We all know what inheritance is...
Someone dies, and what are you supposed to do with all that late-person's belongings. They have to go somewhere right? Most of the time it just gets passed onto family members and used to pay for taxes.
When my grandparents on my Dad's side passed, I learned a hard lesson in this arena. One of my Aunts had basically stolen all the land and property for herself. She was the one taking care of my grandma at the time, and my grandma wasn't in a position to stop her from changing up the paperwork at the last second. Pretty messed up honestly; greed makes people ugly and stupid.
Another weird thing about situations like this are the taxes.
We can think of a house just like any other Non-Fungible Asset/Token. The value of the house is not known except when it is bought and sold on the market. If your grandparents bought a house 50 years ago for $20k, the tax owed on that property is whatever percent of $20k for 50 years in a row. Then when they die and the house gets sold/transferred at a value of $1M the property taxes are going to skyrocket 5000%. Aren't taxes fun and totally necessary this day in age?
What is money? What is value?
These are abstract concepts. Money is worth only what we think it's worth. If we buy an island with our crypto bags, does that island have value? Not really if it lacks infrastructure/people. An area of wilderness with zero infrastructure isn't very valuable at all, and building infrastructure is very time consuming and expensive.
We can think of money as our primitive reputation within society. If we have a lot of money that theoretically means we provided a lot of value for society and generated much more value than we extracted from it. This is why money is never going to go away. How else would we stop random people from simply taking whatever they wanted at any time? We'd run out of resources immediately if there were no checks and balances in place to prevent it. This is why banking exists in the first place.
Inheriting... reputation?
It's easy to see why inheritance is completely ridiculous when we realize that money is reputation. No one should be able to inherit a reputation or spend the reputation of another person. That's obviously ridiculous, yet it happens all the time. The entire definition of a dynasty depends on it. It is even celebrated in our culture.
People love this damn show
I haven't watched it (yet).
In any case, there's a very good reason why things have played out the way they have played out, but crypto changes everything. Without inheritance, what would happen to the value accrued by the deceased? It would basically get transferred to a centralized agent or a central bank. If the money in their bank account was destroyed, that value basically gets transferred instantly back to the central bank because the money is still owed back to them from somewhere else. Without inheritance, a central agent takes control of the value. We obviously can't have that.
With crypto, inheritance will be absorbed back into the community from which it came from. It's a completely different system. We are about to experience major culture shocks and entirely new philosophies because of this technology. Sure, it might take 50 years before it kicks in, but it will happen. I might even be around when it does depending on how crazy the advancement of medical technology becomes when toxic capitalism is no longer the thing that drives it. Everything changes when all that's required is that a community gains value rather than some random centralized agent needing to capture it.
It's hard to imagine a world where inheritance was against the law of the land (or at least very culturally frowned upon) but then again we have never lived in a society that was founded on abundance. Humanity has been in the gutter clawing at whatever it could get for thousands of years now. That cycle is about to be broken forever, and we'll have to find new problems to complain about.
Inheritance is irrelevant in an abundance-society.
Why would you need daddy's money if you already have millions of your own? We are so used to living paycheck to paycheck and never having enough that it's hard to imagine a world where throwing away millions of theoretical dollars is totally fine, but that's exactly where this is going. Money is reputation, and reputation can't be transferred from one entity to another just because someone died, at least that's what many of these communities will decide when we actually live lives that aren't riddled in scarcity and fear of running out of resources. Resources are abundant, and the distribution of them will be as well when crypto kicks into high gear.
Conclusion
Humanity is on the verge of a revolution. Abundance changes everything, right down to our very culture and mindset. Antiquated inheritance is only a tiny part of that future. Everything will change. Or more accurately, the more things change the more they stay the same. We'll just have to wait and see what the constants are. People will always be people, so there is that.
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The ability for parents to build and pass on to their heirs is a fundamental aspect of human relations and is extremely valuable to growth and the evolution of knowledge and ability. If 'everyone is wealthy', then it becomes less relevant, but you can't remove it without making sure that 'everyone is wealthy' in a way that cannot be undone. Crypto alone will not achieve this. At the very least the entire legacy system structure needs to be replaced and we are not seeing that currently, despite theories people are holding.
If 'everyone is wealthy', then there is something like economic equality and in such a state the value of money becomes much less. So again, crypto isn't much a solution to create such a reality really - the requirement is individual and societal evolution towards deep balance, combined with better understanding of how Earth and energy work.
That was a nasty trick your aunt played! Different people are different, though. Not everyone is like that. When my mother died, my sister and I argued because Mom left each of us half, but I felt she was entitled to more, and she disagreed. We finally compromised. She had more than half, but not as much more as I wanted. This was because my mother very kindly forgave a loan to me when she was alive, so I felt my sister deserved the same amount.
While I understand your ideas and I love the idea of universal abundance, I also feel like if there is not universal abundance and our parents are able to leave us something or we can leave our children something, it can be a blessing. While I would prefer that my parents live forever, the small amount they are/were able to leave me is helpful. It allowed me to pay off my debts and get started in crypto.
I do prefer your vision of the future, though.
I really can’t relate to inheritance because my grandparents didn’t leave anything for anybody. But with crypto, lots of inheritance might end up getting lost because of the lost of keys by the owner
I disagree with you on this one :D
I think inheritance will be around for a long time, as potentially evil as it may be. These crazies that are attempting to rule over us won’t let abundance happen as easily as we think it may, look at how bitcoin is increasingly tied to fiat with companies buying it up.
Land and property won’t go away as inheritance any time soon I think.
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Oh absolutely agree on that!
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In what jurisdiction? Where I live, the city re-calculates the assessed value and bumps up the property taxes annually.
Really? I’d think that if mom and dad owned a 180,000 acre ranch and water rights, inheritance will be very relevant to their only child.
in communism, it doesn't matter :D
While I don't know that I agree that it will happen, it certainly is a thoughtful and interesting point of view.
Especially comparing money to reputation. In any case it would be interesting but the very wealthy have their money in foundations now, so they can pass on the foundation, and all of it's tax benefits and assets from generation to generation in and out of the family without taxation.
Wonder how that would be impacted.
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The simplicity in this. Despite the depth it contains, a transition from an economics goverened and centered on the scarcity to economics led on abundance is a change in everything. Seeing it happen and play out is amazing, watching the old gods loose there minds on seeing a tool they used to institutionalise and take advantage of the masses fade away in there hads while they try so had to keep it and there reputation alive. Despite it being evident its eating them away. We are about to experience a time when a whole new set of problems is upon us.
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I recently wrote an article about "What happens to Crypto when you die".... People need to make a real effort to educate their loved ones regarding all the ins and outs of crypto and how to navigate Cefi & Defi. Hopefully people are able to pass along their keys when they die.
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Yeah, I've thought about all that too. What would my family have to do to "inherit" all my little biddings in the crypto space. Thanks for the reminder to show them what to do if I were to pass in the soonivers!
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While looking at money as reputation it's no surprise financial institutions get godlike status in collective conciousness of XX century people.
Good point
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While crypto sure has the potential to break the cycle of millennial poverty for humanity I'm curious to see how the individual is going to take part in that and how the Rockefeller and Rothschild will react to such tries.
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If somebody dies intestate and without leaving the keys to their wallet, their crypto is "lost". But, as that crypto will no longer be circulating, it raises the value of the remaining crypto that is still being used. I can see how the community benefits.
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I don't think inheritance will be outlawed, the person who earned either money or property is the sole owner of that asset, and this person should decide who gets to keep his/her asset when he/she passes away, any person is free to donate property to a centralized entity, decentralized community or whatever, but this should be a voluntary decision and not coerced. Preventing an individual from leaving an inheritance to his/her chosen ones is a violation of a basic right, it would be a violation of private property rights.
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I've seen this twice too many times in family Inheritances.
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It's true how abundance can really change someone state of mind. And I guess you're right, with abundance there would be no need to keep what someone's worked for and/accumulated. I never thought of it, it's a fun mental exercise to go through actually, thanks.
Though, if we have everything in abundance, would we seek something else, something that may bring again some value because it wouldn't be so readily available? I don't know, just thinking about it. It's like nice alifornia weather... after a while it's nothing all that special.
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Taxes take it all anyway .
Governments dont like inheritance because for them it is free money and they want people to work hard for earning nothing .
But i hear you on the dynasty part , someone s money should stay their money , but if your parents are very rich , you used this money all your life ( therefore their power ) and when they die they give it to you , those are our ancestors and who are our ancestors ?
"When my grandparents on my Dad's side passed, I learned a hard lesson in this arena. One of my Aunts had basically stolen all the land and property for herself. She was the one taking care of my grandma at the time, and my grandma wasn't in a position to stop her from changing up the paperwork at the last second. Pretty messed up honestly; greed makes people ugly and stupid."
A similar thing happened to me, my Grandfather's estate was looted by neighbors and people whom he had helped build their businesses in some cases. We were far away geographically so unaware as it all happened, its rough but it teaches us who people really are in the long run.
"We can think of a house just like any other Non-Fungible Asset/Token. The value of the house is not known except when it is bought and sold on the market. If your grandparents bought a house 50 years ago for $20k, the tax owed on that property is whatever percent of $20k for 50 years in a row. Then when they die and the house gets sold/transferred at a value of $1M the property taxes are going to skyrocket 5000%"
There are ways around this, but it requires absolute trust between your family.
I wonder if your negative view on inheritance is based on seeing greedy self absorbed people who live off of inheritances and treat others without human regard. Which I have seen, in abundance myself.
But taken in isolation, inheritance, at its root, its really your lifelong legacy of savings/investment that you or your family has accumulated and passed down, and in of itself, a sign of multiple possible things :enterprise building, savings and sacrifice, stewardship and investment, frugal nature. So I think when I separate, entitled trust fund babies, from the idea of inheritance and realize I want my children to have it better than me, maybe you can see inheritance has value? What do you think?