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NH: Bill would let state agencies accept crypto

Discussion in 'Off-Topic' started by DadaOrwell, Jan 26, 2019.

  1. DadaOrwell

    DadaOrwell

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    Lawmakers Pitch New Crypto Tax Payments Bill in New Hampshire - CoinDesk...

    The New Hampshire Liberty Alliance (Home - New Hampshire Liberty Alliance) is backing a bill aimed at widening crypto adoption in the state. It is the only institution I'm aware of that comprehensively rates a state's bills and legislators for how pro-liberty they are.

    I believe at least one of the sponsoring reps is a free stater (a person who migrates to NH for the purpose of liberty activism). The number of free staters in the legislature has been hovering between 10 and 20 over the last decade; most win election as Republicans or Democrats.

    The Alliance is encouraging in-state supporters of the bill to make their position known by emailing relevant legislators before roughly Feb. 4, 2019:
    [email protected]
     

  2. Woodsy

    Woodsy NES Member

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    Just a dumb idea overall.
     
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  3. wilson911

    wilson911

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    Any particular reason? Or is that your default reaction to things you do not fully understand? The state currently takes credit card payment, I wonder if when they started that 25 years ago you thought that was a "dumb idea overall".
     
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  4. Woodsy

    Woodsy NES Member

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    Credit cards monetary value is the dollar so you might want to rethink that rebuttals. Now concerning crypto.
    Because your State Bills are based on the dollar. When you get your excise tax bill for example it’s 500. You write a check for 500 and the state cashed is or if you pay cash they receive 500 in their coffers. If instead you pay crypto, let’s say the day you pay your crypto cryptonite coin is worth 500. Great you pay a coin to the state and they have a Coin worth 500. Now after a week of collection they now need to convert those coins to Dollars to actually pay for sh*t. However that day the coin is worth only 250 due to a decline in the crypto worth so now the state is short. Or the converse , you pay your 500 the day the coin is worth 100. You pay 5 coins, next week when the state converts it over it’s worth 500/coin so now they are up.


    It’s the same argument when people say they want a mortgage based on crypto. It’s ridiculous. One day your paying 1000 on a 300k mortgage then the coins inflate over 30days by 1000 % so now your bill shows up and it’s the equivalent of 10000 for your payment.


    The crypto is not regulated there’s no standard and no central bank backing them so they will be niche for a long time. This is not to say I haven’t used them in my portfolio, as I have and made a few hundred or more of a short term investment
     
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  5. wilson911

    wilson911

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    Lol....thank you for confirming your level of crypto knowledge for me. It seems to about the same as your knowledge of excise bills in NH!
     
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  6. Woodsy

    Woodsy NES Member

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    I have no idea what the tax bills are in NH I don’t live, it was an example. Examples are generally used to point out something , maybe that’s over your head . As for Crypto I’ll bet you 100 XRP I do. Doesn’t matter the proposal will die because it makes no sense and won’t happen but good luck with that
     
  7. Prepper

    Prepper NES Member

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    That is not how it works. Nearly every business or organization that accepts crypto uses a service to immediately convert it to USD. There is a fee like 3% or something so whoever is making the payment would be expected to pay for the fee, most likely.
     
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  8. Woodsy

    Woodsy NES Member

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    It won’t work even if you immediately convert it it’s value is not based on any regulated currency therefore it will be used on the fringe for the time being. Maybe one day a central bank will bless it but until then it’s a cool technology and that’s it.
     
  9. Bt74

    Bt74 NES Member

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    But..but..they use algorithms and shit to make it have value.
     
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  10. FisherTech

    FisherTech

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    We do have an excise tax in New Hampshire, That is the fee we pay to the town and the other goes to the state when we register our vehicles. Up until a couple of years ago we had to write two checks at the town clerks office one to the state and one to the town. The town one is the excise tax, we just don't call it that.
     
  11. wilson911

    wilson911

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    Road tax is not excise....dont register and you dont owe it. Unlike MA that is still billing for cars I had 15 years ago....
     
  12. wilson911

    wilson911

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    You ever been outside of the country? You ever use your ATM card there? That's how it works.
     
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  13. Woodsy

    Woodsy NES Member

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    Nice try but no it does not. Maybe you need to study how the fiat system works in modern times. For example when I’m in dubai I go to the ATM and take out Dollars from my bank. The bank I withdraw from has a reserve of dollars and dollars are what they measure against. The i flybto paris, repeat the same. No crypto is not based on any standard currency it is unregulated and subject to crazy variations. It will not be the standard currency plus there’s a shitload of them now. No central bank regulates it and it is the Wild West but go ahead and through money at it. If it’s not there tomorrow you can surely call ....oh that’s right it’s not regulated. But it’s crypto so it’s safe ok, then you find your 100k in a week is worth 5k hahaha like I said I’ve made money from it earlier in the cycle and when a new one pops up I sometimes get in like a roulette wheel spin. Would I bank my retirement on it, hahaha screw that
     
  14. wilson911

    wilson911

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    Not betting your retirement is different from paying a parking ticket.....I quit, you can lead a horse to water but you cant make him take his head out his ass. You are obviously missing what happens so I will leave you to your current "understanding".
     
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  15. KBCraig

    KBCraig NES Member

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    There are restaurants in NH that take crypto. They still charge the meals tax, and have to remit it in USD.

    Now, if you're saying that government agencies can't figure out how to do that, that's a different argument.
     
  16. Woodsy

    Woodsy NES Member

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    No it has nothing to do with parking ticket vs retirement. The fact is those are based on a currency and for the time being the world as well. Crypto whichever one you pick is not. No guarantees no regulation. That’s just nuts.
     
  17. FisherTech

    FisherTech

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    Road tax is just another name for excise tax. In Ma. regardless if they keep sending bills for cars registered 15 years ago. All you have to do is send the town/city a letter advising them that you no longer reside in that state, and no long have those vehicles. Now don't tell me that you have already done that because I know the Ma. system.
     
  18. 42!

    42! NES Life Member NES Member

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    What it comes down to is stability and predictability. Crypto is well known to have widely varying value. This is fine as an investment, not what you want in a currency. And sure, the gov could take on the responsibility to immediately convert the crypto to US currency, and even charge the taxpayer whatever it costs to do this. But why should it? The taxpayer can convert their crypto to dollars and pay their taxes/fees and that adds nothing to the gov.

    And look at the logical conclusion of accepting crypto. They would have to accept all the different types, or put in place some kind of system to determine which will be accepted and which won't. Just what we need, move gov.
    Think of it this way, we COULD produce forms in every language that exists, or we could just use english. And we could accept payments in every currency from around the world, or we could just accept US dollars.

    Keep It Simple Stupid, or Simple Is Good, whatever you want to call it. Why do some want to make things more complicated than they need to be.
     
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  19. dingbat

    dingbat NES Member

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    Makes as much sense as accepting payment in Venezuelan Bolivars.
     
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  20. Dennis in MA

    Dennis in MA NES Member

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    I'm still waiting for them to take wampum and livestock as payment. Hey - it's more stable that Bitcoin.
     
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  21. FisherTech

    FisherTech

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    Look who is pushing this!! No wonder folks are getting tired of the "Free Staters".
     
  22. DadaOrwell

    DadaOrwell

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    Maybe I missed it but I didn't see any actual criticism of the wording. usually there is something badly worded in a bill, unintended consequences, unexpected expenses...etc. What if any do you see?
     
  23. Prepper

    Prepper NES Member

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    I know, right? How dare people move to NH to promote freedom and more choices and attempt to otherwise mind their own business.
     
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  24. Bfatz

    Bfatz

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    Yet every one is quick to accept Gold and Silver as payment..Yes they to are VOLATILE to market condition..Yet its accepted as payment.
     
  25. 42!

    42! NES Life Member NES Member

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    Not if you walk in to pay your taxes, go ahead and try it. The gov accepts US currency, Cash, check or charge, but US currency.
    We do not need to add an exchange department to the gov. Keep it simple.
     
  26. Chevy 2 65

    Chevy 2 65 NES Member

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    What backs up crypto?
     
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  27. jpk

    jpk

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    and I pay an exorbitant rate to use my US card in a foreign country when my charges are all converted from one currency to usd

    Its even worse wrt crypto because of the volitility of crypto values
     
  28. Bfatz

    Bfatz

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    States Restoring Gold and Silver as Money
     
  29. 42!

    42! NES Life Member NES Member

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    But they are not accepting gold and silver. The are accepting coins issued by the US gov. And I suppose any gov agency would take coins issued by the US gov, why wouldn't they. Of course using a Morgan Silver Dollar to pay a $1 debt (face value of the coin, no one is adjusting that), doesn't make sense, but feel free to do so.

    What Utah did is purely symboloic until/unless the USA starts issuing gold coins. At which point everyone will take them.
     
  30. KBCraig

    KBCraig NES Member

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    Full faith and credit, same as any other mythological currency.
     
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