Bitcoin/Arizona

[gimmethesimplelife]

A bill has just been printed to the Arizona Legislature making Bitcoin a legal tender in Arizona. What to make of that? Rob

[ApatheticNoMore]

It's problematic, it lends legitimacy to currencies otherwise based on money laundering, burning fossil fuels, and speculation. To say that financial instruments have gotten awfully detached from the real world, from anything that has value in the real world, would be to understate it.

Some municipalities have started issuing cryptocurrencies I have heard as well. Some of these schemes seem very complex, reminding one of all those real estate instruments from 2008, some so complex experts didn't understand them. Then when they collapse, local governments won't have money to fix the potholes. Because that was such a workable way to fund the government.

[jp1]

Will businesses be forced to accept bitcoin? If so, that would suck for almost all of them, but would be a great opportunity for a new business that helps them meet that requirement, presumably by immediately converting the bitcoin to dollars as soon as a transaction has happened if the current bitcoin value is high or holding them if the new bitcoin conversion business thinks the value is low and likely to go up in the near-term. Obviously there would be a lot of financial risk for that new business but with bitcoin's volatility it would also be an opportunity to make a lot of money by floating the value of the bitcoins when value is low and selling when it is high. I'm not sure it's the right gamble for me but undoubtedly others would be willing to do it.

[jp1]

An unrelated aside, apparently NYC's new mayor has decided to take his salary in crypto. I don't quite understand why, and the machinations necessary to make that happen seem a little silly and defeating of the whole supposed purpose.

https://www1.nyc.gov/office-of-the-mayor/news/041-22/mayor-adams-receive-first-paycheck-cryptocurrency

[ApatheticNoMore]

An unrelated aside, apparently NYC's new mayor has decided to take his salary in crypto. I don't quite understand why, and the machinations necessary to make that happen seem a little silly and defeating of the whole supposed purpose.

It's some kind of weird push for crypto in NYC by that mayor. What's really behind it, who knows. Some of these politicians may just be not too bright and high on their own supply.

[gimmethesimplelife]

A bill has just been printed to the Arizona Legislature making Bitcoin a legal tender in Arizona. What to make of that? RobShould have been a bill has just been presented (not printed lol). Rob

[bae]

It is foolishness

[LDAHL]

Wouldn’t that violate the coinage clause of the constitution?