My Home State on the cutting edge of Tech
Of course this is old news, but Sunday morning, our state congressman was on the TV. What, you may ask were they talking about? Bitcoin.... Best part about the video is it is short and to the point.
. Really kinda crazy, my state government is talking about taking cyrptos....
I have read that one of the main concerns is the volatility. The State could take a huge hit in the event that it tanks, and what the additional costs will be to convert to fiat money. Coupled with Bill Gates new wireless city in the desert. Move over Silicon Valley, Arizona might be the new tech capital of the world.
That just means I might need to move, all this tech stuff gives me a head ache sometimes. I should really go to school and become a programmer.
Not only could they convert to fiat quickly, but they could use futures products to lock in prices if they are concerned about volatility.
So great now we have to hire more people to work for a already too large government just to manage this form of payment.
I have heard about this development and think it is a very interesting move by the government. They don't get into anything without doing a full risk analysis. At first I thought it would be crazy because of the volatility as well but I am starting to think that through their assessment they have come to determine the huge growth potential and how real it is. What if they just plan to load up on Bitcoin and fill their boots on the gains over time. How much Bitcoin could they acquire doing this? Could this make them power players in the Bitcoin market eventually as they keep holding on to the coins? Will be interesting to watch it all develop.
Not in AZ, the law requires they sell with in 24 hours
Ahhhh, that's interesting indeed. I missed that part. I didn't realize you lived in Arizona till your post. We could use some of that warm weather here in Ottawa. We spent our weekend taking in Winterlude. The ice sculptures were amazing (I posted a bunch on my feed) but I am done with winter, snow and the cold. haha
It's a pretty interesting idea (paying taxes to the authorities directly with crypto), although it triggers a potential tax hit in the U.S.
That's a rather new problem, ain't it? You have to pay taxes for paying taxes (at profit)... what a joke! I can foresee a kind of never-ending spiral of paying taxes on bitcoin gains from paying the prior year's taxes in bitcoin.
I'd like to take this opportunity to say something that I hold deeply in my heart - fuck taxes!
How are we suppose to pay for all those people who don't want to work.
No one should pay real money for other people's (poor) choices. And, quite frankly, no one should be forced to give up any percentage of their earned wages to something that they don't agree with in the first place, whether the spending of that money is democratically determined or not.
On a somewhat related note, I think the fairest system of taxation is to completely do without this unnecessarily complicated individual account of income and expenditures and to direct a certain percentage of the total money supply, being pumped out by the federal reserve on a constant basis, towards what we democratically determine to be in need of funding.
I think this could be done for federal income tax and that it would work favorably to our current system (I'm speaking here as a US citizen), wherein a large percentage of "participants" (as if they have a choice) don't understand the laws, make significant accounting errors, or simply break the law (commit tax fraud of varying degrees), all things that add up to cheating out the honest, competent, non-criminal taxpayers of their hard-earned money.
If we all take the same hit at the source - the money supply that we all share - we completely remove the problem of honest taxpayers having to compensate for under-reporting of income and what have you. All US citizens take an equal hit on their currency's value, which is literally as objectively fair of a tax system as can be implemented, and it also frees us to spend our currency without having to worry about whether we've saved enough money to pay for taxes or not (state taxes aside).
Ya, what is even crazy to me, if we are all equal, why do we have different percentage brackets, if everyone paid lets say 15% people who make a million would pay 150k and people making 100 would pay 15k so the people who make more would still pay more simple math, but no we should punish them and make them pay at 35% what makes them different?
Exactly.
Everyone should pay the same percentage (flat rate tax) if we have to pay taxes. I only suggest that we do without taxes and have the government "print" (spend) more money to get around tax-payers cheating the system or committing math errors.
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非常感谢你的分享。@shaojie.zeng
Nice post
very good video, thank you for sharing
I just imagined Wiley E. Coyote chasing the roadrunner through the desert to get his bitcoin! beep-beep!
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I'll be honest. I never would've guessed Arizona as the first state to consider accepting bitcoin. This really would be huge. From what I've read on the bill, the state would be legally obligated to convert the bitcoin to US dollars within 24 hours of receiving it. Of course, we've all seen some massive crashes within minutes but overall, bitcoin should stay pretty stable for a 24-hour period that the state would be in possession of it. And of course, it's the state, so I bet someone eventually screws up, doesn't convert some, and cut to 3 years later when they now have a massive fortune when bitcoin hits 100k.
Ya or the government loses it and then raises taxes to pick up the slack. They did that for the firefighters retirement here already. They made a bad choice and wanted the tax payer to bail them out. My retirement got chopped too, who bails me out.