Archive | February, 2021

DeFi Your Taxes in Escrow

6 Feb

As we move into the world of cryptocurrencies, it is becoming more and more important as to the impact of DeFi.

For those of you new to this, DeFi is, as defined by Coindesk:

DeFi is short for “decentralized finance,” an umbrella term for a variety of financial applications in cryptocurrency or blockchain geared toward disrupting financial intermediaries.

In short, your “Assets” that are in the form of cryptocurrency can be shielded from the Banks, and protected from being taken away by governments.

What if, let’s say, the government no longer is providing the services or protections through the rule of law that we are entitled to? There is little recourse if they continue to get paid for their “services”. As they only seem to care about the money, perhaps their behavior could be redirected if the money they expect to receive is held in Escrow, pending their conformance to the rule of law.

In steps DeFi. Placing your taxes into a, let’s say, USDT account, you would have the assets available to pay your taxes. If enough people were to place their taxes into a DeFi escrow account, outside the reach of seizure, attention could be brought to focus on the deficiencies of our political figures.

Food For Thought