Quote:
Originally Posted by radioman2001
Bitcoins are underground money, plain and simple,and that's why you see them used for illegal drugs, illegal guns and hit men. (Most people don't even know what the DarkNet is) There is no bank, no record at all other than in your computer which you control, and nothing traceable to an individual or entity. I don't even know how you would reconvert to actual money. I'm sorry, I don't know what Linsay is up to, but I wouldn't want to be on the other end of a DHS investigation as to why you are using a highly questionable money source in a legitemate business here in the U.S. I can think money laundering real quick, and I am sure DHS an DOJ would think the same.
And before anybody here gets all hoity toity, Linsay asked for comments and I have given you mine.
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In the financial and legal system Bitcoin and similar currencies are already well defined. Legally, Bitcoin is a "Community Currency." Specifically, the financial world would call it a "cryptocurrency." These types of currencies are not federally regulated, and only in Illinois are they illegal.
Bitcoin trading is not legal on the open market as it is not considered "money" by the SEC. In order to trade Bitcoin for goods and services it must be done privately. An unintended consequence of the way Bitcoin works, is that it is only traded privately, anyway.
Community Currency's have no value, other than what we assign to it, which is why if they are simply kept contained within the community, they are perfectly legal. (outside of Illinois, of course).
http://en.wikipedia.org/wiki/List_of..._United_States
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