Topic: [2014-02-20] Bitcoin Legal Tender: California Lower House Unanimously Passes Bil (Read 1607 times)
February 20, 2014, 09:43:37 PM
Great news, now we need more (and more) to overcome all the bad news.
February 20, 2014, 08:50:59 PM
Not only is it wrong, even if CA wanted to make bitcoins, legal tender they have no authority to do as that is reserved by the federal government. So unless CA has successfully fought a civil war and become an independent nation before making bitcoins "legal tender" we can safely assume the author of the article has no idea what legal tender means.
CA law makes it illegal for someone to mint, or circulate any money but the money of the United States. It was a very poorly written bill a long time ago.
In theory that prohibition could apply to Bitcoin miners or Bitcoin merchants, but it would also apply to someone circulating a euro note.
The proposed bill would change that section to read like this
So as long as you don't pass your money off as "the money" of the United States it wouldn't be prohibited. This was likely the original intent of the existing law anyways. Someone wrote it sloppy and it really didn't matter until now because a case could be made that miners are breaking the letter of the law even if it wasn't intended to be that board. Notice how the bill passed unanimously this is more a correcting the grammar of the existing code than anything else. There is no reason to believe it was the intent of the original bill to ban Bitcoin more than 100 years before Bitcoin was created.
Quote
Section 5103 of title 31, United States Code
5103. Legal tender
United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues. Foreign gold or silver coins are not legal tender for debts.
5103. Legal tender
United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues. Foreign gold or silver coins are not legal tender for debts.
CA law makes it illegal for someone to mint, or circulate any money but the money of the United States. It was a very poorly written bill a long time ago.
Quote
no corporation, flexible purpose corporation, association, or individual shall not issue or put in circulation, as money, anything but the lawful money of the United States.
In theory that prohibition could apply to Bitcoin miners or Bitcoin merchants, but it would also apply to someone circulating a euro note.
The proposed bill would change that section to read like this
Quote
no corporation, flexible purpose corporation, association, or individual shall not issue or put in circulation, as money of the United States, anything but the lawful money of the United States.
So as long as you don't pass your money off as "the money" of the United States it wouldn't be prohibited. This was likely the original intent of the existing law anyways. Someone wrote it sloppy and it really didn't matter until now because a case could be made that miners are breaking the letter of the law even if it wasn't intended to be that board. Notice how the bill passed unanimously this is more a correcting the grammar of the existing code than anything else. There is no reason to believe it was the intent of the original bill to ban Bitcoin more than 100 years before Bitcoin was created.
February 20, 2014, 08:48:30 PM
Can I pay California state taxes in Bitcoin now?
lol not yet from what i know but i think that might change in the near future
"Legal tender" means that it can be used to pay all debts (including taxes). I'm guessing that the article title is just wrong.
February 20, 2014, 06:45:01 PM
Can I pay California state taxes in Bitcoin now?
lol not yet from what i know but i think that might change in the near future
February 20, 2014, 06:35:59 PM
Can I pay California state taxes in Bitcoin now?
February 20, 2014, 06:30:44 PM
Now if mt gox can stop acting ridiculous, we can All move on to even bigger and better things.
I think mtgox is finished.. the way they have chosen to address the issues with their own business is baffling.. they've shown their true colors.. the sooner that mtgox is gone from the bitcoin picture the better since they don't seem to be capable enough to fix their own issues 
February 20, 2014, 06:08:26 PM
So, they voted to change the word Corporation to the word Person? Sounds like whatever was in this amendment got removed.
February 20, 2014, 04:18:44 PM
What a shame. They've forgotten to include goxcoin.
February 20, 2014, 03:56:40 PM
Now if mt gox can stop acting ridiculous, we can All move on to even bigger and better things.
February 20, 2014, 03:15:53 PM
Awesome, it passed 70-0! Although, I don't think I can take a bill seriously that includes jokes like this:
Quote
The following is a list of the largest digital currencies (cryptocurrencies) that are in use:
· Bitcoin
· Ripple
· Litecoin
· Peercoin
· Namecoin
· Dogecoin
· Primecoin
Recently, a new digital currency attempted to emerge, known as COINYE (Originally called
COINYE West) which was modeled after Bitcoin and implied a connection to rapper Kanye West via
a cartoon picture of Kanye West as the currency's logo. A lawsuit filed in a Manhattan federal court
sought to stop COINYE on the grounds that it used the rapper's image to cash in on his popularity
without his consent, damaging his reputation and confusing consumers about the source of the
cryptocurrency.
Facing legal action, creators of COINY have ended the project and COINYE is now Lost in the
World, but may have been nothing more than a Dark Fantasy.
· Bitcoin
· Ripple
· Litecoin
· Peercoin
· Namecoin
· Dogecoin
· Primecoin
Recently, a new digital currency attempted to emerge, known as COINYE (Originally called
COINYE West) which was modeled after Bitcoin and implied a connection to rapper Kanye West via
a cartoon picture of Kanye West as the currency's logo. A lawsuit filed in a Manhattan federal court
sought to stop COINYE on the grounds that it used the rapper's image to cash in on his popularity
without his consent, damaging his reputation and confusing consumers about the source of the
cryptocurrency.
Facing legal action, creators of COINY have ended the project and COINYE is now Lost in the
World, but may have been nothing more than a Dark Fantasy.
February 20, 2014, 03:01:22 PM
This might end up having HUGE ramifications down the road.
Just look how the States moved ahead with medicinal cannabis and legalizing Cannabis and the FEDs are eventually caving in to it (after attacking it initially).
The FED is just losing more and more power. Hopefully they are being watched closely for one of their famous False Flag attacks.
Cornered Psychopaths will do that.
Just look how the States moved ahead with medicinal cannabis and legalizing Cannabis and the FEDs are eventually caving in to it (after attacking it initially).
The FED is just losing more and more power. Hopefully they are being watched closely for one of their famous False Flag attacks.
Cornered Psychopaths will do that.
February 20, 2014, 12:31:21 PM
California is known to take initiative prior to other states... lets see how this turns out
https://coinreport.net/bitcoin-legal-tender-california-passes-bill/
https://coinreport.net/bitcoin-legal-tender-california-passes-bill/
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