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Title: New Hampshire bill to allow taxes to be paid in Bitcoin falls short Post by: alyssa85 on January 17, 2020, 10:37:40 AM https://thenextweb.com/hardfork/2020/01/17/new-hampshire-bill-to-allow-taxes-to-be-paid-in-bitcoin-falls-short/
Quote No, New Hampshire residents won’t be able to pay their taxes in Bitcoin or cryptocurrency. Public records show that a bill filed this time last year, which would allow government agencies to accept digital assets for tax payments, has been shuttered. Had the plans gone ahead, the US state of New Hampshire would have theoretically been ready to begin accepting tax payments in cryptocurrency after July this year. Last November, the General Court’s Executive Departments and Administration Committee voted in favor of ending the bill. The decision was further backed with a verbal vote earlier this month, The Block reports. Legislators in New Hampshire have been trying to get the state to accept cryptocurrency for tax payments since 2015. But the bill has continually come up against resistance from the state’s broader administration. It seems that the bill‘s creators, representatives Dennis Acton and Michael Yakubovich, were more keen on making New Hampshire the first state to accept crypto for tax payments than actually offering a service that residents are demanding. Back in August 2018, Hard Fork reported that Ohio became the first US state to accept Bitcoin for taxes. The website OhioCrypto.com was set up to facilitate the 23 different types of tax payment. However, in October last year, Ohio treasurer Robert Sprague claimed that because OhioCrypto.com was operating as a “financial transaction device,” its backend provider — in this case BitPay — should have been chosen through a competitive tender process. Sprague said that BitPay’s selection may have happened unlawfully. Ohio subsequently suspended its cryptocurrency tax payment service. It should also be noted that fewer than 10 businesses ever used the Ohio system. It’s unlikely that anyone in New Hampshire will be left wanting. This is why cryptocurrency is not getting anywhere. What is the point of legislators doing loads of work to get a payment method on the books, as in Ohio, if only 10 businesses bother to use it? We're going backwards partly because people are hoarding their cryptocurrency instead of using it. Title: Re: New Hampshire bill to allow taxes to be paid in Bitcoin falls short Post by: gentlemand on January 17, 2020, 10:45:30 AM This is why cryptocurrency is not getting anywhere. What is the point of legislators doing loads of work to get a payment method on the books, as in Ohio, if only 10 businesses bother to use it? We're going backwards partly because people are hoarding their cryptocurrency instead of using it. It's a legislator's job to look beyond today and put stuff in place that nurtures tomorrow. And no one should be surprised there's little interest in spending in the last couple of years, let alone spending on boring necessities. Maybe people never will get beyond hoarding, but the ability to pay tax directly would make a huge difference to people earning in crypto. No dicking around with exchanges, no bank account hassles. Earning isn't really happening yet either but that's one of the prime factors in it becoming truly established. Title: Re: New Hampshire bill to allow taxes to be paid in Bitcoin falls short Post by: alyssa85 on January 17, 2020, 10:50:24 AM Maybe people never will get beyond hoarding, but the ability to pay tax directly would make a huge difference to people earning in crypto. No dicking around with exchanges, no bank account hassles. Oh I agree! But unfortunately, people were given the option, decided they didn't want to bother using it. The Ohio people decided it was too expensive to maintain a system that no-one is using. And New Hampshire looked at their experience and decided not to bother either. You see a similar story with ecommerce. A business enables bitcoin. No-one uses it, but it's a hassle to maintain the wallets or maintain the upgrades demanded by the payment processors. And when the costs exceed the benefits, it gets removed. The biggest problem with bitcoin is the community. People talk about how lovely it would be to have this that and the other, but never actually support anything with use. Title: Re: New Hampshire bill to allow taxes to be paid in Bitcoin falls short Post by: gentlemand on January 17, 2020, 10:58:48 AM But unfortunately, people were given the option, decided they didn't want to bother using it. The Ohio people decided it was too expensive to maintain a system that no-one is using. And New Hampshire looked at their experience and decided not to bother either. You see a similar story with ecommerce. A business enables bitcoin. No-one uses it, but it's a hassle to maintain the wallets or maintain the upgrades demanded by the payment processors. And when the costs exceed the benefits, it gets removed. The biggest problem with bitcoin is the community. People talk about how lovely it would be to have this that and the other, but never actually support anything with use. I get where they're coming from. It's stupid to keep a portal open that is totally ignored. But there is an element of if you build it, they will come. However it's a bit like merchant adoption or its use as a currency, people got it the wrong way around. Those'll be the last elements to arrive, not the first. Merchant adoption probably peaked in 2014 and has been going gradually downhill ever since. Before earning and spending becomes commonplace it needs to settle in the store of value phase. Right now it's still pure betting and it's understandable why people don't want to give up their bet for bread and butter stuff. The tricky part is the actual demand may arrive someday with nothing in place to serve it as all of it was abandoned years ago Title: Re: New Hampshire bill to allow taxes to be paid in Bitcoin falls short Post by: alyssa85 on January 17, 2020, 11:06:53 AM The tricky part is the actual demand may arrive someday with nothing in place to serve it as all of it was abandoned years ago Yeah. There is a cryptocurrency giftcard site in the UK that I buy supermarket giftcard top-ups from regularly, always paying in alts, simply because I want to keep the alt option going. (I'm scared if no-one uses it, it will get disabled). Here it is: https://www.cryptodechange.com/ As far as I can tell it's the only giftcard site in the UK that accepts litecoin and doge. And these things are very much "use it or lose it". Title: Re: New Hampshire bill to allow taxes to be paid in Bitcoin falls short Post by: rdluffy on January 17, 2020, 11:59:27 AM Unfortunately this is true, we all want cryptos to be accepted in every place on earth but we are not using this kind of payments
Is this case I think it's very specific and people don't want to risk something so serious and do some mistake, but if we want places accepting BTC we have to start using BTC as a payment right now Title: Re: New Hampshire bill to allow taxes to be paid in Bitcoin falls short Post by: moviebuff777 on January 17, 2020, 01:24:06 PM Speculation is what is driving the price right now so I agree with your point. We need more real use cases for Bitcoin rather than just day trading and holding.
Title: Re: New Hampshire bill to allow taxes to be paid in Bitcoin falls short Post by: blckhawk on January 17, 2020, 01:35:53 PM The problem with this is it's a loop that would never end unless the large companies initiates adoption of cryptocurrencies. Small businesses won't adopt something that the big players won't use. People won't use something they are unaware of, and would prefer to use existing fiat since they also has digital forms. And so such initiative would most likely be abandoned (10 businesses only) since businesses, especially those smaller scale, would hesitate to use a technology still not even used by more experienced international businesses as a way of paying taxes.
Title: Re: New Hampshire bill to allow taxes to be paid in Bitcoin falls short Post by: Wexnident on January 17, 2020, 02:26:55 PM Not surprised by it, especially since it seems like the decision was backed by the fact that they would become the "first". It's all for fame or being at the front end of the news IMO, which isn't really recommended. Not only that, but there's also the issue of BTC being really volatile, and most traders are, as you said, holding instead of letting it circle around the market, not that they are at fault though. BTC, as of the moment, seems like a great investment and holding it would bring them profits, so who would spend them nonchalantly right? The best bet with these BTC/Crypto implementations to the globe is wait when at least the supply is left to about 5-3%. That way, the price would've most likely consolidated already, and traders would have no more reason to hold BTC because the market has already accepted a general price for it.
Title: Re: New Hampshire bill to allow taxes to be paid in Bitcoin falls short Post by: The Sceptical Chymist on January 17, 2020, 02:31:46 PM We're going backwards partly because people are hoarding their cryptocurrency instead of using it. Nah, I don't think so. As the article said, it wasn't really a service people were demanding--and would you really want to pay your taxes with bitcoin? I wouldn't.When gold & silver were on fire back in 2010-11, I remember Utah making it legal to accept metals as currency or some such thing, and this sort of reminds me of that. People aren't having trouble paying their taxes with fiat and I'm not sure why this bill was introduced in New Hampshire in the first place. It just doesn't make sense to me--you can bet the NH government isn't going to want to hold bitcoin and I'm sure a payment processor would have to be involved as a middleman. No big deal IMO. Title: Re: New Hampshire bill to allow taxes to be paid in Bitcoin falls short Post by: stompix on January 17, 2020, 03:50:46 PM You see a similar story with ecommerce. A business enables bitcoin. No-one uses it, but it's a hassle to maintain the wallets or maintain the upgrades demanded by the payment processors. And when the costs exceed the benefits, it gets removed. Somebody wanted to buy an electric car, but there were no charging stations so he didn't. Some other guy wanted to start a charging station business, ....but there were no electric cars. ;D People don't change their payment habits unless the older ones become more expensive and the new ones are cheaper and easier. So, why would the people use bitcoin to pay their taxes, especially since you're nor really directly using bitcoin but a 3rd party that, charges also a fee? Nope, no reason, that's why you have only 10 people paying. It's more convenable via a card or a wire, does it imply less hassle than counting satoshis and live afterward with the fear that you've just left a track to your stash or your other spending habits? Am I surprised? I would have been surprised if it would have been a thousand! Title: Re: New Hampshire bill to allow taxes to be paid in Bitcoin falls short Post by: gentlemand on January 17, 2020, 03:59:09 PM Am I surprised? I would have been surprised if it would have been a thousand! For me at least it would be something I would vastly prefer when it came to tax paying time. As it stands I would have to go to an exchange and sell, worry about getting frozen there, worry about withdrawing successfully, worry about the bank having a shit. The alternative of one QR code on the tax page is way more appealing. I presume these are property and state taxes rather than capital gains which is a rather different matter. But for the big stuff it would remove a whole lot of hassle. Title: Re: New Hampshire bill to allow taxes to be paid in Bitcoin falls short Post by: panganib999 on January 17, 2020, 04:00:03 PM People were clearly against it. It's like putting the cart before the horse idiom. I don't know why they even started with crypto implementation when clearly, they could have resolved other things that the people need. The government serves the people, and the people serve the government, that kind of thing. Having the label as the first country to pay taxes through bitcoin isn't really anything that gorgeous in my eyes though. Not only that, the Ohio state clearly had issues with their backend provider. Add that to the issues of BTC being held by most traders, and most people having no access to it, clearly, implementation of BTC to the masses is still too early.
Title: Re: New Hampshire bill to allow taxes to be paid in Bitcoin falls short Post by: squatz1 on January 17, 2020, 04:05:01 PM But unfortunately, people were given the option, decided they didn't want to bother using it. The Ohio people decided it was too expensive to maintain a system that no-one is using. And New Hampshire looked at their experience and decided not to bother either. You see a similar story with ecommerce. A business enables bitcoin. No-one uses it, but it's a hassle to maintain the wallets or maintain the upgrades demanded by the payment processors. And when the costs exceed the benefits, it gets removed. The biggest problem with bitcoin is the community. People talk about how lovely it would be to have this that and the other, but never actually support anything with use. I get where they're coming from. It's stupid to keep a portal open that is totally ignored. But there is an element of if you build it, they will come. However it's a bit like merchant adoption or its use as a currency, people got it the wrong way around. Those'll be the last elements to arrive, not the first. Merchant adoption probably peaked in 2014 and has been going gradually downhill ever since. Before earning and spending becomes commonplace it needs to settle in the store of value phase. Right now it's still pure betting and it's understandable why people don't want to give up their bet for bread and butter stuff. The tricky part is the actual demand may arrive someday with nothing in place to serve it as all of it was abandoned years ago While it does make sense in our mind to spend some resources on it. I still don't understand this from a government point of view. What do they gain from it? People are going to be paying their taxes either way, they don't have a choice, it's not like they're opening a new market or gaining new consumers of a product -- they tax people regardless of if they use bitcoin or not. It sounds great in principle to all of this, but it's really a good deal of wasting resources and stuff when it comes down to the fact that people are going to be paying either way and have the ability to pay from a bank account / debit card / credit card (maybe in some areas) Title: Re: New Hampshire bill to allow taxes to be paid in Bitcoin falls short Post by: gentlemand on January 17, 2020, 04:07:35 PM While it does make sense in our mind to spend some resources on it. I still don't understand this from a government point of view. What do they gain from it? People are going to be paying their taxes either way, they don't have a choice, it's not like they're opening a new market or gaining new consumers of a product -- they tax people regardless of if they use bitcoin or not. It sounds great in principle to all of this, but it's really a good deal of wasting resources and stuff when it comes down to the fact that people are going to be paying either way and have the ability to pay from a bank account / debit card / credit card (maybe in some areas) It reduces friction. It's possible a few people might cough up where they might not have with the extra ball ache of returning to USD. Again it depends on the type of tax. I can well believe tons of people try to dodge capital gains. You can't really escape property taxes. Title: Re: New Hampshire bill to allow taxes to be paid in Bitcoin falls short Post by: johnwest on January 17, 2020, 04:19:50 PM I dont think it will ever change. Community members have been telling everyone to use crypto rather than hoarding it for years and years. There are allot of adoption which taken place in the past but they had to stop it because there was no one or only 1 or 2 users paying with it. We need to educate the people about this and encourage to pay with crypto.
Title: Re: New Hampshire bill to allow taxes to be paid in Bitcoin falls short Post by: squatz1 on January 17, 2020, 04:29:50 PM While it does make sense in our mind to spend some resources on it. I still don't understand this from a government point of view. What do they gain from it? People are going to be paying their taxes either way, they don't have a choice, it's not like they're opening a new market or gaining new consumers of a product -- they tax people regardless of if they use bitcoin or not. It sounds great in principle to all of this, but it's really a good deal of wasting resources and stuff when it comes down to the fact that people are going to be paying either way and have the ability to pay from a bank account / debit card / credit card (maybe in some areas) It reduces friction. It's possible a few people might cough up where they might not have with the extra ball ache of returning to USD. Again it depends on the type of tax. I can well believe tons of people try to dodge capital gains. You can't really escape property taxes. I mean when it comes to the 10 businesses using it, they're going to be paying things like sales tax, corporate tax, payroll taxes, etc. I'm assuming the only things the state allows them to pay in bitcoin is going to be (if there is corporate tax in the state of Ohio, then corporate tax) and state sales tax. The rest wouldn't work. Sales tax is pretty simple -- cause all you're doing is remitting the money that you collected from purchases on a daily basis. Corporate Tax is where you COULD (not legally) fudge the numbers. Will it reduce the friction? Yes, that's without a doubt tree for the small amount of companies that deal in crypto. Is it worth it for the government to spend these resources? I don't think so, as people are going to have to pay these taxes either way. I'd love to see it happen, I just don't see the pros for the other side. Title: Re: New Hampshire bill to allow taxes to be paid in Bitcoin falls short Post by: adzino on January 17, 2020, 05:32:02 PM Unfortunately this is true, we all want cryptos to be accepted in every place on earth but we are not using this kind of payments How come you are so sure that most of the people are not using this kind of payments? Are we to be blamed or is there some kind of fault in the system for which people are reluctant to use it? We should first find out what the real problem is, why are people hesitating to use crypto currencies as a form of payment and then solve this problems. This way we will be able to open up the world to crypto currencies and then people eventually will start using crypto currencies as payment as we get rid of the current underlying problem.Is this case I think it's very specific and people don't want to risk something so serious and do some mistake, but if we want places accepting BTC we have to start using BTC as a payment right now Title: Re: New Hampshire bill to allow taxes to be paid in Bitcoin falls short Post by: TheCoinGrabber on January 18, 2020, 10:08:11 AM This is why cryptocurrency is not getting anywhere. What is the point of legislators doing loads of work to get a payment method on the books, as in Ohio, if only 10 businesses bother to use it? We're going backwards partly because people are hoarding their cryptocurrency instead of using it. I think it's really coz of the speculation. Even if the value of the bitcoin to be paid in taxes is the same as what would have been paid in fiat, people feel they're losing the opportunity to make more money out of it so they'd rather just plain with USD. I for example can pay my bills online with bitcoin but I prefer only doing it when the exchange rate is high, else I just pay with cash (no auto-deduct for me). Title: Re: New Hampshire bill to allow taxes to be paid in Bitcoin falls short Post by: 1Referee on January 18, 2020, 10:40:23 AM People should be hoarding Bitcoin. It's going up in value. This however doesn't mean that people aren't using Bitcoin. There is a vibrant peer to peer ecosystem where people conduct business with each other every single day. People just aren't really spending their coins on groceries and whatnot, and why would they? That's what debit/credit cards are for.
People have an incentive to spend that what loses purchasing power and that thing also happens to be the most convenient form of money for day to day transactions locally. Bitcoin hoarding sounds great to me. Everything you spend through centralized payment gateways such as ShitPay ends up on the market anyway, so more selling pressure. Ask what the people think about spending Bitcoin around the $3000 low. They hate themselves. Replacing spent coins is something they haven't heard of or don't want to do. Title: Re: New Hampshire bill to allow taxes to be paid in Bitcoin falls short Post by: Dart18 on January 18, 2020, 11:16:05 AM As for experience I do pay using an exchange.
But here is the problem. The exchange wont accept the payment thru bitcoin. It needs to be converted to our own currency first. Asked myself why? It is like there is always a line that separates the two. Why can't I just directly pay my bills using bitcoin or Ethereum? Is there a problem with that? If they reason out because it is fluctuating every minute, then it is wrong. They shouldn't have started their company in the first place because that will happen in 10 to 30 more years. It's a fault of the both end. One would not start if he knows no one will follow him. Title: Re: New Hampshire bill to allow taxes to be paid in Bitcoin falls short Post by: alyssa85 on January 18, 2020, 01:18:58 PM People should be hoarding Bitcoin. It's going up in value. This however doesn't mean that people aren't using Bitcoin. There is a vibrant peer to peer ecosystem where people conduct business with each other every single day. People just aren't really spending their coins on groceries and whatnot, and why would they? That's what debit/credit cards are for. People have an incentive to spend that what loses purchasing power and that thing also happens to be the most convenient form of money for day to day transactions locally. Bitcoin hoarding sounds great to me. Everything you spend through centralized payment gateways such as ShitPay ends up on the market anyway, so more selling pressure. Ask what the people think about spending Bitcoin around the $3000 low. They hate themselves. Replacing spent coins is something they haven't heard of or don't want to do. And this in a nutshell is why the cryptocurrency ecosystem is dying. If you refuse to spend your coins, then the service providers will close the option to pay in cryptocurrency. That in turn undermines the foundation and use-case for cryptocurrency. If you don't want to spend bitcoin, at least spend altcoins to ensure that the ecosystem doesn't die. Title: Re: New Hampshire bill to allow taxes to be paid in Bitcoin falls short Post by: Hydrogen on January 18, 2020, 11:15:17 PM Income taxes in the united states were passed back in 1913.
The original tax percentage paid in 1913 was 6% income tax for the wealthy. 1% income tax for everyone else. Tax levels are much, much, higher today than they were under the original vision of income taxes passed a little more than a century ago. We've gone from paying 1% income taxes in 1913. To 40% to 50% taxes in some cases. Do we really need more taxes? Perhaps tax cuts are the correct policy to pursue with more responsible and better budgeting on the part of governments. Title: Re: New Hampshire bill to allow taxes to be paid in Bitcoin falls short Post by: gentlemand on January 18, 2020, 11:24:53 PM Tax levels are much, much, higher today than they were under the original vision of income taxes passed a little more than a century ago. When you think about how all pervasive government has become it's quite staggering. It's in every single element of our entire lives. In some areas well over half the population will either by employed by government or is dependent on its handouts. I'm sure if you'd shown that to the founding fathers they'd fucking puke. It's gone way too far to roll back but having respect and prudence for public money would no doubt save vast amounts, let alone collecting it from the corporations exploiting the things government provides and weaselling out of paying their dues. Won't happen though. Title: Re: New Hampshire bill to allow taxes to be paid in Bitcoin falls short Post by: wheelz1200 on January 18, 2020, 11:50:39 PM OP although I do agree it "feels" like we are going backwards but in all honesty this thread wouldn't even be a thing if we arent lightyears ahead of where we were 5-10 years ago. Even having a state consider allowing to be paid in crypto is a feat in of itself. Things progress slowly and in fact I think more and more outlets allow for the payment of bitcoin and even some other alts than in the past. The road to acceptance has always been a struggle this is no different.
Title: Re: New Hampshire bill to allow taxes to be paid in Bitcoin falls short Post by: magneto on January 19, 2020, 12:01:47 AM Not surprising.
The whole premise of fiat currencies is that it can be used to pay for debts public and private, i.e. legal tender. Passing this bill would essentially imply that bitcoin is also legal tender when it comes to public debts, which is something that I think has far greater implications than just the legislations of one state. There is nothing to worried about just because of this news. Title: Re: New Hampshire bill to allow taxes to be paid in Bitcoin falls short Post by: criza on January 19, 2020, 12:28:36 AM Not surprising. There would be far more negative and positive effects that would occur if this would be implemented; foreseen and unforeseen effects of the implementation of the bill to the country. But, I believe it is just time that would determine the implementation of same bills promoting the use of crypto currency in billing transactions in the Government, with effort and time to study the possible outcomes I think it would be possible.The whole premise of fiat currencies is that it can be used to pay for debts public and private, i.e. legal tender. Passing this bill would essentially imply that bitcoin is also legal tender when it comes to public debts, which is something that I think has far greater implications than just the legislations of one state. There is nothing to worried about just because of this news. Title: Re: New Hampshire bill to allow taxes to be paid in Bitcoin falls short Post by: gentlemand on January 19, 2020, 12:29:16 AM The whole premise of fiat currencies is that it can be used to pay for debts public and private, i.e. legal tender. Passing this bill would essentially imply that bitcoin is also legal tender when it comes to public debts, which is something that I think has far greater implications than just the legislations of one state. They could claim that legally it's not all that different from Visa. And ultimately it isn't. It's a method for paying with dollars, albeit a whacky one. Bitpay will be on the front end. It certainly isn't out the back. You're using Bitcoin to transmit dollars to them. Nothing more. Title: Re: New Hampshire bill to allow taxes to be paid in Bitcoin falls short Post by: HabBear on January 19, 2020, 04:19:59 AM We're going backwards partly because people are hoarding their cryptocurrency instead of using it. Is this really a problem for Bitcoin's future? I don't think so. This "project" is young still. The market is still figuring out what the best utility for Bitcoin is, and obviously a store of value or investment is the primary use at this point. And can you blame anyone for that when the price as movement? No. Bitcoin being an alternative investment is still enabling owners to 1. growth their wealth, and 2. keep some of their wealth outside of government or geo political influence. I applaud you for using the crypto gift cards, using cryptocurrency regularly helps keep it familiar among the public, i.e., yeah, bitcoin is still a thing. Question for you and everyone else...how long would the price of Bitcoin need to be stable before people started using it more as a medium for exchange rather than a store of value? Would $10k/BTC for a year be enough? for five years? Title: Re: New Hampshire bill to allow taxes to be paid in Bitcoin falls short Post by: Hallmader on January 19, 2020, 04:26:03 AM At this point in time, it is no use preferring to spend Bitcoin rather than fiat. I am using Bitcoin because I need to use it as a currency. Also, I am using it in terms of remittance. But other than that, like paying taxes, I would prefer to use fiat. Why should I use my Bitcoin on it when I know very well that it would double up in a matter of months or year? Fiat on the other hand is not worth saving because it depreciates fast enough.
Title: Re: New Hampshire bill to allow taxes to be paid in Bitcoin falls short Post by: alyssa85 on January 19, 2020, 11:04:09 AM Question for you and everyone else...how long would the price of Bitcoin need to be stable before people started using it more as a medium for exchange rather than a store of value? Would $10k/BTC for a year be enough? for five years? The fluctuations would need to be similar to that of fiat currencies trading against each other. So no more than 10% in a given year, and on a month-to-month basis, about 2% to 5%. Anything more than that and people can incur unacceptable losses. The people who accepted bitcoin for services in Jan 2018 and didn't immediately change it to fiat would have lost 50% within six months. No business can sustain losing revenue like that. This is why I think alts like Doge might be the answer. They don't move much in dollar terms (they fluctuate between $0.0002 and $0.00025) Title: Re: New Hampshire bill to allow taxes to be paid in Bitcoin falls short Post by: TheCoinGrabber on January 21, 2020, 09:48:09 AM Tax levels are much, much, higher today than they were under the original vision of income taxes passed a little more than a century ago. When you think about how all pervasive government has become it's quite staggering. It's in every single element of our entire lives. In some areas well over half the population will either by employed by government or is dependent on its handouts. I'm sure if you'd shown that to the founding fathers they'd fucking puke. It's gone way too far to roll back but having respect and prudence for public money would no doubt save vast amounts, let alone collecting it from the corporations exploiting the things government provides and weaselling out of paying their dues. Won't happen though. And to think governments in the past only ask for taxes when they need to bankroll a war and people are usually left to their own during peace time. The problem is once you give government money, it'll ask for more. I believe in what people say that government is irresponsible with money coz it's not their money they are spending. Give them money to do something and they'd just spend it inefficiently and the solution to that is more money. Truly, this is not a joke > https://www.youtube.com/watch?v=JnX-D4kkPOQ Title: Re: New Hampshire bill to allow taxes to be paid in Bitcoin falls short Post by: BChydro on January 21, 2020, 02:00:26 PM This is why cryptocurrency is not getting anywhere. What is the point of legislators doing loads of work to get a payment method on the books, as in Ohio, if only 10 businesses bother to use it? It is the choice of the investor what they want to do with the investment and the duty of the legislators is to come up with regulation so that everyone has the freedom to do what ever they like and with time we expect more merchants to accept bitcoin, during the initial phase we had more merchants accepting bitcoin and we will see that phase once again after the regulation.We're going backwards partly because people are hoarding their cryptocurrency instead of using it. Title: Re: New Hampshire bill to allow taxes to be paid in Bitcoin falls short Post by: wozzek23 on January 21, 2020, 07:17:09 PM I wish it happened because the more places that start to charge taxes to be paid in crypto the more places will follow that seeing a success.
Of course, it is very risky for us as well because if they do it and then see its not working out they can remove it, we all remember 2017 peak times and how many places accepted bitcoin. We could use it on amazon, on steam and on some other places as well they all accepted but the harder price went down the more they stopped using it because they realized they were making a loss, now after almost 2.5 years they still haven't readded bitcoin to their systems. S,o this new Hampshire bill not passing is either bad or good, if there would have been a good result of this, I wish it stayed and I think that would have happened, but if there would be bad result, I am glad its not there just yet. Title: Re: New Hampshire bill to allow taxes to be paid in Bitcoin falls short Post by: DaftAjax on January 21, 2020, 08:43:02 PM This "project" is young still. The market is still figuring out what the best utility for Bitcoin is, and obviously a store of value or investment is the primary use at this point. And can you blame anyone for that when the price as movement? No. Bitcoin being an alternative investment is still enabling owners to 1. growth their wealth, and 2. keep some of their wealth outside of government or geo political influence. Sure, it's still young~~ 10 years have passed it certainly does not feel young at all. If I'm being honest, it keeps on being a roller coaster ride--being better at times and worse at other times, but at least it's been improving for the most part. But lately, it has become a hindrance, I guess I kinda agree with the OP, holding is quite troublesome. Quote Question for you and everyone else...how long would the price of Bitcoin need to be stable before people started using it more as a medium for exchange rather than a store of value? Would $10k/BTC for a year be enough? for five years? A store of value, do you mean like gold and silver? And does Bitcoin have to be stable? Title: Re: New Hampshire bill to allow taxes to be paid in Bitcoin falls short Post by: squatz1 on January 21, 2020, 11:43:44 PM Tax levels are much, much, higher today than they were under the original vision of income taxes passed a little more than a century ago. When you think about how all pervasive government has become it's quite staggering. It's in every single element of our entire lives. In some areas well over half the population will either by employed by government or is dependent on its handouts. I'm sure if you'd shown that to the founding fathers they'd fucking puke. It's gone way too far to roll back but having respect and prudence for public money would no doubt save vast amounts, let alone collecting it from the corporations exploiting the things government provides and weaselling out of paying their dues. Won't happen though. The sad thing about the government employing tons of people is the reason that politicians do it. They made government so big so they can keep saying that the economy keeps growing. Cause if you spend tons of money to prop up the economy, by employing tons of people (and then these people owning homes, buying groceries, going to bars, etc) then the economy is going to be better then if you didn't. Just for a moment I'm disregarding the people that are on welfare or any sort of handout. But think about -- we as a society rely on the US to employ all of these people or we'd be fucked. Because if you cut all these jobs businesses would fail (cant go to the local pizza place if you got fired, or the local movie theater, etc) So even if you don't directly rely on the government funding (as an employee or welfare recipient -- you still rely on the government in someway. |