Is bitcoin legal? Not according to U.S. government - page 3.

freeto

newbie

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Quote from: Fizzgig on June 16, 2011, 08:07:46 PM

Something to consider...unless you have an Austrian (real) economic background, you may just think bitcoin will fail or is not a threat. You won't see it as the most magnificently beautiful and elegant monetary solution man has seen thus far. So even though the CIA was given a presented about bitcoin, they probably won't understand the full potential. People in general won't understand the potential either. People will probably come out with conspiracy theories claiming the bitcoin technology was handed down by aliens to save humanity. I guess my point is that most people today can't think rationally, so bitcoin should have some time before governments start going hysterical.

Exactly what I am thinking. Well said.

freeto

newbie

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Quote from: tehcodez on June 16, 2011, 07:02:58 PM

What are Disney Dollars?

Disney Dollars are a form of corporate scrip or tokens or currency used at Disney theme parks, the Disney Store, and at one time certain parts of Castaway Cay, the Disney cruise-line's private island. It is worth dollar for dollar. Being backed up by real money...

-DisneyDollars.net

So n00b, what's the difference?

The differences are many. There's no discoin/usd exchange, people aren't creating Disney coins to literally make money. People don't speculate in Disney coins (except maybe you) and they don't buy things on the internet with them to name a few. signed the n00b.

Timo Y

legendary

Activity: 938

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bitcoin - the aerogel of money

Technically, and legally, bitcoin is a commodity, not a currency. Also, bitcoins aren't really "coined" by anyone, not even virtually. They are discovered.

Slab Squathrust

full member

Activity: 169

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Quote from: Yatta99 on June 16, 2011, 08:08:21 PM

Quote from: done on June 16, 2011, 06:17:14 PM

it will be years before the U.S. government will even understand how bitcoin works.

Understanding by the government is not a requirement. Congress has been passing laws for decades on things they know little/nothing about Undecided

Hahah, try working in the scientific fields and seeing congress having debates on issues such as cloning. The lack of understanding or even desire to understand is pathetic.

Yatta99

member

Activity: 84

Merit: 10

I need an new box...

Quote from: done on June 16, 2011, 06:17:14 PM

it will be years before the U.S. government will even understand how bitcoin works.

Understanding by the government is not a requirement. Congress has been passing laws for decades on things they know little/nothing about Undecided

Fizzgig

full member

Activity: 154

Merit: 100

Something to consider...unless you have an Austrian (real) economic background, you may just think bitcoin will fail or is not a threat. You won't see it as the most magnificently beautiful and elegant monetary solution man has seen thus far. So even though the CIA was given a presented about bitcoin, they probably won't understand the full potential. People in general won't understand the potential either. People will probably come out with conspiracy theories claiming the bitcoin technology was handed down by aliens to save humanity. I guess my point is that most people today can't think rationally, so bitcoin should have some time before governments start going hysterical.

Lolercaust

newbie

Activity: 3

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It's already been stated multiple times here, but there are far too many "acceptable" examples of currency substitutes being employed by various parties in the US. The US Government finds fault only with the Bitcoin because it is often used in underground trades for black market merchandise.

I will forecast that, although they will try to shut down .onion sites such as The Silk Road (which might've already been accomplished, given the look of it), they won't attempt to touch the Bitcoin.

Joker007

newbie

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Did you know that Federal Reserve is technically illegal according to the constitution?

Gov doesn't care anymore and they want more power so they can gain more control over the people. Bitcoin is a step to right direction, just what American forefathers wanted. They want sovereign people to deal with their own situation without the gov. They want decentralized America but it couldn't happen because of the Britain Imperialistic tried to take over America with their schemes. Thus they implement constitution to prevent from tyrannies. Tyrannies are running the world, like we're witnessing today.

Before the revolution begun...
Did you know South Carolina used rice as money?
Did you know Virginia used tobacco as money?
Did you know north use fish/corn as money for the Indians?

They all use some form of commodity and find what's the best for themselves and others. Bitcoin does this as well which is why I support it because it does not rely on the gov nor central bankers. It simply eliminates them.

Internet is anarcho-capitalism, to be noted for anybody who doesn't know this.

tehcodez

newbie

Activity: 42

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Fine fine, I'll be more friendly.

OP, see references to any one of many "substitutes of money/value/transactions", like

Disney Dollars
Gift Cards
Fun Money
Fiat Currency
Monopoly Money
Poker Chips
Casino Credits
XBox Live Points
Ithica Hours
BerkShares
T-Bills
WoW Gold
Debit Cards

And ask yourself, "how many of these have been ruled illegal, and their creators cast into mythical dungeons," and "how does bitcoin differ from these," and "do I Wikipedia objectively?"

Well, Walt Disney maybe in some kinky dungeon, but it was his choice.

MoonShadow

legendary

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Quote from: v19c on June 16, 2011, 06:30:56 PM

I beleive the Aust Govt wants BTC regulated so they can tax all transacions. Heard this from a mate whom works in a big bank. Dunno how they hope to acheive this!

Good luck with that!

MoonShadow

legendary

Activity: 1708

Merit: 1011

Quote from: tehcodez on June 16, 2011, 07:02:58 PM

So n00b, what's the difference?

Try not to be a dick, okay?

tehcodez

newbie

Activity: 42

Merit: 0

What are Disney Dollars?

Disney Dollars are a form of corporate scrip or tokens or currency used at Disney theme parks, the Disney Store, and at one time certain parts of Castaway Cay, the Disney cruise-line's private island. It is worth dollar for dollar. Being backed up by real money...

-DisneyDollars.net

So n00b, what's the difference?

freeto

newbie

Activity: 14

Merit: 0

Quote from: MoonShadow on June 16, 2011, 06:22:06 PM

Quote from: freeto on June 16, 2011, 05:43:57 PM

Article I, section 8, clause 5 of the United States Constitution delegates to Congress the power to coin money and to regulate the value thereof. This power was delegated to Congress in order to establish and preserve a uniform standard of value and to insure a singular monetary system for all purchases and debts in the United States, public and private. Along with the power to coin money, Congress has the concurrent power to restrain the circulation of money which is not issued under its own authority in order to protect and preserve the constitutional currency for the benefit of all citizens of the nation. It is a violation of federal law for individuals, such as von NotHaus, or organizations, such as NORFED, to create private coin or currency systems to compete with the official coinage and currency of the United States.

This is a specific referrence to the power to create legal tender. Bitcoin isn't legal tender anywhere in the world, and the legal right to create a private currency within the United States is well established provided that it could not rationally be confused with legal tender. The Ithica Hour is a wonderful example.

I'll check that out. Thanks!

freeto

newbie

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Quote from: done on June 16, 2011, 06:17:14 PM

it will be years before the U.S. government will even understand how bitcoin works.

You might be right there.

done

newbie

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Quote from: MoonShadow on June 16, 2011, 06:23:14 PM

Quote from: done on June 16, 2011, 06:17:14 PM

it will be years before the U.S. government will even understand how bitcoin works.

I guess you didn't hear about Bitcoin's lead developer doing a presentation about Bitcoin for the CIA, then?

sure but im referring to the political side that likes to play with earmarks

Bind

sr. member

Activity: 385

Merit: 250

Quote from: pointbiz on June 16, 2011, 06:25:21 PM

If the Justice Department investigates bitcoins they may discover that the Federal Reserve is in violation of the Constitution.

Remember Andrew Jackson? He warned us about such a central bank.

Who owns the Federal Reserve? Shouldn't it be public record?

"Old Hickory" did much more than warn us. He actually BEAT the central banks and was the only president to pay off the national debt!

The ownership of the federal reserve is hidden, but that fact that its private is public knowledge. It simply is not advertised because those in power and those in the press and media are owned and controlled by board of director members who are part of the world central banking system, who owns the A-Stock certificates in the worlds central banks. All the same players here working for a small group.

v19c

newbie

Activity: 5

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I beleive the Aust Govt wants BTC regulated so they can tax all transacions. Heard this from a mate whom works in a big bank. Dunno how they hope to acheive this!

pointbiz

sr. member

Activity: 437

Merit: 415

1ninja

Quote from: Bind on June 16, 2011, 06:24:25 PM

Quote from: pointbiz on June 16, 2011, 06:08:54 PM

The US and French governments seem to think they have international jurisdiction.... but they dont!

Tell that to the 36 sovereign nations the US alone has attacked or invaded since (not including) World War II without declarations of war.

Since when has jurisdiction stopped the US from doing anything it wanted, at any time it wanted, and anywhere it wanted ??

Yes, I am a US citizen.

Jurisdiction has not stopped them since WW2... I'm still waiting for someone with the resources to file charges against the US gov.
Part of the fraud with international courts is there is no free access. If people's rights are violated they need access to a free legal counsel...

pointbiz

sr. member

Activity: 437

Merit: 415

1ninja

If the Justice Department investigates bitcoins they may discover that the Federal Reserve is in violation of the Constitution.

Remember Andrew Jackson? He warned us about such a central bank.

Who owns the Federal Reserve? Shouldn't it be public record?

Bind

sr. member

Activity: 385

Merit: 250

Quote from: pointbiz on June 16, 2011, 06:08:54 PM

The US and French governments seem to think they have international jurisdiction.... but they dont!

Tell that to the 36 sovereign nations the US alone has attacked or invaded since (not including) World War II without declarations of war.

Since when has jurisdiction stopped the US from doing anything it wanted, at any time it wanted, and anywhere it wanted ??

Yes, I am a US citizen.

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