Krzysztof Jurewicz

Since the government of is reported to own 213,519 BTC, it is incentivized to make price raise. Instead of imposing restrictions on trading, it could then, for example, allow paying taxes in BTC. What do you think, @kunev?

@KrzysiekJ @kunev
The germans and the ECB will come BTFO them if they allow anything but euro, I think

@marsxyz @KrzysiekJ I doubt that. We're not even in the euro zone yet, although the lev is tied to the euro.

@KrzysiekJ I think it's all a glorious comedy πŸ˜„ Laws are nowhere near a place where this could be handled adequately. I'm pretty sure we have not legal frame that could serve as basis to what the state can do with BTC that it has confiscated. Is it money, is it assets, is it goods?
Obviously if as with most confiscated goods, it could simply cash it in and put the money in the budget that would be fucking awesome, alas I doubt there's a procedure in place that can facilitate handling BTC.

@KrzysiekJ I'm quite against using BTC for payments though. Something with such a mind blowing volatility is incredibly impractical as an actual currency.Β If I pay my taxes in BTC today that means it'e equally possible that either I'm fucked, cause I could've bought a house with the BTC I used to pay my car tax, or the state is fucked, cause all the taxes it collected now sum up to the price of a badly brewed cup of coffee.

@KrzysiekJ Honestly I assume this will end with someone losing/destroying the wallet due to incompetence and effectively burning all that "money".
In a perfect world we'd pay out a significant part of the external debt, but that's just a laughable concept considering how bad state authorities are at handling new concepts, especially wonky and not well understood like BTC and crypto currencies in general.

@kunev The government could use a payment processor like Bitpay to receive income in lews. The volatility risk would then lay only on the side of the taxpayer.

@KrzysiekJ and the payer would do best to convert conventional money to BTC before paying, so then the government can convert back to conventional currency on the otherside, in order to escape volatility. At this point there seems to be no upside to bitcoint itself, except maybe that you pay the processors to use the blockchain as a possibly faster payment method, even though AFAIK there have been issues with legitimate transactions getting stuck.

@kunev I’m not advocating that many people would pay taxes in BTC (maybe those who already own cryptocurrencies). However this could be a signal to the market which would raise the price (and the value of government’s assets). πŸ™‚

@KrzysiekJ sounds like something to sue the government over as a market speculation and/or insider trading type of scenario. πŸ˜„πŸ˜„πŸ˜„

@kunev In Poland there is a general notion of wealth right, so I suspect that government here could treat BTC similarly to other wealth rights. Not sure though whether this would solve the problem completely and also I don’t know whether there is a similar notion in Bulgaria. πŸ™‚

Sign in to participate in the conversation is a paid signup Mastodon instance funded directly by users purchasing accounts for just $5. An inexpensive alternative to free signup platforms, we impose direct economic cost on trolls who want to avoid blocks by creating many accounts. This instance will actively respond to any problematic users.