[ewoodrich]

> instantly calculate taxes due on income

Uh, sign me up? The political complications of tax reform aside, return free filing would save millions of hours required for tax preparation, and it is estimated that between 8 and 60 million taxpayers would not need to file a return at all. And for the rest it would streamlined.

Of course, the IRS already knows 90% of your income information, without Bitcoin, because of 1099s, W-2s, etc.

[dcc1]

Which is how state controlled bitcoin like currencies will be pushed onto people, claiming it would save time/money etc, be more safe and secure etc.

Tho' I highly doubt bureaucrats in IRS or similar would rollover so quickly and put themselves out of a job!

Giving the state (or 3rd parties) even more control over currency and every day use that could be gained by a state run bitcoin like currency is very scary proposition IMHO giving them even more power.

[gnaritas]

Given the choice between Govcoin and Bitcoin, I'd imagine most people will choose Bitcoin. I can't see the state launching a coin successfully. Lack of central authority is one of the killer features of crypto.