Moving to Taxcoin
Fractional Reserve Banking migrated into Tax Leveraged Banking
Bank lending with fiat money is one of the most significant drivers in any economy, fueling economic growth and investment.
However, it also creates a number of significant problems:
• Bank lending is highly pro-cyclical. Banks lend excessively during an economic boom, increasing inflation and causing the economy to overheat. Then they lend too little during a crisis, at the exact point in time when more stimulus is needed. This dynamic drives the boom-bust cycle.
• Fiat money is biased towards those already on higher incomes, who have less need (but more access) to credit. This enables those on higher incomes to benefit from the opportunities that access to credit provides, whilst those on lower incomes are denied this opportunity, this results in increasing inequality.
Here is a great explanation of what is broken but with a flawed solution.
What is taxcoin
if bitcoin is made out of bits and goldcoin is made out of gold taxcoin is made out of tax