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I think that eventually, the government will learn to love BitCoin. Just think of what the states could do to tax law. During an audit, they could require your
by pyre 14y ago
I think that eventually, the government will learn to love BitCoin. Just think of what the states could do to tax law. During an audit, they could require your BitCoin wallet ID to verify that you paid the voluntary sales tax accurately. (Not to mention it would probably be easy to write a program to automatically calculate this from a BitCoin wallet ID for the tax payer when doing their taxes)
- cpursley 14y agoDoubtful. The 'state' is 10 years, or more, behind. Bitcoin is the beginning of the end for the nation-state. The city-state will regain importance and we will see the rise of the virtual replacement of the 'state', which is happening now.
- pyre 14y agoWhen I say "state" I mean the US "states," not the US federal government. The "province" level in Canada.
- cpursley 14y agoI know. I was making a broad statement about the future of government. Bitcoin is a huge threat to tax collection on all levels.
- gamblor956 14y agoNo, it's not. Bitcoin is simply another currency. Governments have been dealing with that for hundreds of years. Bitcoin's fatal flaw is that it is not anonymous. It's even less anonymous than cash. Given enough justification, governments can and will develop systems for tracking bitcoin flows, the same way they already have systems for tracking the flow of paper cash.