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The notion that the US dollar is intrinsicly valuable due to it's ability to pay taxes is flawed at best. In several foreign countries, the primary means of exc
by hayksaakian 14y ago
The notion that the US dollar is intrinsicly valuable due to it's ability to pay taxes is flawed at best. In several foreign countries, the primary means of exchange is USD, yet taxes are still paid in the local currency.
Multiple currencies will coexist, and if bit coin somehow overtakes USD, that won't say anything about what you pay taxes with.
- gwern 14y ago> In several foreign countries, the primary means of exchange is USD, yet taxes are still paid in the local currency. I feel so sorry for those countries' governments - imagine being paid in currency which is completely worthless because it has no intrinsic value, not even that set by taxation! One wonders why they bother collecting taxes if the proceeds cannot buy so much as a coffee; wouldn't it save everyone a lot of time and hassle if they just dropped the pretense of taxation entirely?