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Connor McCormick ☀️

@nor

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We have a framing question to answer for index wallets I'd love to get your thoughts on it. On the one hand, it's true to say (as far as we can tell) that index wallets "fund public goods without taxes". This is a compelling value proposition. On the other hand, it also seems true to say that index wallets have a form of taxation, in the same way inflation is a type of taxation. It's literally through increasing the monetary supply that index wallets fund public goods. However, what's not quite right about this is that because the taxation level is being set by the market, it would be a little bit like saying supermarkets tax you by setting prices. Like, sure, if you want to think about prices as a strange kind of taxation, go for it. But it definitely seems like we have a different relationship with prices than we do with taxes, because prices have different dynamics that generate them. And that matters because e.g. in the presence of competition we tend to even have good reason to trust prices.
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