[ale] [OT] (but computer and cryptography related) Bitcoin, Litecoin

[Ron Frazier (ALE)]

"Michael B. Trausch" <mbt at naunetcorp.com> wrote:

>On 03/29/2013 03:18 PM, Ron Frazier (ALE) wrote:
>> By the way, the treasury department recently issued a ruling that
>> this is legal.  So that's not an issue.
>
>Everything else aside, why would _that_ even matter?
>
>The United States does not have the right to regulate any currency but
>its own issue.  BTC is not issued by the United States Government.
>That'd be like the Treasury Department saying that the Euro is legal.
>Of course it is.
>
>Any currency anyone is willing to use is legal, if they're willing to
>use it.
>
>That'd be like saying "I would love to barter with you, but I'm not
>sure
>that it's legal for me to trade my 22" monitor for your stack of
>raspberry pi systems, since my 22" monitor isn't blessed by the
>Treasury
>Department as currency..."
>
>You really are paranoid, aren't you?
>
>	--- Mike
>
>-- 
>Michael B. Trausch, President
>Naunet Corporation
>
>Telephone: (678) 287-0693 x130
>Toll-free: (888) 494-5810 x130
>FAX: (678) 287-0693
>
>

Hi Mike T,

Actually, it's not true to say that you can trade anything you want.  Hypothetically, if person A has atomic bombs that he wants to trade with person B who has boxes of heroine, that would clearly be illegal.  Also, it is illegal to trade with certain entities that the state department has on their black list.  There is talk in Washington about making this type of currency illegal since it can be used for money laundering and fostering other illegal activities.  Who knows what will actually happen?  They can pass laws to say that anything they want is illegal, including trading pebbles.  It doesn't have to be logical, and it doesn't have to be sensible, and it doesn't have to be even constitutional, at least in the short term before it gets challenged and overturned.  If a law is passed and funded, they can fine you and put you in jail for breaking it, like it or not, assuming they can catch you.  Suffice it to say that, if this activity was already illegal, I wouldn't want to be doing it.

What the Treasury department DOES want is for you to report your income and pay taxes on it, no matter how you get it.

Sincerely,

Ron



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Ron Frazier
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