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Re: Panama City Approves Bitcoin and Crypto Payments for Taxes, Fees, and Permits 

By: nacl01 in GRITZ | Recommend this post (2)
Fri, 18 Apr 25 8:32 PM | 15 view(s)
Boardmark this board | Grits Breakfast of Champeens! 		Msg. 06936 of 07144
(This msg. is a reply to 06929 by Fiz)
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introduce a U$B coin initially "mined" by the US government, keeping all of Bitcoin's privacy

I would be afraid that this would be impossible. With the US government maintaining the blockchain, they would eventually be watching every transaction. Personally, I still use cash for most transactions under about $50 - lunches and some dinners.

nacl


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The above is a reply to the following message:
Panama City Approves Bitcoin and Crypto Payments for Taxes, Fees, and Permits
By: Fiz in GRITZ
Fri, 18 Apr 25 8:00 PM 		Msg. 06929 of 07144

http://bitcoinmagazine.com/news/panama-city-approves-bitcoin-and-crypto-payments-for-taxes-fees-and-permits


The USD is running out of time and relevance. I have proposed a revolutionary step forward for the Trump administration...before time runs out entirely:

Have the US
(1) introduce a U$B coin initially "mined" by the US government, keeping all of Bitcoin's privacy and inability to be Ponzied into existence with "debt" or any other means. This isn't tricky and ought not to be too controversial: there are thousands of BitCoin clones and near clones -- it is just that none of them are legal tender, especially in the US.
(2) Hand out most of the tokens on a stict citizenship basis (keep maybe half the U$B coins to cover national debt, but give the rest direct to citizens on a strict citizenshiip basis, maybe 1 coin per 330 million legal citizens basis.
(3) Make the U$B NON-TAXABLE LEGAL TENDER in the US for all debts.
(4) Do #3 by STIPULATING (codifying) a FLOOR (minimum) value of, say, $10K PER COIN and
(5) LOCK THIS FLOOR VALUE IN BY ANNOUNCING each coin can be used to pay $10K of US income taxes or pay any other US government debt.
(6) Do this before any other government can do the same and likely establish the U$B as the "reserve currency" of the world.


I don't think I laid out my vision here before. If you think it wouldn't work, please back up your argument (or perceived flaw) with some facts or logic.

Right now Bitcoins biggest problem remains it cannot be used in general commerce. This would usurp BitCoins precendence in a twinkling and, I believe, would create a huge new source of wealth and advantage for the US, almost overnight.

I've previously written about the sordid history of the dollar "hot swaps" (change the rules but keep the name) underlying the US currency system. This happened perviously at least half a dozen times since 1776. This would just be the latest and greatest -- and would simply get ahead of the rush by other countries which might try to do the same. And would put a nail in the coffin of "CBDC" Leninist ploys.

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