Truth In Media – by Brenden Weber
Lawmakers in Arizona, Colorado, and Wyoming have all recently taken legislative action that seeks to further support cryptocurrency.
On Thursday, the Arizona Senate passed a bill that would allow residents to pay income taxes using Bitcoin and other cryptocurrencies. This implementation has practical significance, allowing the use of cryptocurrencies as a payment option in a state revenue system legitimizes them as an everyday alternative payment medium.
A provision in the bill mandates that the cryptocurrency payments be exchanged for fiat currency within 24 hours. This provision seeks to address the volatility of cryptocurrency and mitigate state revenue concerns.
Republican Arizona State Representative Jeff Weninger, who co-sponsored the bill, said he wants Arizona to be at the forefront of technological innovation. He told Fox News:
“It’s one of a litany of bills that we’re running that is sending a signal to everyone in the United States, and possibly throughout the world, that Arizona is going to be the place to be for blockchain and digital currency technology in the future.”
Consideration by the Arizona House of Representatives will be the next step for this bill.
In Colorado, a bill was introduced in the Senate proposing the use of blockchain for governmental data security. Senate Bill 86 seeks to use the blockchain ledger feature for its ability to securely record transactions. The bill aims to “control functionality, track transactions, verify identities, support uniformity, resist tampering, enable logistical control for large numbers of participants, protect privacy, and support accountability and auditing.”
Sumana Nallapati, Colorado’s secretary of technology and state chief information officer told StateScoop:
“In Colorado, we try to be a leader in any technology that can transform and enable better government. To be an early adopter of blockchain, our hope is that it will allow Colorado to shape the industry by offering lessons learned, creating jobs, and providing better services to our customers.”
Legislators in Wyoming have introduced two bills, House Bills 19 and 70, that would limit regulatory control over cryptocurrency trading.
Coinbase, the most widely used buying and selling cryptocurrency platform, suspended its services in Wyoming a couple of years ago. Many other platforms followed their decision because the states regulatory burdens have been too costly.
The Wyoming Division of Banking requires cryptocurrency trading platforms to hold an equal value of fiat funds to the aggregate value of funds held by customers. Although Hawaii has the same regulation, this response has not been typical in other states.
Coinbase and other platforms found these regulations to impractical to continue services in the state.
House Bill 19 “would clarify the provision that state regulators are currently relying on to bar the trading” while House Bill 70 “would clarify that traders are not subject to certain other state finance regulations,” according to the Casper Star Tribune, providing the opportunity for platforms to continue services in the State.
OF COURSE THE RING KNOCKERS WANT THIS. IT IS THE CASHLESS SOCIETY WE HAVE BEEN WARNING EVERYONE ABOUT. WHAT IS HAPPENING IS THEY PUSH AT PEOPLE WHO ARE COWARDLY AND WON’T PUSH BACK. THIS THEN LETS THE SLAVE PROMOTE THE SLAVE STATE CURRENCY IDEA THAT THE SLAVE STATE ORIGINALLY PROMOTED AND PEOPLE RESISTED.(RIGHTLY SO) BUT IN A SAD AND DESPERATE ATTEMPT TO NOT BE “NONCONFRONTATIONAL” THE RUNNERS BUILD THE VERY THING THE POLICE/ENEMY WANTED. (WHY ANTIFA IS ALLOWED BY THE POLICE STATE, A BIGGER POLICE STATE ALA COMUNIST)
There will only ever be 21 million bitcoins, many of which have been lost. This doesn’t appear to be a fractional reserve system. The other coins are generally more centrally or completely centrally controlled.
Already the cryptos can easily defeat the borders and inheritance tax. It doesn’t seem like it is written in stone yet how this will turn out, though I’ll admit that tyranny is a possibility.
So far, I think bitcoin will actually be an effective store of value. Arizona has already made gold and silver legal tender again right? It only makes sense that they would be on the forefront of positive monetary policy. I really can’t explain why (JWO) Colorado would be involved, though it does give me pause. It is also easiest and cheapest to acquire bitcoin using exchanges that require ID, which is a big mistake. Use “cash by mail” at http://www.localbitcoins.com or meet face to face.
If you want to be afraid: here’s an example of a terrible system using the lightning network. This system could be used to charge us by the flush or as we drive by the mile. Just click on any article, and it demands a micro payment to read it. As usual, what this monetary system becomes is in the hands of the uneducated populace, so they may fail and choose Ethereum, Bcash, Ripple, [fedcoin] or some other centralized option that is being pushed by the main stream. My mom’s accountant recently gave her 20$ in Ethereum. I told her to trade it in for bitcoin. Unfortunately such a trade would cost about 10$ at http://www.shapeshift.io .
Keep in mind that bitcoin is in the very early years and that we could each learn how to code to develop applications for it that we want. The entire project is open source. New tools will be coming online quickly now to introduce privacy, lower fees, etc. At least this is how the song goes…. We’ll see!
Lightning network demo: Just click on any article:
https://yalls.org/
The difference between Crypto’s and Fiat/stocks, is everyone knows how many crypto’s are outstanding. Central Banks issue money at whim to buy up real tangible goods and services, that much power allows them to buy governments and laws. Anything that reduces that power is a good thing. Debt based fiat depreciates value over time by design, they are not a store of value. Crypto’s fluctuates in value because they reflect supply/demand modeling. Just my opinion.
Crypto foods stamps, JP Morgan chomping at the bit.
If it ain’t tangible, and in your PHYSICAL possession…