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US: Seminole County Florida To Accept Crypto For Tax Payment

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US: Seminole County Florida To Accept Crypto For Tax Payment

 

The Seminole County, Florida, tax collector Joel M. Greenberg announced May 14 that the county will begin accepting cryptocurrency for payment for various services this summer in order to eliminate heavy fees and improve payment accuracy and efficiency.

 

According to a press release, the county will begin accepting Bitcoin (BTC) and Bitcoin Cash (BCH) to pay for services, including property taxes, driver license and ID card fees, as well as tags and titles. The Seminole County Tax Collector will reportedly employ blockchain payments company BitPay, which will allow the county to receive settlement the next business day directly to its bank account in US dollars. Greenberg commented on the initiative: [Snipped]

https://cointelegraph.com/news/us-seminole-county-florida-to-accept-crypto-for-tax-payment

 

 

Maybe....just MAYBE...

 

Crypto may be here to stay and if the IRS cannot crack the crypto code, the whole central bank cartell and monopoly as well as government extortion may just come to an end.  :) 

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9 hours ago, Burnedout said:

Maybe....just MAYBE...

 

Crypto may be here to stay and if the IRS cannot crack the crypto code, the whole central bank cartell and monopoly as well as government extortion may just come to an end.  :) 

     I don't know what you're saying here about the IRS and all that but transaction fees are a bit high on BTC right now (think they're better on BCH but I haven't looked) so it would be nice if they accepted LTC or something else with reasonable fees.

 

          mwc

 

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Bitcoin and other Cryptocurrencies will fail for multiple reasons.

 

1) It is far too tied to an ideology, namely Libertarianism, who dream of a world in which Cryptocurrencies will replace central banks.

2) It attempts to make money apolitical, which like the Gold Standard would utterly fail in the midst of a crisis.  Without politics being involved with money, austerity and deflationary forces would basically wipe out the economy as seen in the Great Depression.  

3) The mining process is incredibly energy intensive, perhaps by one study already taking up .5% of the worlds energy consumption.  And may in the coming decades increase to 5% if this trend continues.  All to maintain the ledger and cut out the bank, in the midst of a climate crisis caused by overconsumption of energy from fossil fuel burning sources.  Which Libertarians and Nationalists love to deny since they have no solutions for it.

4) Cryptocurrencies are enabling abusive solutions, such as a new Cryptobubble popping up in Puerto Rico.

5) Crytocurrencies are empowering rogue governments of the world to avoid sanctions and prop up their failed economies.  Russia is doing this, Venezuela and North Korea is also invested in Crypto.

6) Criminal enterprises, especially internationally are enabled by this technology.  Transactions are anonymous, so even though the ledgers are kept the names of those interacting on these software platforms are unknown.  Even large scale political parties which function also as terrorist organizations such as Hezzbollah havr profited greatly off of this bubble.

 

To close out, a personal story of the criminality enabled by Cryptocurrency.  My old company had secure access servers installed at major locations, and one day we found that there was bit torrent traffic coming from our IP Address at a major customer location.  I immediately escalated this to our security team and lo and behold, the machine's GPU was being hijacked for none other than bitcoin mining.  Instead of hijacking servers to run DDOS attacks, more profit driven hackers can commandeer your machine to earn a profit at no expense mining transactions on the bitcoin ledger.  This is happening all over the world, so it is ultimately impossible to measure just how much energy is consumed by the practice of Crypto mining.  

 

My prediction is that this bubble will burst with the next recession, likely coming in early 2019.  It is too volatile to be a storage of wealth, and not that viable as a currency as it isn't accepted most places and therefore still relies too much on plain ol fashioned fiat currency at the end of the day.  Money should always be political, history has demonstrated what happens when it isn't, the Gold Standard and CDOs are a good example of what can happen when the means of exchange get dislodged from politics.

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The reason I like cryptos is because the transactions ARE anonymous.  The government has no business knowing what I own, how much money I have, what I do, as long as I am harming nobody.

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3 hours ago, Burnedout said:

The reason I like cryptos is because the transactions ARE anonymous.  The government has no business knowing what I own, how much money I have, what I do, as long as I am harming nobody.

You don't believe in taxes, you live in a fantasy world.  There is no nation that exists today that doesn't have direct taxation.  I sure hope you aren't heavily invested in Cryptos, because unless your utopian vision comes true, there really isn't any hope for it in the long term.

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3 hours ago, TrueScotsman said:

You don't believe in taxes, you live in a fantasy world.  There is no nation that exists today that doesn't have direct taxation.  I sure hope you aren't heavily invested in Cryptos, because unless your utopian vision comes true, there really isn't any hope for it in the long term.

 

There are 9 states that do not have a state income tax.  If those states can function without that form of extortion/THEFT, then the USA could do fine without doing it either.  You have no problem with state sponsored theft it appears.  You want others to be extorted just to make you FEEEEEEEEEEEEEL good. I have news for you.  Long term, ALL fiat money fails.  It can't be any worse than that failing phony fiat currency called the US DOLLAR.  It is inherently worthless and based on debt and essentially relies on enslaving the populace to keep it afloat. But it never bothers your conscience that one form of servitude/slavery was ended and the form of financial slavery was instituted.  Tell me how what the government does and the mob does is materially any different. 

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4 hours ago, Burnedout said:

 

There are 9 states that do not have a state income tax.  If those states can function without that form of extortion/THEFT, then the USA could do fine without doing it either.  You have no problem with state sponsored theft it appears.  You want others to be extorted just to make you FEEEEEEEEEEEEEL good. I have news for you.  Long term, ALL fiat money fails.  It can't be any worse than that failing phony fiat currency called the US DOLLAR.  It is inherently worthless and based on debt and essentially relies on enslaving the populace to keep it afloat. But it never bothers your conscience that one form of servitude/slavery was ended and the form of financial slavery was instituted.  Tell me how what the government does and the mob does is materially any different. 

You're so insane about your political views, that's its basically impossible to actually talk to you.  Same old lazy arguments that ignore history, ignore reality, and longs for a utopia where it is basically only every man for himself.  Fiat may not work in the long run, but your hope for apolitical money has been demonstrated historically to simply not work.  

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4 minutes ago, TrueScotsman said:

You're so insane about your political views, that's its basically impossible to actually talk to you.  Same old lazy arguments that ignore history, ignore reality, and longs for a utopia where it is basically only every man for himself.  Fiat may not work in the long run, but your hope for apolitical money has been demonstrated historically to simply not work.  

 

You call it lazy only because you cannot answer the question.  That is yourown lazy way out. 

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9 minutes ago, Burnedout said:

 

You call it lazy only because you cannot answer the question.  That is yourown lazy way out. 

You bring up the same points every thread, I'm not going to run this exercise of futility over again.  A gave a several point refutation of your beloved Crypto, which you barely addressed, and in response you recyled the same old nonsense.  My work here is done.

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1 minute ago, TrueScotsman said:

You bring up the same points every thread, I'm not going to run this exercise of futility over again.  A gave a several point refutation of your beloved Crypto, which you barely addressed, and in response you recyled the same old nonsense.  My work here is done.

 

Why should I address your points when you won't address my point? 

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Just now, Burnedout said:

 

Why should I address your points when you won't address my point? 

Your points have been addressed countless times, not going through the exercise again.  Come up with some new points maybe.

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20 minutes ago, TrueScotsman said:

Your points have been addressed countless times, not going through the exercise again.  Come up with some new points maybe.

 

In the past I have asked you the question about how the mob and the government are materially any different in the way they raise funds when compared to a protection racket.  You have never answered it.  You try to fall back to a legal argument.  Anything can be made legal if elected people vote for it.  

 

If there is ANY way to bring down the faux Federal Reserve System, I am ALL FOR IT.  If that is crypto, GREAT!  I watch intently.  If it is being accepted by governments as payment, that is another step towards legitimacy and wide acceptance.  I know that it's success is still in the balance, but so far so good! 

 

Why should I believe any faux facts you present because I do appear to remember that you were one that was so sure Trump would not win the election.  Yeah...RIGHT!  ;)

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5 minutes ago, Burnedout said:

Anything can be made legal if elected people vote for it.  

     Are you saying like crypto?

 

          mwc

 

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5 minutes ago, mwc said:

     Are you saying like crypto?

 

          mwc

 

 

ANYTHING can be made legal, even murder (hint.. The Nazis on an industrial scale).  Some things will be made legal because nobody obeys the law (hint...prohibition).  If people eventually switch to Crypto en masse, then it destroys the Federal Reserve system in time and the whole structure will have to be reformed without a central bank.  There will be no lair loans and effectively printing money out of thin air as  it is done now when somebody takes out fractional reserve loan. 

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2 minutes ago, Burnedout said:

 

ANYTHING can be made legal, even murder (hint.. The Nazis on an industrial scale).  Some things will be made legal because nobody obeys the law (hint...prohibition).  If people eventually switch to Crypto en masse, then it destroys the Federal Reserve system in time and the whole structure will have to be reformed without a central bank.  There will be no lair loans and effectively printing money out of thin air. 

     Yeah, I haven't checked, but I don't think murder was actually made legal under the Nazis or for the Nazis.  I think they just sort of did it.  There's a difference between legalizing something and acting above the law.

 

     Crypto doesn't come out of "thin air."  It might appear that way but, if it helps, you should try to think of it like a stock.  You need to buy or trade for it (if you don't mine it and you can't mine them all).  So there's an exchange and you have to deal with all that entails.  Even if the exchange is decentralized you still have to deal with it.  You've had coins that did essentially "print money" and they suffered inflation same as fiat currency.  They eventually crashed and burned at the exchanges (a few have lingered on near zero BTC but most have simply gotten delisted after going below 1 Satoshi, which is sort of like a penny in BTC, and/or their dev teams abandoned ship).

 

     I don't see how loans would change all that much.  Those would be the same legal agreement they are now only using a different currency.

 

          mwc

 

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2 minutes ago, mwc said:

     Yeah, I haven't checked, but I don't think murder was actually made legal under the Nazis or for the Nazis.  I think they just sort of did it.  There's a difference between legalizing something and acting above the law.

 

     Crypto doesn't come out of "thin air."  It might appear that way but, if it helps, you should try to think of it like a stock.  You need to buy or trade for it (if you don't mine it and you can't mine them all).  So there's an exchange and you have to deal with all that entails.  Even if the exchange is decentralized you still have to deal with it.  You've had coins that did essentially "print money" and they suffered inflation same as fiat currency.  They eventually crashed and burned at the exchanges (a few have lingered on near zero BTC but most have simply gotten delisted after going below 1 Satoshi, which is sort of like a penny in BTC, and/or their dev teams abandoned ship).

 

     I don't see how loans would change all that much.  Those would be the same legal agreement they are now only using a different currency.

 

          mwc

 

 

As  it stands now, the US dollar is a fiat currency.  It is brought into being when a bank issues a loan.  They only have to have 10% backing the 100% loan.  

 

I am not saying crypto comes out of thin air, I was referring to the current US Dollar. Crypto cannot be expanded the same way as the US Dollar. 

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55 minutes ago, Burnedout said:

 

As  it stands now, the US dollar is a fiat currency.  It is brought into being when a bank issues a loan.  They only have to have 10% backing the 100% loan.  

 

I am not saying crypto comes out of thin air, I was referring to the current US Dollar. Crypto cannot be expanded the same way as the US Dollar. 

     At this point it just seems we're talking about numbers on a ledger.  In this case they're the same.  I guess the only difference is where that ledger is kept?

 

     Since fiat currency is faster and cheaper at doing payments I'd say it's probably best we keep it until something better comes along.

 

          mwc

 

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     Looks like they're using BitPay so they're actually just taking dollars.  BitPay guaranties the rate during transfer and delivers dollars to the end customer (a credit card processing company might be a kind of parallel here).  So BitPay is the middleman who actually accepting BTC and then paying USD to the county.  It does allow people to pay with BTC but the county isn't really accepting BTC themselves into their own wallet(s).  A nuanced difference but important in the sense the county itself is only working with USD and not multiple forms of currency.

 

          mwc

 

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