Stupid Questions April 2015

Gondolinian

This thread is for asking any questions that might seem obvious, tangential, silly or what-have-you. Don't be shy, everyone has holes in their knowledge, though the fewer and the smaller we can make them, the better.

Please be respectful of other people's admitting ignorance and don't mock them for it, as they're doing a noble thing.

To any future monthly posters of SQ threads, please remember to add the "stupid_questions" tag.

Please be respectful of other people's admitting ignorance and don't mock them for it, as they're doing a noble thing.

To any future monthly posters of SQ threads, please remember to add the "stupid_questions" tag.

And yes, we limit citizens to one account and legal entities, and governments have different kinds of accounts with different restrictions.

If a citizen creates a legal entity, doesn't he get his second account?

The wine seller creates a legal entity "wine shop" and transfers the money from it into his citizens account whenever the shop get's any money.

Yes. It can just be a few satoshi's to an output with the rest(the bigger values) going somewhere else. If the amounts are too small they can be kept off chain.

Of course you can transfer a few satoshi. On the other hand that doesn't stop you from paying bitcoin fees. The bitcoin blockchain is incapable of doing cheap micropayment transactions.

A corporation may choose to issue citizen accounts to anyone alive. We think that geographic restrictions still make sense, but they are not a requirement.

That sounds like a corporation could issue a citizen account to someone who already has an account.

In general if you do have to trust a government to enforce rule of law, why use the expensive bitcoin system where trust relies on the blockchain?

I've run a computer model in a closed system. I present the results here: https://vimeo.com/user17783424/review/115279592/1bb88f885d

The assumption that the business man doesn't do anything with his money is unrealistic. It also doesn't make sense to assume a 3 person economy. It would make more sense to run a model economy with 10,000 participants and assumptions about how the market participants interacts with each other via an open python script. Including a miner who gets his $0.04 for every transaction.

If a citizen creates a legal entity, doesn't he get his second account?
The wine seller creates a legal entity "wine shop" and transfers the money from it into his citizens account whenever the shop get's any money.

Yes...this is possible. I would expect a legal entity to pay it's employees. The Legal Entity also benefits for what is paid out to employees. The string of accounts and how many lengths away an account is will be a short term concern but not a long term concern. In addition wine buyers can hold the wine maker responsible for mak... (read more)