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You cannot pay US taxes with anything other than US dollars. No matter what you have - the Mona Lisa, gold bars, the hope diamond - they will not accept it. Y
by rsync 5y ago
You cannot pay US taxes with anything other than US dollars.
No matter what you have - the Mona Lisa, gold bars, the hope diamond - they will not accept it. You must sell it to buy dollars.
That is not a coincidence - it is the entire point … and it means there will always be buyers for dollars and they will always have value.
- matheusmoreira 5y agoI never said the USD didn't have value. I said the value of the USD is not backed by anything. The government and banks are free to inflate the USD as much as they want. It's like an unconditional tax on everyone. Like all currencies before it, its value will diminish over time. When the US ceases to exist, its value will finally become zero. Precisely because tax payments were the only thing keeping it relevant.
- frankenst1 5y ago> dollars [...] will always have value The US dollar has lost - ~30% of its value in the last 10 years - ~84% of its value in the last 50 years - ~97% of its value since 1900 (Value here refers to purchasing power) Reason for this is that the US dollar is continually being inflated by the US government, precisely because it has no robust backing.
- plokiju 5y agoIf you want to use a decentralized finance app on ethereum, must pay transaction fees in ETH. That seems like the same level of backing to me
- rsync 5y agoYes but I don't have to use a defi on ETH or even use ETH at all. I can ignore ETH. You can't ignore the IRS - you will have to pay taxes. Those taxes must be paid in US dollars.