Slightly shorter Taxability and Entities section
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@ -422,17 +422,19 @@ entity. Finally, we assume that at the time digital coins are
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withdrawn, the wallet receiving the coins is owned by the individual
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who is performing the authentication to authorize the withdrawal.
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Preventing the owner of the reserve from deliberately authorizing
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someone else to withdraw electronic coins would require extreme
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measures, including preventing them from communicating with anyone but
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the exchange terminal during withdrawal.
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someone else to withdraw electronic coins would require even more
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extreme measures.
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% SHORTER:
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% including preventing them from communicating with anyone but
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% the exchange terminal during withdrawal.
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% FIXME: Oddly phrased:
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As such measures would be
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totally impractical for a minor loophole, we are not concerned with
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enabling the state to strongly identify the recipient of coins
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from a withdrawal operation.
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% As such measures would be
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% totally impractical for a minor loophole, we are not concerned with
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% enabling the state to strongly identify the recipient of coins
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% from a withdrawal operation.
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% FIXME: Seems to kinda duplicate the previous paragraph, albeit doing
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% a better job.
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% SHORTER: There might be a shorter way to say this and the previous
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% paragraph together, but now I see why they were kept apart.
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We view ownership of a coin's private key as a ``capability'' to spend
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the funds. A taxable transaction occurs when a merchant entity gains
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control over the funds while at the same time a customer entity looses
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