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New York City mayor-elect says he'll take his first three paychecks in Bitcoin:
Spurred by a tweet from the mayor of Miami, New York City Mayor-elect Eric Adams told followers Thursday that he plans to take his first three mayoral paychecks in Bitcoin.
"NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries," Adams tweeted. "Just wait!
It's a high-profile embrace of digital currency at a time when regulators in the US, including in New York City, are heightening scrutiny of cryptocurrency exchanges. Last month, New York state Attorney General Letitia James asked two lending platforms to cease activities after winning a court order forcing the closure of the cryptocurrency exchange Coinseed.
NYC Mayor-elect vows to take first salary payments in Bitcoin:
“NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries,” he said on Twitter on Thursday.
In New York we always go big, so I’m going to take my first THREE paychecks in Bitcoin when I become mayor. NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!
— Eric Adams (@ericadamsfornyc) November 4, 2021
Adams, a Democrat, has said he wanted to turn New York into a crypto-friendly city and that he wants to explore a NYC Coin similar to Miami’s. In an interview on Bloomberg Radio after being elected mayor on Nov. 2, he wagered a “friendly competition” with the mayor of Miami, who was the first to set up a so-called CityCoin cryptocurrency.
(Score: 1) by khallow on Friday November 05 2021, @10:06AM (10 children)
My take is that there's no real problem here from the cryptocurrencies themselves, like usual, unless this guy starts throwing NYC public funds at crypto (rather than merely use it for a few token transactions). That's already a known problem with known solutions - such as throwing the bum out in the next election.
(Score: 0) by Anonymous Coward on Friday November 05 2021, @10:22AM (6 children)
The problem is using a giant, deliberately placed, loophole in the way capital gains tax scale is tied to the income tax scale instead of the amount of capital gains.
It's tax avoidance, sadly, but it shouldn't work this way, and it should be tax evasion.
(Score: 1) by khallow on Friday November 05 2021, @11:09AM (4 children)
This loophole would be? Last I checked, the "tie" is the amount of capital gains.
(Score: 2, Informative) by Anonymous Coward on Friday November 05 2021, @11:12AM (3 children)
No, the tie [irs.gov] is your income that was taxed on the income tax scale.
It's so utterly and obviously broken that everyone seemingly assumes it can't possibly be that way, and that it must be the other way around. It's really just that broken.
(Score: 1, Disagree) by khallow on Saturday November 06 2021, @03:02AM (2 children)
What's so obviously broken about that? Capital gains are taxable income.
(Score: 1) by weilawei on Saturday November 06 2021, @06:22AM (1 child)
(Score: 1) by khallow on Saturday November 06 2021, @10:34AM
Neither I nor the IRS claimed taxable income was ordinary income.
(Score: 0) by Anonymous Coward on Friday November 05 2021, @05:11PM
fuck your ZOG: America Edition and it's taxes.
(Score: 0) by Anonymous Coward on Friday November 05 2021, @11:27AM
It begs the question, to what extent has cryptocurrency increased in price due to inflation. Heck, even some cryptocurrency has a degree of inflation.
The government releases its inflation stats but those inflation stats make no sense. A better measure of inflation is price increases in the housing market and rent since those expenses are a much more dominant measure of our expenditures. Who cares if the price of cheese went up by only 3 percent a year over the last ten years when cheese is only .1 percent of our annual expenditures.
THERE IS NO INFLATION IF YOU MEASURE CPI IN CHEESE!
Louis Rossmann
https://www.youtube.com/watch?v=svYH8JDEUU8 [youtube.com]
That's not a reasonable measure of the rate of inflation by any means. Our dominant expenditure, rent/housing, has gone up by WAY more than that and that's a much more reasonable measure of inflation since it better measures the things that we actually spend a substantial amount of money on.
You claim that cryptocurrency is risky. So is the dollar. The dollar is a very risky investment, having your money sit in a bank and doing nothing is risky. You risk its value crashing relative to everything else (the things that are important that have intrinsic value like housing, food, etc...) as it has been.
Heck, the value of the dollar is dropping faster than people can accumulate value (ie: housing gets more expensive faster than the amount of money many people make per year. ie: If a house goes up in price 100K in a year and you only make 50K in that year you just moved backwards).
(Score: 2) by mcgrew on Saturday November 06 2021, @01:15PM (1 child)
The question is WHY? Mod me redundant, but who does he need to bribe or pay blackmail to? I can think of no other reason to want it.
Carbon, The only element in the known universe to ever gain sentience
(Score: 1) by khallow on Saturday November 06 2021, @01:22PM
Perhaps nobody? How much again is three months or so of NYC mayor salary? And it'd be a lot easier and harder to track to bribe/pay blackmail with cash.