Arizona Senate votes to accept tax payments in Bitcoin
fortune.com
fortune.com
Every “out of touch with tech except when some crazy new dangled “stuff” seems to be printing money” is coming out of the woodwork to get a slice... except they’re the exactly people being fleeced to print this new money.
They don’t understand the the reason adding blockchain to your name gives you a 100% bump in stock isn’t because blockchain technology is revolutionary, it’s because of people just as clueless as they are and just as scared of missing out.
“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.”
So this isn't the solution to a problem, it's an advertisement.
So there’s a massive, planned liquidation period (Aka tax time) - this can’t be exploited at all.
I'm not aware of a comparable comodity market where there would be a seasonal, forced sell-off to actually speak to the effects. I am, however, convinced that this at least presents an opportunity for adverse behaviors which could make this an untenable policy.
It also doesn't speak to that there are 8 months for the markets to prepare for exploit this period.
[0] https://www.irs.gov/newsroom/2018-and-prior-year-filing-seas...
Results (2017):
Week : Filers (Millions)
January 27 : 8.3
February 3 : 11.1
February 10 : 11.4
February 17 : 9.6
February 24 : 8.9
March 3 : 8.1
March 10 : 7.6
March 17 : 7.2
March 24 : 6.9
March 31 : 7.5
April 7 : 8.9
April 14 : 13.1
April 21 : 13.9