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Re:Ohio will accept Bitcoin for corporate tax payments via B... by AndrewKemendo on Sunday November 25, 2018 @01:30PM (#18528081)
This is probably the most significant thing to happen in blockchain history and is philosophically in line with the stated original claims of the Bitcoin whitepaper from Satoshi.

That means Ohio is putting the USD in competition with cryptocurrency for the primary thing the USD is used for: Paying Taxes. Federally that's going to remain USD of course, so it's not an existential threat for the Fed, but if enough states move to crypto as an option for tax payments the Treasury/Fed is going to have to make some major moves to prevent it spreading.

Re:Ohio will accept Bitcoin for corporate tax payments via B... by dragonwriter on Sunday November 25, 2018 @01:38PM (#18528123)
> That means Ohio is putting the USD in competition with cryptocurrency for the primary thing the USD is used for: Paying Taxes.

That's not the primary thing the USD is used for. Paying US federal and some other taxes is one of several things that the US dollar is the sole thing used for, but that is very different than being the primary thing it is used for.

But unless they are denominating tax debts in Bitcoin, it's not meaningfully different than exchanging bitcoins for dollars to pay taxes, just a little more convenient.

Re:Ohio will accept Bitcoin for corporate tax payments via B... by AndrewKemendo on Sunday November 25, 2018 @01:54PM (#18528229)
The primary federally required thing citizens have to do is pay taxes. Legally you cannot pay taxes in any other currency than USD. You can legally buy or barter for goods in many other ways, but USD is the only legal means for paying federal taxes.
Re:Ohio will accept Bitcoin for corporate tax payments via B... by dragonwriter on Sunday November 25, 2018 @04:08PM (#18529044)
> The primary federally required thing citizens have to do is pay taxes.

Sure.

> Legally you cannot pay taxes in any other currency than USD.

Sure. But though that two sentence pair is both true and includes the word “primary” and a reference to “USD” and paying taxes, it doesn't support th conclusion that the primary use of USD is for paying taxes.

Re:Ohio will accept Bitcoin for corporate tax payments via B... by pvg on Sunday November 25, 2018 @02:32PM (#18528502)
It sounds like your definition of 'primary' is at odds with everyone else's.
Re:Ohio will accept Bitcoin for corporate tax payments via B... by freedomben on Sunday November 25, 2018 @01:37PM (#18528113)
I really want what you said to be true, tho I'm a little more skeptical than you. I don't see this as competition at all, since it will be immediately exchanged for USD, and I would assume the tax bill will be issued in USD and the equivalent BTC amount will be calculated at payment time.

I'm also pessimistic that this will be used. The new taxes on cryptos that the feds put in place have done a great job at icing speculation and making people's lives a living hell should they engage in crypto-trading (a pretty darn good disincentive). I think the federal government is well on its way to killing crypto currencies already.

Re:Ohio will accept Bitcoin for corporate tax payments via B... by AndrewKemendo on Sunday November 25, 2018 @01:57PM (#18528262)
One of the options I see as possible is that the USGov will effectively "acquire" crypto of it gets used enough. They would do this by mandating parity with the USD so that it's simply another instrument of the USD. Would take a lot of legislation, and work but it's possible to do and preferable to allowing a competitive currency inside the states.
Re:Ohio will accept Bitcoin for corporate tax payments via B... by pvg on Sunday November 25, 2018 @01:40PM (#18528130)
the primary thing the USD is used for: Paying Taxes.

How can that be given so many taxes are some fraction of some other transfer of USD?