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I would speculate that it's that Colorado wants to build up its tech industry, and a bunch of people in charge believe that things like this will help project a

I would speculate that it's that Colorado wants to build up its tech industry, and a bunch of people in charge believe that things like this will help project an image that attracts investment. The actual impact on US currency valuation will be negligible. Even if it weren't, I believe a large portion of Colorado's economy is based on producing export goods, so a weaker USD is theoretically beneficial to at least some segments of the state's economy.

codyb 5y ago
Every time this happens the number of people who actually use the new payment channel seems to be very few.
- mumblemumble 5y ago
  Probably, but, if my hypothesis about what this is really about (that is, it's a PR stunt that's more about saying they taking BTC payments than actually taking BTC payments) is true, then they could theoretically accomplish their intended outcome without ever actually taking a single BTC payment. Arguably, the fact that we're sitting here chatting about Colorado on hacker news indicates that the alleged plan has already succeeded, months before the system is scheduled to come online.
anthomtb 5y ago
How’d you determine that Colorado’s economy is export focused? That does not line up at all with my experience from living here.
- deleted 5y ago
  [deleted]
- mumblemumble 5y ago
  Sorry, I perhaps didn't indicate clearly enough that it was a wild guess. I know raw material extraction is a major part of the economy in the corner of the state where my family lives, but I have no idea of actual numbers. I was also not trying to suggest that it's "export focused" - that would imply that that's a dominant factor in the economy, which is not what I intended to say. I chose the word "large", not to imply that it's a majority, but to imply there's enough money tied to it to make it politically interesting to the elected officials who are driving these sorts of decisions. See, for example, how coal played into the 2016 US elections, despite the US economy not being anything close to "coal focused".
  - anthomtb 5y ago
    I agree that there is a significant resource extraction sector, though primarily based around energy as opposed to raw materials. I have my doubts that it’s significant enough that the state could materially benefit from a weakened USD. It would be nice to find a percentage-based chart which breaks down economic sectors for the state. It exists somewhere, no doubt, but I am unable to find it this morning. I do agree with your first point: crypto-for-taxes is primarily a headline generating gimmick. One that sells Colorado as a state with tech-savvy leadership.

codyb 5y ago

Every time this happens the number of people who actually use the new payment channel seems to be very few.

mumblemumble 5y ago
Probably, but, if my hypothesis about what this is really about (that is, it's a PR stunt that's more about saying they taking BTC payments than actually taking BTC payments) is true, then they could theoretically accomplish their intended outcome without ever actually taking a single BTC payment. Arguably, the fact that we're sitting here chatting about Colorado on hacker news indicates that the alleged plan has already succeeded, months before the system is scheduled to come online.

anthomtb 5y ago

How’d you determine that Colorado’s economy is export focused? That does not line up at all with my experience from living here.

deleted 5y ago
[deleted]
mumblemumble 5y ago
Sorry, I perhaps didn't indicate clearly enough that it was a wild guess. I know raw material extraction is a major part of the economy in the corner of the state where my family lives, but I have no idea of actual numbers. I was also not trying to suggest that it's "export focused" - that would imply that that's a dominant factor in the economy, which is not what I intended to say. I chose the word "large", not to imply that it's a majority, but to imply there's enough money tied to it to make it politically interesting to the elected officials who are driving these sorts of decisions. See, for example, how coal played into the 2016 US elections, despite the US economy not being anything close to "coal focused".
- anthomtb 5y ago
  I agree that there is a significant resource extraction sector, though primarily based around energy as opposed to raw materials. I have my doubts that it’s significant enough that the state could materially benefit from a weakened USD. It would be nice to find a percentage-based chart which breaks down economic sectors for the state. It exists somewhere, no doubt, but I am unable to find it this morning. I do agree with your first point: crypto-for-taxes is primarily a headline generating gimmick. One that sells Colorado as a state with tech-savvy leadership.