Re:Fidelity launches trade execution and custody for cryptoc...
by mkirklions on Monday October 29, 2018 @11:33AM
(#18328317)
It can extinguish debts. However, many people want to be paid in local currencies.
Nations want their taxes to be paid in local currencies.
Not sure why some situations requiring a different payment method has you hung up.
Re:Fidelity launches trade execution and custody for cryptoc...
by stale2002 on Monday October 29, 2018 @02:39PM
(#18329995)
This post is nonsense.
Lots of people hold gold. These people musy sell their gold to pay taxes.
This does not drive the price of gold down to 0, because that's not it works.
Bitcoin is exactly the same as any other commodity.
Taxation is in fact continually reducing the value of Bitcoin when it's applied - you can't pay your taxes in BTC, so you have to sell some of them to gain USD to cover your taxes (easy enough: you do it when you trade). But the person you sell them to has the same requirement - they will have to sell some BTC and trade out into local currency to extinguish tax obligations. The long term trend is everyone eventually must trade out of BTC to cover their taxes.
The trajectory of BTC is inexorably down - the current market is irrational.