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joshnorris14 
Florida Fan
Florida
Member since Jan 2009
19723 posts
| Iranian's discover bitcoin (Posted on 11/29/12 at 10:17 pm)
LINK
Good things ahead.
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KosmoCramer 
Ohio State Fan
Member since Dec 2007
40090 posts
| re: Iranian's discover bitcoin (Posted on 11/29/12 at 10:24 pm to joshnorris14)
Are drug cartels using bitcoin yet?
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SlowFlowPro 
Stanford Fan
Equality is a circle, not a =
Member since Jan 2004
264993 posts
| re: Iranian's discover bitcoin (Posted on 11/29/12 at 10:25 pm to joshnorris14)
can't wait to see how governments respond
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TrueTiger 
LSU Fan
Republic of West Florida
Member since Sep 2004
3147 posts
| re: Iranian's discover bitcoin (Posted on 11/29/12 at 10:30 pm to joshnorris14)
Should the IRS freak out over this?
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WikiTiger
LSU Fan
Member since Sep 2007
38560 posts
| re: Iranian's discover bitcoin (Posted on 11/29/12 at 10:31 pm to joshnorris14)
Wish I had more time to get into this tonight. Hope this thread is alive in the morning
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C
LSU Fan
The Woodlands, TX
Member since Dec 2007
17508 posts
| re: Iranian's discover bitcoin (Posted on 11/29/12 at 10:32 pm to WikiTiger)
kinda sucks. I imagine bitcoin will be made illegal if this is true.
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WikiTiger
LSU Fan
Member since Sep 2007
38560 posts
| re: Iranian's discover bitcoin (Posted on 11/29/12 at 10:34 pm to C)
quote:
I imagine bitcoin will be made illegal if this is true.
I'm sure something will be attempted, especially in more restrictive countries, but I don't think the US would have a constitutional leg to stand on if they tried to ban it. Of course, we all know that means little to politicians.
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C
LSU Fan
The Woodlands, TX
Member since Dec 2007
17508 posts
| re: Iranian's discover bitcoin (Posted on 11/29/12 at 10:36 pm to WikiTiger)
quote:
I don't think the US would have a constitutional leg to stand on if they tried to ban it
How different would it be than other types of financial restrictions?
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SlowFlowPro
Stanford Fan
Equality is a circle, not a =
Member since Jan 2004
264993 posts
| re: Iranian's discover bitcoin (Posted on 11/29/12 at 10:38 pm to WikiTiger)
quote:
but I don't think the US would have a constitutional leg to stand on if they tried to ban it.
the feds can for sure
it's interstate commerce by its very definition 
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joshnorris14
Florida Fan
Florida
Member since Jan 2009
19723 posts
| re: Iranian's discover bitcoin (Posted on 11/29/12 at 10:40 pm to KosmoCramer)
quote:
Are drug cartels using bitcoin yet?
The Silk Road laughs at drug cartels.
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WikiTiger
LSU Fan
Member since Sep 2007
38560 posts
| re: Iranian's discover bitcoin (Posted on 11/29/12 at 10:43 pm to C)
quote:
How different would it be than other types of financial restrictions?
Because technically bitcoins are only speech. bitcoin accounts don't actually exist. The only thing that actually exists is a public ledger. The transactions are
actually just a representation of a completion of a math problem. I'm on my phone right now and really can't go too
deep into it all. But this is hardly an
original argument
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WikiTiger
LSU Fan
Member since Sep 2007
38560 posts
| re: Iranian's discover bitcoin (Posted on 11/29/12 at 10:45 pm to SlowFlowPro)
quote:
feds can for sure
Ignoring the obvious near impossibility of enforcement, how would the feds ban it? By what rationalization?
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SlowFlowPro
Stanford Fan
Equality is a circle, not a =
Member since Jan 2004
264993 posts
| re: Iranian's discover bitcoin (Posted on 11/29/12 at 10:56 pm to WikiTiger)
well, to be concise, it's used via an instrumentality of interstate commerce. that's under the expansive neo-federal powers though. but as a monetary unit, it's a means of interstate commerce and almost assuredly falls under the restrictive original intent
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C
LSU Fan
The Woodlands, TX
Member since Dec 2007
17508 posts
| re: Iranian's discover bitcoin (Posted on 11/29/12 at 10:57 pm to WikiTiger)
quote:
Because technically bitcoins are only speech.
isn't all tender?
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jso0003 
Auburn Fan
Birmingham/Atlanta
Member since Jun 2009
4469 posts
| re: Iranian's discover bitcoin (Posted on 11/29/12 at 10:59 pm to joshnorris14)
quote:
The Silk Road laughs at drug cartels.
Think you got this one backwards 
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WikiTiger
LSU Fan
Member since Sep 2007
38560 posts
| re: Iranian's discover bitcoin (Posted on 11/29/12 at 11:00 pm to SlowFlowPro)
quote:
well, to be concise, it's used via an instrumentality of interstate commerce. that's under the expansive neo-federal powers though. but as a monetary unit, it's a means of interstate commerce and almost assuredly falls under the restrictive original intent
Fair enough, so what do you see the feds actually doing?
one theory I read was that the us government would be hesitant to do anything because acknowledging bitcoin as a threat would mean that they also acknowledge the weakness of their own currency
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WikiTiger
LSU Fan
Member since Sep 2007
38560 posts
| re: Iranian's discover bitcoin (Posted on 11/29/12 at 11:02 pm to C)
quote:
isn't all tender?
I suppose. But not in the same way that bitcoin is. I will try to find the link that explains the speech argument better
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C
LSU Fan
The Woodlands, TX
Member since Dec 2007
17508 posts
| re: Iranian's discover bitcoin (Posted on 11/29/12 at 11:09 pm to WikiTiger)
quote:
acknowledge the weakness of their own currency
Not if they say it's being used almost exclusively for illegal activity.
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WikiTiger
LSU Fan
Member since Sep 2007
38560 posts
| re: Iranian's discover bitcoin (Posted on 11/29/12 at 11:15 pm to C)
quote:
Not if they say it's being used almost exclusively for illegal activity.
That propaganda has been pushed for at least two years now and yet the bitcoin network continues to grow rapidly...and much of the growth is in the legit realm
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joshnorris14
Florida Fan
Florida
Member since Jan 2009
19723 posts
| re: Iranian's discover bitcoin (Posted on 11/29/12 at 11:17 pm to C)
quote:
Not if they say it's being used almost exclusively for illegal activity.
How would they police it?
They could try but they'd be fighting an unwinnable battle. Not that they don't do that frequently, but at least in other cases they can throw some people in cages.
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