Stanford Professor Loses Political Battle To Simplify Tax Filing Process

Re:Stanford Professor Loses Political Battle To Simplify Tax... by RobertoG on Thursday March 30, 2017 @09:51AM (#13995316)

It depends on your definition of money.

From my point of view, cryptocurrencies are financial assets but not money. They are not an IOU (https://en.wikipedia.org/wiki/IOU).

Government money is a IOU because you are promised that it (and only it) will be accepted as a payment by the state.

Anyway, state money can never be totally replaced at least that the government accept payment taxes in the new currency. And why people would start using other currency if they have to get the official currency for taxes payment?

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Re:Stanford Professor Loses Political Battle To Simplify Tax... by branchless on Friday March 31, 2017 @11:31PM (#14010247)

Agreed. Acceptance for tax payment is what imbues money with value.

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Re:Stanford Professor Loses Political Battle To Simplify Tax... by RobertoG on Saturday April 01, 2017 @03:44PM (#14013776)

I read your comments and I think you are missing only a few pieces of the puzzle.

I recommend you to investigate Modern Monetary Theory. It's what made me fill the holes in my understanding (the bigger holes, at least).

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Re:Stanford Professor Loses Political Battle To Simplify Tax... by branchless on Saturday April 01, 2017 @05:16PM (#14014236)

I'm familiar with MMT and my understanding is that sites like positive money push this perspective, that banks create money:

http://positivemoney.org/how-money-works/how-banks-create-mo...

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