Ohio becomes first state to accept bitcoin for tax payments from business owners


#1

Originally published at: https://boingboing.net/2018/11/26/ohio-becomes-first-state-to-ac.html


#2


#3

At least they still have Jungle Jim’s.


#4

Shit Coin - just another pyramid scheme, but with a huge carbon footprint


#5

That’s one small step for the tax man …


#6

They should accept Iraqi dinars - once they’re revalued they’ll never need to levy taxes!


#7

There’s a good reason why you can’t pay your taxes in the currency of another country than the one that is taxing you - because exchange rates fluctuate not just from day to day but moment to moment, so between the time you calculate your taxes and the time the government transforms your payment into something it can actually spend, the government could lose money.

Bitcoin is like any other foreign currency, only worse (since it’s legal tender exactly nowhere). This is a monumentally idiotic move on the part of Ohio and they are going to lose money doing it.


#8

fuck bitcoin; as kpkpkp pointed out, the energy-consumption of this useless shit is beyond absurd, even yet, as its crashing, its 54 terrawatthours, thats bangladesh. 2 weeks ago, it was 73 TWH, thats more than the consumption of austria. and thats just bitcoins. this shit needs to be banned.


#9

Yeah, this seems spectacularly dumb. Some online vendors that were taking bitcoin stopped because it fluctuated in value so much that it was significantly different between when something was put in the virtual shopping cart and when the order was actually placed. That difference would be pretty significant in terms of tax bills, even if they cashed out immediately. And since it’s still hugely inflated and going down in value, the state will never get what they’re actually owed…


#10

Life just keeps on getting more interesting every day.


#11

But, but… blockchain!


#12

I wouldn’t call him a friend, but a dude a dude in my circles became a bit-evangelist and one of his major talking points was that 1) the govt was inherently unstable* therefore 2) bitcoin is good because it is not tied to anything and therefore it is more stable 3) the govt not accepting of bitcoin proves his points.

So excuse me while I chortle in the corner.

*this was around '12


#13

YAy my home state is first in something!


#14

At least or next coingate will have some fun new tech reporting. https://en.wikipedia.org/wiki/Coingate_scandal


#15

Boing Boing in 2019: Ohio becomes first state to stop accepting bitcoin…


#16

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