyone_ would do it. At which point the laws get rewritten and the practice is either banned or taxed.\n\nStill, I have no way to research this further as a layman, so I'm curious about any thoughts you have.",
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  "op": [
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      "from": "emrebeyler",
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      "amount": "0.001 STEEM",
      "memo": "Hi @smithgift. STEEM blockchain is recovering a hostile takeover. Details: https://cointelegraph.com/news/steem-community-stands-its-ground-amid-tron-takeover. Community is fighting back to put community witnesses back to the top20. I see you have free witness vote slots, please vote for our community witnesses. https://steemd.com/witnesses page highlights sockpuppet witnesses, we should ignore them and push the human witnesses in top50. That being said, I was also a consensus witness before takeover, here is a quick link to vote for my witness: https://app.steemconnect.com/sign/account-witness-vote?witness=emrebeyler&approve=1"
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      "parent_author": "smithgift",
      "parent_permlink": "not-a-review-of-doki-doki-literature-club-",
      "author": "steemitboard",
      "permlink": "steemitboard-notify-smithgift-20191207t224144000z",
      "title": "",
      "body": "Congratulations @smithgift! You received a personal award!\n\n<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@smithgift/birthday3.png</td><td>Happy Birthday! - You are on the Steem blockchain for 3 years!</td></tr></table>\n\n<sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@smithgift) and compare to others on the [Steem Ranking](https://steemitboard.com/ranking/index.php?name=smithgift)_</sub>\n\n\n###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) to get one more award and increased upvotes!",
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