31–40 of 47 posts
Earlier quoted context omitted.
Sorry, ATI/AMD has that market sewn up.
Has anyone run through the power/hardware costs versus the mined amount in bitcoin and real currency yet?
Note that it is illegal in the US to use an alternate currency. The second this becomes popular, the feds will raid it and shut it down. See Liberty Dollar, e-gold, etc. Casino chips are specifically exempted from this rule, but only inside a casino.
Note that it is illegal in the US to use an alternate currency.
31 U.S.C. 5103: (from http://www.treasury.gov/resource-center/faqs/Currency/Pages/... )
United States coins and currency (including Federal reserve notes and
circulating notes of Federal reserve banks and national banks) are legal
tender for all debts, public charges, taxes, and dues.
You have to pay taxes in USD, but simply doing business in another currency is not illegal.
As for "raiding and shutting it down"; difficult, but not entirely impossible. There's only one primary developer, and the network is coordinated through a single irc channel. (#bitcoin @ irc.lfnet.org) You could order him to shut down bitcoin.org, and close the irc channel; but Bitcoin is open source, and a more censorship-resistant client could be hacked together.
Where do I start selling pickaxes?
Thus, a good second-order solution would be to realize people will inevitably want to build such micro-exchanges—and sell them software that builds them! (Or give it to them for free, but make it charge them transaction fees, etc.) Remember to make it SaaS, though—otherwise, you're just asking for a 100% piracy rate on this sort of thing.
And if you think the government could shut your SaaS down for breaking some trade regulation—well, stop running the SaaS, and instead run a third-order company that allows other, likely non-US-based companies run SaaS exchange-providers. Then build an aggregator with trust-metrics.
Note that it is illegal in the US to use an alternate currency. The second this becomes popular, the feds will raid it and shut it down. See Liberty Dollar, e-gold, etc. Casino chips are specifically exempted from this rule, but only inside a casino.
Note that it is illegal in the US to use an alternate currency. The second this becomes popular, the feds will raid it and shut it down. See Liberty Dollar, e-gold, etc. Casino chips are specifically exempted from this rule, but only inside a casino.
Note that it is illegal in the US to use an alternate currency. Your position appears to be unsupported by legislation. 31 U.S.C. 5103: (from http://www.treasury.gov/resource-center/faqs/Currency/Pages/... ) United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues. As I wrote thr…
Note that it is illegal in the US to use an alternate currency. The second this becomes popular, the feds will raid it and shut it down. See Liberty Dollar, e-gold, etc. Casino chips are specifically exempted from this rule, but only inside a casino.
So...what can I buy with BitCoins? Also, from the link, "Donations are accepted at 1Nqr3MqVyUp6k3o3QPePAdn4Yg4tzgB9kw." Somehow I think that's going to present an obstacle for most people. Is this something that is really targeted at the general public, or at programmers who are bored of dollars?
If you have no idea what in the hell BitCoin is, check out http://www.youtube.com/watch?v=XQPSwA2Itbs (skip to around 42 minutes). Really explains it well.
Reddit is a very large closely nit community, that is world wide. If the internet has a chance of forming its own open form digital currency, its going to need the backing of a large community such as Reddit or 4chan.
Personally I'd really wish something would take off. It pisses me off that the only way to do business online is via another private business. It would be awesome if our government created digital cash for online transactions, and it would be even better if a non government entity created a world currency to handle digital transactions.