License to print money... BitCoin?

July 7th, 2013 at 5:10:50 PM permalink
Fleastiff
Member since: Oct 27, 2012
Threads: 50
Posts: 5124
DEA seize 11.02 bitcoins from drug dealer.
July 7th, 2013 at 6:42:00 PM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 753
Posts: 8881
Silk Road website !

July 24th, 2013 at 12:26:32 PM permalink
Fleastiff
Member since: Oct 27, 2012
Threads: 50
Posts: 5124
SEC files complaint in Texas against Trendon Shavers for a several million dollar Ponzi scheme denominated in bitcoins.
July 30th, 2013 at 12:31:39 PM permalink
Fleastiff
Member since: Oct 27, 2012
Threads: 50
Posts: 5124
August 8th, 2013 at 12:50:59 AM permalink
Fleastiff
Member since: Oct 27, 2012
Threads: 50
Posts: 5124
Federal Judge declares BitCoin to be a lawful currency subject to US jurisdiction.
August 8th, 2013 at 2:54:25 AM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 753
Posts: 8881
Quote: Fleastiff
Federal Judge declares BitCoin to be a lawful currency subject to US jurisdiction.


It's been stuck at around $100 since May first. It is starting to behave like a real currency. It would be interesting to know how many investors there are over 100 bitcoins, over 10 bitcoins, and over 1 bitcoin.
August 8th, 2013 at 4:27:57 AM permalink
AZDuffman
Member since: Oct 24, 2012
Threads: 103
Posts: 7134
Quote: Pacomartin
It's been stuck at around $100 since May first. It is starting to behave like a real currency. It would be interesting to know how many investors there are over 100 bitcoins, over 10 bitcoins, and over 1 bitcoin.


Probably what the creators want. A parallel currency is not useful if it has wild swings. I saw it went down to 80 last month, since regained. One has to wonder if Egypt is affecting it?

It will become interesting if this thing stays around and becomes a method of international trade. Imagine, an embargoed country has a bitcoin wallet and uses it for trade. Ship oil from Iran, get paid in bitcoin. Move that to cash or trade it to someone else for whatever else. Since 1946 the USA has constructed an international financial system where an individual country can be largely locked out at will. Washington will not care to give this up.
The man who damns money has obtained it dishonorably; the man who respects it has earned it
August 8th, 2013 at 6:15:55 AM permalink
odiousgambit
Member since: Oct 28, 2012
Threads: 75
Posts: 1682
sorry, havent read all posts [too many] but I have always assumed one issue with "legal tender" is whether someone you owe money to has to accept it as payment ?
Mustard:You like Kipling, Miss Scarlet? Sure, I'll eat anything [from movie]
August 8th, 2013 at 8:04:29 AM permalink
TheCesspit
Member since: Oct 24, 2012
Threads: 23
Posts: 1929
Quote: Pacomartin
It's been stuck at around $100 since May first. It is starting to behave like a real currency. It would be interesting to know how many investors there are over 100 bitcoins, over 10 bitcoins, and over 1 bitcoin.


Which you can't get unless self reported.. part of the point of bitcoin :)
It is said that your life flashes before your eyes just before you die.... it's called Life
August 8th, 2013 at 9:41:13 AM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 753
Posts: 8881
Quote: odiousgambit
sorry, havent read all posts [too many] but I have always assumed one issue with "legal tender" is whether someone you owe money to has to accept it as payment ?


I believe that "legal tender" is something that can be offered, and when it is accepted the debt is extinguished. The legal definition does not say it "has to be accepted".

Personal checks, credit cards, debit cards, and similar non-cash methods of payment are not usually legal tender as they do not extinguish the debt until settled at a later date with a bank.

Also pennies and $100 banknotes may not be accepted under circumstances because of convenience or safety to the clerks. While they are clearly "legal tender" they do not "have to be accepted".