{"id":100,"date":"2023-10-03T11:18:45","date_gmt":"2023-10-03T11:18:45","guid":{"rendered":"http:\/\/tdi_172_8a6"},"modified":"2023-10-04T12:38:37","modified_gmt":"2023-10-04T12:38:37","slug":"3-factors-that-made-blockchain-become-valuable-last-year","status":"publish","type":"post","link":"https:\/\/fuudys.com\/delivery\/2023\/10\/03\/3-factors-that-made-blockchain-become-valuable-last-year\/","title":{"rendered":"We all barter with Big Tech"},"content":{"rendered":"
FAANG Companies like Facebook, Amazon, Apple, Netflix, and Google (Alphabet) are taking our valuable personal data without paying us a penny. They hoard it, filter it and sort it with their secret algorithms, then exploit it, spinning what they\u2019ve taken into billions in revenue. They are at once a monopoly and a monopsony (a sole purchaser of data), deciding which content producers will be paid, in the manner of a communist central planner, and determining what content billions of users will consume.
\nWe have allowed those powerful companies to enter our homes and lives to extract personal assets worth billions of dollars without paying us one cent for taking them. These digital assets once they are shorted, organized in Pools of data, become extremely valuable that the powerful corporations use them in commerce in a way that drives countless small businesses and independent retailers into bankruptcy, leaving main streets everywhere in a state of decay and desertion.
\nOur personal Data \/ digital assets are converted into billions of dollars of cash, but the companies move that cash out of our country and warehouse it in countries that have the lowest corporate tax rates.
\nOur neighborhoods become less vital, because the federal, state and local taxes that pay for roads, police and clean water dry up.
\nSome might say: FAANG Companies aren\u2019t really stealing our data, because we\u2019re getting valuable services and products in exchange. Who doesn\u2019t love free music? Who doesn\u2019t love a free e-mail service like Gmail?
\nBut scratch that, and it\u2019s easy to see that it\u2019s not \u201cfree\u201d at all. It\u2019s a good-old-fashioned barter transaction: We are exchanging something of value for something else of value.
\nFAANG Companies gives us free e-mail or mapping services in exchange for a trove of our personal data \u2014 where we shop, how much we travel, whether we take medicine or buy concert tickets \u2014 which it then turns into targeted marketing information worth, in the aggregate, billions of dollars to retailers and advertisers Here\u2019s the problem: Since Barter transactions are taxable, especially when they are done systematically and for commercial gain. The problem is, our government hasn\u2019t yet treated these transactions as barter transactions. FAANG Companies are billions richer from it, while our towns and cities and our most economically vulnerable people are billions poorer.
\nWe are not making this up. The law is very clear: All barter transactions are taxable, as our tax laws have held for many decades. The U.S. Congress\u2019s formal recognition of the barter industry, passed the barter tax compliance provisions of the Tax Equity and Fiscal Responsibility Act (TEFRA) in 1982, is still considered the global model for tax reporting of barter exchange transactions. The same law recognized barter trade exchanges on a par with banks and credit card companies as “third party recordkeepers” of the financial records of other taxpayers. All U.S. barter exchanges now submit to the tax authorities yearly total of the barter sales of their clients via 1099 forms. Section 61 of our Internal Revenue Code states that \u201call income\u201d is taxable, even if it\u2019s not in the form of cash.<\/h6>\n
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Customer Data in 3d letters and words surrounded by stacks and piles of money earned from sales and marketing to client database<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"

FAANG Companies like Facebook, Amazon, Apple, Netflix, and Google (Alphabet) are taking our valuable personal data without paying us a penny. They hoard it, filter it and sort it with their secret algorithms, then exploit it, spinning what they\u2019ve taken into billions in revenue. They are at once a monopoly and a monopsony (a sole […]<\/p>\n","protected":false},"author":1,"featured_media":190,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-100","post","type-post","status-publish","format-standard","has-post-thumbnail","category-blog"],"_links":{"self":[{"href":"https:\/\/fuudys.com\/delivery\/wp-json\/wp\/v2\/posts\/100","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fuudys.com\/delivery\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fuudys.com\/delivery\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fuudys.com\/delivery\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/fuudys.com\/delivery\/wp-json\/wp\/v2\/comments?post=100"}],"version-history":[{"count":4,"href":"https:\/\/fuudys.com\/delivery\/wp-json\/wp\/v2\/posts\/100\/revisions"}],"predecessor-version":[{"id":189,"href":"https:\/\/fuudys.com\/delivery\/wp-json\/wp\/v2\/posts\/100\/revisions\/189"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fuudys.com\/delivery\/wp-json\/wp\/v2\/media\/190"}],"wp:attachment":[{"href":"https:\/\/fuudys.com\/delivery\/wp-json\/wp\/v2\/media?parent=100"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fuudys.com\/delivery\/wp-json\/wp\/v2\/categories?post=100"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fuudys.com\/delivery\/wp-json\/wp\/v2\/tags?post=100"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}